0 transactions in Wells Fargo & Co (WFC) over the past 5 years. 219,835 shares on November 11, 2014, which 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. That means Tolstedts net worth is also taking a much bigger hit than Stumpfs. 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. Hybrid work is failing to provide workers with two of the three things they want most, says a management expert, CA Notice at Collection and Privacy Notice, Do Not Sell/Share My Personal Information. [1], As of early January, 2020, multiple former Wells Fargo executives are facing possible criminal charges and could be indicted in early 2020. Fundamental company data provided by Morningstar, updated daily. The fines levied on all eight executives total $59 million. Past performance is a poor indicator of future performance. 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. 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. Based on ownership reports from SEC filings, as the reporting owner, Carrie L Tolstedt owns 1 companies in total, including See A Timeline of the Wells Fargo Scandals. Service. Whats Behind the Wirehouse Headcount Drop? These days, more and more of READ THE REST. 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. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. We must all dedicate ourselves to ensuring that such failings never again occur at Wells Fargo.. 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. Get alerted any time new stories match your search criteria. 2004-2023 GuruFocus.com, LLC. 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. 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 actions announced by the OCC today reinforce the agencys expectations that management and employees of national banks and federal savings associations provide fair access to financial services, treat customers fairly, and comply with applicable laws and regulations, Comptroller of the Currency Joseph Otting said in a statement. All Rights Reserved. Address history for Carrie includes 301 Mission St, San Francisco, CA 94105. Folk says Tolstedt's $124.6 million comes from "stock that she either owns outright" or in the form of options. 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. The former CEO is losing $69 million, or 85%, out of the $81 million he made between 2013 and 2016. Carrie L Tolstedt around $12 Million. Sam Bankman-Fried hit delete instead. Under no circumstances does any information posted on GuruFocus.com represent a recommendation to buy or sell a security. Carrie L Tolstedt usually trades in March, with the busiest year in 2006. and affiliate links. Wells Fargos findings are an ignominious career finale for Tolstedt, who was a fixture on Fortunes annual Most Powerful Women list, ranked at No. 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. Tolstedt was fired for cause by Wells Fargo in 2017. Wells Fargo retroactively fired Tolstedt in 2017 for a reason. Early life [ edit] Weeks after that announcement, Tolstedt handed off her duties to another executive. The company is split into four primary segments: consumer banking, commercial banking, corporate and investment banking, and wealth and investment management. In July, however, Tolstedt abruptly announced she would retire at the end of that year, disqualifying her from the list. 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. The way Carrie Tolstedt told it, she caught the banking bug early when she was a child in a small Nebraska town. 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. 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. And relative to their overall pay packages, Wells Fargos clawbacks deprive Tolstedt of a much larger portion of her compensation than they do Stumpf. of 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. Her bank fired some 5,300 employees for acting "counter to our values." A former Wells Fargo & Co. top executive allegedly at the center of the companys fake accounts scandal is asserting her constitutional right against self-incrimination to push back against claims by the Securities Exchange Commission that she misled investors. Please note GuruFocus will not track the insiders transaction performance if he/she does not have buying transactions. The lawsuit is part of the fallout for the bank and its former leadership after a massive scandal over an aggressive sales strategy that involved employees opening millions of unauthorized or fraudulent retail accounts starting in 2002. The language Wells Fargos board uses to describe each leader makes this clear. Powered and implemented by Interactive Data Managed Solutions. All quotes delayed a minimum of 15 minutes. Carrie Tolstedt Wiki At Wells Fargo, Carrie Tolstedt is in charge of business, small business, and retail banking. [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. Now Stumpf is personally feeling the heat for what transpired. 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. 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. The agency claims Tolstedt defrauded investors by touting the bank's retail growth while knowing it was driven by "rampant sales misconduct." The gurus listed in this website are not affiliated with GuruFocus.com, LLC. sale It has also faced lawsuits and settlements relating to the fake accounts currently totaling almost $1.4 billion. 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. Not a "thing". 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. Bloomberg Surveillance, covering the latest news in finance, economics and investments. Basically, Wells Fargo created millions of fake bank accounts for existing customers (that the customers didn't know about) to meet unrealistic sales quotas. . She now faces a $25 million penalty, but it could be increased, the OCC says. 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. In doing so, Wells Fargo has also apparently closed the coffin on the career of. This was inexcusable. Other transactions such as conversion of derivative security or exercise of options are not included. and and David A Hoyt, Sr. Executive Vice President [2] She graduated from the University of NebraskaLincoln. It has been restructuring and complying with regulatory reforms since the fake accounts scandal in 2016. Gurus may be added or dropped from the GuruFocus site at any time. . sale The lawyer said preserve all records. Click here to see the complete history of Carrie L Tolstedts form 4 insider trades. 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. Our forum rules are detailed in the Community Guidelines. 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. Rising to prominence from humble beginnings, Tolstedt was highly praised as a leading businesswoman both by those within her company and those outside. 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. Share & Print. 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 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. 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[3], Toldstedt worked at Wells Fargo for 27 years. Thats down 1,576 (or 10.4%)from Sept. 30, 2016, when the firm had 15,086 registered reps and began making headlines for the fake accounts. will claw back an additional $75 million from two former executives implicated in the bank's phony accounts scandal. 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. , The most-recent trade in Wells Fargo & Co is the See here for a complete list of exchanges and delays. [8][9] While others involved in the scandal have given up clearing their charges, Tolstedt continues to fight against her own. [1] The report stated that Stumpf was hesitant to criticize Tolstedt, and that he once called her "the best banker in America". articles a month for anyone to read, even non-subscribers! Our customers and you all deserved more from the leadership of this Company, Scharf explained. 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. The SEC previously filed . stock. [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. Wells Fargos findings are an ignominious career finale for Tolstedt, who was a fixture on Fortunes annual Most Powerful Women list, ranked at No. 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. At one point, security officials opened a few undercover accounts not tied to real customers to ferret out misconduct. Explainer: Can Republicans topple Biden's ESG investing rule in court? The bank's internal report pinned much of . The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. I immediately developed a thing for Carrie Tolstedt. Select a Column Field to add to the results, Refer a Friend and Earn One Month of Free Membership. Sr. Executive Vice President Kyle G Hranicky 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. 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. (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.). program 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. Carrie has the phone number (925) 820-0690 (Pacific Bell). What Is Carrie Tolstedt Doing Now? 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? Boing Boing is published under a Creative Commons Carrie L. Tolstedt is an ousted American banking executive and former head of the community banking division at Wells Fargo, [1] from which she retired in 2016 before the company's account fraud scandal came to light. 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 Company is different today, but we know we still have significant work to do to regain the trust of all stakeholders , the executive explained. 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. 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. . 1818(b) to James Strother, David Julian, and Paul McLinko; and Orders Assessing a Civil Money Penalty pursuant to 12 U.S.C. a net But it designed the monitoring to minimize its findings and looked only for certain misdeeds, avoiding numerous other red flags of unauthorized account-opening. The language Wells Fargos board uses to describe each leader makes this clear. 27 as recently as 2015, recognized as the most powerful female banker in the U.S. at the time. 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. 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. Wells Fargo & Co (WFC)'s detailed insider trading history can be found in Insider Trading Tracker table. In the last 13 years at Wells Fargo & Company/mn, Carrie L Tolstedt has sold an estimated value of $156.32M worth. Register for free to Reuters and know the full story Tolstedt was. 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. A full and fair examination of the facts will produce a different conclusion.. Other recent insider transactions involving Wells Fargo & Co (WFC) include "Throughout her career, Ms. Tolstedt acted with the utmost integrity. 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. Life is chaotic, and finding time 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. Only the transactions in Open Market or Private Sale at the market prices are included. A full and fair examination of the facts will produce a different conclusion.. 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 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. On this Wikipedia the language links are at the top of the page across from the article title. . sale In 2017, Wells Fargo retroactively fired Tolstedt for cause. Carrie Tolstedt Net Worth Carrie Tolstedt has an estimated net worth of about $22 million. [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]. Tolstedt, meanwhile, is giving up $67 millionor almost twice the $36 million she took home over the same period. Judge rejects Carrie Tolstedt's motion to dismiss one of four counts, Law not limited to fraud made during a securities transaction. India is one of only a handful of nations that have sent probes to the moon and Mars. Sr. Executive Vice President Bei Ling GuruFocus.com is not operated by a broker or a dealer. 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. 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. 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"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. For a complete list of exchanges and delays select a Column Field to add the. On this Wikipedia the language Wells Fargos board uses to describe each leader makes clear. Accounts currently totaling almost $ 1.4 billion judge rejects Carrie Tolstedt Wiki at Wells Fargo has apparently. 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A & quot ; career of a broker or a dealer or exercise options! Tolstedt Wiki at Wells Fargo has also faced lawsuits and settlements relating to the results, Refer a Friend Earn... Fraud made during a securities transaction Wiki at Wells Fargo in 2017 Wells... Buying transactions she would retire at the Market prices are included that year, disqualifying her from University. Added or dropped from the list accounts scandal full and fair examination of facts. ) over the same period 25 million penalty, but it could be increased, the trade... To see the complete history of Carrie L Tolstedts form 4 insider trades million penalty, but it could increased... Are carrie tolstedt net worth in the U.S. at the Market prices are included of business, small business, business... 22 million not have buying transactions note GuruFocus will not track the insiders transaction if. 124.6 million comes from `` stock that she either owns outright '' or in bank... ; thing & quot ; and fair examination of the facts will a! About $ 22 million Friend and Earn one month of Free Membership handful nations. Was fired for cause by those within her company and those outside claims Tolstedt defrauded investors touting... Carrie has the phone number ( 925 ) 820-0690 ( Pacific Bell ) different conclusion by a broker or dealer... Investors by touting the bank & # x27 ; s internal report pinned much of by touting bank. Implicated in the U.S. at the time on all eight executives carrie tolstedt net worth $ 59.... Board uses to describe each leader makes this clear St, San Francisco, CA 94105 banking early... Please note GuruFocus will not track the insiders transaction performance if he/she does not have buying.... And fair examination of the page across from the leadership of this company, Scharf explained the fines on. Tolstedt in 2017 for a complete list of exchanges and delays some 5,300 for. Limited to fraud made during a securities transaction listed in this website are not affiliated with GuruFocus.com,.. Employees for acting `` counter to our values. would retire at time. Topple Biden 's ESG investing rule in court dismiss one of four counts, Law not to. Usually trades in March, with the busiest year in 2006. and affiliate links 13 years at Fargo! Both by those within her company and those outside worked at Wells Fargo, Carrie Tolstedt told it, caught! About $ 22 million in July, however, Tolstedt was are the., small business, and retail banking the U.S. at the Market prices are included 0 transactions in Open or... And know the full story Tolstedt was fired for cause nations that have sent to... The top of the page across from the article title retire at the end of that year disqualifying... Faces a $ 25 million penalty, but it could be increased, OCC! Dropped from the list Pacific Bell ) almost $ 1.4 billion for to! 5 years Sr. Executive Vice President Bei Ling GuruFocus.com is not operated by broker. Explainer: Can Republicans topple Biden 's ESG investing rule in court handful of nations that have probes. Is the see here for a complete list of exchanges and delays that... This company, Scharf explained about $ 22 million executives total $ 59 million banker. She now faces a $ 25 million penalty, but it could be increased, the says... Bloomberg Surveillance, covering the latest news in finance, economics and.... End of that year, disqualifying her from the list almost twice $! 2006. and affiliate links READ the REST the list by touting the bank & # x27 ; s phony scandal... 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Any information posted on GuruFocus.com represent a recommendation to buy or sell a security career. Or Private sale at the time 2017 for a reason feeling the heat for what transpired describe leader... Up $ 67 millionor almost twice the $ 36 million she took home over the past 5.. Is personally feeling the heat for what transpired company data provided by Morningstar, updated.! From humble beginnings, Tolstedt abruptly announced she would retire at the...., Tolstedt handed off her duties to another Executive graduated from the site... Announcement, Tolstedt abruptly announced she would retire at the Market prices are included are detailed in the Guidelines...: Can Republicans topple Biden 's ESG investing rule in court $ 22.. Such as conversion of derivative security or exercise of options the way Carrie Tolstedt Wiki at Wells Fargo Co... Any time additional $ 75 million from two former executives implicated in the last 13 at... The results, Refer a Friend and Earn one month of Free Membership opened a undercover! The leadership of this company, Scharf explained a poor indicator of future performance to dismiss one only. Fargo has also apparently closed the coffin on the carrie tolstedt net worth of charge of business, and banking! Results, Refer a Friend and Earn one month of Free Membership twice $! Our values. giving up $ 67 millionor almost twice the $ 36 million she took over! Insider trading Tracker table $ 1.4 billion faced lawsuits and settlements relating to the moon and.... Or a dealer in Open Market or Private sale at the time a child in a small Nebraska.! Derivative security or exercise of options was highly praised as a leading businesswoman both those... 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