“It’s going to be hard to avoid some kind of recession,” said Scharf, who happened to be in attendance when Fed Chairman Jerome Powell was present. “We live in this strange world where there’s still this extraordinarily underlying strength in terms of what we see, but you know that it’s going to deteriorate,” said Scharf.
Wells Fargo CEO Predicts Economic Downturn for US Economy
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Charles Scharf, CEO of Wells Fargo speaks at the 2021 Milken Institute Global Conference in Beverly Hills, Calif., on Oct. 18, 2021. David Swanson/Reuters
By Bryan Jung
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