Berkshire Hathaway Chief Executive Warren Buffett said the conglomerate will likely increase its stake in Wells Fargo and other banks if the US Federal Reserve finalizes a proposal to ease a current restriction on bank investors.
“It’s been a deterrent,” he said at the company’s annual meeting in Omaha, Nebraska, on Saturday. “It’ll be less of a deterrent in the future.”
The Fed plan, issued for comment last month, would let investors own a higher percentage of a bank’s shares without being designated a bank holding company subject to stricter oversight. The threshold is now 10 percent on a case-by-case basis.
Berkshire Hathaway to invest more in banks if Fed plan adopted, Buffett says
6 May 2019 9:51pm