By 2020 he had sold almost all the rest.
"The bank's * REPUTATION * was shattered by revelations that employees facing aggressive sales goals opened millions of unwanted accounts, charged unnecessary mortgage fees and forced drivers to buy car insurance they did not need.
Buffett, who is Berkshire's chief executive, told CNBC in February 2020 that Wells Fargo had a "d-mb" incentive system and was slow to make things right."
https://m.economictimes.com/markets/stocks/news/warren-buffett-sells-31-year-old-investment-in-wells-fargo/articleshow/82727758.cms
5 years later:
- the asset cap is still in place
- a r@pe allegation that took govt investigation inorder to prompt bank to investigate 6 mos after HR was alerted it happened
- Chuckie was caught cheating and front running employee 401k match funds
- One of his indian executives was fired and arrested for urinating on an innocent woman
- Chukkie blatantly said "there weren't enuf black candidates"
- while getting caught faking diversity interviews for jobs that had already been filled
ALL of these CONTINUE the pattern of reputation destruction and corporate malfeasance - it's pervasive from middle management all the way to the top.
The corporate culture here is rotten.
Even after all these divestures this bank remains too big to manage.
Wells Fargo cannot be saved.
BREAK THEM UP