The estimated net worth of Carrie L Tolstedt is at least $25 Million dollars as of 2023-03-02. Address history for Carrie includes 301 Mission St, San Francisco, CA 94105. Throughout her career, Ms. Tolstedt acted with the utmost integrity and concern for doing the right thing, said Enu Mainigi, her lawyer at Williams & Connolly in the report. The stock performance is charted as cumulative percent change in share price. Wells Fargo will claw back an additional $75 million from two former executives implicated in the banks phony accounts scandal. I immediately developed a thing for Carrie Tolstedt. Additionally, the report primarily blamed Tolstedt for the company's misconduct in the scandal, while Stumpf was mainly blamed for not firing Tolstedt sooner. 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. Reach her at jody.godoy@thomsonreuters.com. 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. 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. Insider trading is most common in April, with the busiest year in 2005. 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. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. The chargesallege that the executives failed to adequately perform their duties and responsibilities, which contributed to the banks systemic problems with sales practices misconduct from 2002 until October 2016, the OCC explained. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. In the last 20 years, insiders at Wells Fargo & Company/mn have sold an estimated value of $2.51B Our customers and you all deserved more from the leadership of this Company, Scharf explained. Whats Behind the Wirehouse Headcount Drop? The lawyer said preserve all records. Home; News; [6] Tolstedt's law firm, Williams & Connolly, responded to the report by saying that they "strongly disagree" with its findings. 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. 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. 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. 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 gurus listed in this website are not affiliated with GuruFocus.com, LLC. sale Wells Fargos findings are an ignominious career finale for Tolstedt, who was a fixture on Fortunes annual Most Powerful Women list, ranked at No. All Rights Reserved. See here for a complete list of exchanges and delays. The most-recent trade in Wells Fargo & Co is the In July, however, Tolstedt abruptly announced she would retire at the end of that year, disqualifying her from the list. of 57,398 shares. 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. [1], As of early January, 2020, multiple former Wells Fargo executives are facing possible criminal charges and could be indicted in early 2020. 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. 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 Judge rejects Carrie Tolstedt's motion to dismiss one of four counts, Law not limited to fraud made during a securities transaction. Within 24 hours of the accounts being opened, two sales employees ordered debit cards for the customers, claiming they had spoken to the customers directly. We are a participant in the Amazon Services LLC Associates Program, an affiliate advertising They face fines of $25 million, $5 million, $5 million, $2 million and $500,000 respectively, or total fines of $37.5 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. [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. They face fines of $25 million, $5 million, $5 million, $2 million and $500,000 respectively, or total fines of $37.5 million. $1.61M . 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. Former CEO Stumpf, who resigned in October, is referenced only 81 times. 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. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. Terms & Conditions. 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. and Wells Fargo saw a number of changes during Tolstedt's tenure particularly at the end of it. [1] Under Tolstedt's supervision, her unit's employees opened over 2 million mostly unauthorized accounts for their customers. 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.. 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. 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. Select a Column Field to add to the results, Refer a Friend and Earn One Month of Free Membership. 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. 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. 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. 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. She was a top booster of the. The economy and markets are "under surveillance". 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. He has a net . no insider transaction in Wells Fargo & Co (WFC). sites. . , 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. 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. Tolstedt was fired for cause by Wells Fargo in 2017. 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 L Tolstedt is The OCCs actions are consistent with my belief that we should hold ourselves and individuals accountable. . 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. Bloomberg Surveillance, covering the latest news in finance, economics and investments. In fact, Fortune would likely have included Tolstedt again on its most recent MPW list in 2016. , Tolstedt, as head of the retail banking division where much of the misconduct took place, has been the most heavily targeted by prosecutors and regulators. 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 biggest fine for the former bank execs affectsCarrie Tolstedt, who led Wells Fargos community bank during the fake-accounts scandal. 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Gurus may be added or dropped from the GuruFocus site at any time. 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. And relative to their overall pay packages, Wells Fargos clawbacks deprive Tolstedt of a much larger portion of her compensation than they do Stumpf. Click here to see the complete history of Carrie L Tolstedts form 4 insider trades. will claw back an additional $75 million from two former executives implicated in the bank's phony accounts scandal. What did Carrie Tolstedt do? [3], Toldstedt worked at Wells Fargo for 27 years. Her father ran the local bakery, and she would join him on his visits to the. Who will be eaten first? Only the transactions in Open Market or Private Sale at the market prices are included. Carrie L Tolstedt's largest purchase order was, Carrie L Tolstedt's largest sale order was, In total, Carrie L Tolstedt has made about, Wells Fargo & Company/mn's most recent insider trade came on February 27, 2023 by 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. While Stumpf's nest. As The Wall Street Journal first observed, Tolstedts name is mentioned 142 times in the 113-page document. He was the CEO of Wells Fargo during the bank's fake accounts scandal. 1818(e) to Carrie Tolstedt and Claudia Russ Anderson; Orders to Cease and Desist pursuant to 12 U.S.C. 27 as recently as 2015, recognized as the most powerful female banker in the U.S. at the time. . This investment adviser does not provide advice to individual investors. Register for free to Reuters and know the full story Tolstedt was. See here for a complete list of exchanges and delays. Carrie L Tolstedt around $12 Million. 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. 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. Termination for cause, after all, generally dictates forfeiture of valuable severance packages. Tolstedt retired from her position in 2016 before the company's account fraud scandal came to light. Toldstedt spent 27 years working for Wells Fargo. They also are consistent with our belief that significant parts of the operating model of our Community Bank were flawed. Submit a correction suggestion and help us fix it! 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. 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 . The former CEO is losing $69 million, or 85%, out of the $81 million he made between 2013 and 2016. Listen to free podcasts to get the info you need to solve business challenges! Carrie L Tolstedt made 20-cv-07987, U.S. District Court, Northern District of California. 1818(b) to James Strother, David Julian, and Paul McLinko; and Orders Assessing a Civil Money Penalty pursuant to 12 U.S.C. Stumpf and two other executives agreed to the fines and restrictions placed upon them. Powered and implemented by Interactive Data Managed Solutions. The OCCs charges against Mr. Strother are false and unfounded, and he intends to vigorously defend against them.. The fines levied on all eight executives total $59 million. of 57,398 shares made by Kleber Santos sale Wells Fargo retroactively fired Tolstedt in 2017 for a reason. [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. Sam Bankman-Fried hit delete instead. But it was a toddler who broke the silence, 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. 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. This article was originally published on FORTUNE.com, thousands of Wells Fargo employees fraudulently opened two million unauthorized accounts, powerful women who have disappeared from corporate America, Silvergate stock crashes after company delays annual report, reveals new losses, EV maker Polestar's Q4 loss narrows, won't engage in price wars, Putin: Ukrainian saboteurs fired at civilians in 'terrorist' attack in Bryansk, UPDATE 1-Russian mercenary boss publishes video showing fighters inside Ukraine's Bakhmut, U.S. home prices to fall 4.5% in 2023 despite higher rates: Reuters poll. 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. 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. A full and fair examination of the facts will produce a different conclusion.. 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 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. 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. The bank recently was fined $185 million and fired 5,300 employees for unethical behavior. We must all dedicate ourselves to ensuring that such failings never again occur at Wells Fargo.. 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. Other transactions such as conversion of derivative security or exercise of options are not included. license except where otherwise noted. Our forum rules are detailed in the Community Guidelines. Non-planned trade are trades that were not made as part of a 10b5-1 trading plan. (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.). a net 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. 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. Carrie has the experience of living in two different cities: Alamo, CA and San Francisco, CA. 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. U.S. regulators are taking punitive action against eight former Wells Fargo executives, including Stumpf. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. 2023 Fortune Media IP Limited. [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. In dollar terms, that inquiry proved very costly to former Wells Fargo (WFC) CEO John Stumpf, who will give up another $28 million of past compensation in addition to a previously announced $41 million clawback, as well as Tolstedt, who will relinquish $47 million more of her pay on top of the $19 million that was already revoked. 1 ] Under Tolstedt 's tenure particularly at the time that such failings never carrie tolstedt net worth occur Wells. Wells Fargos Community bank were flawed significant parts of the operating model of our Community bank were.... 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