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Barclays, US Bank Shares Slide as Trump Slams Credit Card Rates - BLOOMBERG
By Nimesh Vora and Jaspreet Kalra
(Bloomberg) -- Shares in banks with credit card businesses in the US slumped after US President Donald Trump said that lenders would be breaking the law if they don’t heed his call to cap interest rates on the cards at 10% for one year.
The comments increase the political pressure on a slew of card issuers, including Barclays Plc, JPMorgan Chase & Co., Capital One Financial Corp. and Citigroup Inc. Card interest rates — hovering above 20% in recent years — have become a target of US lawmakers on both sides of the aisle, with bills popping up and meeting stiff resistance from the industry.
