JPMorgan Chase on Tuesday named Todd Combs, a protégé of and possible successor to Warren Buffett, to its board of directors.

Combs, 45, is an investment officer with Berkshire Hathaway. He joined the Omaha, Neb., company in 2010 after serving as chief executive and managing partner of Castle Point Capital, a hedge fund he founded in 2005.

Earlier in his career he worked as an analyst for Florida's state financial regulator.

In a press release, JPMorgan Chairman and CEO Jamie Dimon praised Combs' "deep understanding of finance and business."

Combs has not yet been appointed to a board committee, according to the release.

Notably, the appointment comes as Wells Fargo — one of Buffett's favorite banks — has come under scrutiny, amid allegations that its bankers created phony customer accounts to meet sales targets.

Berkshire Hathaway, which Buffett runs as chairman and CEO, owns about 10% of outstanding shares of Wells Fargo, compared with less than 1% of JPMorgan, according to Bloomberg.

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