Wells Fargo CEO sees 'more downside' to U.S. economy as lower-income consumers struggle
1. Wells Fargo's CEO highlights a growing wealth disparity in consumer spending. 2. Higher-income consumers thrive while lower-income consumers struggle financially. 3. Job creation has been revised down significantly, indicating economic weakness. 4. Scharf notes more downside risks than upside potential in the economy. 5. Corporate spending remains stable amidst overall economic stress.