Shares of Capital One Financial Corp., American Express Co. and other US banks sank after President Donald Trump called on credit-card companies to cap interest rates at 10% for a year, a move that could wipe out billions in profits for one of the banking industry’s biggest businesses.

Executives from banks, including Citigroup ( C) and JPMorgan Chase ( JPM ), were critical of U.S. President Donald Trump’s call for a one-year cap on credit card interest rates.