"Throughout her career, Ms. Tolstedt acted with the utmost integrity. Other key executives at Wells Fargo & Co include Wells Fargos findings are an ignominious career finale for Tolstedt, who was a fixture on Fortunes annual Most Powerful Women list, ranked at No. Our customers and you all deserved more from the leadership of this Company, Scharf explained. The Company is different today, but we know we still have significant work to do to regain the trust of all stakeholders , the executive explained. In 2017, Wells Fargo retroactively fired Tolstedt for cause. Carrie L. Tolstedt, Case No. . That meant that although 30,000 employees per month exhibited suspect activity, only as few as three per month were investigated. But while Tolstedts total clawbacks, at $67 million, are slightly less than the $69 million that Stumpf lost, there is no question that she is the one painted as the true villain in the boards report. When adults stay silent, a toddler shows police where a Kentucky fugitive is hiding, This portable in-home golf simulator is on sale for $20 off, Say goodbye to static shock for good with this keychain, now 61% off, Look your absolute best no matter where you're recording with this 4K webcam, now on sale for $299.99, Terms Former CEO Stumpf, who resigned in October, is referenced only 81 times. designed to provide a means for us to earn fees by linking to Amazon.com and affiliated Stumpf is barred from the business and will pay a $17.5 million fine. Tolstedt was fired for cause by Wells Fargo in 2017. stock. The individuals or entities selected as "gurus" may buy and sell securities before and after any particular article and report and information herein is published, with respect to the securities discussed in any article and report posted herein. thousands of Wells Fargo employees fraudulently opened as many as two million unauthorized accounts, powerful women who have disappeared from corporate America, LinkedIn has officially entered its cringe era, and its working. Carrie L Tolstedt currently owns a total of 1 Basically, Wells Fargo created millions of fake bank accounts for existing customers (that the customers didn't know about) to meet unrealistic sales quotas. And relative to their overall pay packages, Wells Fargos clawbacks deprive Tolstedt of a much larger portion of her compensation than they do Stumpf. Tolstedt, of course, is not the only executive on Fortunes Most Powerful Women list to experience a sharp fall from grace. Marissa Mayer, the outgoing CEO of Yahoo yhoo , fell off last years list after she was forced to sell her company to Verizon vz when she could not execute an effective turnaround of its advertising business. Tolstedt's exact net worth isn't public record, but there is information on her earnings online. The company is split into four primary segments: consumer banking, commercial banking, corporate and investment banking, and wealth and investment management. In 2017, Wells Fargo retroactively fired Tolstedt for cause. Terms & Conditions. Carrie Tolstedt headed up Wells Fargo's community bank for a decade. Former CEO Stumpf, who resigned in October, is referenced only 81 times. How to Geta Free Flight to Hong Kong in 500,000 Airline Ticket Giveaway, China Warns Hedonistic Bankers to Toe the Communist Party Line, Stocks Drop for a Second Day; Yields Stay Elevated: Markets Wrap, Apple Abruptly Shutters Store in North Carolina After Shootings, The SPAC Fad Is Ending in a Pile of Bankruptcies and Fire Sales. 2023 Celebrity Net Worth / All Rights Reserved. Tolstedt, as head of the retail banking division where much of the misconduct took place, has been the most heavily targeted by prosecutors and regulators. We are a participant in the Amazon Services LLC Associates Program, an affiliate advertising 2004-2023 GuruFocus.com, LLC. Other recent insider transactions involving Wells Fargo & Co (WFC) include He has a net worth of $50 million. (Reuters) - A federal judge in California has rejected a former Wells Fargo executive's bid to dismiss part of the U.S. Securities Commission's case alleging she defrauded investors by concealing the bank's sales practices. Weeks after that announcement, Tolstedt handed off her duties to another executive. All quotes delayed a minimum of 15 minutes. See A Timeline of the Wells Fargo Scandals. Stumpf's reputation took a beating in the wake of this scandal. In addition to resigning his position as CEO and Chairman of the Board, Stumpf will pay a $17.5 million fine and will be banned from the banking industry for life. Advisor Case Studies: Navigating By Your Values. The most active traders at the company are Rising to prominence from humble beginnings, Tolstedt was highly praised as a leading businesswoman both by those within her company and those outside. [1] Under Tolstedt's supervision, her unit's employees opened over 2 million mostly unauthorized accounts for their customers. $1.75M on August 12, 2005. 1818(i) to each of the Respondents, individually. On this Wikipedia the language links are at the top of the page across from the article title. , India is one of only a handful of nations that have sent probes to the moon and Mars. brought A study last month, for example, found that female financial advisors at Wells Fargo were 25% more likely to be punished for alleged wrongdoing, and to lose their jobs, than their male counterparts. Stumpf and two other executives agreed to the fines and restrictions placed upon them. Her bank fired some 5,300 employees for acting "counter to our values." That outcome seems to have disproportionately fallen on women as a result of Wells Fargos fake account scandal: Besides Tolstedt, Wells Fargo also terminated four other executives for cause in February, three of whom were women, the board said in its report. CurrentWells Fargo CEO and President Charlie Scharf toldbank employees in a note: The OCCs actions are consistent with my belief that we should hold ourselves and individuals accountable. While Wells Fargos report justified its decisions to let those employees go, other researchers have raised questions about whether gender bias is also at play. How Wells Fargo's Carrie Tolstedt Went from Fortune Most Powerful Woman to Villain Wells Fargo will claw back an additional $75 million from two former executives implicated in the bank's phony. (The four executives were Shelley Freeman, Pam Conboy, Matthew Raphaelson and Claudia Russ Anderson.). The same report recommended that the bank take back $47.3 million in stock options Tolstedt had received, in addition to $19 million they had already taken back from her. But it designed the monitoring to minimize its findings and looked only for certain misdeeds, avoiding numerous other red flags of unauthorized account-opening. They also are consistent with our belief that significant parts of the operating model of our Community Bank were flawed. The amount of Wells Fargo stock that Tolstedt owns outright, according to the company's most recent proxy statement, which would have given her a net worth of at least $131 million at current. Tolstedt was insular and defensive, resistant to change and inflexible, and obsessed with control, the board wrote in the report. Read the rules you agree to by using this website in our Terms As for the size of Tolstedt's holdings, Folk noted that she was at the company for nearly 30 years. She now faces a $25 million penalty, but it could be increased, the OCC says. (Tolstedts latest round of clawbacks involved stock options that were not counted in her annual compensation from previous years because she never exercised them; rather than having to pay back Wells Fargo out of her own pocket, she will simply not receive that compensation.). Please note GuruFocus will not track the insiders transaction performance if he/she does not have buying transactions. The estimated net worth of Carrie L Tolstedt is at least $23 Million dollars unlike her net worth her salary is not publicly known Carrie L Tolstedt owns about 529,195 units of . Tolstedt, on the other hand, is losing 54% of the $125 million pay package she was originally entitled to when she retired. Boing Boing is published under a Creative Commons Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. and David A Hoyt, Sr. Executive Vice President he's still a multi-multi-multi millionaire, Column: That Wells Fargo accounts scandal was even worse than you can imagine, Office of the Comptroller of the Currency. The Office of the Comptroller of the Currency issued fines of $37.5 million against five former Wells Fargo executives and reached settlements of $21 million with ex-Chairman and CEO John Stumpf and several other former members of the banks operating committee. license except where otherwise noted. Service. In 2015, she was the most . of 57,398 shares. What did Carrie Tolstedt do? Stock quotes provided by InterActive Data. As The Wall Street Journal first observed, Tolstedts name is mentioned 142 times in the 113-page document. Carrie L Tolstedt made [3], Toldstedt worked at Wells Fargo for 27 years. [2] She graduated from the University of NebraskaLincoln. A former Wells Fargo & Co. top executive allegedly at the center of the companys fake accounts scandal is asserting her constitutional right against self-incrimination to push back against claims by the Securities Exchange Commission that she misled investors. Following the revelations last summer that thousands of Wells Fargo employees fraudulently opened as many as two million unauthorized accounts for customers, the bank released a report Monday detailing the findings of its boards investigation into the problems, and the consequences it imposed as a result. A Wells Fargo executive's departure with large stock and options holdings has sparked questions, after the division she ran incurred $185 million in penalties. The former CEO is losing $69 million, or 85%, out of the $81 million he made between 2013 and 2016. Above is the net worth, insider trading, and ownership report for Carrie L Tolstedt. The amount of Wells Fargo stock that Tolstedt owns outright, according to the companys most recent proxy statement, which would have given her a net worth of at least $131 million at current share prices, has been reduced by more than half; her current portion is now worth $52 million. Carrie has the phone number (925) 820-0690 (Pacific Bell). Bloomberg Surveillance, covering the latest news in finance, economics and investments. Wells Fargo & Co (WFC)'s detailed insider trading history can be found in Insider Trading Tracker table. This was inexcusable. He was the CEO of Wells Fargo during the bank's fake accounts scandal. Share & Print. [6] Tolstedt's law firm, Williams & Connolly, responded to the report by saying that they "strongly disagree" with its findings. Ultimately, despite her plans to retire voluntarily, Wells Fargo decided in September that it would fire Tolstedt for cause, employing a harsh distinction rarely used in an industry that often lets even shamed executives walk away on their own terms. of You might contact Carrie L Tolstedt via mailing address: 2706 Laguna Street, San Francisco Ca 94123. $1.61M . This was inexcusable. When we contacted Wells Fargo to ask about the situation Tuesday, senior vice president Mark Folk said Tolstedt is remaining with the company through December to help the transition process. Carrie L Tolstedt's largest purchase order was, Carrie L Tolstedt's largest sale order was, In total, Carrie L Tolstedt has made about, Wells Fargo & Company/mn's most recent insider trade came on February 27, 2023 by At the time of the sales practices issues, the Company did not have in place the appropriate people, structure, processes, controls, or culture to prevent the inappropriate conduct. And its Tolstedt, who led the community banking division responsible for the fake accounts, who is blamed in the report for the lions share of misconduct, while Stumpf is largely faulted only for failing to fire Tolstedt sooner. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. no insider transaction in Wells Fargo & Co (WFC). How Wells Fargo's Carrie Tolstedt Went from Fortune Most Powerful Woman to Villain Wells Fargo will claw back an additional $75 million from two former executives implicated in the bank's. Wells Fargo will claw back an additional $75 million from two former executives implicated in the banks phony accounts scandal. Details can be seen in Carrie L Tolstedt's Latest Holdings Summary section. When a Wells Fargo exec complained to Tolstedt that his wife had had fraudulent accounts opened in her name, Tolstedt told him "to stop telling the story because she thought it reflected poorly on the Community Bank.". While a couple of Fortune MPW alumni have reclaimed their spots on the list after switching from one Fortune 500 company to another, Tolstedt, after being so vilified by Wells Fargo, seems destined for a legacy among the ranks of powerful women who have disappeared from corporate America for good. Her attorneys did not immediately respond to a request for comment on the ruling. sale [1], As of early January, 2020, multiple former Wells Fargo executives are facing possible criminal charges and could be indicted in early 2020. A full and fair examination of the facts will vindicate Carrie., At all times, Mr. Strother acted with the utmost integrity and transparency, including with the banks board, senior management, and its regulators, Walt Brown, Strothers attorney at Orrick Herrington & Sutcliffe, explained in a statement sent via email to Bloomberg. Heather Bresch, CEO of Mylan (MYL), remains on the list as she retains her status as the most powerful woman in the pharmaceutical industrybut a scandal involving steep price hikes on the life-saving drug Epipen has sparked outrage from readers and calls to remove her from the rankings. Carrie Tolstedt Wiki, Age, Husband, Now, Compensation, Children, Net worth, Height, Salary, Education. Wells Fargo & Company/mn's most recent insider trade came on February 27, 2023 by All Rights Reserved. Tolsted and four others did not and will face a public hearing before a judge. 2023 Fortune Media IP Limited. Former Wells Fargo Execs Fined $58.5M by OCC, Practice Management > Building Your Business, News Our Standards: The Thomson Reuters Trust Principles. She noted that the U.S. Supreme Court has called the Fifth Amendment a right to protect the innocent., Carrie Tolstedt accuses SEC of mischaracterizing statements, Tolstedt asserts Fifth Amendment over 100 times in response. will claw back an additional $75 million from two former executives implicated in the bank's phony accounts scandal. The gurus listed in this website are not affiliated with GuruFocus.com, LLC. Wells Fargo is the fourth-largest bank in the U.S. The OCCs charges against Mr. Strother are false and unfounded, and he intends to vigorously defend against them.. Tolstedt, of course, is not the only executive on Fortunes Most Powerful Women list to experience a sharp fall from grace. Insider trading is most common in April, with the busiest year in 2005. LR-24964; Nov. 13, 2020)", https://en.wikipedia.org/w/index.php?title=Carrie_Tolstedt&oldid=1113745727, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 3 October 2022, at 02:11. Based on ownership reports from SEC filings, as the reporting owner, Carrie L Tolstedt owns 1 companies in total, including Carrie L Tolstedt, Sr. Executive Vice President, Big Banks Reap $32B Windfall From Trump Tax Cuts: Report. Tolstedt, on the other hand, is losing 54% of the $125 million pay package she was originally entitled to when she retired. ", Wells Fargo executives including Stumpf heard from friends that they had had fraudulent accounts opened in their names by bank employees desperate to make sales quotas. She's already been fined $25 million, but regulators were quick to point out that her fine could get larger. They also are consistent with our belief that significant parts of the operating model of our Community Bank were flawed. Our customers and you all deserved more from the leadership of this Company, Scharf explained. The settlements include $575 million to 50 states attorney generals, $480 million to the bank's shareholders, $185 million to the Consumer Financial Protection Bureau, and $142 million in a customer class action lawsuit. Static shock is the kind of READ THE REST, We thank our sponsor for making this content possible; it is not written by the editorial staff nor does it necessarily reflect its views. The OCC is seeking $25 million from. Chief among them is Carrie Tolstedt, who as head of the Wells Fargo community bank division allegedly oversaw the conditions that led to the scandal. Each year mentioned in a federal agency's consent order, Carrie Tolstedt collected $5.5 million in stock. In dollar terms, that inquiry proved very costly to former Wells Fargo (WFC) CEO John Stumpf, who will give up another $28 million of past compensation in addition to a previously announced $41 million clawback, as well as Tolstedt, who will relinquish $47 million more of her pay on top of the $19 million that was already revoked. [1] The report stated that Stumpf was hesitant to criticize Tolstedt, and that he once called her "the best banker in America". The industry leader for online information for tax, accounting and finance professionals. Tolstedt grew up in Kimball, Nebraska, where she says she first became interested in banking from following her father, a baker, to the local bank after work. In doing so, Wells Fargo has also apparently closed the coffin on the career of Carrie L. Tolstedt, who was prized as a superstar female leader before the bank fired her last year. Tolstedt was fired in 2016. A full and fair examination of the facts will produce a different conclusion.. of 34,698 shares. Wells Fargos advisor headcount stands at 13,512 vs. nearly 13,948 a year ago. , But questions are now circulating about Carrie Tolstedt, the unit's leader, who's set to depart her post with $124.6 million in stock and options, and whose compensation for the five years targeted by the Consumer Financial Protection Bureau included a yearly incentive bonus of $5.5 million in stock, to go along with her base pay and other bonuses. license. Factor in benefits and total compensation, Stumpf is giving up 40% of the $174 million he was set to collect from Wells Fargo before the clawbacks. And its Tolstedt, who led the community banking division responsible for the fake accounts, who is blamed in the report for the lions share of misconduct, while Stumpf is largely faulted only for failing to fire Tolstedt sooner. Wells Fargos findings are an ignominious career finale for Tolstedt, who was a fixture on Fortunes annual Most Powerful Women list, ranked at No. He was relentlessly grilled by a House Financial Services Committee panel and a $185 million settlement was awarded to regulators, but that was far from enough to satisfy critics of Wells Fargo and big banking practices in general. Carrie L Tolstedt's largest purchase order was 41,567 units , worth over The language Wells Fargos board uses to describe each leader makes this clear. a net [7], On January 23, 2020, OCC regulators announced an additional $25-million fine against Tolstedt for her role during the fraud, an amount they state could rise higher. Tolstedt, meanwhile, is giving up $67 million-or almost twice the $36 million she took home over the same period. In the last 20 years, insiders at Wells Fargo & Company/mn have sold an estimated value of $2.51B The estimated net worth of Carrie L Tolstedt is at least $25 Million dollars as of 2023-03-02. 20-cv-07987, U.S. District Court, Northern District of California. It is almost entirely focused on the U.S. Carrie L Tolstedt is the Sr. Executive Vice President of Wells Fargo & Co. Termination for cause, after all, generally dictates forfeiture of valuable severance packages. of Bloomberg Surveillance with Tom Keene, Jonathan Ferro & Lisa Abramowicz live from New York, bringing insight on global markets and the top business stories of the day. Wells Fargo is one of the largest banks in the United States, with approximately $1.9 trillion in balance sheet assets. Carrie Tolstedt crime finance fraud impunity john stumpf Office of the Comptroller of the Currency wells fargo Man run over and killed while underneath a car, trying to steal a catalytic converter articles a month for anyone to read, even non-subscribers! I had less stress in the 1991 Gulf War than working for Wells Fargo") and the clanging bells and flashing red lights that Stumpf and Carrie Tolstedt (previously), another disgraced former Wells Fargo exec, roundly ignored. The amount of Wells Fargo stock that Tolstedt owns outright, according to the companys most recent proxy statement, which would have given her a net worth of at least $131 million at current share prices, has been reduced by more than half; her current portion is now worth $52 million. A full and fair examination of the facts will produce a different conclusion.. View FREE Public Profile & Reputation for Carrie Tolstedt in Canton, OH - See Court Records | Photos | Address, Emails & Phone Number | 2 Personal Reviews | Income & Net Worth The current estimated net worth of Wells Fargo & Company/mn's Sr. Executive Vice President, Carrie L Tolstedt, is estimated to be about $14.05M . Carrie L Tolstedt around $12 Million. [8][9] While others involved in the scandal have given up clearing their charges, Tolstedt continues to fight against her own. Last week, the Office of the Comptroller of the Currency handed down stiff penalties for John Stumpf (previously) who was CEO of Wells Fargo during its scandal-haunted decade, during which time it stole from rich people, poor people, veterans, active-service military personnel, homeowners, small businesses, etc, as well as 2,000,000 ordinary customers who had fraudulent accounts opened in their names in order to bleed them of transaction fees, sometimes at the expense of their good credit and even their financial solvency. (Tolstedts latest round of clawbacks involved stock options that were not counted in her annual compensation from previous years because she never exercised them; rather than having to pay back Wells Fargo out of her own pocket, she will simply not receive that compensation.). and The bank's internal report pinned much of . Wells Fargo saw a number of changes during Tolstedt's tenure particularly at the end of it. The fines levied on all eight executives total $59 million. The chargesallege that the executives failed to adequately perform their duties and responsibilities, which contributed to the banks systemic problems with sales practices misconduct from 2002 until October 2016, the OCC explained. These warning signs were pretty incredible: after one presentation by Tolstedt downplaying the seriousness of the rot in the bank, a board member cursed her out, calling her reassurances "a piece of shit. Only the transactions in Open Market or Private Sale at the market prices are included. They face fines of $25 million, $5 million, $5 million, $2 million and $500,000 respectively, or total fines of $37.5 million. The current estimated net worth of Wells Fargo & Company/mn's Sr. Executive Vice President, Carrie L Tolstedt, is estimated to be about $14.07M . Wells Fargo & Co (WFC) The lawsuit is part of the fallout for the bank and its former leadership after a massive scandal over an aggressive sales strategy that involved employees opening millions of unauthorized or fraudulent retail accounts starting in 2002. Carrie Tolstedt's Compensation and Net Worth The former bank executive was paid very well during her lengthy employment, and it's no wonder why Carrie Tolstedt's house is a lavish mansion in California. Misdeeds, avoiding numerous other red flags of unauthorized account-opening 36 million took! That have sent probes to the fines and carrie tolstedt net worth placed upon them values. internal report pinned much.... All Rights Reserved list to experience a sharp fall from grace `` counter to our values. be increased the., her unit 's employees opened over 2 million mostly unauthorized accounts for their.., an affiliate advertising 2004-2023 GuruFocus.com, LLC made [ 3 ] Toldstedt! 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