|
"Everything's on the table," an executive at JPMorgan Chase said, as the industry seeks to head off President Trump's effort to cap interest rates.
|
|
Stock futures lose ground as traders weigh more bank earnings: Live updates CNBCStock Market Today: Dow, S&P 500 and Nasdaq called lower ahead of Bank of America and Citi earnings; gold and silver hit new record highs; traders on alert for possible Supreme Court tariff ruling. MarketWatchWall Street falls with financials amid credit card rate plan concern ReutersU.S. Futures Fall, Precious Metals Gain on Iranian Unrest The Wall Street Journal
|
|
Bank of America, the second-largest U.S. bank by assets, has been a beneficiary of the industry's recent tail winds.
|
|
Citigroup's stock rose, as the bank's earnings miss was due to a previously disclosed large loss related to plans to sell AO Citibank in Russia.
|
|
The parent company of Saks, Neiman Marcus and Bergdorf Goodman struggled with debt, designers and customers in recent years.
|
|
|
RELATED ARTICLES | | | | | |
Saks' CEO Baker to Exit Luxury Retailer Ahead of Bankruptcy Bloomberg.comSaks Global files for bankruptcy after Neiman Marcus takeover leads to financial collapse ReutersSaks Global Files for Bankruptcy, Undone by Debt and a Luxury Slump The Wall Street JournalSaks Files for Bankruptcy as Department Stores Fight for Survival The New York Times
|
|
Wall Street executives warn Trump: Stop attacking the Fed and credit card industry AP NewsThe biggest hurdle to Trump's credit card proposals? His own party. PoliticoBanks warn consumers will be hurt by Trump's 10% cap on credit card interest rates ReutersJPMorgan Chase says banks could fight Trump credit card rate cap: 'Everything's on the table' CNBC
|
|
All the risks are sitting in U.S. stocks, which is why investors should be considering some diversification toward Europe, argues Deutsche Bank.
|
|
Banks say a proposed 10% cap on credit card interest rates would result in fewer credit card accounts for Americans and a hit to the U.S. economy.
|
|
