Wells Fargo is Warren Buffett’s bank. (He holds 10% of it.)
Wells thought it could weather the current fraud storm just by firing a bunch of underlings. But the underlings weren’t the ones who developed and encouraged the fraudulent policy of charging clients for “ghost accounts.” It was company leadership.
Seems this sort of thing is (supposedly) anathema to Warren’s down homey philosophy of finance. One would think he’d want to weigh in and set shareholders,