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Recession Warnings Are Hard to Find in Wall Street Bank Earnings

Bank of America was the latest big bank to offer a largely rosy assessment of the U.S. consumer.

By Jenny Surane & Katherine Doherty | October 20, 2022 at 10:37 AM
Photo: Pedestrians on Wall Street Pedestrians walk along Wall Street near the New York Stock Exchange (NYSE) in New York on October 5, 2018. Photographer: Michael Nagle/Bloomberg

It’s difficult to see signs of a recession lurking in Bank of America Corp.’s numbers.

The company was the latest on Wall Street to offer a largely rosy assessment of the U.S. consumer. Spending on BofA’s credit cards jumped 13 percent in the third quarter from a year earlier, as consumers spent more on travel and entertainment. Less-affluent consumers are still sitting on savings five times what they were before the pandemic. And the number of cars the bank repossesses in any given month has been cut in half.

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