Buffett’s firm selling some of its Wells Fargo shares

OMAHA, Neb. — Warren Buffett’s company is selling a chunk of its Wells Fargo stock to avoid some federal regulations.

The sale isn’t tied to the scandal over the bank’s sales practices that led to its CEO’s departure last year, Berkshire Hathaway said Wednesday.

Instead, Berkshire said it’s selling the stock to keep its stake in the San Francisco-based bank below 10 per cent to avoid additional Federal Reserve regulations. It will said it continue selling shares as needed to remain below that threshold.

Berkshire’s holdings crept above 10 per cent last year because of Wells Fargo’s stock repurchases. Berkshire asked the Fed for a waiver that would allow it to continue holding its Wells Fargo shares without being treated as a bank holding company.

Regulators, however, said Berkshire would have to restrict its commercial dealings with Wells Fargo if it kept all the shares.

A Wells Fargo spokesman said the bank appreciates the confidence Berkshire has shown it over the years, both as its largest shareholder and as a large customer.

The Omaha, Nebraska-based conglomerate said it has already sold 7.1 million Wells Fargo shares and will sell about 1.9 million more. That will bring its holding to around 491 million shares.

Just Posted

Red Deer man says more cardiac care needed here

Ryan Gillies spent several extra days in hospital waiting to get a stent in Edmonton

Red Deer gets ready for CFR 45

A $20 to $25-million annual injection to the local economy

Former Red Deer teacher going to trial on child porn charges

Charges were laid in January 2017 after a woman came forward

Red Deer agency reports more than 1,000 lives saved with naloxone

Turning Point distributes 5,855 naloxone kits

WATCH: Ponoka residents enjoy first skate on ice path

A community initiative helped create a skate path for families in Ponoka.

Giddy up: Red Deer to host Canadian Finals Rodeo in 2018

The CFR is expected to bring $20-30 million annually to Red Deer and region

Got milk? Highway reopened near Millet

A southbound truck hauling milk and cartons collided with a bridge

Stettler’s newest residents overcame fear, bloodshed to come here

Daniel Kwizera, Diane Mukasine and kids now permanent residents

Giddy up: Red Deer to host Canadian Finals Rodeo in 2018

The CFR is expected to bring $20-30 million annually to Red Deer and region

Ice dancers Virtue and Moir to carry flag at Pyeongchang Olympics

Not since Kurt Browning at the 1994 Lillehammer Games has a figure… Continue reading

Beer Canada calls on feds to axe increasing beer tax as consumption trends down

OTTAWA — A trade association for Canada’s beer industry wants the federal… Continue reading

Central Albertans recall Hawaii’s false missile alert

Former Red Deer councillor Paul Harris was hanging out at the Ka’anapali… Continue reading

Most Read


Five-day delivery plus unlimited digital access for $185 for 260 issues (must live in delivery area to qualify) Unlimited Digital Access 99 cents for the first four weeks and then only $15 per month Five-day delivery plus unlimited digital access for $15 a month