Consumers with weaker credit histories are facing pressure. And though headwinds remain, the nation’s banking public remains robust at U.S. banks.
Still to come on Tuesday are third-quarter updates from Goldman Sachs Group Inc. GS, -0.18% and Bank of America Corp. BAC, -0.52%, followed by Morgan Stanley MS, -0.03% on Wednesday. Auto-loan origination volume fell 24%, reflecting credit-tightening actions as well as continued price competition, as its mix of business continued to shift towards higher FICO score customers.
The bank increased its outlook for 2023 net interest income by $1.5 billion to $88.5 billion. In the previous quarter, it boosted its outlook by $6 billion to $87 billion.
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