The outlook for the U.S. economy from Wall Street’s biggest banks is getting gloomier, with many top executives saying they’re preparing for a potential recession.
Following the short but potent pandemic recession in 2020, bank CEOs have spent the past year and a half trumpeting the strength of the economy and the resilience of the American consumer. Many did so again Friday after reporting quarterly results, but this time with an overriding sense of caution.
“We recognize the pressure points are building in several areas of the economy that could lead to stress in the future,” said Andy Cecere, CEO of U.S. Bank.
Such comments reflect the growing evidence that the U.S. and global economy is weakening in the face of worldwide inflation and the war in Ukraine.
Half a dozen banks reported their quarterly results on Friday, ranging from behemoths JPMorgan Chase and Citigroup to regional banks…