Billionaire investor Warren Buffett supports Wells Fargo & Co’s management and board of directors, and has likely already voted shares owned by him and his conglomerate, Berkshire Hathaway, in line with the bank’s official suggestions, a representative told Reuters.
Wells Fargo’s board is facing a threat at a shareholder meeting next week because proxy advisers are telling shareholders not to support many of them. The opposition is related to a scandal wherein employees created up to 2 million accounts in customers’ names without their permission.
Buffett’s support is influential because of his status as a savvy investor. Although he recently sold some shares, Buffett and his firm own nearly 10 percent of Wells Fargo stock.continue reading »