New York (CNN Business)Warren Buffett’s Berkshire Hathaway has been a top investor in Wells Fargo for the past few years, despite the company’s fake account scandal, overcharging foreign-exchange customers and myriad other problems.
Now, the Oracle of Omaha has finally thrown in the towel.
Berkshire Hathaway(BRKB) disclosed late Monday that it sold its remaining stake in Wells Fargo(WFC) during the first quarter, according to the conglomerate’s latest filing of holdings with the Securities and Exchange Commission. Shares of Wells Fargo rallied with other bank stocks Tuesday, however.
Berkshire still owned a tiny stake in Wells Fargo as of the end of the fourth quarter of 2021, but had been cutting the position gradually since 2019. Many Berkshire investors had been pressuring the company to sell all its holdings in the bank, arguing that its continuing problems were a stain on Berkshire.
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