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Warren Buffett slams Wells Fargo leadership

Berkshire's annual meeting also discusses succession plans, tie-up with 3G Capital

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Published Mon, May 8, 2017 · 09:50 PM

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    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.

    Warren Buffett

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