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Market Extra: Warren Buffett endorsed Tim Sloan ‘100%’ — minutes later, the Wells Fargo CEO retired

An endorsement from one of the greatest value investors of our generation, and a big owner of shares in Wells Fargo, usually is worth its weight in gold.

However, despite a ringing endorsement from Warren Buffett, Tim Sloan — a longtime Wells Fargo executive who replaced beleaguered CEO John Stumpf back in 2016, amid a furor over thousands of fake accounts created by salespeople to meet quotas — announced his retirement on Thursday, the bank said.

The unexpected retirement announcement came just minutes after Buffett, during a Thursday afternoon interview at the Gatehouse’s Hands Up for Success luncheon in Grapevine, Texas, affirmed his support of the bank chief: “Yes, 100%,” Buffett told CNBC’s Becky Quick.

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