Buffett’s Berkshire to pare Wells Fargo stake

Instead of boosting its ownership stake in Wells Fargo & Co. above 10 percent, Warren Buffett's Berkshire Hathaway is selling shares to keep it below that threshold.

The largest shareholder in San Francisco-based Wells Fargo, Berkshire plans to sell off 9 million shares.

Still reeling over its phony accounts scandal, Wells Fargo recently announced it would claw back $75 million in compensation from former executives.

Read more from Reuters.