Shauly101
אלטגעזעסענער קרעמלער
- זיך איינגעשריבן
- נאוו. 15, 2024
- מעסעדזשעס
- 165
- רעאקציע ראטע
- 219
- פונקטן
- 48
זייער אינטרעסאנט וויאזוי דאס וועט טוישן די פוינטס אודרוסטיע
*Capital One, Amex Shares Slide After Trump Proposes 10% Credit-Card Rate Cap*
Shares of major U.S. banks fell after Donald Trump called on credit-card companies to cap interest rates at 10% for one year, warning firms they could be “in violation of the law” if they fail to comply.
Capital One, the largest U.S. card issuer, dropped as much as 8.2%, its biggest intraday decline in nine months. American Express fell more than 4%, while JPMorgan Chase, Citigroup, Wells Fargo, and Synchrony Financial also traded lower.
Analysts warned the proposed cap could wipe out most credit-card profits for a year and sharply reduce lending. Card rates have hovered above 20% in recent years, making the business one of the banking industry’s most profitable segments. Visa and Mastercard shares also fell on concerns about reduced transaction volumes.
Abroad, Barclays slid nearly 5% in London, reflecting its heavy exposure to U.S. credit cards. While industry groups said they share the goal of more affordable credit, they warned a 10% cap could reduce access to credit, especially for lower-income borrowers.
*Capital One, Amex Shares Slide After Trump Proposes 10% Credit-Card Rate Cap*
Shares of major U.S. banks fell after Donald Trump called on credit-card companies to cap interest rates at 10% for one year, warning firms they could be “in violation of the law” if they fail to comply.
Capital One, the largest U.S. card issuer, dropped as much as 8.2%, its biggest intraday decline in nine months. American Express fell more than 4%, while JPMorgan Chase, Citigroup, Wells Fargo, and Synchrony Financial also traded lower.
Analysts warned the proposed cap could wipe out most credit-card profits for a year and sharply reduce lending. Card rates have hovered above 20% in recent years, making the business one of the banking industry’s most profitable segments. Visa and Mastercard shares also fell on concerns about reduced transaction volumes.
Abroad, Barclays slid nearly 5% in London, reflecting its heavy exposure to U.S. credit cards. While industry groups said they share the goal of more affordable credit, they warned a 10% cap could reduce access to credit, especially for lower-income borrowers.
