Banks including Citi, JPMorgan slide after Trump calls for credit card interest rate limit

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.

This is a breaking news story. Please refresh for updates.

Source

World

Layoffs in January were the highest to start a year since 2009, Challenger says

February 5, 2026

An Amazon Go store in New York, US, on Tuesday, Jan. 27, 2026. Michael Nagle | Bloomberg | Getty Images Layoff plans hit their highest January total since the global financial crisis while hiring intentions reached their lowest since the same period, outplacement firm Challenger, Gray & Christmas reported Thursday. U.S. employers announced 108,435 layoffs […]

World

ECB holds rates but it’s not a ‘non-event,’ economists say. Here’s why

February 5, 2026

A projection of a Euro currency sign is pictured on the facade of the European Central Bank (ECB) headquarters in Frankfurt am Main, western Germany, on Dec. 30, 2025. Kirill Kudryavtsev | Afp | Getty Images The European Central Bank on Thursday kept policy rates unchanged for the fifth consecutive meeting, with its key interest […]

Novo Nordisk and Eli Lilly tumble after Hims & Hers announce copy of Wegovy pill

World

Novo Nordisk and Eli Lilly tumble after Hims & Hers announce $49 copy of Wegovy pill

February 5, 2026

Weight-loss drugmakers Eli Lilly and Novo Nordisk tumbled after telehealth company Hims & Hers announced Thursday it will offer a copy of the newly launched Wegovy pill for $49, far less than the $149 Novo sells the branded pill for. Copenhagen-listed shares of Novo dropped as much as 9% on the news, while Eli Lilly […]