NEW YORK, NY / ACCESSWIRE / May 7, 2018 / Banking stocks JPMorgan and Wells Fargo crept higher in Friday's trading session. The joint venture between JPMorgan and Amazon and Berkshire Hathaway is well underway with a CEO close to being announced according to Warren Buffett who spoke about the details at Berkshire Hathaway's annual meeting. Buffett also defended his stake in Wells Fargo at the meeting.
RDI Initiates Coverage on:
JPMorgan Chase & Co.
Wells Fargo & Company
JPMorgan Chase & Co. shares closed up 1.11% on Friday with nearly 12 million shares traded. It was announced at Warren Buffett's Berkshire Hathaway annual meeting that the joint healthcare venture between JPMorgan, Amazon, and Berkshire would soon be announcing a CEO. He said, "We're making a lot of progress, and I think we'll probably have a CEO within a couple of months." There was no specification on who it may be. He said, "We don't plan to start healthcare companies or necessarily insurers or anything. The motivations are not primarily profit-making. We want our employees to get better medical service at a lower cost. We're certainly not going to come up with something where we think the service that they receive is inferior to what they're getting now, but we do think that there may be ways to make a real significant changes that could have an effect. "He also explained that the venture’s success will depend heavily on their CEO selection, and whether that person will have the imagination, and support of people that will enable us to make any kind of significant improvements in the system."
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Wells Fargo & Company shares saw gains in Friday's session, closing the day up 1.69%. It was over the weekend that Warren Buffett defended the bank and that Berkshire Hathaway have no intention of selling its shares in the company. At Berkshire Hathaway's annual meeting, he was asked if Wells Fargo's scandal would mean a sale of its stake. Buffett said that Wells Fargo is working to overcome the mistakes of its past and that he thinks the bank will be stronger in the future. He said, "I see no reason to think that Wells Fargo going forward is other than a very, very large, well run bank that had an episode in its history which it wished it didn't have. Buffett also admitted that he likes the company's Chief Executive Tim Sloan. Sloan recently told Fox Business' Maria Bartiromo that he was optimistic about the bank's future. It was last week that Wells Fargo agreed to pay $480 million to settle a class action lawsuit. Investors had accused Wells Fargo of securities fraud in relation to its fake-account scandal.
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