STORY: U.S. financial stocks and UK-listed lenders fell on Monday (January 12) and weighed on global indexes.
Investors were worried by President Donald Trump's call for a one-year cap on credit card interest rates,
Such a move would threaten a key revenue stream for the industry.
The move raised concerns over the sector with investors already dealing with market uncertainty.
Trump on Friday called for a 10% cap on the interest rate on credit cards starting January 20.
He didn't give details on how he planned to make the companies comply.
Shares of JPMorgan Chase were down 2.5% in early trade, while and Bank of America fell over 1.5%
Citigroup fell just under 4% while Wells Fargo also dipped.
British bank Barclays' shares touched their lowest in close to a month.
One leading analyst said U.S. card operations make up just over a tenth of Barclays' profits.
Credit card lender American Express was also down over 5%.
While payment processors Visa and Mastercard each slipped close to 3%.
Some analysts said imposing a limit on rates would need legislation and could exceed presidential authority.
Another top analyst said a 10% interest rate is well below the national average credit card rate of 21%.
