Wells Fargo CEO Charles Scharf sees downside to U.S. economy

Wells Fargo CEO Charles Scharf said on Wednesday that despite the development of companies and higher -income consumers, low -income Americans are fighting to survive.

The Bank’s data show that “companies are in a really great state” and that expenses are stable between all income levels, but in an interview with CNBC’s Squawk box, Scharf shows that there are stress symptoms between the lower winners.

“There is this great duality among higher income and low -income consumers,” an ongoing and real problem, “Scharf. He said.

“The low tip spends the money they have, so their balances are below… Pandemic levels; they live on the sidelines,” he said.

Scharf answered questions about the US economy the next day JPMorgan Chase CEO Jamie Dimon, a working department report shows that the economy weakened, he said. Recruitment has almost stopped in the last months, and the last revision of the episode on Tuesday has reduced 911,000 positions from the year to March.

“When you look at general data in terms of business, it is undeniable.” He said.

“Yes, things are actually very good today, since you think you can definitely be,” he said. “But it is not equal to the reserve spectrum, and probably even more negative than the reverse.”