JPMorgan CFO Defies Trump on Credit Card Interest Cap, Citing Shareholder Duty

• JPMorgan Chase CFO Jeremy Barnum stated the bank might fight US President Donald Trump's demand to cap credit card interest rates at 10%.
• Barnum emphasized the bank's obligation to shareholders, suggesting all options are on the table if directives are not justified.
• JPMorgan's shares fell over 4% after quarterly results, partly due to pressure from Trump's credit card interest rate cap demand.
• The average US credit card interest rate is around 19.7%, with higher rates for subprime borrowers and store-specific cards.
• Barnum warned that capping rates could reduce credit supply, negatively impacting consumers, the economy, and the bank.

Why It Matters: JPMorgan CFO defies Trump's credit card interest cap, prioritizing shareholder interests and warning of economic impact.