Wells Fargo CEO sees 'more downside' to U.S. economy as lower-income consumers struggle

Wells Fargo CEO Charles Scharf said Wednesday that portion corporations and higher-income consumers are thriving, little income Americans are struggling to enactment afloat.

The bank's information shows that "companies are successful truly large shape" and spending among each income levels has been steady, but determination are signs of accent among little earners, Scharf said successful an interrogation connected CNBC's Squawk Box.

"There is this large dichotomy betwixt higher-income and lower-income consumers which continues and is simply a existent issue," Scharf said.

"The debased extremity is spending the wealth that they have, truthful their balances are beneath … pre-pandemic levels; they are surviving connected the edge," helium said.

Scharf was responding to questions astir the U.S. system the time aft JPMorgan Chase CEO Jamie Dimon said that a Labor Department report showed the system is weakening. Hiring has slowed to a adjacent halt successful caller months, and the department's latest revision connected Tuesday lowered occupation instauration by 911,000 positions for the twelvemonth done March.

"When you look astatine conscionable the wide information successful presumption of jobs, it's undeniable," Scharf said.

"So yeah, things really consciousness precise bully today, surely comparative to what you deliberation they could be," helium said. "But it's not adjacent crossed wealthiness spectrums, and there's astir apt much downside than upside."