Warren Buffett’s Berkshire Hathaway (BRKA) sold a portion of its stake in Wells Fargo yesterday.
Wells Fargo stock has fallen 1.32% to $52.41.
Wells Fargo (WFC) is another story.
Buffett’s company unloaded 9 million shares, but it wasn’t for any reason except to keep Berkshire’s position in the company from breaching 10%.
This morning, the third-largest bank in terms of assets, reported flat profits due to higher expenses and weaker mortgage banking revenue.
as mentioned in
Wells Fargo woulda gotten away with it too, if it wasn’t for that darn trade union
Wells Fargo woulda gotten away with it too, if it wasn’t for that darn trade unionFor decades, Wells Fargo pressured its employees to commit millions of acts of fraud against its customers, using threats and blackballing to terrorize low-level employees.
Among other duties, Sloan was in charge of supervising Tolstedt, who ran Wells Fargo’s community-banking division at the center of the current firestorm.
In 2015, Sloan was promoted to Chief Operating Officer, a post that made him the executive responsible for Wells Fargo’s Community Bank and Consumer Lending divisions—ground zero in the scandal.
Sloan looks like he’s every bit as dirty as Stumpf, which makes sense, since he’d previously served as COO and directly oversaw the fraud.
But Sloan’s appointment did little to mollify critics, given his central management role during more than a decade of consumer and community complaints.
as mentioned in
Wells Fargo Rehires About 1,000 Staff in Wake of Account Scandal
Tim Sloan Source: Wells Fargo“When you violate your code of ethics at Wells Fargo, you don’t have an opportunity to come back,” said Sloan, 56.
A six-month review by a panel of independent Wells Fargo directors found that senior community banking managers including Tolstedt resisted warnings from subordinates that sales targets were prompting misconduct.
Read more: Wells Fargo board claws back more from former CEOIn September, the Labor Department said it opened an investigation after authorities accused the San Francisco-based company of putting excessive pressure on branch workers to sell products and financial services.
The bank created a human resources team months ago to help innocent employees rejoin the company, he said.
But many others “left because of their concerns,” or as a result of the bank’s longtime emphasis on selling more products, he said.
collected by :John Locas