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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