- Alex Wong/Getty Images
Warren Buffett is waiting until after the election to weigh in on Wells Fargo.
Buffett told Fox Business’ Liz Claman that he will not comment on the bank’s scandal until November. Buffett is the largest shareholder of Wells Fargo and recently petitioned the Federal Reserve to increase his ownership stake above 10%.
“If I start commenting on that or anything else, it will lead down too many paths so I will wait until November to speak about it, the election or any other subject,” Buffett told Claman.
Wells Fargo recently settled with regulators for $185 million after it came to light that employees had opened around 2 million accounts without the knowledge of customers. About 5,300 of the bank’s employees were fired as a result of the scandal.
This has led to a Senate hearing and calls for the resignation of CEO John Stumpf, most notably by Sen. Elizabeth Warren.
Despite the growing scandal, Buffett will remain silent for now.