(Reuters) – The U.S. election and geopolitical uncertainty are among the factors customers are focusing on as they weigh their business decisions for the coming quarters, bank executives said on Friday.
US President Joe Biden is facing calls to abandon his re-election bid after a weak presidential debate against his rival, Republican Donald Trump, late last month.
Here’s what the banks’ top deck had to say about the November elections and geopolitics:
WELLS FARGO:
“Certainly (the US election) is one of many issues that clients face as they think about the timing of whatever type of activity they’re thinking about, whether it’s debt issuance, mergers and acquisitions or just normal investments that they think about. make,” said CFO Mike Santomassimo.
“That’s just one of the things people think about as they look ahead to the next six, nine, 12 months to make decisions.”
JPMORGAN CHASE:
“It (the US election) is clearly a topic that everyone is talking about. I’m sure those conversations are happening, but there’s nothing that’s financially material in the context of earnings,” said CFO Jeremy Barnum.
BNY:
“We have a lot of other types of geopolitical risks in the world. We’ll continue to struggle through the elections that we’ve been talking about as the year progresses. There are all kinds of other types of geopolitical risks. Things are happening,” says CEO Robin Vince.
