Warren Buffett told CNBC he continues to support Wells Fargo CEO Tim Sloan, after voicing his support for the embattled chief executive minutes before Sloan's resignation was announced.
Billionaire investor Warren Buffett told CNBC that he stands by his support of Wells Fargo CEO Tim Sloan, after backing the beleaguered chief executive minutes before Sloan's resignation was announced.
div > div.group > p:first-child"> Buffett initially said he supported Sloan"100 percent" in an interview Thursday with CNBC's Becky Quick at the Gatehouse's Hands Up for Success luncheon in Grapevine, Texas."I don't want his job. ... I'm very empathetic to anybody who walks into a big problem and a very, very large and politically sensitive institution," Buffett said.
Buffett later told CNBC he knew on Wednesday that Sloan planned to resign. Buffett told CNBC that Sloan called him on Wednesday wanting to know if he could talk the next day, but Buffett told him he was going to be out of the office all day and so Sloan told him the news. Warren said the news came to him"out of the blue" and that he had not spoken to anyone on the Wells Fargo board about it.
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