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. 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. All rights reserved. Powered and implemented by Interactive Data Managed Solutions. Not a "thing". 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 . Kleber Santos who sold 34,698 units worth Carrie Tolstedt Wiki At Wells Fargo, Carrie Tolstedt is in charge of business, small business, and retail banking. Wells Fargo will claw back an additional $75 million from two former executives implicated in the banks phony accounts scandal. [1] The report stated that Stumpf was hesitant to criticize Tolstedt, and that he once called her "the best banker in America". 2023 Celebrity Net Worth / All Rights Reserved. Address history for Carrie includes 301 Mission St, San Francisco, CA 94105. The report reveals both the incredible toll this took on those employees ("I was in the 1991 Gulf War. and David A Hoyt, Sr. Executive Vice President Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. A full and fair examination of the facts will produce a different conclusion.. Toldstedt spent 27 years working for Wells Fargo. 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. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. 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. The SEC previously filed . All Rights Reserved. 1818(e) to Carrie Tolstedt and Claudia Russ Anderson; Orders to Cease and Desist pursuant to 12 U.S.C. and 27 as recently as 2015, recognized as the most powerful female banker in the U.S. at the time. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. The company is split into four primary segments: consumer banking, commercial banking, corporate and investment banking, and wealth and investment management. Carrie L Tolstedt is the Sr. Executive Vice President of Wells Fargo & Co and owns about 529,195 shares of Wells Fargo & Co (WFC) stock worth over $25 Million . 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. 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. Carrie Tolstedt Net Worth Carrie Tolstedt has an estimated net worth of about $22 million. 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. 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. 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. Former Wells Fargo Execs Fined $58.5M by OCC, Practice Management > Building Your Business, News 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. This was inexcusable. 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. See here for a complete list of exchanges and delays. articles a month for anyone to read, even non-subscribers! Other transactions such as conversion of derivative security or exercise of options are not included. That meant that although 30,000 employees per month exhibited suspect activity, only as few as three per month were investigated. stock. 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. 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. Carrie L Tolstedt usually trades in March, with the busiest year in 2006. Read about what we do with the data we gather in our Privacy Policy. 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 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. Tolstedt, of course, is not the only executive on Fortunes Most Powerful Women list to experience a sharp fall from grace. Rising to prominence from humble beginnings, Tolstedt was highly praised as a leading businesswoman both by those within her company and those outside. 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. They also are consistent with our belief that significant parts of the operating model of our Community Bank were flawed. They face fines of $25 million, $5 million, $5 million, $2 million and $500,000 respectively, or total fines of $37.5 million. ", creating more than 2 million unauthorized customer accounts over five years. Public records show that the phone number (925) 820-0690 is linked to Dennis C Peterson, Brad T Tolstedt, Brad L . $11.82M on November 13, 2014. Stumpf is barred from the business and will pay a $17.5 million fine. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. 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. Carrie L Tolstedt's largest purchase order was 41,567 units , worth over 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. At one point, security officials opened a few undercover accounts not tied to real customers to ferret out misconduct. 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. She was a top booster of the. 2023 Fortune Media IP Limited. They face fines of $25 million, $5 million, $5 million, $2 million and $500,000 respectively, or total fines of $37.5 million. All Rights Reserved. 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. Sr. Executive Vice President Bei Ling Big Banks Reap $32B Windfall From Trump Tax Cuts: Report. [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]. Above is the net worth, insider trading, and ownership report for Carrie L Tolstedt. Wells Fargo is the fourth-largest bank in the U.S. Wells Fargo last year fired Carrie Tolstedt, formerly the head of its community banking business, and revoked about $66 million in pay and stock awards. The former CEO is losing $69 million, or 85%, out of the $81 million he made between 2013 and 2016. license. 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. pursuant to 12 U.S.C. Now Stumpf is personally feeling the heat for what transpired. The way Carrie Tolstedt told it, she caught the banking bug early when she was a child in a small Nebraska town. He has a net . The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. 219,835 shares on November 11, 2014, which 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. Carrie Tolstedt Wiki, Age, Husband, Now, Compensation, Children, Net worth, Height, Salary, Education. 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. 2004-2023 GuruFocus.com, LLC. Wells Fargo saw a number of changes during Tolstedt's tenure particularly at the end of it. 20-cv-07987, U.S. District Court, Northern District of California. Stumpf's fine isn't even the largest handed out. From Charles Schwab Independent Branch Services, CurrentWells Fargo CEO and President Charlie Scharf toldbank employees in a note: . On this Wikipedia the language links are at the top of the page across from the article title. Tolstedt, of course, is not the only executive on Fortunes Most Powerful Women list to experience a sharp fall from grace. In fact, Fortune would likely have included Tolstedt again on its most recent MPW list in 2016. The following charts show the stock performance of securities subsequent to each open-market, non-planned trade made by Carrie L Tolstedt. FORTUNE may receive compensation for some links to products and services on this website. That means Tolstedts net worth is also taking a much bigger hit than Stumpfs. Wells Fargo & Company/mn's most recent insider trade came on February 27, 2023 by As The Wall Street Journal first observed, Tolstedts name is mentioned 142 times in the 113-page document. Dont forget you can visit MyAlerts to manage your alerts at any time. of 34,698 shares. 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. 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. 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. Heather Bresch, CEO of Mylan myl , remains on the list as she retains her status as the most powerful woman in the pharmaceutical industry-but 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. sale 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. 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. 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. Wells Fargos advisor headcount stands at 13,512 vs. nearly 13,948 a year ago. $1.61M . 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. The fines levied on all eight executives total $59 million. But it designed the monitoring to minimize its findings and looked only for certain misdeeds, avoiding numerous other red flags of unauthorized account-opening. Carrie L. Tolstedt, Case No. 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. Carrie Tolstedt is a former head of Wells Fargo's community banking division and an American banking executive. 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