US banks, credit card issuers drop after Trump calls for cap on credit card interest rates

Synchrony Financial

12/01/2026 09:51

** Shares of U.S. banks, credit card issuers and payment processors drop premarket

** President Donald Trump said on Friday he was calling for a one-year cap on credit card interest rates at 10% starting on January 20

** U.S. banks, JPMorgan Chase JPM.N down 2.4%, Citigroup C.N falls 3.6%, Bank of America BAC.N down 1.5%

** U.S. credit card issuers, American Express AXP.N down 3.6%, Synchrony Financial SYF.N slides 8.8%, Capital One Financial COF.N dips 7.7%

** Payments processors also get hit; Visa V.N down 1.6%, Mastercard MA.N falls 1.8%

(Reporting by Joel Jose in Bengaluru)

((mail to: Joeljose@thomsonreuters.com))