Sunday, July 02, 2017

Warren Buffett casts big shadow in banking world

The New York Post reports:
Warren Buffett’s Berkshire Hathaway is now the largest single shareholder of Bank of America — but that’s not the only piece of Wall Street he owns.

Buffett, 86, is also the biggest shareholder of Wells Fargo, with a little under 10 percent of the San Francisco bank, and US Bancorp, a Minneapolis bank that’s among the largest in the country.

In addition to those holdings, he’s also the seventh biggest owner of Goldman Sachs and Bank of New York Mellon — and the eighth largest shareholder of M&T Bank, a Buffalo bank with $16.5 billion in assets.

While he has a powerful voice in the boardrooms of a handful of the world’s biggest banks, none of his stakes are more than 10 percent — the threshold where additional regulation by the Federal Reserve kicks in.
Warren Buffett , in the vanguard, of financial regulation to prevent competition in banking.