Buffett Told Stumpf That Bank Misjudged Problem, CNBC Says

Updated on
  • Conversation was about two weeks ago, CNBC’s Quick reports
  • Berkshire chairman denies speaking with bank’s board

Warren Buffett

Photographer: Scott Eells/Bloomberg

Warren Buffett, who controls the largest stake in Wells Fargo & Co., told Chief Executive Officer John Stumpf that the lender was too slow to realize the seriousness of the problem after settling investigations into the practice of opening accounts without customers’ permission, CNBC reported.

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