Wanted: Bank CEO. Wall Street bigwigs need not apply.Warren Buffett — Wells Fargo’s largest shareholder with a 10 percent stake — said the troubled financial giant shouldn’t turn to executives at other big banks following the surprise ouster of its ex-chief executive, Tim Sloan.
“They just have to come from someplace [outside Wells] and they shouldn’t come from Wall Street,” Buffett said in an interview with the Financial Times. “They probably shouldn’t come from JPMorgan or Goldman Sachs.”
The billionaire investor didn’t say specifically where Wells should be looking instead, but he was clear about the hazards of picking another Wall Street insider as the nation’s third-biggest bank continues to face heat from US regulators.
“There are plenty of good people to run it, but they are automatically going to draw the ire of a significant percentage of the Senate and the US House of Representatives, and that’s just not smart,” Buffett said in the interview, which was published late Sunday.