Consumer Activity Strengthening According to Bank Results

JPM:

• The economic outlook continues to improve, and seing early signs of commercial real estate loan growth.
• Card payment rates have stabilized, contributing to modest Card loan growth, but total CCB loans were down 2% reflecting elevated prepayments in mortgage products.
• Originations in mortgage lending remain strong, up 43%

BofA:

• Expects more loan growth across all products as businesses regain organic customer growth momentum seen pre-pandemic
• Consumer activity rising sharply: Combined credit and debit card spend up 21%, with consumer investment accounts up 9% across the period

Wells Fargo:

• Small business owners have used their Open for Business Fund to pivot to new business models, buy needed supplies and close the gap on rent and utilities
• CSBB up 2% Y/Y primarily due to an increase in consumer activity, including higher debit card transactions

Citigroup:

• Recovery from pandemic is creating very active client engagement
• While strong consumer balance sheets have impacted lending, we are seeing higher consumer spending across our cards products