https://finance.yahoo.com/news/buffett-inches-toward-wells-fargo-124437442.html
6 replies (most recent on top)
Buffet lost billions when he sold. Yet here we sit, with a smirking Silverback leading us into the depths of hell. Nice job board of directors piss off the one billionaire that had our back crippling our existence. May as well break up the bank, sell it off in regions give ol Silverback millions and call it due to covid.
So your largest shareholder who owns just under 10 percent of your stock, and possibly one of the wisest investors of all time, publicly states "wells should not hire someone from Wall Street. So what does wells do??
Surprised this isn’t getting more traffic. At first I saw Buffett divesting from wells and chalked it up to him getting out of finances in general because of the pandemic but him buying into BAC tells me one thing. He sees the future of the financial service industry tied to technology.
BAC has been lapping us technologically for years on end. Any lump on a stump can slash expenses. Wells needed a leader to upgrade our technologies WHILE slashing expenses.
Us frontline workers had a feeling Charlie was an arrogant person based on his messaging and lack of transparency but the vagueness plus the fact he won’t meet with Wells’ biggest investor should be a huge red flag.
The only and I mean ONLY glimmer of hope is that Charlie uses his connections to get the cap lifted and gets the h e double hockey sticks out of wells.
WB generally invests in good managers
Yeah it's interesting that he, like the rest of us, seems to despise Scharf
This is a good article. Interesting that he stuck with Wells through all the fraud and scandals, all the various economic conditions, interest rates, markets etc but has been seriously lightening up this year.
He came out of a lot of financials, which should tell us something, but he added to his BAC position.
Also, I had forgotten that he recommended the new CEO not be a Wall Street exec.