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OMAHA, Neb., April 30 (Reuters) - Warren Buffett said U.S. banking profitability would be "considerably less" in the future than a few years ago because the industry is reducing leverage, but extolled Wells Fargo & Co and U.S. Bancorp, two big investments by his Berkshire Hathaway Inc.
Speaking on Saturday at Berkshire's annual meeting in Omaha, Nebraska, Buffett called Wells Fargo and U.S. Bancorp among the best, if not the best large banks in the country.
Berkshire ended 2010 with an $11.1 billion stake in Wells Fargo, its largest common stock investment other than Coca-Cola Co, and a $2.11 billion stake in U.S. Bancorp.
The 358.9 million share stake in Wells Fargo grew to $11.4 billion as of March 31, with Berkshire carrying a $3.7 billion of shares with gains and $337 million of shares with losses.
Berkshire said that had gains and losses been determined based on average cost, the company would not have been required to record an impairment charge with respect to the investment in Wells Fargo. (Reporting by Ben Berkowitz; Additional reporting and writing by Jonathan Stempel in New York)
Speaking on Saturday at Berkshire's annual meeting in Omaha, Nebraska, Buffett called Wells Fargo and U.S. Bancorp among the best, if not the best large banks in the country.
Berkshire ended 2010 with an $11.1 billion stake in Wells Fargo, its largest common stock investment other than Coca-Cola Co, and a $2.11 billion stake in U.S. Bancorp.
The 358.9 million share stake in Wells Fargo grew to $11.4 billion as of March 31, with Berkshire carrying a $3.7 billion of shares with gains and $337 million of shares with losses.
Berkshire said that had gains and losses been determined based on average cost, the company would not have been required to record an impairment charge with respect to the investment in Wells Fargo. (Reporting by Ben Berkowitz; Additional reporting and writing by Jonathan Stempel in New York)
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