NEW YORK, Oct 15 (Reuters) – Quarterly results from four of the largest U.S. banks on Tuesday showed that American consumers are helping to prop up the economy, even as recession fears have led businesses to pull back on spending and borrowing. JPMorgan Chase & Co posted strength across all but one of its segments, and executives offered optimistic comments about the financial health of individuals. Citigroup beat estimates thanks to its global consumer business. And while profits at Wells Fargo & Co were hurt by costs related to its long-running sales scandal, the bank reported positive results in community banking, with growth in home, auto and card lending. Goldman Sachs Group Inc’s fledgling consumer bank also saw strength in loans and deposits. “The consumer is not under strain. The consumer is doing fine,” JPMorgan CEO Jamie Dimon said on a call with journalists. He noted that geopolitical tensions – especially the U.S.-China trade dispute – have dissuaded businesses from investing in their operations, therefore pressuring job growth. However, he was not convinced that the decline in business confidence would lead to higher unemployment. Job growth “is still positive and it may very well not go negative at this point,”… Read full this story
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