TIME TO GET YOUR OUT OF THE BANKS, Michael Santomassimo, chief financial officer at Wells Fargo, noted that while inflation is slowing, it is “still cumulatively having a big impact,” especially for lower-income households. “The folks on the lower end of the wealth or income spectrum are struggling more than folks that are on the higher end,” Santomassimo said, adding that their credit card balances are growing as savings accumulated from pandemic stimulus programs diminish. https://www.kitco.com/news/article/2024-07-15/us-banks-signal-economic-trouble-declining-deposits-loan-risks-hit-profits