Buffett’s exit comes as Wells Fargo CEO Charlie Scharf continues to grapple with legacy regulatory issues and takes steps to improve efficiency, which include job cuts and the exploration of potential sales of businesses. The San Francisco-based bank’s shares have declined about 12% this year. Most Read from Bloomberg. Buffett had publicly urged the Wells Fargo board not to hire a leader from Wall Street. Though Scharf has a track record of running consumer-facing businesses and improving them with technology, his resume featured time at securities-industry giant JPMorgan Chase & Co., and more recently atop Bank of New York Mellon Corp. Scharf also struck an agreement to work from New York, instead of the San Francisco headquarters, a move Buffett’s business partner, Charlie Munger, called “outrageous.” ✨WARREN BUFFETT ENDS HIS DECADES-OLD RELATIONSHIP WITH WELLS FARGO AS BERKSHIRE HATHAWAY SALES THEIR STAKE✨ Warren Buffett demonstrated he’s still bullish on U.S. retail banking — but not on Wells Fargo & Co.
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