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Buffett likely backed Wells Fargo's board

Thursday, April 20, 2017 - 01:02

Wells Fargo's largest investor, Warren Buffett, has likely already voted his shares to support the bank's board ahead of its annual shareholder meeting next week, a source told Reuters. Roselle Chen reports.

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Wells Fargo's largest investor, Warren Buffett, has likely already voted in support of the bank's board ahead of an annual shareholder meeting that starts next week. That according to Buffett's assistant, Debbie Bosanek. Reuters banking corespondent Dan Freed got the scoop: (SOUNDBITE) DAN FREED, BANKING CORRESPONDENT, REUTERS, (ENGLISH) SAYING: "If the board got voted out, I think it would really send the stock down, probably quite a lot. He owns, you know, he is the biggest shareholder, so that doesn't really benefit him. So, I don't know if it means that he supports the board with his heart and soul. I think it just means that he's made a decision that this is in his interest." Wells Fargo - the fourth-largest bank in the U.S. - has been in the center of a scandal that involved thousands of employees creating as many as two million accounts without authorization. The matter has already subsumed former Chief Executive John Stumpf, who resigned in October. Now the board is facing opposition in the shareholder vote next week after proxy advisers recommended rejecting many of its members.

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Buffett likely backed Wells Fargo's board

Thursday, April 20, 2017 - 01:02