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Exclusive - Buffett likely voted shares to back Wells Fargo board

Reuters  |  NEW YORK 

By Dan Freed

NEW YORK (Reuters) - & Co's largest investor, Warren Buffett, has likely already voted his to support the bank's recommendations at its contentious annual shareholder meeting next week, a representative told on Wednesday, which include reinstating most of the board's directors.

The prominent billionaire's conglomerate, Berkshire Hathaway Inc, owns nearly 10 percent of and Buffett personally owns as well. Many investors follow Buffett's lead because of his decades-long track record of profitable investments.

Fargo, the fourth-largest U.S. 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.

The matter has already subsumed former Chief Executive John Stumpf, who resigned in October. Now the board, whose members include new CEO Tim Sloan, is facing opposition in the shareholder vote next week after proxy advisers recommended rejecting many of them.

Buffett's assistant, Debbie Bosanek, told that Buffett supports management and the board, and that he has likely voted held by him and Berkshire to reflect that view. Berkshire held nearly 10 percent of Fargo's outstanding as of year-end, but has decided to sell some to avoid breaching the 10 percent threshold that would require special regulatory permission.

Chief Executive Tim Sloan recently told The Wall Street Journal that Buffett would support the board, but Buffett had not confirmed Sloan's statement until now.

(Reporting by Dan Freed; Writing by Lauren Tara LaCapra; Editing by Simon Cameron-Moore and Sam Holmes)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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Exclusive - Buffett likely voted shares to back Wells Fargo board

NEW YORK (Reuters) - 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.

By Dan Freed

NEW YORK (Reuters) - & Co's largest investor, Warren Buffett, has likely already voted his to support the bank's recommendations at its contentious annual shareholder meeting next week, a representative told on Wednesday, which include reinstating most of the board's directors.

The prominent billionaire's conglomerate, Berkshire Hathaway Inc, owns nearly 10 percent of and Buffett personally owns as well. Many investors follow Buffett's lead because of his decades-long track record of profitable investments.

Fargo, the fourth-largest U.S. 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.

The matter has already subsumed former Chief Executive John Stumpf, who resigned in October. Now the board, whose members include new CEO Tim Sloan, is facing opposition in the shareholder vote next week after proxy advisers recommended rejecting many of them.

Buffett's assistant, Debbie Bosanek, told that Buffett supports management and the board, and that he has likely voted held by him and Berkshire to reflect that view. Berkshire held nearly 10 percent of Fargo's outstanding as of year-end, but has decided to sell some to avoid breaching the 10 percent threshold that would require special regulatory permission.

Chief Executive Tim Sloan recently told The Wall Street Journal that Buffett would support the board, but Buffett had not confirmed Sloan's statement until now.

(Reporting by Dan Freed; Writing by Lauren Tara LaCapra; Editing by Simon Cameron-Moore and Sam Holmes)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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Business Standard
177 22

Exclusive - Buffett likely voted shares to back Wells Fargo board

By Dan Freed

NEW YORK (Reuters) - & Co's largest investor, Warren Buffett, has likely already voted his to support the bank's recommendations at its contentious annual shareholder meeting next week, a representative told on Wednesday, which include reinstating most of the board's directors.

The prominent billionaire's conglomerate, Berkshire Hathaway Inc, owns nearly 10 percent of and Buffett personally owns as well. Many investors follow Buffett's lead because of his decades-long track record of profitable investments.

Fargo, the fourth-largest U.S. 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.

The matter has already subsumed former Chief Executive John Stumpf, who resigned in October. Now the board, whose members include new CEO Tim Sloan, is facing opposition in the shareholder vote next week after proxy advisers recommended rejecting many of them.

Buffett's assistant, Debbie Bosanek, told that Buffett supports management and the board, and that he has likely voted held by him and Berkshire to reflect that view. Berkshire held nearly 10 percent of Fargo's outstanding as of year-end, but has decided to sell some to avoid breaching the 10 percent threshold that would require special regulatory permission.

Chief Executive Tim Sloan recently told The Wall Street Journal that Buffett would support the board, but Buffett had not confirmed Sloan's statement until now.

(Reporting by Dan Freed; Writing by Lauren Tara LaCapra; Editing by Simon Cameron-Moore and Sam Holmes)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22