JPMorgan, Wells Fargo, Citigroup CEOs see resilient economy

The CEOs of JPMorgan Chase, Citigroup and Wells Fargo all landed independently on the word “resilient” to describe the U.S. economy and its consumers.

“Resilient” is the word of the moment on Wall Street.

JPMorgan Chase, Citigroup and Wells Fargo all reported their quarterly earnings Tuesday, and their CEOs all landed independently on the word “resilient” to describe the U.S. economy and its consumers.

“While there have been some signs of a softening, particularly in job growth, the U.S. economy generally remained resilient,” JPMorgan CEO Jamie Dimon said in a statement. Wells Fargo CEO Charlie Scharf said in a news release, “While some economic uncertainty remains, the U.S. economy has been resilient and the financial health of our clients and customers remains strong.” And Citigroup’s CEO, Jane Fraser, said that the global economy has “proved more resilient than many anticipated” and that “America’s economic engine is indeed still humming.”

The numbers back them up, to a point. The most recent quarterly gross domestic product data showed the U.S. economy expanding at a faster pace in the second quarter than had been previously expected.

Still, President Donald Trump’s global trade policies continue to fuel uncertainty as tariffs increasingly weigh on consumers. Trillion-dollar company valuations driven in large part by artificial intelligence raise questions about how long the markets’ record run can continue. Jobs growth has weakened substantially, too.