"One of the biggest risks today in our industry is not credit risk, it's interest-rate risk,"...

|By:, SA News Editor

"One of the biggest risks today in our industry is not credit risk, it's interest-rate risk," says Wells Fargo (WFC +0.9%) CEO John Stumpf, speaking at a Bernstein conference. He says his bank has mistakenly (so far) kept a lot of money on the sidelines, waiting for higher rates to emerge at some time. "Sometime hasn't come yet."