[1] Under Tolstedt's supervision, her unit's employees opened over 2 million mostly unauthorized accounts for their customers. 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. Stumpf, on the other hand, is still worth at least $132 million, based on his current stock holdings, though its unclear if or how many of those shares he will have to sell in order to return the amount Wells Fargo is clawing back. [1], As of early January, 2020, multiple former Wells Fargo executives are facing possible criminal charges and could be indicted in early 2020. According to the SEC Form 4 filings, Carrie L Tolstedt has made a total of sales The OCC is seeking $25 million from. And relative to their overall pay packages, Wells Fargos clawbacks deprive Tolstedt of a much larger portion of her compensation than they do Stumpf. Wells Fargo says Tolstedt's retirement was a personal decision, and that her stock holdings were earned over her 27-year tenure.". The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Tolstedt's exact net worth isn't public record, but there is information on her earnings online. Carrie Tolstedt Net Worth Carrie Tolstedt has an estimated net worth of about $22 million. Following the revelations last summer that thousands of Wells Fargo employees fraudulently opened 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. Sr. Executive Vice President Kristy Fercho 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. Tolstedt was fired for cause by Wells Fargo in 2017. ", 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. Carrie L Tolstedt owns 529,195 shares of Wells Fargo & Co (WFC) as of November 11, 2014, with a value of $25 Million. A full and fair examination of the facts will produce a different conclusion.. Her father ran the local bakery, and she would join him on his visits to the. 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. Tolsted and four others did not and will face a public hearing before a judge. She now faces a $25 million penalty, but it could be increased, the OCC says. She's already been fined $25 million, but regulators were quick to point out that her fine could get larger. 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 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 FORTUNE may receive compensation for some links to products and services on this website. 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.". The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. Tolstedt, meanwhile, is giving up $67 millionor almost twice the $36 million she took home over the same period. Other recent insider transactions involving Wells Fargo & Co (WFC) include Weeks after that announcement, Tolstedt handed off her duties to another executive. (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.). 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. Wells Fargos findings are an ignominious career finale for Tolstedt, who was a fixture on Fortunes annual Most Powerful Women list, ranked at No. Stumpf's fine isn't even the largest handed out. 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. Terms & Conditions. A full and fair examination of the facts will produce a different conclusion.. The following charts show the stock performance of securities subsequent to each open-market, non-planned trade made by Carrie L Tolstedt. That drastic change was announced just two months after Wells Fargo said Tolstedt would retire at the end of 2016. articles a month for anyone to read, even non-subscribers! 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. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. 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. The stock performance is charted as cumulative percent change in share price. Carrie L Tolstedt currently owns a total of 1 According to the bank, Stumpf and Tolstedt have contributed $69 million and $67 million respectively to that sum. Tolstedt was insular and defensive, resistant to change and inflexible, and obsessed with control, the board wrote in the report. The gurus listed in this website are not affiliated with GuruFocus.com, LLC. Sam Bankman-Fried hit delete instead. , We must all dedicate ourselves to ensuring that such failings never again occur at Wells Fargo., Office of the Comptroller of the Currency, MLB Pitcher Turned RIA Knows About Retiring in a Rough Market, Active Funds Failed to Beat Passive Peers in 2022: Morningstar, AI at 'Inflection Point,' Adoption Set to Accelerate: UBS, Goldman to Stop Doing IPOs for Firms Lacking Board Diversity, IRS Gives Tax Filing Relief to Texans Hit by Winter Storms, Human Capital: Skip Schweiss on Reshaping FPAs Value Proposition, Biden Temporarily Limits PPP Loans to Smallest Businesses, Ex-Merrill Rep Barred for Keeping $100 Found at ATM: FINRA. The two individualsformer community bank unit chief Carrie Tolstedt and former CEO John Stumpf, who both left the company before the scandal broke last September have now been forced to give back a total of $136 million in compensation. Over the past 18 months, Get alerted any time new stories match your search criteria. According to the SEC, Tolstedt profited in November 2014 when she sold more than $11.8 million worth of Wells Fargo stock. Now India is throwing open its doors to private companies and raising its stellar ambitions. The most-recent trade in Wells Fargo & Co is the Reach her at jody.godoy@thomsonreuters.com. The language Wells Fargos board uses to describe each leader makes this clear. We are a participant in the Amazon Services LLC Associates Program, an affiliate advertising Our customers and you all deserved more from the leadership of this Company, Scharf explained. sale 27 as recently as 2015, recognized as the most powerful female banker in the U.S. at the time. 1818(i) to each of the Respondents, individually. Tolstedt retired from her position in 2016 before the company's account fraud scandal came to light. Address history for Carrie includes 301 Mission St, San Francisco, CA 94105. See here for a complete list of exchanges and delays. It has been restructuring and complying with regulatory reforms since the fake accounts scandal in 2016. Her bank fired some 5,300 employees for acting "counter to our values." In that year, as in every year in the 2011-2016 period that the CFPB covered in its consent order, Tolstedt collected $5,500,000 in stock as her portion of the performance share award that's split among Wells Fargo's top executives, according to the bank's proxy reports. [3], Toldstedt worked at Wells Fargo for 27 years. 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. 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. The economy and markets are "under surveillance". brought Unlike other government space organizations, India's agency is extremely efficient, with the lowest cost-per-kilogram in the industry. Read about what we do with the data we gather in our Privacy Policy. All Rights Reserved. The case is SEC v. Tolstedt, No. 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. sale 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. Tolstedt, meanwhile, is giving up $67 million-or almost twice the $36 million she took home over the same period. license. [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. Wells Fargo is the fourth-largest bank in the U.S. 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. 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. 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"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. 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 The SEC previously filed . 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 [6] Tolstedt's law firm, Williams & Connolly, responded to the report by saying that they "strongly disagree" with its findings. Wells Fargo will claw back an additional $75 million from two former executives implicated in the banks phony accounts scandal. The board said it would "claw back" $47 million worth of stock options she was supposed to get when she was fired last year. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. In July, however, Tolstedt abruptly announced she would retire at the end of that year, disqualifying her from the list. 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. 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. The former CEO is losing $69 million, or 85%, out of the $81 million he made between 2013 and 2016. The report reveals both the incredible toll this took on those employees ("I was in the 1991 Gulf War. Fundamental company data provided by Morningstar, updated daily. 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. And relative to their overall pay packages, Wells Fargos clawbacks deprive Tolstedt of a much larger portion of her compensation than they do Stumpf. The estimated net worth of Carrie L Tolstedt is at least $23 Million dollars unlike her net worth her salary is not publicly known sites. 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 . Carrie L Tolstedt's largest sale order was 219,835 units , worth over 1818(e) to Carrie Tolstedt and Claudia Russ Anderson; Orders to Cease and Desist pursuant to 12 U.S.C. What did Carrie Tolstedt do? Publisher - Just another WordPress site. 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. Service. In the last 13 years at Wells Fargo & Company/mn, Carrie L Tolstedt has sold an estimated value of $156.32M worth. Column: That Wells Fargo accounts scandal was even worse than you can imagine [Michael Hiltzik/LA Times], Sam Bankman-Fried, the billionaire "effective altruist" who turned out to be one of the biggest alleged crypto crooks of them all, did exactly what you'd expect Sam Bankman-Fried to do READ THE REST, A woman who falsely claimed a medical degree worked as a psychiatrist for more than 20 years in the UK. 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. Thats down 1,576 (or 10.4%)from Sept. 30, 2016, when the firm had 15,086 registered reps and began making headlines for the fake accounts. of 57,398 shares made by Kleber Santos All Rights Reserved. Tolstedt's unit accounted for around $14 billion of that year's net income. designed to provide a means for us to earn fees by linking to Amazon.com and affiliated What Is Carrie Tolstedt Doing Now? [2], In response to the report, Wells Fargo retroactively fired Tolstedt for cause and revoked $47.3 million that they had previously paid her. Sr. Executive Vice President Bei Ling 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. 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. Who will be eaten first? As for the size of Tolstedt's holdings, Folk noted that she was at the company for nearly 30 years. $11.82M on November 13, 2014. Carrie L. Tolstedt is an ousted American banking executive and former head of the community banking division at Wells Fargo, [1] from which she retired in 2016 before the company's account fraud scandal came to light. Home; News; 2023 Celebrity Net Worth / All Rights Reserved. 20-cv-07987, U.S. District Court, Northern District of California. license except where otherwise noted. Carrie has the phone number (925) 820-0690 (Pacific Bell). Other transactions such as conversion of derivative security or exercise of options are not included. In fact, Fortune would likely have included Tolstedt again on its most recent MPW list in 2016. Carrie L Tolstedt, Sr. Executive Vice President, 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. Joe Raedle/Getty Images Our forum rules are detailed in the Community Guidelines. Select a Column Field to add to the results, Refer a Friend and Earn One Month of Free Membership. Toldstedt spent 27 years working for Wells Fargo. Share & Print. 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. Our Standards: The Thomson Reuters Trust Principles. of of 57,398 shares. 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. 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. Former CEO Stumpf, who resigned in October, is referenced only 81 times. "Employees were referred for investigation only if they engaged in sales practices misconduct so frequently" that they ranked as the "top 0.01% or 0.05% of total offenders." 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