There was a CNBC episode last year where Warren Buffett and Charlie Munger describes Wells Fargo as a city of 260k people with no cops. Although he has almost an 8% ownership in Wells. He can say whatever he wants. What does that tell you?
Wells still is the wild Wild West.
Until Warren dumps all his wells stock like he did with the airlines, time to get out.
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They have to send a balanced message to the Wall Street. Cutting the dividend will be a negative. To counter that they have to move the stock up by announcements like 20k lay-off over the next 3 months and closure of x MRAs etc
Come July 14 when earnings hit and there is a dividend cut, Buffett will be offloading more shares.
a massive 4.5 million block sale occurred on thursday late in trading session.
one of the whales noped out
prolly buffett.
Buffett reduced Berkshire Hathaway's stake in Wells Fargo in Q4 of 2019: https://www.barrons.com/articles/warren-buffett-berkshire-hathaway-cuts-wells-fargo-stake-stock-51581720220
He sold 55.2M shares. Berkshire Hathaway still owned 323.3M shares at that point, so about a 15 percent reduction.
If warren dumps his stock he will take a huge loss. Like epic loss looking at the price right now. It would also be equally as bad for WF. The publicity and people who follow suit would also be huge.