Big bank quarterly results show signs of consumers slowing down spending

AP Business Writer

NEW YORK (AP) — Signs of consumers slowing down spending and falling behind on their bills weighed down shares of the big banks on Friday. It comes after JPMorgan Chase and Wells Fargo saw their adjusted profits fall, while Citigroup saw sluggish spending on their credit cards. The major banks have benefitted from higher interest rates for the last two years, but those higher interest rates are having the effect of causing consumers and businesses to slow down spending due to the higher costs to finance.