0813 ET - Wells Fargo CEO Charlie Scharf says favorable conditions in the economy right now, including a strong labor market and wage growth, "do not go on forever." In the bank's 2Q report, in which it reports a 17% profit jump, the CEO says Wells Fargo is being selective about how much and where it will grow. He also notes persistent concerns about affordability and inflation. Still, Scharf was largely upbeat about the economy. Consumer spending is higher while charge-offs and delinquencies are lower. Savings and investments are growing across consumer segments, he says. And business, while being cautious, have strong balance sheets and cash flows, the CEO says. (dean.seal@wsj.com)

(END) Dow Jones Newswires

July 14, 2026 08:13 ET (12:13 GMT)

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