Warren Buffett calls on Wells Fargo not to hire a Wall Street insider as its new CEO

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Warren Buffett, Wells Fargo’s largest shareholder, has called on the bank to hire someone from outside Wall Street as its new CEO. Buffett stated that the bank’s new CEO “probably shouldn’t come from JPMorgan or Goldman Sachs.” The bank’s former CEO, Tim Sloan, resigned in late March following the heavy criticism received by members of Congress and regulators for the bank’s governance failures. Sloan was to the role in 2016 and struggled to restore the bank’s reputation in the aftermath of the misconduct which took place in the bank’s retail banking division.

The Financial Times, Robert Armstrong, Eric Platt and Oliver Ralph, April 7th 2019

The Financial Times, Rob Armstrong and Laura Noonan, March 28th 2019