JPMorgan's CFO warns cutting credit card interest could make the business not worth being in

• America's biggest bank by assets, JPMorgan Chase, reported fourth-quarter earnings on Tuesday.
• CFO Jeremy Barnum discussed how reduced interest rates could impact its cards business.
• Like much of Wall Street, the firm ended 2025 strong and entered 2026 with the wind at its back.

JPMorgan Chase's chief financial officer outlined the impact of a rate cut on its credit card business on Tuesday, warning that such a move could have detrimental effects on the bank's lending business.

"It's a very competitive business, but we wouldn't be in it if it weren't a good business for us. And in a world where price controls make it no longer a good business, that would present a significant challenge," Jeremy Barnum, the CFO, told analysts and shareholders during the company's fourth-quarter earnings call. "Clearly beyond that, you know, the way we actually respond would have a lot to do with the details. And I just don't think we have enough information at this point."

Barnum continued that a dramatic shift in the interest rates lenders charge could lead to negative consequences for consumers — "especially the people who need it the most," he said.

The bank is in the process of taking over the Apple card from Goldman Sachs, which previously supported the tech giant's credit offering.

On Friday, President Donald Trump said in a Truth Social post that he would call for a 10% cap on credit card interest for one year, starting on January 20.

Congress would typically need to approve such a cap, which would eat into banks' profits.

Lawmakers from both parties have criticized card interest rates, which have sat around 20% in recent years, according to Bloomberg.

This story is developing and will be updated with additional details.