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.
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00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Wells Fargo CEO Charlie Scharf told CNBC's Jim Cramer that the U.S. consumer remains
00:07extremely resilient. Scharf noted that consumer spending is rising steadily,
00:11deposit balances remain strong, and credit quality continues to perform well.
00:16He also praised the Federal Reserve for its handling of the economy. Scharf pointed out
00:20that despite market volatility, Wells Fargo's business strategy and progress have remained
00:25consistent, and the recent quarter outperformed Wall Street expectations.
00:29Shares surged over 4% last Friday following the earnings report.