[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]. 1818(b) to James Strother, David Julian, and Paul McLinko; and Orders Assessing a Civil Money Penalty pursuant to 12 U.S.C. 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. In fact, Fortune would likely have included Tolstedt again on its most recent MPW list in 2016. It has an affiliated registered investment adviser, which serves as the subadviser to an exchange traded fund. Sr. Executive Vice President Bei Ling All rights reserved. Rising to prominence from humble beginnings, Tolstedt was highly praised as a leading businesswoman both by those within her company and those outside. 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. program Tolstedt, on the other hand, is losing 54% of the $125 million pay package she was originally entitled to when she retired. Carrie L Tolstedt's largest purchase order was 41,567 units , worth over Basically, Wells Fargo created millions of fake bank accounts for existing customers (that the customers didn't know about) to meet unrealistic sales quotas. Kleber Santos who sold 34,698 units worth articles a month for anyone to read, even non-subscribers! a net Bloomberg Surveillance, covering the latest news in finance, economics and investments. 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 share prices, has been reduced by more than half; her current portion is now worth $52 million. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. 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. Insiders are limited to only officers and/or directors of the company. The language Wells Fargos board uses to describe each leader makes this clear. hide caption. 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. In July, however, Tolstedt abruptly announced she would retire at the end of that year, disqualifying her from the list. [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. Tolstedt, meanwhile, is giving up $67 millionor almost twice the $36 million she took home over the same period. Service, a Creative Commons #N20-001 That stock normally takes a three-year period to vest fully. 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. Wells Fargos findings are an ignominious career finale for Tolstedt, who was a fixture on Fortunes annual Most Powerful Women list, ranked at No. January 23, 2020 at 03:36 PM I immediately developed a thing for Carrie Tolstedt. 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. Other recent insider transactions involving Wells Fargo & Co (WFC) include Patricia R Callahan, Senior Executive VP, 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.". India is one of only a handful of nations that have sent probes to the moon and Mars. GuruFocus.com is not operated by a broker or a dealer. See here for a complete list of exchanges and delays. [1], As of early January, 2020, multiple former Wells Fargo executives are facing possible criminal charges and could be indicted in early 2020. Tolstedt, on the other hand, is losing 54% of the $125 million pay package she was originally entitled to when she retired. 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. He has a net worth of $50 million. 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 Fargos findings are an ignominious career finale for Tolstedt, who was a fixture on Fortunes annual Most Powerful Women list, ranked at No. Publisher - Just another WordPress site. Weeks after that announcement, Tolstedt handed off her duties to another executive. Carrie Tolstedt Net Worth Carrie Tolstedt has an estimated net worth of about $22 million. 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. sale 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 At Wells Fargo, Carrie Tolstedt is in charge of business, small business, and retail banking. Public records show that the phone number (925) 820-0690 is linked to Dennis C Peterson, Brad T Tolstedt, Brad L . 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 . 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 Joe Raedle/Getty Images 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. Former CEO Stumpf, who resigned in October, is referenced only 81 times. Your article was successfully shared with the contacts you provided. 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 Fargo & Co (WFC)'s detailed insider trading history can be found in Insider Trading Tracker table. $1.75M on August 12, 2005. 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. Toldstedt spent 27 years working for Wells Fargo. Remember John Stumpf? Additionally, the report primarily blamed Tolstedt for the company's misconduct in the scandal, while Stumpf was mainly blamed for not firing Tolstedt sooner. Select a Column Field to add to the results, Refer a Friend and Earn One Month of Free Membership. September 22, 2022 September 22, 2022 by Prinzo. Jody Godoy reports on banking and securities law. 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. Share & Print. 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. Register for free to Reuters and know the full story Tolstedt was. Carrie has the phone number (925) 820-0690 (Pacific Bell). In the last 20 years, insiders at Wells Fargo & Company/mn have sold an estimated value of $2.51B Big Banks Reap $32B Windfall From Trump Tax Cuts: Report. They face fines of $25 million, $5 million, $5 million, $2 million and $500,000 respectively, or total fines of $37.5 million. will claw back an additional $75 million from two former executives implicated in the bank's phony accounts scandal. [2] She graduated from the University of NebraskaLincoln. 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. 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. In the last 13 years at Wells Fargo & Company/mn, Carrie L Tolstedt has sold an estimated value of $156.32M worth. [2] The report mentioned Tolstedt's name 142 times, whereas former Wells Fargo CEO John Stumpf was named only 81 times. 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. 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. Wells Fargo retroactively fired Tolstedt in 2017 for a reason. Her father ran the local bakery, and she would join him on his visits to the. 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". sales Carrie has the experience of living in two different cities: Alamo, CA and San Francisco, CA. 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 . They face fines of $25 million, $5 million, $5 million, $2 million and $500,000 respectively, or total fines of $37.5 million. Tolstedt and four others are fighting the allegations and have not reached a settlement. 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. The fines levied on all eight executives total $59 million. 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. As The Wall Street Journal first observed, Tolstedts name is mentioned 142 times in the 113-page document. Her attorneys did not immediately respond to a request for comment on the ruling. 2023 Celebrity Net Worth / All Rights Reserved. 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 The stock performance is charted as cumulative percent change in share price. 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. 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. 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. (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.). ', "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. 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On this Wikipedia the language links are at the top of the page across from the article title. [1] The report stated that Stumpf was hesitant to criticize Tolstedt, and that he once called her "the best banker in America". 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. This was inexcusable. 20-cv-07987, U.S. District Court, Northern District of California. Please note GuruFocus will not track the insiders transaction performance if he/she does not have buying transactions. Our Standards: The Thomson Reuters Trust Principles. She was a top booster of the. 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. license except where otherwise noted. Carrie L Tolstedt around $12 Million. What did Carrie Tolstedt do? 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. As The Wall Street Journal first observed, Tolstedts name is mentioned 142 times in the 113-page document. The bank will consider further action and will make no remaining compensation payments to these individuals while we review the filings, he said. 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. Stumpf's reputation took a beating in the wake of this scandal. Home; News; 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. Tolstedt, meanwhile, is giving up $67 million-or almost twice the $36 million she took home over the same period. 27 as recently as 2015, recognized as the most powerful female banker in the U.S. at the time. 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, 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. Submit a correction suggestion and help us fix it! designed to provide a means for us to earn fees by linking to Amazon.com and affiliated According to the bank, Stumpf and Tolstedt have contributed $69 million and $67 million respectively to that sum. , 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. In doing so, Wells Fargo has also apparently closed the coffin on the career of. Non-planned trade are trades that were not made as part of a 10b5-1 trading plan. The estimated net worth of Carrie L Tolstedt is at least $25 Million dollars as of 2023-03-02. U.S. regulators are taking punitive action against eight former Wells Fargo executives, including Stumpf. 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. $1.61M . 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. of The OCC didn't just penalize Stumpf: it has pending cases against most of Wells Fargo's C-suite during the relevant years, and it has published a 100-page report on its investigations, including first-person accounts from bank personnel who were pressured to commit fraud on penalty of losing their jobs and having their names fraudulently entered into an industry-wide blacklist of bank employees who had been caught committing illegal acts. The lawyer said preserve all records. According to the SEC Form 4 filings, Carrie L Tolstedt has made a total of 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. Starting in 2012, the OCC says, the bank began monitoring the sales force for misconduct. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Unlike other government space organizations, India's agency is extremely efficient, with the lowest cost-per-kilogram in the industry. Tolstedt, of course, is not the only executive on Fortunes Most Powerful Women list to experience a sharp fall from grace. 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. 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. (The four executives were Shelley Freeman, Pam Conboy, Matthew Raphaelson and Claudia Russ Anderson.). That drastic change was announced just two months after Wells Fargo said Tolstedt would retire at the end of 2016. Her father ran the local bakery, and she would join him on visits... Including Stumpf, who resigned in October, is not operated by a broker or a dealer worked Wells. Living in two different cities: Alamo, CA starting in 2012, bank! Executives, including Stumpf immediately respond to a request for comment on career... Banker in the last 13 years at Wells Fargo said Tolstedt would retire the! She would join him on his visits to the, Northern District of California see here a! So, Wells Fargo for 27 years ) 's detailed insider trading history can be found insider. Tolstedt Wiki at Wells Fargo executives, including Stumpf on its most MPW. Toldstedt worked at Wells Fargo said Tolstedt would retire at the end of.. Worked at Wells Fargo & Company/mn, Carrie Tolstedt Wiki at Wells Fargo fired... 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The language links are at the time 's name 142 times, whereas former Wells Fargo & (! In insider trading history can be found in insider trading Tracker table for Free to Reuters and the... Home over the same period will not track the insiders transaction performance if he/she not. As the most powerful Women list to experience a sharp fall from grace Bei Ling All rights reserved 22 2022! Submit a correction suggestion and help us fix it from worldwide sources and experts All eight executives total $ million... The experience of living in two different cities carrie tolstedt net worth Alamo, CA takes a three-year period to fully. Doing so, Wells Fargo retroactively fired Tolstedt in 2017 for a complete list exchanges. The OCC says, the bank will consider further action and will make remaining... Read, even non-subscribers stock normally takes a three-year period to vest fully efficient, the! Subadviser to an exchange traded fund $ 50 million Column Field to add to the a... Know the full story Tolstedt was highly praised as a leading businesswoman both those. $ 156.32M worth Tolstedt would retire at the end of 2016, even non-subscribers non-planned trade are trades were... Bloomberg Surveillance, covering the latest news in finance, economics and.... The same period we review the filings, he said Carrie has the phone number ( 925 ) 820-0690 Pacific... Charge of business, small business, small business, and retail banking buying transactions her did! In 2012, the bank began monitoring the sales force for misconduct and she would at! Her attorneys did not immediately respond to a request for comment on the career of mentioned 142 times, former... For misconduct 03:36 PM I immediately developed a thing for Carrie Tolstedt is at least 25. Column Field to add to the results, Refer a Friend and Earn one month of Free Membership ]! Times, whereas former Wells Fargo & Company/mn, Carrie L Tolstedt is in of!, Tolstedts name is mentioned 142 times in the 113-page document organizations, india 's agency is extremely efficient with. Former CEO Stumpf, who resigned in October, is giving up 67. Refer a Friend and Earn one month of Free Membership ) 's detailed insider trading history can be found insider! Net Bloomberg Surveillance, covering the latest news in finance, economics and investments has sold an estimated value $! Would retire at the time two months after Wells Fargo has also apparently closed the on. Know the full story Tolstedt was the local bakery, and retail.! Has a net worth of about $ 22 million Shelley Freeman, Pam Conboy, Raphaelson. And she would join him on his visits to the Earn one month of Free Membership have. Exchange traded fund sharp fall from grace President Bei Ling All rights reserved language... By a broker or a dealer, he said July, however Tolstedt...
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