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). Wells Fargo & Co (WFC) 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. Your article was successfully shared with the contacts you provided. 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. sale Tolstedt's unit accounted for around $14 billion of that year's net income. Tolstedt, of course, is not the only executive on Fortunes Most Powerful Women list to experience a sharp fall from grace. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. They also are consistent with our belief that significant parts of the operating model of our Community Bank were flawed. What Is Carrie Tolstedt Doing Now? and The most active traders at the company are He has a net worth of $50 million. That means Tolstedts net worth is also taking a much bigger hit than Stumpfs. 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 Fargos advisor headcount stands at 13,512 vs. nearly 13,948 a year ago. 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. 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. sale 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. Carrie Tolstedt headed up Wells Fargo's community bank for a decade. The case is SEC v. Tolstedt, No. The bank recently was fined $185 million and fired 5,300 employees for unethical behavior. The economy and markets are "under surveillance". no insider transaction in Wells Fargo & Co (WFC). Tolstedt, meanwhile, is giving up $67 million-or almost twice the $36 million she took home over the same period. Folk says Tolstedt's $124.6 million comes from "stock that she either owns outright" or in the form of options. Wells Fargo is one of the largest banks in the United States, with approximately $1.9 trillion in balance sheet assets. In July, however, Tolstedt abruptly announced she would retire at the end of that year, disqualifying her from the list. 27 as recently as 2015, recognized as the most powerful female banker in the U.S. at the time. 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.. You might contact Carrie L Tolstedt via mailing address: 2706 Laguna Street, San Francisco Ca 94123. They face fines of $25 million, $5 million, $5 million, $2 million and $500,000 respectively, or total fines of $37.5 million. Get alerted any time new stories match your search criteria. The industry leader for online information for tax, accounting and finance professionals. 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. Explainer: Can Republicans topple Biden's ESG investing rule in court? 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. Carrie L Tolstedt owns 529,195 shares of Wells Fargo & Co (WFC) as of November 11, 2014, with a value of $25 Million. The estimated net worth of Carrie L Tolstedt is at least $25 Million dollars as of 2023-03-02. This investment adviser does not provide advice to individual investors. The gurus listed in this website are not affiliated with GuruFocus.com, LLC. FORTUNE may receive compensation for some links to products and services on this website. (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.). 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. Carrie L Tolstedt's largest sale order was 219,835 units , worth over 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. These warning signs were pretty incredible: after one presentation by Tolstedt downplaying the seriousness of the rot in the bank, a board member cursed her out, calling her reassurances "a piece of shit. According to the SEC, Tolstedt profited in November 2014 when she sold more than $11.8 million worth of Wells Fargo stock. Our customers and you all deserved more from the leadership of this Company, Scharf explained. Home; News; In the last 20 years, insiders at Wells Fargo & Company/mn have sold an estimated value of $2.51B [8][9] While others involved in the scandal have given up clearing their charges, Tolstedt continues to fight against her own. [2], In response to the report, Wells Fargo retroactively fired Tolstedt for cause and revoked $47.3 million that they had previously paid her. 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 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. Carrie L Tolstedt owns about 529,195 units of . [1] The report stated that Stumpf was hesitant to criticize Tolstedt, and that he once called her "the best banker in America". hide caption. See here for a complete list of exchanges and delays. 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. Offers may be subject to change without notice. Many of those questions were raised in a Fortune story Monday that wondered whether the situation was ripe for Wells Fargo to try to "claw back" some of the stock options it had awarded Tolstedt, who exits after years of heading Wells Fargo's huge community banking division. Public records show that the phone number (925) 820-0690 is linked to Dennis C Peterson, Brad T Tolstedt, Brad L . Based on ownership reports from SEC filings, as the reporting owner, Carrie L Tolstedt owns 1 companies in total, including Sr. Executive Vice President Kristy Fercho The estimated net worth of Carrie L Tolstedt is at least $25 Million dollars as of 2023-02-25. brought The fines levied on all eight executives total $59 million. Additionally, the report primarily blamed Tolstedt for the company's misconduct in the scandal, while Stumpf was mainly blamed for not firing Tolstedt sooner. Now Stumpf is personally feeling the heat for what transpired. Share & Print. 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. Ex-community bank head Carrie Tolstedt, who gave up tens of millions of dollars when she left the bank in 2016, and four other former executives will face a public hearing. (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.). Judge rejects Carrie Tolstedt's motion to dismiss one of four counts, Law not limited to fraud made during a securities transaction. [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. Sr. Executive Vice President Bei Ling 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 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. [6] Tolstedt's law firm, Williams & Connolly, responded to the report by saying that they "strongly disagree" with its findings. 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's largest purchase order was 41,567 units , worth over 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. What did Carrie Tolstedt do? Tolsted and four others did not and will face a public hearing before a judge. 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. Former Wells Fargo Execs Fined $58.5M by OCC, Practice Management > Building Your Business, News Tolstedt, on the other hand, is losing 54% of the $125 million pay package she was originally entitled to when she retired. Service, a Creative Commons The current estimated net worth of Wells Fargo & Company/mn's Sr. Executive Vice President, Carrie L Tolstedt, is estimated to be about $14.07M . [2] She graduated from the University of NebraskaLincoln. 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 way Carrie Tolstedt told it, she caught the banking bug early when she was a child in a small Nebraska town. Ex-US congressman 'abused trust' to trade before mergers, prosecutor says, Genentech sues Biogen for royalties on blockbuster MS drug, U.S. Congress votes to block ESG investing, Biden veto expected, Trump-backed SPAC Digital World to appeal Nasdaq delisting notice. Stumpf is barred from the business and will pay a $17.5 million fine. 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 phony. The language Wells Fargos board uses to describe each leader makes this clear. Other transactions such as conversion of derivative security or exercise of options are not included. But it designed the monitoring to minimize its findings and looked only for certain misdeeds, avoiding numerous other red flags of unauthorized account-opening. [3], Toldstedt worked at Wells Fargo for 27 years. Submit a correction suggestion and help us fix it! Past performance is a poor indicator of future performance. Non-planned trade are trades that were not made as part of a 10b5-1 trading plan. 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. 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 Carrie has the experience of living in two different cities: Alamo, CA and San Francisco, CA. $1.75M on August 12, 2005. The report reveals both the incredible toll this took on those employees ("I was in the 1991 Gulf War. Wells Fargo says Tolstedt's retirement was a personal decision, and that her stock holdings were earned over her 27-year tenure.". The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. The estimated net worth of Carrie L Tolstedt is at least $23 Million dollars unlike her net worth her salary is not publicly known Tolstedt's exact net worth isn't public record, but there is information on her earnings online. 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. Tolstedt was fired for cause by Wells Fargo in 2017. Carrie L Tolstedt, Sr. Executive Vice President, It has an affiliated registered investment adviser, which serves as the subadviser to an exchange traded fund. Kleber Santos who sold 34,698 units worth Publisher - Just another WordPress site. Carrie Tolstedt Wiki At Wells Fargo, Carrie Tolstedt is in charge of business, small business, and retail banking. The bank's internal report pinned much of . program 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. That meant that although 30,000 employees per month exhibited suspect activity, only as few as three per month were investigated. She earned numerous awards and was seen as a trailblazer for women within the banking industry. Former CEO Stumpf, who resigned in October, is referenced only 81 times. The former CEO is losing $69 million, or 85%, out of the $81 million he made between 2013 and 2016. 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 has the phone number (925) 820-0690 (Pacific Bell). Details can be seen in Carrie L Tolstedt's Latest Holdings Summary section. 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. $1.61M . Tolstedt was raised in Kimball, Nebraska . Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. sites. license except where otherwise noted. 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