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Warren Buffett says he continues to support embattled Wells Fargo CEO Tim Sloan

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Buffett: Wells Fargo CEO Tim Sloan has my support

Billionaire investor Warren Buffett told CNBC that he stands by his support of Wells Fargo CEO Tim Sloan, after backing the beleaguered chief executive minutes before Sloan's resignation was announced.

Buffett initially said he supported Sloan "100 percent" in an interview Thursday with CNBC's Becky Quick at The Gatehouse's Hands Up for Success luncheon in Grapevine, Texas. "I don't want his job. ... I'm very empathetic to anybody who walks into a big problem and a very, very large and politically sensitive institution," Buffett said.

The investor later told CNBC that he knew Wednesday that Sloan planned to resign. Buffett said Sloan called him Wednesday wanting to know if he could talk the next day, but Buffett told him he was going to be out of the office all day and so Sloan told him the news. Buffett said that the move was "out of the blue" and that he had not spoken to anyone on the Wells Fargo board about it.

Buffett's Berkshire Hathaway is the bank's single-largest shareholder.

Sloan is resigning as CEO immediately, Wells Fargo said Thursday in a release shortly after Buffett made his remarks. The bank's general counsel, Allen Parker, will take over as interim chief executive, and Wells Fargo is searching externally for a permanent successor. Sloan was supposed to clean up the mess that had claimed his predecessor, but had struggled to satisfy regulators' demands to overhaul the sprawling institution.

CNBC's Hugh Son contributed to this report.

Watch: Unfair that Sloan had to retire, says Yale's Sonnenfeld

VIDEO1:3501:35
Unfair that Wells Fargo CEO Tim Sloan had to retire, says Yale's Sonnenfeld
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Markets

Buffett on the economy: 'It looks like things have slowed down'

Key Points
  • "It does look like the pace of increase in the economy has slowed down," Warren Buffett tells CNBC's Becky Quick. "I'd call it somewhere close to noticeably, but I wouldn't go beyond that."
  • Buffett notes that a slowdown in BNSF, the railroad company owned by Berkshire, is flashing a signal of slower growth, but he adds that some of the data may be distorted by seasonal factors, such as the weather.
  • His comments come as fears of an economic slowdown have driven Treasury yields down sharply.