US Banks Warn of Rising Financial Struggles Amid Inflation
Major U.S. banks, including JPMorgan Chase, Citigroup, Wells Fargo, and Bank of New York Mellon, have reported that lower-income customers are facing financial difficulties due to depleted savings and rising costs, which could impact the upcoming presidential election. Consumer sentiment has dropped to an eight-month low, and banks are seeing reduced income from lending as they begin to raise rates for depositors.