Oklo stock tumbles as Financial Times scrutinizes valuation
Investing.com -- Wells Fargo (NYSE:WFC) CEO Charlie Scharf stated Tuesday that credit among consumers and businesses remains strong, despite recent concerns about loan losses that have affected bank stocks.
"We don’t see cracks...in the banking system," Scharf told the Economic Club of New York. The CEO described credit as "exceptionally good" and indicated he does not expect conditions to deteriorate in the near term.
The comments come as some regional U.S. banks have reported bad loan and fraud issues in recent weeks, causing investor concern and leading to increased scrutiny of lenders’ earnings reports for signs of broader strain across the banking sector.
JPMorgan Chase (NYSE:JPM) CEO Jamie Dimon’s recent remarks about the potential for more frauds have further heightened anxiety about possible weaknesses in the industry.
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