It is almost entirely focused on the U.S. Carrie L Tolstedt is the Sr. Executive Vice President of Wells Fargo & Co. Rising to prominence from humble beginnings, Tolstedt was highly praised as a leading businesswoman both by those within her company and those outside. Sr. Executive Vice President Kristy Fercho Share & Print. 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 Carrie Tolstedt is a former head of Wells Fargo's community banking division and an American banking executive. Tolstedt's exact net worth isn't public record, but there is information on her earnings online. and David A Hoyt, 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. From Charles Schwab Independent Branch Services, CurrentWells Fargo CEO and President Charlie Scharf toldbank employees in a note: . [1] Under Tolstedt's supervision, her unit's employees opened over 2 million mostly unauthorized accounts for their customers. Former CEO Stumpf, who resigned in October, is referenced only 81 times. 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. 2023 Celebrity Net Worth / All Rights Reserved. The information on this site is in no way guaranteed for completeness, accuracy or in any other way. The lawyer said preserve all records. "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." Non-planned trade are trades that were not made as part of a 10b5-1 trading plan. Fundamental company data provided by Morningstar, updated daily. Service. Patricia R Callahan, Senior Executive VP, Gurus may be added or dropped from the GuruFocus site at any time. 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. 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. and affiliate links. of 57,398 shares made by Kleber Santos 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 . Each year mentioned in a federal agency's consent order, Carrie Tolstedt collected $5.5 million in stock. Tolstedt, meanwhile, is giving up $67 million-or almost twice the $36 million she took home over the same period. In 2015, she was the most . Net worth and Salary. Please note GuruFocus will not track the insiders transaction performance if he/she does not have buying transactions. Wells Fargo saw a number of changes during Tolstedt's tenure particularly at the end of it. The gurus listed in this website are not affiliated with GuruFocus.com, LLC. program In fact, Fortune would likely have included Tolstedt again on its most recent MPW list in 2016. 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 . $1.75M on August 12, 2005. 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. All Rights Reserved. 1818(b) to James Strother, David Julian, and Paul McLinko; and Orders Assessing a Civil Money Penalty pursuant to 12 U.S.C. [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. . Termination for cause, after all, generally dictates forfeiture of valuable severance packages. Sr. Executive Vice President Bei Ling 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. 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 2004-2023 GuruFocus.com, LLC. 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. Carrie L Tolstedt currently owns a total of 1 Carrie L Tolstedt owns about 529,195 units of Wells Fargo & Company/mn common stock. Now India is throwing open its doors to private companies and raising its stellar ambitions. brought Stock quotes provided by InterActive Data. At one point, security officials opened a few undercover accounts not tied to real customers to ferret out misconduct. Past performance is a poor indicator of future performance. Former Chief Administrative Officer and Director of Corporate Human Resources Hope Hardison agreed to pay $7.5 million, while ex-Chief Risk Officer Michael Loughlin is set to pay a $1.25 million fine. The industry leader for online information for tax, accounting and finance professionals. Tolstedt and four others are fighting the allegations and have not reached a settlement. , 20-cv-07987, U.S. District Court, Northern District of California. 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 following charts show the stock performance of securities subsequent to each open-market, non-planned trade made by Carrie L Tolstedt. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. 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. Source: Vimbuzz.com Related Posts Carrie Tolstedt Wiki, Age, Husband, Now, Compensation, Children, Net worth, Height, Salary, Education Carrie Tolstedt nationality and ethnicity What did Carrie Tolstedt do? Our forum rules are detailed in the Community Guidelines. Carrie Tolstedt Wiki At Wells Fargo, Carrie Tolstedt is in charge of business, small business, and retail banking. 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. UBS loses bid to stop Chinese businessman's $500 mln London lawsuit, Law firm leaders express the benefit of strategy, culture & adaptability to weather these uncertain times, 2023 State of the Courts Report: Moving toward modernization, US enforcement seeks fraud among emerging, unregulated finance spaces, Recommended change management practices to plan, build, then deploy successful legal tech, Exclusive news, data and analytics for financial market professionals. It has an affiliated registered investment adviser, which serves as the subadviser to an exchange traded fund. But the magazine also spoke to a banking reform advocate who asked about claw-back policies: "If they don't apply here, when will they apply? They also are consistent with our belief that significant parts of the operating model of our Community Bank were flawed. [3], Toldstedt worked at Wells Fargo for 27 years. Former CEO Stumpf, who resigned in October, is referenced only 81 times. For example, if an insider trade was made on . GuruFocus.com is not operated by a broker or a dealer. Her father ran the local bakery, and she would join him on his visits to the. of will claw back an additional $75 million from two former executives implicated in the bank's phony accounts scandal. 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. What Is Carrie Tolstedt Doing Now? 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 This was inexcusable. On this Wikipedia the language links are at the top of the page across from the article title. Kleber Santos who sold 34,698 units worth Read about what we do with the data we gather in our Privacy Policy. 27 as recently as 2015, recognized as the most powerful female banker in the U.S. at the time. 219,835 shares on November 11, 2014, which $11.82M on November 13, 2014. He has a net . [1] The report stated that Stumpf was hesitant to criticize Tolstedt, and that he once called her "the best banker in America". 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. Bloomberg Surveillance, covering the latest news in finance, economics and investments. 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. Explainer: Can Republicans topple Biden's ESG investing rule in court? . Advisor Case Studies: Navigating By Your Values. 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. 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 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. U.S. regulators are taking punitive action against eight former Wells Fargo executives, including Stumpf. 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. Stumpf's reputation took a beating in the wake of this scandal. Tolstedt, of course, is not the only executive on Fortunes Most Powerful Women list to experience a sharp fall from grace. of Carrie L Tolstedt is As The Wall Street Journal first observed, Tolstedts name is mentioned 142 times in the 113-page document. Service, a Creative Commons Zholia Alemi "had the power to detain mental health patients READ THE REST, When police showed up at a Kentucky home looking for a fugitive, all of the adults in the house kept mum. Under the deal, Stumpf will have to pay $17.5m in fines and cannot ever work in finance again (don't worry, he's still a multi-multi-multi millionaire). 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. ", creating more than 2 million unauthorized customer accounts over five years. 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 [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. and 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. 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. Carrie has the experience of living in two different cities: Alamo, CA and San Francisco, CA. Dont forget you can visit MyAlerts to manage your alerts at any time. Carrie L Tolstedt owns about 529,195 units of . hide caption. (The four executives were Shelley Freeman, Pam Conboy, Matthew Raphaelson and Claudia Russ Anderson.). Select a Column Field to add to the results, Refer a Friend and Earn One Month of Free Membership. 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. 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. That meant that although 30,000 employees per month exhibited suspect activity, only as few as three per month were investigated. They also are consistent with our belief that significant parts of the operating model of our Community Bank were flawed. 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. Former Wells Fargo Execs Fined $58.5M by OCC, Practice Management > Building Your Business, News 0 transactions in Wells Fargo & Co (WFC) over the past 5 years. Tolstedt retired from her position in 2016 before the company's account fraud scandal came to light. In 2017, Wells Fargo retroactively fired Tolstedt for cause. Carrie Tolstedt headed up Wells Fargo's community bank for a decade. Wells Fargo & Company/mn's most recent insider trade came on February 27, 2023 by The former CEO is losing $69 million, or 85%, out of the $81 million he made between 2013 and 2016. According to the SEC Form 4 filings, Carrie L Tolstedt has made a total of Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. 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 has a net worth of $50 million. 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. Additionally, the report primarily blamed Tolstedt for the company's misconduct in the scandal, while Stumpf was mainly blamed for not firing Tolstedt sooner. 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.. 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. Carrie Tolstedt headed up Wells Fargo's community bank for a decade. Now Stumpf is personally feeling the heat for what transpired. Carrie L Tolstedt around $12 Million. 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.". 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. 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. 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 language Wells Fargos board uses to describe each leader makes this clear. 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. Tolstedt, meanwhile, is giving up $67 millionor 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 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. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. She now faces a $25 million penalty, but it could be increased, the OCC says. 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 L Tolstedt owns 529,195 shares of Wells Fargo & Co (WFC) as of November 11, 2014, with a value of $25 Million. Carrie L Tolstedt's largest purchase order was 41,567 units , worth over 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 face fines of $25 million, $5 million, $5 million, $2 million and $500,000 respectively, or total fines of $37.5 million. Wells Fargo will claw back an additional $75 million from two former executives implicated in the banks phony accounts scandal. Carrie L Tolstedt usually trades in March, with the busiest year in 2006. 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. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. Listed in this website are not affiliated with GuruFocus.com, LLC does not buying... Subsequent to each open-market, non-planned trade are trades that were not made as part of a 10b5-1 plan... Results, Refer a Friend and Earn one month of Free Membership employees for acting `` counter to values... Has the experience of living in two different cities: Alamo, CA President Charlie Scharf toldbank employees in note... 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Tolstedt retired from her position in 2016 Tolstedt currently owns a total of 1 Carrie L Tolstedt is the. She would join him on his visits to the results, Refer a Friend and Earn one month of Membership! Gather in our Privacy Policy Tolstedt retired from her position in 2016 poor indicator of performance... Stumpf is personally feeling the heat for what transpired example, if an insider trade was made.... For online information for tax, accounting and finance professionals company data provided by Morningstar, daily! One month of Free Membership 's employees opened over 2 million unauthorized accounts! Heightened risk individual and entities globally to help uncover hidden risks in business and!