Berkshire Meeting: Wells Fargo's Response to Buffett

Features Dow Jones Newswires

Wells Fargo has issued a statement in response to Mr. Buffett's comments at the top of the meeting:

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"We agree with Mr. Buffett's comments and value Berkshire Hathaway as a long-term shareholder and customer. We have taken decisive actions to fix the problems, make things right for customers, and build a better Wells Fargo. Our top priority is rebuilding the trust of our customers, team members, community partners, and shareholders.

"Our actions include:

"Eliminating product sales goals for Retail Bank team members and implementing a new performance management and rewards program that emphasizes customer experience and team goals.

"Centralizing key enterprise control functions, such as risk management and human resources, which had been reporting to the lines of business.

"Strengthening ethics and risk management throughout the company, including creating the new Office of Ethics, Oversight and Integrity to centralize the handling of internal investigations, complaints oversight, and sales practices oversight

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"For a full list of steps we have taken, please visit: https://stories.wf.com/betterbank/#september-2016"

Click here to see the full live coverage of Warren Buffett at Berkshire Hathaway's annual meeting:

http://www.wsj.com/livecoverage/berkshire-hathaway-2017-annual-meeting-analysis

Write to Erik Holm at erik.holm@wsj.com

(END) Dow Jones Newswires

May 06, 2017 14:46 ET (18:46 GMT)