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Don't look at JP Morgan or Goldman



Warren Buffett asks Wells Fargo to look outside Wall Street for his next CEO as the bank is searching for a candidate to replace Tim Sloan.

In an interview with the Financial Times on Sunday, Buffett said that Wells Fargo should not look to JP Morgan or Goldman Sachs as a recruitment site for his next leader.

9659004] Buffett's Berkshire Hathaway is Wells Fargo's only major shareholder.

Buffett said that although there are many qualified candidates on Wall Street, they will be over-researching from congress leaders.

"There are many good people running it, but they will automatically draw ire of a significant percentage of the Senate and US House of Representatives, and that's just not smart, Buffett says.

His comments come just over a week after Tim Sloan stepped down as well as Fargo's CEO and president. Slots had been hammered by members of Congress over his handling of a scandal where employees created millions of counterfeit accounts to face sales quotas.

A little before Sloan's departure was announced, Buffett told CNBC that he supported Sloan "100 percent."

"I don't want their job … I'm very empathetic to someone who goes into a big problem and a very, very big and politically sensitive institution," Buffett said at the time.

Wells Fargo's regime said that it would look outside the bank for Sloan's replacement. Allen Parker, the bank's managing director, has taken over as interim CEO as Wells conducts his search. [1965] Buffett said Wells Fargo remains strong despite the fallout from the false accounting scandal.

" If you look at Wells, they are constantly going through a lot of problems, but they don't lose any customers talking about, "Buffett said.


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