Warren Buffett’s Berkshire Hathaway Cuts Stake in Wells Fargo
Late last week, Warren Buffett’s Berkshire Hathaway cut its stake in Wells Fargo (WFC) to just 3.3%, further reducing what was once a $32 billion investment.
“Berkshire was previously Wells Fargo’s biggest shareholder, owning 323 million shares or a 7.8% stake earlier this year. The bank also ranked among Berkshire’s five most valuable holdings earlier just a few months ago,” says Business Insider.
Reportedly, they’ve been reducing their stake, as the bank struggle to recover from scandals, including opening accounts with customer knowledge.