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Buffett Inches Toward Wells Fargo Exit As Scharf Sets Course

by finance.yahoo.com posted 6days ago 19 views
(Bloomberg) -- Warren Buffett isn’t known to ask much of companies in which he buys stock. Then last year, as Wells Fargo & Co.’s top investor, he publicly advised the board not to hire a leader from Wall Street -- and it did.What ensued shows what can happen when a company rejects the legendary investor’s advice. Buffett’s Berkshire Hathaway Inc., already trimming its Wells Fargo stake to comply with a 10% regulatory limit, began cutting further last year just as Charlie Scharf became the bank’s chief executive officer, eventually unloading most of it.

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