A man works on his laptop inside a coffee shop as Miami-Dade county allows indoor servicing in restaurants after easing some Covid-19 lockdown measures in Miami, Florida August 31, 2020. — Reuters pic
Bank customers have relatively high savings rates and are paying down their credit cards, said Chief Financial Officer Jennifer Piepszak, who added that the bank does not expect to add significant reserves for bad loans in the third quarter. “What you would typically see in a recession is the savings rate fall and we're actually seeing the savings rate increase,” she said, reflecting that many consumers have cut spending but seen income stay flat or higher in some cases.
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