"The consumers are spending, their wages are growing and frankly, there's still a lot of stimulus ... Social Security payments are going up at a high rate," Moynihan told Reuters. "Things like that are going to add more fuel that they can use to spend," he added. Moynihan said that for the first time in a long time deposits had come down a little bit for the industry. (For daily Davos updates in your inbox sign up for the Reuters Daily Briefing here.) Reporting by Lananh Nguyen in Davos and Noor Zainab Hussain in Bengaluru Additional reporting by Niket Nishant Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

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