If there's one thing bank CEOs agree on, it's that the current economic outlook is uncertain
Catherine McQueen / Getty Images
How well's the economy doing? That depends on who you ask.
President Donald Trump says it’s the "best economy we’ve ever had,” while some top economists warn we’re heading towards a recession.
Meanwhile, many Americans are struggling to afford basic household needs, can’t pay back their student loans, and are underwater on their credit cards. The recent jobs revision, which wiped out more than 900,000 expected new positions, was far more drastic than anticipated, and people are finding themselves unemployed for longer.
Amid all this, what are business leaders saying?
Here's what CEOs have said over the past few weeks when asked about the state of the economy.
Michael M. Santiago / Staff / Getty Images
Wells Fargo $WFC CEO Charles Scharf told CNBC it’s clear from the bank’s data that lower-income Americans are having a hard time, even if big companies are thriving.
“There is this big dichotomy between higher-income and lower-income consumers which continues and is a real issue,” Scharf said. “The low end is spending the money that they have, so their balances are below…pre-pandemic levels; they are living on the edge.”
He added: “When you look at just the overall data in terms of jobs, it’s undeniable” that hiring has slowed.
Scharf also noted that “there’s probably more downside than upside” on the economy right now.
Taylor Hill / Getty Images
Earlier this month, Goldman Sachs $GS CEO David Solomon told CNBC that the economy is “still chugging along,” but the signs aren’t showing a bright outlook.
“There are a number of CEOs that are talking about a softening in the economy – there’s no question,” Solomon said. “We’ve seen some job data that indicates that there has been some softening.”
He also noted there’s been a “pickup in dealmaking” and equity issuance.
Bloomberg / Contributor / Getty Images
Morgan Stanley $MS CEO Ted Pick was more optimistic, telling CNBC that despite ups and down and “a little bit of slowdown,” economic headwinds seem positive.
He said he feels busy, and the “flywheel is really kicking in.”
On the jobs revision, he said the Trump administration “front-end loaded the tough stuff,” but is hopeful going forward.
Bloomberg / Contributor / Getty Images
“I think the economy is weakening,” J.P. Morgan CEO Jamie Dimon told CNBC last week. “Whether it’s on the way to recession or just weakening, I don’t know.”
“There’s a lot of different factors in the economy right now,” Dimon said, referencing strong corporate returns but poor consumer sentiment. “We just have to wait and see.”
Bloomberg / Getty Images
Barclays CEO C. S. Venkatakrishnan told CNBC it’s clear there’s “softening in the market,” which he thinks will lead to a Fed cut on margin.
Speaking about problems with inflation, the executive said, “We haven’t seen them yet, but we’ve got to be worried about them."
