Wells Fargo (WFC) makes up 17.5% of Buffett’s portfolio. Buffett first bought into Wells Fargo stock in 1989.
Berkshire Hathaway currently owns around 10% of Wells Fargo – which is the 2ndlargest bank in the United States. Berkshire applied for regulatory approval topurchase more shares in July.
A lot has happened to Wells Fargo since July… The company’s employees opened up 1.5 million unauthorized accounts ‘on behalf’ of customers. This resulted in a $185 million fine, $5 million in refunds, and the firing of around 5,000 employees.
