JPMorgan Chase has said the proposed new requirements unveiled by regulators in March will force it to hold an additional $20 billion in capital, the result of what chief financial officer Jeremy Barnum described as a "persistent miscalibration".

In its first quarter earnings call, Barnum and chief executive Jamie Dimon reiterated that JPMorgan recommends altering the G-SIB surcharge, an amount of excess capital global systematically important banks must hold, arguing it will do unnecessary harm to its financial position.

"We recognise that we are larger and more systemically important than even large domestic peers. But in the end, the question is how much more should the cost be?" Barnum said in the call.

The new rules, currently in a comment period, are generally laxer than previous capital requirements, and walk back some of Basel III’s strictest proposed capital hikes, but are expected to require some globally important banks to increase their tier 1 capital holdings.

Dimon criticised the proposed legislation earlier in the month in his annual letter to shareholders, the same place he warned about losses from private credit lending risks. In the call, he said there was "no good reason" the bank should have to hold these funds.

JPMorgan said its required capital will grow by around four per cent, while other large US banks will see a roughly five per cent drop. Barnum warned that this "miscalibration" would not only harm the bank’s international competitiveness, but also raise its domestic cost of lending.

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