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Buffett’s Berkshire Hathaway Inc., already trimming its Wells Fargo stake to comply with a 10% regulatory limit, began cutting further last year just as Charlie Scharf became the bank’s chief executive officer, eventually unloading most of it.


He stuck with it through the 2008 financial crisis and showcased it at his company’s festive annual meeting, even having family members delivered in one of the bank’s iconic stage coaches.The drama is now building as Scharf prepares to lay out his vision for turning around the scandal-ridden lender, which has seen its stock slump 57% this year.


Since joining, he has poured himself into studying the bank’s problems and addressing regulators’ concerns.Yet he hasn’t maintained his predecessor’s practice of periodically visiting Buffett at his headquarters in Omaha, Nebraska, according to people with knowledge of the situation.


Its shares have underperformed every other lender in the KBW Bank Index over the past six months.On a conference call with analysts this week, Scharf said his team has drafted a series of steps to take in coming years to streamline management, improve operations and simplify product offerings.


But no such liabilities have materialized.At one point, Trump updated a disclosure to reflect money owed to Michael Cohen, his former personal attorney, who paid adult film actress Stormy Daniels to prevent her from going public with allegations of an affair with Trump.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.


iQOS has had strong user growth and improving profitability, and store re-openings could further help drive adoption by new users.”Lavery rates PM shares an Overweight (i.e. Buy), and his $98 price target implies a one-year upside of 24%.






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