Matt Britzman, senior equity analyst at Hargreaves Lansdown, said: “Barclays is taking the biggest hit among the UK majors this morning, sliding more than three per cent as investors react to the prospect of tighter credit card economics.
“The bank’s US cards operation, ranked ninth in the market and contributing around 11 per cent of group profits, leaves it more exposed to any push for rate caps than most of its UK peers.
“Barclays is less exposed than some, given it targets higher-quality borrowers, which naturally have lower rates.
“However, this hasn’t shielded it from becoming the UK’s focal point for traders looking to express caution across the wider banking sector today.”
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