The biggest bank in the US is miffed at the Federal Reserve

Wells Fargo CEO John Stumpf thinks changes regulators are pushing the bank to make to its capital reserves aren't needed.
CEO John Stumpf isn't all that keen on the idea.
"I don't think that's something we really needed," Stumpf said in an interview with CNBC December 1 with Kayla Tausche.
"It's what we've been asked to do. I think that we have enough capital the way it is, but if loss absorbing capital is required through debt, we're going to raise it. We will be able to manage it. But I can't tell you sitting here that I thought that was necessary."
The Fed regulation on 'total loss-absorbing capacity' means banks must have cash on hand to cover writing off 18% or more of 'risk-weighted' assets in the event of a loss. That means Wells Fargo will have to add billions to its balance sheet in cash reserves.
Stumpf isn't the first Wells Fargo executive to sound off on the Federal Reserve's latest requirement, which is particularly onerous for the biggest bank in the US by market capitalization. Last month, Wells Fargo CFO John Shrewsberry called the bank "victims" of the Fed's new rule.
Stumpf was quick to point out that Wells Fargo and other firms have already shored up cash reserves.
"The industry has more than doubled its capital [reserves]," he told Tausche. "We surely have in the last seven years."
NOW WATCH: JAMES ALTUCHER: The American Dream is a lie
The 10-year Treasury yield will drop to 3.5% by the end of next year as the massive bond rally will continue, UBS says
Instagram's crisis highlights the bigger issues the entire ad industry is facing
Exit polls predict BJP advantage in MP, Rajasthan, Congress win in Chhattisgarh, Telangana and tight contest in Mizoram
International air travel penetration remains low in India: CAPA
"Meeting friends is always a delight": PM Modi reacts to 'Melodi' selfie shared by Italian counterpart Georgia Meloni
WhatsApp testing new feature that lets you search users by their username
Delhi airport: Flights diverted due to bad smog, bad weather
Meta expanding child safety measures as scrutiny mounts