JPMorgan Chase & Co. warned that President Donald Trump’s call for a 10% cap on credit card rates threatens to “significantly change” its business and would harm the biggest US bank and customers.
“If it were to happen, it would be very bad for consumers, very bad for the economy,” Chief Financial Officer Jeremy Barnum said Tuesday on a call after the bank reported fourth-quarter results. Under that type of scenario the card operation “would be a business that we would have to significantly change.”
WATCH: President Donald Trump on Friday called for a one-year cap on credit card interest rates at 10%, effective Jan. 20, without specifying details. Source: Bloomberg
The bank declined to quantify the exact impact, with Barnum ...
