Capital One, Amex Shares Sink on Trump’s Credit-Card Threat

Shares of Capital One Financial Corp., American Express Co. and other US banks sank after President Donald Trump called on credit-card companies to cap interest rates at 10% for a year, a move that could wipe out billions in profits for one of the banking industry’s biggest businesses.

Capital One, the largest US card issuer, tumbled 6.4% in New York, the biggest decline in nine months, after the president surprised the industry with a move he said could go into effect next week. American Express dropped 4.3% and JPMorgan Chase & Co., No. 2 in the card rankings, slid 1.4%.