Bank CEOs increasingly turning pessimistic on economy

By KEN SWEET
AP Business Writer

NEW YORK (AP) — The outlook of the U.S. economy from Wall Street’s biggest banks is getting gloomier and gloomier, after the industry spent the past year and a half trumpeting that the U.S. economy is strong and the U.S. consumer resilient. Half a dozen banks reported their quarterly results on Friday, ranging from behemoths JPMorgan Chase and Citigroup to super regional banks like U.S. Bank and PNC Financial. The banks all made comments that their macroeconomic forecasts of the U.S. economy have fallen _ often citing inflation and the war in Ukraine _ and they are increasing trying to prepare for a potential downturn or recession.