Banks See Spending Drop Among Lower-Income Consumers as Pandemic Savings Dwindle

JPMorgan Chase CEO Jamie Dimon says lower-income consumers have run out of excess savings amassed during the pandemic.

Wells Fargo is seeing signs of stress among lower-income customers and is being more conservative lending to that segment.

Several banks cite weakening spending among lower-income consumers while upper-income remain strong.

Total US credit card debt topped $1 trillion in Q2 as delinquencies edge up.

Dimon says average savings at JPMorgan is being spent down, though views differ on when it will drop further.