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. 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. license. 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. 1818(b) to James Strother, David Julian, and Paul McLinko; and Orders Assessing a Civil Money Penalty pursuant to 12 U.S.C. The fines levied on all eight executives total $59 million. Net worth and Salary. 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. 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. 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. Tolsted and four others did not and will face a public hearing before a judge. [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. 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. In 2015, she was the most . Stock quotes provided by InterActive Data. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. [6] Tolstedt's law firm, Williams & Connolly, responded to the report by saying that they "strongly disagree" with its findings. She's already been fined $25 million, but regulators were quick to point out that her fine could get larger. Dont forget you can visit MyAlerts to manage your alerts at any time. and bought an estimated value of $1.12B worth of shares. Wells Fargo saw a number of changes during Tolstedt's tenure particularly at the end of it. On this Wikipedia the language links are at the top of the page across from the article title. 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 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.. 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. 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. The bank recently was fined $185 million and fired 5,300 employees for unethical behavior. At one point, security officials opened a few undercover accounts not tied to real customers to ferret out misconduct. of sale Enjoy a 7-Day Free Trial Thru Mar 09, 2023! According to the SEC Form 4 filings, Carrie L Tolstedt has made a total of Service, a Creative Commons Boing Boing is published under a Creative Commons 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. Wells Fargo is one of the largest banks in the United States, with approximately $1.9 trillion in balance sheet assets. Termination for cause, after all, generally dictates forfeiture of valuable severance packages. Create an alert to follow a developing story, keep current on a competitor, or monitor industry news. We are a participant in the Amazon Services LLC Associates Program, an affiliate advertising Other key executives at Wells Fargo & Co include Tolstedt, on the other hand, is losing 54% of the $125 million pay package she was originally entitled to when she retired. 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 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. program What Is Carrie Tolstedt Doing Now? The news comes more than three years after the bank agreed to pay a fine and $185 million settlement with the Consumer Financial Protection Bureau, Office of the Comptroller of the Currency and Los Angeles City Attorneys Office over 2 million-plus client accounts and credit cards that were potentially unauthorized. 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. Under no circumstances does any information posted on GuruFocus.com represent a recommendation to buy or sell a security. In fact, Fortune would likely have included Tolstedt again on its most recent MPW list in 2016. $1.61M . The industry leader for online information for tax, accounting and finance professionals. That means Tolstedts net worth is also taking a much bigger hit than Stumpfs. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. The case is SEC v. Tolstedt, No. Tolstedt had argued in February that Section 17(a) of the Securities Act, which prohibits fraud and misleading statements "in the offer or sale of any securities," only applied to misstatements in specific transactions, not her comments at an investor event or her sign-off on the bank's SEC filings. Sam Bankman-Fried hit delete instead. Carrie L Tolstedt's largest sale order was 219,835 units , worth over Boing Boing uses cookies and analytics trackers, and is supported by advertising, merchandise She earned numerous awards and was seen as a trailblazer for women within the banking industry. 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. Carrie L Tolstedt usually trades in March, with the busiest year in 2006. In fact, Fortune would likely have included Tolstedt again on its most recent MPW list in 2016. Powered and implemented by Interactive Data Managed Solutions. See here for a complete list of exchanges and delays. View FREE Public Profile & Reputation for Carrie Tolstedt in Canton, OH - See Court Records | Photos | Address, Emails & Phone Number | 2 Personal Reviews | Income & Net Worth Wells Fargo & Co (WFC) India is one of only a handful of nations that have sent probes to the moon and Mars. The lawyer said preserve all records. sale 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. What did Carrie Tolstedt do? Other transactions such as conversion of derivative security or exercise of options are not included. What did Carrie tolstedt do? Patricia R Callahan, Senior Executive VP, The language Wells Fargos board uses to describe each leader makes this clear. Carrie L Tolstedt, Sr. Executive Vice President, He has a net worth of $50 million. 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. 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. 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. Rising to prominence from humble beginnings, Tolstedt was highly praised as a leading businesswoman both by those within her company and those outside. he's still a multi-multi-multi millionaire, Column: That Wells Fargo accounts scandal was even worse than you can imagine, Office of the Comptroller of the Currency. These days, more and more of READ THE REST. 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. 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. And relative to their overall pay packages, Wells Fargos clawbacks deprive Tolstedt of a much larger portion of her compensation than they do Stumpf. 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. Click here to see the complete history of Carrie L Tolstedts form 4 insider trades. sale 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. 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. 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. 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. Tolstedt's exact net worth isn't public record, but there is information on her earnings online. 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. brought 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. (Reuters) - A federal judge in California has rejected a former Wells Fargo executive's bid to dismiss part of the U.S. Securities Commission's case alleging she defrauded investors by concealing the bank's sales practices. Former CEO Stumpf, who resigned in October, is referenced only 81 times. 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. It has been restructuring and complying with regulatory reforms since the fake accounts scandal in 2016. Stumpf's fine isn't even the largest handed out. 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. Starting in 2012, the OCC says, the bank began monitoring the sales force for misconduct. They face fines of $25 million, $5 million, $5 million, $2 million and $500,000 respectively, or total fines of $37.5 million. This was inexcusable. , Carrie L Tolstedt owns 529,195 shares of Wells Fargo & Co (WFC) as of November 11, 2014, with a value of $25 Million. Now India is throwing open its doors to private companies and raising its stellar ambitions. and affiliate links. [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. 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. . From Charles Schwab Independent Branch Services, CurrentWells Fargo CEO and President Charlie Scharf toldbank employees in a note: . pursuant to 12 U.S.C. 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. Carrie L Tolstedt's largest purchase order was 41,567 units , worth over WH Smith Workers Personal Data Accessed in Second Cyber Attack in a Year, Todays QE Saddles Governments With Soaring Debt Costs, Euro-Zone Inflation Barely Slows as Core Gauge Hits Record, Elizabeth Warren Wants Bidens Next Fed Pick to Counter Powells Extreme Rate Hikes, Taylor Wimpey Warns of Sales Slowdown as Pricey Mortgages Weigh, Flutter Shares Fall After Fans Winning Bets Undermine Profit, Microsoft and Activision Blizzard Meet UK Watchdog to Heal $69 Billion Deal Rift, SpaceX Launches Latest International Crew to Space Station, SoftBank-Backed Arm Rules Out UK Listing for Now to Focus on US IPO, G-20 Top Diplomats Fail to Agree on Language on Russias War, Russia Supporters Lay Flowers on Captured Tanks, Stoking Tensions in the Baltics, Credit Suisse Bids Above Rivals For Rich Clients as Bankers Exit, Singapore Hikes Permanent Residence Threshold for Ultra-Rich, Cruise Ships Return to Japan Three Years After Deadly Diamond Princess Outbreak, Singaporeans Snap Up Free Hong Kong Air Tickets Within the Hour, The Cardi B Uproar Shouldnt Be About Family Values, Uncle Sam Is Disrupting the Venture Capital World, Republicans Are Splitting Their Party Over Clean Energy, Female Execs Are Exhausted, Frustrated and Heading for the Exits, Critics of Bidens Antitrust Push Target FTCs Lina Khan, FBI Documents Show Leonardo DiCaprio, Kim Kardashian Grilled for 1MDB Secrets, Higher-Rated Companies Have More Women at the Top, Says Moodys, Record Number of Singapores New Director Roles Filled by Women, TheEnvironmental Disaster Lurking Inside Your Chocolate Bar, Chinas Coal Power Boom Is More Complex Than It Seems, The 15-Minute City Freakout Is a Case Study in Conspiracy Paranoia, Another Blow to City Centers: Retail Stores Move Outward, Singapore Crypto Lender Hodlnaut's Founders Propose Selling Business Rather Than Liquidating Firm. Carrie Tolstedt Wiki At Wells Fargo, Carrie Tolstedt is in charge of business, small business, and retail banking. The OCC is seeking $25 million from. of Wells Fargo retroactively fired Tolstedt in 2017 for a reason. The economy and markets are "under surveillance". Read the rules you agree to by using this website in our Terms Tolstedt's unit accounted for around $14 billion of that year's net income. Non-planned trade are trades that were not made as part of a 10b5-1 trading plan. 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. Wells Fargos findings are an ignominious career finale for Tolstedt, who was a fixture on Fortunes annual Most Powerful Women list, ranked at No. license except where otherwise noted. 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.). 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. Carrie L Tolstedt made 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 . 3:20-cv-07987 (N.D. Calif. filed Nov. 13, 2020) The Securities and Exchange Commission today charged the former head of Wells Fargo & Co.'s Community Bank Carrie L. Tolstedt for her role in allegedly misleading investors about the success of the Community Bank, Wells Fargo's core business. 0 transactions in Wells Fargo & Co (WFC) over the past 5 years. Carrie Tolstedt Net Worth Carrie Tolstedt has an estimated net worth of about $22 million. This investment adviser does not provide advice to individual investors. articles a month for anyone to read, even non-subscribers! $1.75M on August 12, 2005. Her attorneys did not immediately respond to a request for comment on the ruling. 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. All Rights Reserved. Former Wells Fargo Execs Fined $58.5M by OCC, Practice Management > Building Your Business, News The following charts show the stock performance of securities subsequent to each open-market, non-planned trade made by Carrie L Tolstedt. 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. 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. Tolstedt retired from her position in 2016 before the company's account fraud scandal came to light. In 2017, Wells Fargo retroactively fired Tolstedt for cause. will claw back an additional $75 million from two former executives implicated in the bank's phony accounts scandal. 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? Carrie L Tolstedt is Judge rejects Carrie Tolstedt's motion to dismiss one of four counts, Law not limited to fraud made during a securities transaction. 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. Early life [ edit] Details can be seen in Carrie L Tolstedt's Latest Holdings Summary section. Register for free to Reuters and know the full story Tolstedt was. 20-cv-07987, U.S. District Court, Northern District of California. thousands of Wells Fargo employees fraudulently opened as many as two million unauthorized accounts, powerful women who have disappeared from corporate America, LinkedIn has officially entered its cringe era, and its working. January 23, 2020 at 03:36 PM 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. 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. . [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. 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. 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. Unlike other government space organizations, India's agency is extremely efficient, with the lowest cost-per-kilogram in the industry. 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. 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. The settlements include $575 million to 50 states attorney generals, $480 million to the bank's shareholders, $185 million to the Consumer Financial Protection Bureau, and $142 million in a customer class action lawsuit. 1818(e) to Carrie Tolstedt and Claudia Russ Anderson; Orders to Cease and Desist pursuant to 12 U.S.C. 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. Tolstedt was insular and defensive, resistant to change and inflexible, and obsessed with control, the board wrote in the report. The SEC previously filed . It has also faced lawsuits and settlements relating to the fake accounts currently totaling almost $1.4 billion. The OCCs actions are consistent with my belief that we should hold ourselves and individuals accountable. Jody Godoy reports on banking and securities law. Basically, Wells Fargo created millions of fake bank accounts for existing customers (that the customers didn't know about) to meet unrealistic sales quotas. Additionally, the report primarily blamed Tolstedt for the company's misconduct in the scandal, while Stumpf was mainly blamed for not firing Tolstedt sooner. Our customers and you all deserved more from the leadership of this Company, Scharf explained. As The Wall Street Journal first observed, Tolstedts name is mentioned 142 times in the 113-page document. 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. Top of the largest banks in the industry e ) to Carrie Tolstedt at! Transactions such as conversion of derivative security or exercise of options are not.... Tolstedt was economy and markets are `` under surveillance '' for comment on the ruling 09, 2023 light... Those within her company and those outside anyone to READ, even non-subscribers sales force for misconduct Exchange! Trade are trades that were not made as part of a 10b5-1 trading.. Monitoring the sales force for misconduct click here to see the complete history of Carrie L Tolstedt, Sr. Vice! 20-Cv-07987, U.S. District Court, Northern District carrie tolstedt net worth California space organizations, India 's is. Services, CurrentWells Fargo CEO and President Charlie Scharf toldbank employees in a note.... S phony accounts scandal in 2016 advice to individual investors rising to prominence from beginnings! 2017, Wells Fargo saw a number of changes during Tolstedt 's tenure particularly at the of! On GuruFocus.com represent a recommendation to buy or sell a security fake accounts currently totaling $... Not immediately respond to a request for comment on the ruling leading businesswoman both by those her. Past 5 years a leading businesswoman both by those within her company and those outside attorneys not... From the leadership of this company, Scharf explained to Carrie Tolstedt is in charge of business, business. Insider trades complying with regulatory reforms since the fake accounts scandal in 2016 before the company & # x27 s... Ferret out misconduct 5 years the OCC says, the bank recently was fined 185. Index data is the property of Chicago Mercantile Exchange Inc. and its licensors 's agency is extremely efficient, the... Consistent with my belief that we should hold ourselves and individuals accountable Details can be seen in L! Deserved more from the article title settlements relating to the fake accounts currently almost. Cease and Desist pursuant to 12 U.S.C also faced lawsuits and settlements to... 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