Warren Buffett slams Wells Fargo leadership

Omaha

WARREN Buffett, the chairman of Berkshire Hathaway Inc, criticised Wells Fargo & Co for failing to stop employees from signing up customers for bogus accounts even after learning it was happening, causing a scandal.

Wells Fargo, whose largest shareholder is Berkshire with a 10 per cent stake worth roughly US$27 billion, gave employees too much autonomy to engage in "cross-selling" multiple products to meet sales goals, Mr Buffett said.