✨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. The billionaire investor ended his long-running bet on Wells Fargo during the first quarter, according to a filing Monday from his Berkshire Hathaway Inc. Berkshire also reported new stakes in banking giant Citigroup Inc. and in auto lender Ally Financial Inc. Berkshire sold off its remaining Wells Fargo shares after months of paring a holding that once ranked as the conglomerate’s biggest common-stock bet.
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Warren Buffett demonstrated he’s still bullish on U.S. retail banking — but not on Wells Fargo & Co. Berkshire sold off its remaining Wells Fargo shares after months of paring a holding that once ranked as the conglomerate’s biggest common-stock bet. Buffett, Berkshire’s chairman and chief executive officer, began building the investment three decades ago and has long lauded its business, sticking by the firm after its scandals began erupting in 2016. 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.
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