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

Group 1 - Financial services stocks experienced a decline following President Trump's announcement of a proposed cap on credit card interest rates at 10% for one year [1][2] - Citi Group saw a nearly 4% drop in premarket trading, while JPMorgan Chase fell by 3% and Bank of America decreased by 2.45% [1] - Other financial entities were also impacted, with Wells Fargo losing 2% and PayPal dipping 0.26% [1] Group 2 - The proposed cap is set to take effect on January 20, 2026, as stated by Trump in a post on Truth Social [2] - Trump emphasized that the cap is part of his campaign pledge to protect the American public from being "ripped off" by credit card companies [2]