The investigation has already cost Wells Fargo its title as the world’s most valuable bank. Its stock fell 3.3 percent Tuesday, reducing its market value to $236.9 billion, compared with $240.3 billion for New York-based JPMorgan. The slide also wiped out $1.4 billion of Buffett’s fortune.
"They have a lot of work to do in the public eye in order to shore up their reputation," said Kevin Barker, a Piper Jaffray analyst. “When you have presidential candidates admonishing you in their public comments, you certainly need to go on a charm offensive in order to make up the ground that you lost.”
This article was provided by Bloomberg News.