Berkshire Hathaway Slashes Stake in Troubled Lender Wells Fargo
A pedestrian walks past a Wells Fargo & Co. bank branch in New York.
Photographer: Peter Foley/BloombergThis article is for subscribers only.
Warren Buffett’s Berkshire Hathaway Inc., once the biggest holder of Wells Fargo & Co. common stock, slashed its investment by more than 40% as the San Francisco-based lender copes with the aftermath of consumer-abuse scandals.
Berkshire sold more than 100 million shares, trimming its stake in Wells Fargo common stock to about 3.3%, according to a regulatory filing Friday. A Wells Fargo spokesperson declined to comment.