Piper Sandler's Scott Siefers: Credit card caps would be very hard to put into practice

Watch on YouTube ↗  |  January 13, 2026 at 22:25  |  3:50  |  CNBC
Speakers
Scott Siefers — Reporter, CoinDesk

Summary

Scott Siefers of Piper Sandler discusses JPMorgan's better-than-expected quarter and the negative stock reaction, which he attributes largely to sell-the-news positioning after a strong run into earnings. He also addresses President Trump's proposed credit-card rate cap, arguing it would be very difficult to implement and could harm credit availability, annual fees, and rewards. Siefers remains constructive on big-bank earnings, citing normalized loan growth, benign rates, strong capital-markets backlogs, stable credit, and excess capital.

  • JPMorgan beat top and bottom lines, but shares fell 4%.
  • Siefers attributes JPMorgan's decline to sell-the-news dynamics after a strong run.
  • Credit-card rate cap proposal is seen as hard to implement with unintended consequences.
  • Big-bank earnings outlook is positive on loan growth, NIMs, fees, credit, and excess capital.
  • Wells Fargo, Bank of America, and Citigroup report before the bell tomorrow.
  • Visa and Mastercard weakness was noted amid interchange-fee scrutiny.
Ideas
Scott Siefers Reporter, CoinDesk 0:42
JPMorgan may sell off after good quarter.
JPMorgan's quarter and outlook were both really good, but the stock and the group had already done quite well into earnings season, so the negative share reaction looked like a sell-the-news response rather than a fundamental disappointment.
JPM HIGH
Scott Siefers Reporter, CoinDesk 3:03
Big-bank earnings outlook remains strong.
Big-bank earnings are expected to be quite good: loan growth has normalized and should improve as the year progresses, partly helped by positive ramifications from the Big Beautiful Bill; the rate environment is benign, so net interest margins should grind higher; the fee outlook, including traditional investment banking and trading, is very good with strong backlogs and should have another good year; credit is stable; and banks have excess capital to deploy.
KBE HIGH
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This CNBC video, published January 13, 2026, features Scott Siefers discussing JPM, KBE. 2 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Scott Siefers  · Tickers: JPM, KBE