- Buffett says when one puts a spotlight on a large financial institution like Wells Fargo, they're likely to find something.
- "What you find is there's never just one cockroach in the kitchen when you start looking around," he says.
Earlier this month, Wells Fargo CEO Timothy Sloan warned his employees to brace for more negative headlines as a third party completes a review of the bank's sales scandal.
The results will "generate news headlines," Sloan said, and the "best thing" for the bank to do is to "stay focused on fixing problems."
"Anytime you put focus on an organization that has hundreds of thousands of people ... you may very well find that it wasn't just the one who misbehaved that you find out about," Buffett said.
Buffett said Wells Fargo's recent woes aren't likely to influence his investment long term. "It's a terrific bank," he said. "There were some things that were done very wrong there but they are being corrected."
In response, a Wells Fargo spokesperson said: "We value Berkshire Hathaway as a long-term shareholder and customer. Our top priority is rebuilding the trust of our customers, team members, community partners, and shareholders. We have taken decisive actions to fix the problems, make things right for customers, and build a better Wells Fargo."