Wells Fargo CEO Says US Consumer 'Extremely Resilient,' Sees Consumer Spending Rising Steadily

Wells Fargo CEO Charlie Scharf told CNBC’s Jim Cramer that the U.S. consumer remains extremely resilient. Scharf noted that consumer spending is rising steadily, deposit balances remain strong, and credit quality continues to perform well. He also praised the Federal Reserve for its handling of the economy. Scharf pointed out that, despite market volatility, Wells Fargo's business strategy and progress have remained consistent, and the recent quarter outperformed Wall Street expectations. Shares surged over 4% last Friday following the earnings report.