Warren Buffett, Wells Fargo's largest and most powerful shareholder, doesn't want the troubled bank to hire a CEO from Wall Street
Recruiting a Wall Street executive is"automatically going to draw the ire of a significant percentage" of the US Senate and House of Representatives, Buffett told the Financial Times in an interview that published on Sunday."And that's just not smart."The comments from Buffett, whose Berkshire Hathaway owns nearly 10% of Wells Fargo, underline the deep political and reputational troubles at one of America's largest banks.
For instance, former Goldman Sachs execs Gary Cohn and Harvey Schwartz have been linked in media reports to the Wells Fargo job. Both have denied interest. And analysts have floated the possibility of Marianne Lake, the well-respected CFO of JPMorgan , as a replacement for Sloan. Lake would be the first woman to lead one of the big US banks.Wells Fargo's CEO is out.
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