Warren Buffett, Wells Fargo's biggest shareholder, says the bank's next CEO shouldn't be a Wall Street executive.
Buffett owns nearly 10% of the San Francisco-based lender, a stake worth more than $20 billion. Wells Fargo was down nearly 1% in pre-market trading Monday.
"There are plenty of good people to run it [from Wall Street banks], but they are automatically going to draw a significant percentage of the Senate and the US House of Representatives and that's just not smart," noted Buffett according to the interview. "They just have to come from someplace [outside Wells] and they shouldn't come from Wall Street," continued the investing legend."They probably shouldn't come from JPMorgan or Goldman Sachs."
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