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Buffett Urges Wells Fargo To Look Beyond Wall Street For CEO: FT

Warren Buffett, the largest shareholder in Wells Fargo, has called on the US bank to look outside Wall Street for a new chief executive who can restore its battered reputation, the Financial Times reported.

"They just have to come from someplace [outside Wells] and they shouldn't come from Wall Street," Buffett said in an interview with the Financial Times. "They probably shouldn't come from JPMorgan or Goldman Sachs", Buffett added.

Wells Fargo's former chief executive, Tim Sloan, stepped down in March and has been replaced by Wells' general counsel Allen Parker on an interim basis.

Buffett now prefers the new leader to be an outsider and one who has not worked in investment banking, judging that this would be like a red rag to a bull in Washington.

"There are plenty of good people to run it [from the Wall Street banks], but they are automatically going to draw the ire of a significant percentage of the Senate and the US House of Representatives, and that's just not smart," Buffett said.

Buffett reportedly believes that the bank's competitive position remains strong, despite the damage done by the fake accounts scandal that broke over two years ago.

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