Banks including Citi, JPMorgan slide after Trump calls for credit card interest rate limit
Published Mon, Jan 12 2026
4:52 AM EST
Updated 9 Min Ago
Tasmin LockwoodWATCH LIVEKey Points
- Financial services stocks including Citi Group, JPMorgan Chase and Bank of America slid in premarket trading on Monday.
- It follows U.S. President Donald Trump's call for a one-year cap on credit card interest rates at 10%.
- Trump made the call in a post on Truth Social on Friday, without outlining how such a move would play out.
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Banks and financial services stocks slid Monday after U.S. President Donald Trump called for a one-year cap on credit card interest rates at 10%.
Citi Group lost almost 4% in premarket trading and JPMorgan Chase was down 3%. Bank of America fell 2.45%, Visa declined 1.58%, and Mastercard was 2% in the red.
Broader finance names were also affected as Wells Fargo lost 2% and PayPal dipped 0.26%.
The cap would come into force on Jan. 20., according to a post on Truth Social on Friday, though Trump did not provide additional details on how it would work.
"Effective January 20, 2026, I, as President of the United States, am calling for a one year cap on Credit Card Interest Rates of 10%," Trump wrote, echoing a pledge he made during the 2024 presidential campaign.
"Please be informed that we will no longer let the American Public be 'ripped off' by Credit Card Companies," he added.
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