Commodities Views News. Forex Forex News. Currency Converter. Rate Story. Font Size Abc Small. Abc Medium. Abc Large. AP A file photo of Warren Buffett.
The bank's reputation was shattered by revelations that employees facing aggressive sales goals opened millions of unwanted accounts, charged unnecessary mortgage fees and forced drivers to buy car insurance they did not need.
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Your Reason has been Reported to the admin. Fill in your details: Will be displayed Will not be displayed Will be displayed. Share this Comment: Post to Twitter. The billionaire investor and Berkshire Hathaway CEO told the Financial Times last year that Wells Fargo, still reeling from its fake-accounts scandal , risked angering regulators if it hired its next boss from JPMorgan, Goldman Sachs, or another big bank.
Read More: An ex-Wall Street chief strategist lambasts 3 'nonsensical narratives' he says are pushing stocks to dangerous heights - and warns that the current rally is unsustainable. It also agreed to let its new chief executive run the California bank from New York. Berkshire has been a Wells Fargo shareholder for more than 30 years , counting the bank among its five biggest holdings for most of that time.
Buffett's company may have exited Wells Fargo entirely last quarter. Warren, the chair of the Senate's banking committee, penned a letter to Federal Reserve Chair Jerome Powell this week. She urged him to revoke Wells Fargo's status as a financial holding company, and to force the lender to spin off or sell its investment bank and other non-banking activities. The senator pointed to several of Wells Fargo's past fiascos, including its fake-accounts debacle and its slowness to compensate wronged customers.
While the bank has paid billions of dollars in settlements and fines, and regulators slapped it with an asset cap in , she argued those measures have done little to address its core failings. The lender's bosses defended themselves in a statement this week. Buffett's Berkshire Hathaway has been a Wells Fargo shareholder for more than three decades , counting the bank among its five biggest positions for most of that time.
However, Buffett's company has taken a knife to its investment since then.
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