Wells Fargo CEO calls consumers 'extremely resilient' – CNBC

wells fargo CEO Charlie Scharf gave CNBC's Jim Cramer a positive outlook on the consumer landscape.

“Consumers are very resilient,” he said. “We're not going to sit here and say the risk doesn't exist. But what we're seeing looks pretty, pretty strong.”

Consumer spending on both debit and credit cards is increasing “at a very measured pace,” Scharf said. He added that deposit balances remain strong and credit quality “remains very good.” He praised the Fed, saying it had managed the economy well under difficult circumstances.

Wells Fargo's most recent quarter beat Wall Street expectations, and the stock rose more than 4% last Friday shortly after the news broke. The company significantly outperformed profits even as net interest income, a measure of banks' loan income, fell. By Tuesday's close, Wells Fargo was up 1.40%.

Scharf said Wells Fargo is focused on quarterly results, but suggested the market may be more obsessed with the report than management. He noted that the stock price has fallen since last quarter but has risen after the most recent quarter, although trends “haven't changed dramatically” and the strategy and progress in building the business hasn't changed significantly. .

Mr. Schaaf also remained neutral when asked about how the results of the upcoming presidential election could affect his business.

“We will continue to work with both sides,” he said. “I'm encouraged by what both candidates are saying about how they interact with business.”

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Disclaimer CNBC Investing Club Charitable Trust owns shares of Wells Fargo.