Warren Buffett urges Wells Fargo to look beyond Wall Street for his next CEO: FT By Reuters

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© Reuters. FILE PHOTO: Warren Buffett, CEO of Berkshire Hathaway Inc., makes gestures while playing bridge as part of the company's annual meeting weekend in Omaha

(Reuters) – Warren Buffett, Wells Fargo (NYSE: 🙂 & Co, the largest shareholder, asked the bank, in an interview on Sunday at the Financial Times, to look for a new chief executive outside Wall Street.

"They just have to come from somewhere else (outside of Wells) and they should not be coming from Wall Street, they probably should not have come from JPMorgan (NYSE 🙂 or Goldman Sachs," Buffett told the Financial Times.

"There are a lot of good people to manage it (Wall Street banks), but they will automatically stoke the fires of a significant percentage of the US Senate and House of Representatives, and it's just not smart, "said Buffett. quoted as saying.

Wells Fargo, JPMorganChase and Co and Goldman Sachs Group Inc. (NYSE 🙂 were not immediately available for comment outside of office hours.

Tim Sloan stepped down as Wells Fargo's chief executive last month to become the second CEO to leave the bank after the scandal over a wide variety of business practices.

The board of directors of the company said in a statement at the time that he had concluded that it was better to look for an outside candidate to replace Sloan.

C. Allen Parker, one of the few newcomers in the highest ranks of the bank, is the bank's general counsel.

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