It has an affiliated registered investment adviser, which serves as the subadviser to an exchange traded fund. 1818(b) to James Strother, David Julian, and Paul McLinko; and Orders Assessing a Civil Money Penalty pursuant to 12 U.S.C. license except where otherwise noted. The gurus listed in this website are not affiliated with GuruFocus.com, LLC. On this Wikipedia the language links are at the top of the page across from the article title. 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. 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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. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. The language Wells Fargos board uses to describe each leader makes this clear. [1] The report stated that Stumpf was hesitant to criticize Tolstedt, and that he once called her "the best banker in America". 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. Address history for Carrie includes 301 Mission St, San Francisco, CA 94105. Tolstedt, on the other hand, is losing 54% of the $125 million pay package she was originally entitled to when she retired. But it designed the monitoring to minimize its findings and looked only for certain misdeeds, avoiding numerous other red flags of unauthorized account-opening. $11.82M on November 13, 2014. . Stumpf's fine isn't even the largest handed out. hide caption. The estimated net worth of Carrie L Tolstedt is at least $25 Million dollars as of 2023-03-02. Tolstedt's unit accounted for around $14 billion of that year's net income. 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. He has a net . Tolstedt was raised in Kimball, Nebraska . 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. 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. (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.). Tolstedt, meanwhile, is giving up $67 millionor almost twice the $36 million she took home over the same period. See here for a complete list of exchanges and delays. Carrie L Tolstedt currently owns a total of 1 See here for a complete list of exchanges and delays. of 34,698 shares. Other key executives at Wells Fargo & Co include Early life [ edit] Not a "thing". Tolstedt was fired in 2016. 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. For example, if an insider trade was made on . The former CEO is losing $69 million, or 85%, out of the $81 million he made between 2013 and 2016. Carrie L Tolstedt owns 529,195 shares of Wells Fargo & Co (WFC) as of November 11, 2014, with a value of $25 Million. 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. September 22, 2022 September 22, 2022 by Prinzo. A federal agency used her Wells Fargo unit as a cautionary tale, imposing the largest fine it's ever levied. What did Carrie tolstedt do? license. [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. Carrie L Tolstedt, Sr. Executive Vice President, 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 lawyer said preserve all records. Offers may be subject to change without notice. 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. 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. As the Fortune piece notes, Tolstedt wasn't singled out in the CFPB's actions, and it's not clear what if any involvement she had with her unit's use of the tactic of creating fake accounts to trigger incentive bonuses. 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. 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 . "How Wells Fargo's Carrie Tolstedt Went from Fortune Most Powerful Woman to Villain", "The hard fall of Wells Fargo's Carrie Tolstedt", "Report: Ex-Nebraskan bears brunt of responsibility for Wells Fargo scandal", "Wells Fargo Exec Who Headed Phony Accounts Unit Collected $125 Million", "Wells Fargo fake accounts head could still walk with $77 million", "Wells Fargo board slams former CEO Stumpf and Tolstedt, claws back $75 million", "Former Wells Fargo execs under criminal investigation report", "Former Wells Fargo CEO Hit with $17.5 Million Fine, Barred from Banking Industry", "Three years on, the Wells Fargo scandal is still breathtaking", "Carrie L. Tolstedt (Release No. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. sites. Wells Fargo says Tolstedt's retirement was a personal decision, and that her stock holdings were earned over her 27-year tenure.". Basically, Wells Fargo created millions of fake bank accounts for existing customers (that the customers didn't know about) to meet unrealistic sales quotas. Past performance is a poor indicator of future performance. But the most impressive part of its space program is its cost-effectiveness. 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. They also are consistent with our belief that significant parts of the operating model of our Community Bank were flawed. 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. and We are a participant in the Amazon Services LLC Associates Program, an affiliate advertising Based on ownership reports from SEC filings, as the reporting owner, Carrie L Tolstedt owns 1 companies in total, including 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. According to the SEC Form 4 filings, Carrie L Tolstedt has made a total of 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. 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. 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. 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. 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. Sr. Executive Vice President Bei Ling Carrie L Tolstedt owns about 529,195 units of Wells Fargo & Company/mn common stock. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. ", 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. Wells Fargo & Company/mn's most recent insider trade came on February 27, 2023 by In 2015, she was the most . The way Carrie Tolstedt told it, she caught the banking bug early when she was a child in a small Nebraska town. 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. Sam Bankman-Fried hit delete instead. 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. 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Kleber Santos who sold 34,698 units worth of 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. U.S. regulators are taking punitive action against eight former Wells Fargo executives, including Stumpf. Carrie has the experience of living in two different cities: Alamo, CA and San Francisco, CA. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. Gurus may be added or dropped from the GuruFocus site at any time. The language Wells Fargos board uses to describe each leader makes this clear. 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. The report reveals both the incredible toll this took on those employees ("I was in the 1991 Gulf War. Over the past 18 months, 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. of Tolstedt was insular and defensive, resistant to change and inflexible, and obsessed with control, the board wrote in the report. $1.61M . 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 In 2017, Wells Fargo retroactively fired Tolstedt for cause. Carrie Tolstedt headed up Wells Fargo's community bank for a decade. no insider transaction in Wells Fargo & Co (WFC). While Stumpf's nest. sale Her father ran the local bakery, and she would join him on his visits to the. The OCC is seeking $25 million from. The bank recently was fined $185 million and fired 5,300 employees for unethical behavior. 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. As for the size of Tolstedt's holdings, Folk noted that she was at the company for nearly 30 years. 0 transactions in Wells Fargo & Co (WFC) over the past 5 years. Weeks after that announcement, Tolstedt handed off her duties to another executive. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. 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. Sr. Executive Vice President Kristy Fercho [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. , Rising to prominence from humble beginnings, Tolstedt was highly praised as a leading businesswoman both by those within her company and those outside. 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. She earned numerous awards and was seen as a trailblazer for women within the banking industry. Who will be eaten first? sale 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. 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