Here’s How Warren Buffett Convinced Wells Fargo To Pursue Investment Banking

Bloomberg Market Magazine has a feature on Wells Fargo’s expansion into investment banking this month, and it’s prefaced with a fascinating anecdote on how Warren Buffet inspired the bank into the venture.

It was 2009, and Buffett’s Berkshire Hathaway—one of Wells Fargo’s biggest shareholders—had just announced they would purchase railroad operator Burlington Northern Santa Fe Corp.. To finance that deal, Berkshire had chosen JP Morgan.

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