Wells Fargo & Co's Chief Executive Officer Charlie Scharf said on Wednesday that there will be losses in the office loan space but the lender was proactively managing its portfolio.
A Wells Fargo logo is seen in New York City, U.S. January 10, 2017. REUTERS/Stephanie Keith/File Photo/File PhotoChief Executive Officer Charlie Scharf said on Wednesday that there will be losses in the office loan space but the lender was proactively managing its portfolio.
Scharf also said that consumer spending and credit quality remain strong but the bank has tightened credit in its card business in areas where the lender was beginning to see early signs of weakness. Banks have been building rainy day funds to prepare for a recession that bankers and economists predict will occur in the second half of the year.
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