Warren Buffett: Wells Fargo Customer Base
on Friday, September 30, 2016Warren Buffett Money Quote saying the Wells Fargo customer base was growing steadily – however growth was due to fraud – making it much harder for Wells Fargo to make money on new customer growth. Warren Buffett said:
“Wells Fargo … you can’t take away Wells’ customer base. It grows quarter by quarter. And what you make money off of is customers. And you make money on customers by having a helluva spread on assets and not doing anything really dumb. And that’s what they do” — Warren Buffett
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