OMAHA, Neb. (AP) — Billionaire Warren Buffett doesn’t plan to talk about employee misconduct at Wells Fargo before November, when he is required to file a quarterly update on its stock portfolio.
Buffett’s Berkshire Hathaway owns roughly 10 percent of the bank.
Buffett told the Fox Business Network he plans to remain silent for now on misconduct at Wells Fargo that led to the firings of about 5,300 bank employees and a $185 million fine.
Regulators determined that bank employees opened millions of unauthorized accounts to meet sales quotas.
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Berkshire has been Wells Fargo’s largest shareholder, and Buffett has praised CEO John Stumpf.