Weekly Global News Wrap: Trump floats 10% card rate cap; Citi to cut 1,000 jobs

And Credit Agricole wins ECB approval to lift Banco BPM stake above 20%.

From Reuters:
Citigroup is set to cut about 1,000 jobs this week, according to a source familiar with the matter.

This is part of a plan announced two years ago to reduce the workforce by 20,000 by the end of this year.

The New York-based bank had about 229,000 full-time employees as of 31 December 2024.

From Reuters:
US banks and financial institutions on Monday pushed back against President Donald ‌Trump's proposed cap on credit card interest rates, saying that it would result in millions of American households and small businesses losing access to credit.

Trump called for a one-year cap on credit card interest rates at 10% starting on 20 January 2026. He did not provide details on how such a ban would be imposed.

From Reuters:
France’s Credit Agricole shared that it has received approval from European regulators to raise its stake in Italy’s Banco BPM above 20%.

The move will bring a one-off hit of about €600m to Credit Agricole’s fourth-quarter earnings. Credit Agricole said that the overall impact for 2025 will be positive at around €200m.

Banco BPM is Italy's third-largest bank.