Buffett likely voted shares to back Wells Fargo board

by Dramelin 2:30 AM 0 comments

Wells Fargo & Co`s largest investor, Warren Buffett, has likely already voted his shares to support the bank`s recommendations at its contentious annual shareholder meeting next week, a representative told Reuters on Wednesday, which include reinstating most of the board`s directors.
The prominent billionaire`s conglomerate, Berkshire Hathaway Inc, owns nearly 10 percent of Wells Fargo and Buffett personally owns shares as well.
Many investors follow Buffett`s lead because of his decades-long track record of profitable investments.
Wells Fargo, the fourth-largest U.
bank, has for months been embroiled in a scandal that involves thousands of former employees creating as many as 2 million accounts in customers` names without their permission.