It has been restructuring and complying with regulatory reforms since the fake accounts scandal in 2016. license except where otherwise noted. Carrie L Tolstedt's largest sale order was 219,835 units , worth over 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. of In fact, Fortune would likely have included Tolstedt again on its most recent MPW list in 2016. Whats Behind the Wirehouse Headcount Drop? On this Wikipedia the language links are at the top of the page across from the article title. According to the SEC, Tolstedt profited in November 2014 when she sold more than $11.8 million worth of Wells Fargo stock. Sr. Executive Vice President Bei Ling Stumpf is barred from the business and will pay a $17.5 million fine. [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. Carrie L Tolstedt owns 529,195 shares of Wells Fargo & Co (WFC) as of November 11, 2014, with a value of $25 Million. , $1.61M . That drastic change was announced just two months after Wells Fargo said Tolstedt would retire at the end of 2016. Our customers and you all deserved more from the leadership of this Company, Scharf explained. The estimated net worth of Carrie L Tolstedt is at least $25 Million dollars as of 2023-02-25. ", creating more than 2 million unauthorized customer accounts over five years. 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. sale [6] Tolstedt's law firm, Williams & Connolly, responded to the report by saying that they "strongly disagree" with its findings. [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. Wells Fargo saw a number of changes during Tolstedt's tenure particularly at the end of it. (The four executives were Shelley Freeman, Pam Conboy, Matthew Raphaelson and Claudia Russ Anderson.). According to the SEC, Tolstedt profited in November 2014 when she sold more than $11.8 million worth of Wells Fargo stock. Patricia R Callahan, Senior Executive VP, Joe Raedle/Getty Images . 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 board said it would "claw back" $47 million worth of stock options she was supposed to get when she was fired last year. Tolstedt, of course, is not the only executive on Fortunes Most Powerful Women list to experience a sharp fall from grace. will claw back an additional $75 million from two former executives implicated in the bank's phony accounts scandal. Toldstedt spent 27 years working for Wells Fargo. 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. Boing Boing is published under a Creative Commons Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. 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 Not a "thing". See A Timeline of the Wells Fargo Scandals. 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. Who will be eaten first? Over the past 18 months, The OCC is seeking $25 million from. Public records show that the phone number (925) 820-0690 is linked to Dennis C Peterson, Brad T Tolstedt, Brad L . Consider that in 2014, around the middle of the roughly five-year period reviewed by the CFPB, Wells Fargo set a record in reporting net income of $23.1 billion, on revenue of $84.3 billion. Former Wells Fargo Execs Fined $58.5M by OCC, Practice Management > Building Your Business, News January 23, 2020 at 03:36 PM Details can be seen in Carrie L Tolstedt's Latest Holdings Summary section. FORTUNE may receive compensation for some links to products and services on this website. U.S. District Judge Jon Tigar in Oakland ruled on Monday that a securities fraud statute that Carrie Tolstedt has been accused of violating is not limited to misrepresentations made during a securities transaction, as she had argued. 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. Boing Boing uses cookies and analytics trackers, and is supported by advertising, merchandise In total, Carrie L Tolstedt has made about 180 transactions over 13 years of their time at Wells Fargo & Company/mn. Each year mentioned in a federal agency's consent order, Carrie Tolstedt collected $5.5 million in stock. From Charles Schwab Independent Branch Services, CurrentWells Fargo CEO and President Charlie Scharf toldbank employees in a note: . 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. 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. Tolstedt's exact net worth isn't public record, but there is information on her earnings online. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. $1.75M on August 12, 2005. 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 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 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. The language Wells Fargos board uses to describe each leader makes this clear. 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. Listen to free podcasts to get the info you need to solve business challenges! Other key executives at Wells Fargo & Co include . Read the rules you agree to by using this website in our Terms The industry leader for online information for tax, accounting and finance professionals. 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. Jody Godoy reports on banking and securities law. Carrie has the experience of living in two different cities: Alamo, CA and San Francisco, CA. Explainer: Can Republicans topple Biden's ESG investing rule in court? The OCCs charges against Mr. Strother are false and unfounded, and he intends to vigorously defend against them.. 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. She now faces a $25 million penalty, but it could be increased, the OCC says. The company is split into four primary segments: consumer banking, commercial banking, corporate and investment banking, and wealth and investment management. Carrie L Tolstedt owns about 529,195 units of . Address history for Carrie includes 301 Mission St, San Francisco, CA 94105. 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. The case is SEC v. Tolstedt, No. We must all dedicate ourselves to ensuring that such failings never again occur at Wells Fargo.. Tolstedt was raised in Kimball, Nebraska . Bloomberg Surveillance, covering the latest news in finance, economics and investments. In no event shall GuruFocus.com be liable to any member, guest or third party for any damages of any kind arising out of the use of any content or other material published or available on GuruFocus.com, or relating to the use of, or inability to use, GuruFocus.com or any content, including, without limitation, any investment losses, lost profits, lost opportunity, special, incidental, indirect, consequential or punitive damages. All quotes delayed a minimum of 15 minutes. 20-cv-07987, U.S. District Court, Northern District of California. 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. U.S. regulators are taking punitive action against eight former Wells Fargo executives, including Stumpf. 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It has an affiliated registered investment adviser, which serves as the subadviser to an exchange traded fund. 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. ", 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, Case No. 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. Big Banks Reap $32B Windfall From Trump Tax Cuts: Report. 0 transactions in Wells Fargo & Co (WFC) over the past 5 years. She was a top booster of the. We are a participant in the Amazon Services LLC Associates Program, an affiliate advertising Tolstedt was insular and defensive, resistant to change and inflexible, and obsessed with control, the board wrote in the report. Former CEO Stumpf, who resigned in October, is referenced only 81 times. 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