Warren E. Buffett is regarded as one of the world’s great deal makers, orchestrating a series of big acquisitions that have turned Berkshire Hathaway into one of the world’s largest conglomerates.

But that doesn’t mean he approves of all the trappings of Wall Street and deal-making.

In his annual letter to shareholders, released on Saturday, Mr. Buffett takes umbrage with investment bankers, accusing them of being nearsighted and self-serving and pressing for deals that aren’t always in the best long-term interest of their clients.

“The Street’s denizens are always ready to suspend disbelief when dubious maneuvers are used to manufacture rising per-share earnings, particularly if these acrobatics produce mergers that generate huge fees for investment bankers,” Mr. Buffett wrote.

Particularly aggravating to Mr. Buffett was the notion that investment bankers were, well, doing their jobs and drumming up business.