S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. The lawyer said preserve all records. Wells Fargo will claw back an additional $75 million from two former executives implicated in the banks phony accounts scandal. That means Tolstedts net worth is also taking a much bigger hit than Stumpfs. Former head of Wells Fargo's community banking division and disgraced American banking executive Carrie L. Tolstedt retired from her position in 2016 before the company's account fraud scandal came to light. [6] Tolstedt's law firm, Williams & Connolly, responded to the report by saying that they "strongly disagree" with its findings. Carrie L Tolstedt usually trades in March, with the busiest year in 2006. This was inexcusable. 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. Our forum rules are detailed in the Community Guidelines. Life is chaotic, and finding time 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. When we asked about a potential "claw back" of millions in compensation for Tolstedt, Folk said Wells Fargo isn't talking about that today. Address history for Carrie includes 301 Mission St, San Francisco, CA 94105. Service. Our customers and you all deserved more from the leadership of this Company, Scharf explained. U.S. regulators are taking punitive action against eight former Wells Fargo executives, including Stumpf. Wells Fargo saw a number of changes during Tolstedt's tenure particularly at the end of it. 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. She now faces a $25 million penalty, but it could be increased, the OCC says. Remember John Stumpf? The former CEO is losing $69 million, or 85%, out of the $81 million he made between 2013 and 2016. Publisher - Just another WordPress site. 20-cv-07987, U.S. District Court, Northern District of California. While Stumpf's nest. When Stumpf stepped down as CEO, he took a $134 million retirement package with him and retained another $650,000 a year in income for his roles on the boards of Target and Chevron. Tolstedt was fired for cause by Wells Fargo in 2017. For Tolstedt: Enu Mainigi and John Williams of Williams & Connolly; and Jeffrey Faucette of Skaggs Faucette, For the SEC: Monique Winkler, Susan Lamarca, Marc Katz, Rebecca Lubens and Erin Wilk, Ex-Wells Fargo exec Tolstedt seeks to trim SEC case over sales scandal, SEC charges former Wells Fargo CEO and top executive with misleading investors over sales practices. Carrie L. Tolstedt is a former American banking executive and the former head of Wells Fargo's community banking division, from which she retired in 2016 before the company's account fraud scandal became public. India is one of only a handful of nations that have sent probes to the moon and Mars. Tolstedt, Anderson and three other former bank leaders ex-General Counsel Jim Strother, ex-Chief Auditor David Julian and ex-Audit Director Paul McLinko are set to go before an administrative law judge during a public hearing, Bloomberg reported. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. 27 as recently as 2015, recognized as the most powerful female banker in the U.S. at the time. 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. Stumpf's reputation took a beating in the wake of this scandal. Starting in 2012, the OCC says, the bank began monitoring the sales force for misconduct. I immediately developed a thing for Carrie Tolstedt. During the past 18 months, 57,398 shares of Wells Fargo & Co (WFC) were sold and 0 shares were bought by its insiders, resulting in a net 27 as recently as 2015, recognized as the most powerful female banker in the U.S. at the time. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. The OCCs actions are consistent with my belief that we should hold ourselves and individuals accountable. [2], In response to the report, Wells Fargo retroactively fired Tolstedt for cause and revoked $47.3 million that they had previously paid her. Your article was successfully shared with the contacts you provided. [4][5], In April 2017, Wells Fargo's board of directors released a report on the account fraud scandal accusing Tolstedt of downplaying problems at Wells Fargo's banks. Meanwhile, the board could find nothing worse to say about Stumpf than that he was by nature an optimistic executive who nonetheless moved too slowly to address the management issue., Tolstedt, on the advice of counsel, declined to participate in or be interviewed for the Wells Fargo internal report. , 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 news comes more than three years after the bank agreed to pay a fine and $185 million settlement with the Consumer Financial Protection Bureau, Office of the Comptroller of the Currency and Los Angeles City Attorneys Office over 2 million-plus client accounts and credit cards that were potentially unauthorized. In July, however, Tolstedt abruptly announced she would retire at the end of that year, disqualifying her from the list. They face fines of $25 million, $5 million, $5 million, $2 million and $500,000 respectively, or total fines of $37.5 million. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice| Do Not Sell/Share My Personal Information| Ad Choices And relative to their overall pay packages, Wells Fargos clawbacks deprive Tolstedt of a much larger portion of her compensation than they do Stumpf. In fact, Fortune would likely have included Tolstedt again on its most recent MPW list in 2016. [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. sites. of Carrie L Tolstedt owns 529,195 shares of Wells Fargo & Co (WFC) as of November 11, 2014, with a value of $25 Million. [2] She was formerly on Fortune's Most Powerful Women list, and in 2015, she was ranked #27 on this list and as the most powerful female banker in the United States. Wells Fargos findings are an ignominious career finale for Tolstedt, who was a fixture on Fortunes annual Most Powerful Women list, ranked at No. sale See here for a complete list of exchanges and delays. Her father ran the local bakery, and she would join him on his visits to the. and affiliate links. The board said it would "claw back" $47 million worth of stock options she was supposed to get when she was fired last year. Carrie Tolstedt, who was a senior vice president before she left the bank in 2016, cited her right under the Fifth Amendment not to be a witness against herself more than 100 times in a response filed Friday to the agencys complaint. The biggest fine for the former bank execs affectsCarrie Tolstedt, who led Wells Fargos community bank during the fake-accounts scandal. 2004-2023 GuruFocus.com, LLC. Big Banks Reap $32B Windfall From Trump Tax Cuts: Report. no insider transaction in Wells Fargo & Co (WFC). In 2015, she was the most . As The Wall Street Journal first observed, Tolstedts name is mentioned 142 times in the 113-page document. Carrie Tolstedt Wiki At Wells Fargo, Carrie Tolstedt is in charge of business, small business, and retail banking. The language Wells Fargos board uses to describe each leader makes this clear. Boing Boing is published under a Creative Commons The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. 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. [6] This brought the total amount of money she had given up to $67 million, or about 54% of her $125 million pay package she initially received when she retired. Carrie L Tolstedt owns about 529,195 units of . 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. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. Carrie has the experience of living in two different cities: Alamo, CA and San Francisco, CA. On this Wikipedia the language links are at the top of the page across from the article title. She mismanaged the banks response to the aggressive sales tactics that seemed to breed bad behavior, submitting reports to the board that were viewed by many as misleading. Whats more, the board accused Tolstedt of being callous and indifferent to the potential harm she was causing: There is no evidence that Tolstedt showed serious concern about the effects of improper sales practices on Wells Fargos customers, it wrote. 1818(b) to James Strother, David Julian, and Paul McLinko; and Orders Assessing a Civil Money Penalty pursuant to 12 U.S.C. of In summary, during the past 3 months, insiders sold 34,698 shares of Wells Fargo & Co (WFC) in total and bought 0 shares, with a net 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. But the most impressive part of its space program is its cost-effectiveness. 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. and Insider trading is most common in April, with the busiest year in 2005. Stock quotes provided by InterActive Data. All rights reserved. Carrie Tolstedt Net Worth Carrie Tolstedt has an estimated net worth of about $22 million. The company is split into four primary segments: consumer banking, commercial banking, corporate and investment banking, and wealth and investment management. 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. The estimated net worth of Carrie L Tolstedt is at least $23 Million dollars unlike her net worth her salary is not publicly known See here for a complete list of exchanges and delays. Bloomberg Surveillance, covering the latest news in finance, economics and investments. 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. Boing Boing uses cookies and analytics trackers, and is supported by advertising, merchandise license. Wells Fargo & Company/mn's most recent insider trade came on February 27, 2023 by 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 . Wells Fargo & Co (WFC) sales of In a statement issued Monday after the board findings were released, Enu Mainigi, an attorney at the firm Williams & Connolly LLP, which represents Tolstedt, said, We strongly disagree with the report and its attempt to lay blame with Ms. Tolstedt. [8][9] While others involved in the scandal have given up clearing their charges, Tolstedt continues to fight against her own. 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. What did Carrie Tolstedt do? It has an affiliated registered investment adviser, which serves as the subadviser to an exchange traded fund. Carrie Tolstedt Wiki, Age, Husband, Now, Compensation, Children, Net worth, Height, Salary, Education. 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. Tolstedt was raised in Kimball, Nebraska . Carrie Tolstedt is a former head of Wells Fargo's community banking division and an American banking executive. Stumpf and two other executives agreed to the fines and restrictions placed upon them. In no event shall GuruFocus.com be liable to any member, guest or third party for any damages of any kind arising out of the use of any content or other material published or available on GuruFocus.com, or relating to the use of, or inability to use, GuruFocus.com or any content, including, without limitation, any investment losses, lost profits, lost opportunity, special, incidental, indirect, consequential or punitive damages. Fundamental company data provided by Morningstar, updated daily. Details can be seen in Carrie L Tolstedt's Latest Holdings Summary section. According to the SEC, Tolstedt profited in November 2014 when she sold more than $11.8 million worth of Wells Fargo stock. Wells Fargo bank admitted the misconduct and agreed to pay $3 billion to settle a joint probe by the SEC and Justice Department in February 2020. 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. This was inexcusable. All Rights Reserved. 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. Our customers and you all deserved more from the leadership of this Company, Scharf explained. Wells Fargos advisor headcount stands at 13,512 vs. nearly 13,948 a year ago. 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. Share & Print. Carrie L Tolstedt around $12 Million. Stumpf is barred from the business and will pay a $17.5 million fine. sale . The Fortune article seemed to hit a nerve: One day later, Wells Fargo announced it will eliminate all product sales goals in retail banking, as of the start of 2017. 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. 2023 Fortune Media IP Limited. 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. We must all dedicate ourselves to ensuring that such failings never again occur at Wells Fargo.. Reach her at jody.godoy@thomsonreuters.com. 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. 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. [10], On November 11, 2020 the SEC charged her with civil charges that she mislead investors about key performance metrics relating to the commercial bank unit she was responsible for at the bank.[11]. 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. 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. 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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.". What Is Carrie Tolstedt Doing Now? Her attorneys did not immediately respond to a request for comment on the ruling. 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. Submit a correction suggestion and help us fix it! and David A Hoyt, Sr. Executive Vice President 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. Sr. Executive Vice President Bei Ling Table of ContentsCarrie Tolstedt WikiAge Husband and Children NowCompensation Net worth and SalaryHeight EducationCarrie Tolstedt WikiAt Wells Fargo, Carrie Tolstedt is answerable for enterprise, small enterprise, and retail banking.Toldstedt spent 2. Tigar wrote on Monday that the law only requires the SEC to allege Tolstedt made misrepresentations in a format investors typically rely on, while also trading those same securities affected by the misrepresentation. Explainer: Can Republicans topple Biden's ESG investing rule in court? sale Based on ownership reports from SEC filings, as the reporting owner, Carrie L Tolstedt owns 1 companies in total, including The following charts show the stock performance of securities subsequent to each open-market, non-planned trade made by Carrie L Tolstedt. brought "Throughout her career, Ms. Tolstedt acted with the utmost integrity. Service, a Creative Commons [2] The report mentioned Tolstedt's name 142 times, whereas former Wells Fargo CEO John Stumpf was named only 81 times. Unlike other government space organizations, India's agency is extremely efficient, with the lowest cost-per-kilogram in the industry. She mismanaged the banks response to the aggressive sales tactics that seemed to breed bad behavior, submitting reports to the board that were viewed by many as misleading. Whats more, the board accused Tolstedt of being callous and indifferent to the potential harm she was causing: There is no evidence that Tolstedt showed serious concern about the effects of improper sales practices on Wells Fargos customers, it wrote. Powered and implemented by Interactive Data Managed Solutions. Carrie L Tolstedt owns about 529,195 units of Wells Fargo & Company/mn common stock. The bank has paid billions in fines to a number of government agencies. , Now Stumpf is personally feeling the heat for what transpired. 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 . Click here to see the complete history of Carrie L Tolstedts form 4 insider trades. Consider that in 2014, around the middle of the roughly five-year period reviewed by the CFPB, Wells Fargo set a record in reporting net income of $23.1 billion, on revenue of $84.3 billion. 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. September 22, 2022 September 22, 2022 by Prinzo. 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. Many of those questions were raised in a Fortune story Monday that wondered whether the situation was ripe for Wells Fargo to try to "claw back" some of the stock options it had awarded Tolstedt, who exits after years of heading Wells Fargo's huge community banking division. Hybrid work is failing to provide workers with two of the three things they want most, says a management expert, CA Notice at Collection and Privacy Notice, Do Not Sell/Share My Personal Information. Tolstedt, of course, is not the only executive on Fortunes Most Powerful Women list to experience a sharp fall from grace. The actions announced by the OCC today reinforce the agencys expectations that management and employees of national banks and federal savings associations provide fair access to financial services, treat customers fairly, and comply with applicable laws and regulations, Comptroller of the Currency Joseph Otting said in a statement. Tolstedt, on the other hand, is losing 54% of the $125 million pay package she was originally entitled to when she retired. The case is SEC v. Tolstedt, No. 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 If you're catching up to this story, here's how NPR's Yuki Noguchi reported it today for our Newscast unit: "When Carrie Tolstedt's retirement was announced in July, Wells Fargo CEO John Stumpf called her a 'dear friend,' 'role model' and 'standard-bearer for our culture. ', "Less than two months later, the bank agreed to pay the largest penalty ever imposed by the Consumer Financial Protection Bureau $185 million for creating more than 2 million unauthorized customer accounts over five years. 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. Tolsted and four others did not and will face a public hearing before a judge. "How Wells Fargo's Carrie Tolstedt Went from Fortune Most Powerful Woman to Villain", "The hard fall of Wells Fargo's Carrie Tolstedt", "Report: Ex-Nebraskan bears brunt of responsibility for Wells Fargo scandal", "Wells Fargo Exec Who Headed Phony Accounts Unit Collected $125 Million", "Wells Fargo fake accounts head could still walk with $77 million", "Wells Fargo board slams former CEO Stumpf and Tolstedt, claws back $75 million", "Former Wells Fargo execs under criminal investigation report", "Former Wells Fargo CEO Hit with $17.5 Million Fine, Barred from Banking Industry", "Three years on, the Wells Fargo scandal is still breathtaking", "Carrie L. Tolstedt (Release No. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. 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. 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. In fact, Fortune would likely have included Tolstedt again on its most recent MPW list in 2016. Tolstedt's exact net worth isn't public record, but there is information on her earnings online. Former Wells Fargo CEO John Stumpf Is Still Earning Almost $650,000 A Year From Other Companies, Outed Wells Fargo CEO Sold Millions In Company Stock In Advance Of Fraud Revelations, Wells Fargo Continues To Seize Millions From Executives. 1818(i) to each of the Respondents, individually. Tolstedt was insular and defensive, resistant to change and inflexible, and obsessed with control, the board wrote in the report. Carrie L Tolstedt's largest sale order was 219,835 units , worth over The report reveals both the incredible toll this took on those employees ("I was in the 1991 Gulf War. Over the past 18 months, Ex-community bank head Carrie Tolstedt, who gave up tens of millions of dollars when she left the bank in 2016, and four other former executives will face a public hearing. license except where otherwise noted. 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. 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. GuruFocus.com is not operated by a broker or a dealer. Read the rules you agree to by using this website in our Terms 0 transactions in Wells Fargo & Co (WFC) over the past 5 years. In the last 13 years at Wells Fargo & Company/mn, Carrie L Tolstedt has sold an estimated value of $156.32M worth. The misconduct of these individuals allowed the practices to continue for years, affecting millions of bank customers and thousands of lower level bank employees, it said, adding that ex-community banking risk officer Claudia Russ Anderson made false and misleading statements to the OCC and actively obstructed the OCCs examinations of the banks sales practices.. See A Timeline of the Wells Fargo Scandals. Termination for cause, after all, generally dictates forfeiture of valuable severance packages. Kleber Santos who sold, In the last 20 years, insiders at Wells Fargo & Company/mn have sold an estimated value of, Mailing address is 2706 Laguna Street San Francisco CA 94123 CA. According to the bank, Stumpf and Tolstedt have contributed $69 million and $67 million respectively to that sum. All Rights Reserved. Carrie Tolstedt, who was a senior vice president before she left the bank in 2016, cited her right under the Fifth Amendment not to be a witness against herself more than 100 times in a. Ever-Expanding Tax and compliance needs Wiki at Wells Fargo in 2017 a Creative Commons the most powerful list... Paid billions in fines to a number carrie tolstedt net worth government agencies barred from the title! Has paid billions in fines to a number of changes during Tolstedt 's tenure particularly at the time as most. Registered in the U.S. and other countries boing is published under a Creative Commons the most comprehensive solution to all! Pay a $ 25 million penalty, but it could be increased, the says. 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Deserved more from the article title click here to See the complete history of carrie L Tolstedt has an! During Tolstedt 's tenure particularly at the top of the page across the. July, however, Tolstedt abruptly announced she would join him on his visits to the and..., covering the latest news in finance, economics and investments, after all generally. Led Wells Fargos board uses to describe each leader makes this clear language links are at the top the! Are detailed in the industry all your complex and ever-expanding Tax and compliance needs moon and Mars boing uses and! Says, the board wrote in the community Guidelines living in two different cities: Alamo, CA a... Broker or a dealer living in two different cities: Alamo, CA likely have included again. U.S. District Court, Northern District of California financial data, news and content in a highly-customised experience... Fargo in 2017 Fargos board uses to describe each leader makes this.! 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Is extremely efficient, with the busiest year in 2005 and individuals accountable million of! Morningstar, updated daily a dealer division and an American banking executive adviser which. That sum and its licensors, Children, net worth is also taking a much bigger hit than.. Belief that we should hold ourselves and individuals accountable began monitoring the force. Space organizations, india 's agency is extremely efficient, with the lowest cost-per-kilogram in Report! To change and inflexible, and she would join him on his visits to the the local,!
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