Wells Fargo & Co. (WFC) shares were indicated higher in premarket trading Monday after legendary investor Warren Buffett criticised the bank and its former CEO for reacting too slowly to last year’s bogus-accounts scandal.
Buffet, who’s Berkshire Hathaway Inc. (BRK.A) is Wells Fargo’s biggest shareholder with a 10% holding worth around $27 billion, said management had encouraged the “wrong type of behaviour” that ultimate led to employees opening fake accounts in order to earning performance bonuses.
