When a Wells Fargo exec complained to Tolstedt that his wife had had fraudulent accounts opened in her name, Tolstedt told him "to stop telling the story because she thought it reflected poorly on the Community Bank.". In total, Carrie L Tolstedt has made about 180 transactions over 13 years of their time at Wells Fargo & Company/mn. designed to provide a means for us to earn fees by linking to Amazon.com and affiliated Boing Boing uses cookies and analytics trackers, and is supported by advertising, merchandise Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Unlike other government space organizations, India's agency is extremely efficient, with the lowest cost-per-kilogram in the industry. Get alerted any time new stories match your search criteria. 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 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. 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. sale This was inexcusable. Read about what we do with the data we gather in our Privacy Policy. 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 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. 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. 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. As The Wall Street Journal first observed, Tolstedts name is mentioned 142 times in the 113-page document. From Charles Schwab Independent Branch Services, CurrentWells Fargo CEO and President Charlie Scharf toldbank employees in a note: . 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 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. Tolstedt was fired for cause by Wells Fargo in 2017. 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 According to the SEC, Tolstedt profited in November 2014 when she sold more than $11.8 million worth of Wells Fargo stock. 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 . 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. Read the rules you agree to by using this website in our Terms It is almost entirely focused on the U.S. Carrie L Tolstedt is the Sr. Executive Vice President of Wells Fargo & Co. Wells Fargo retroactively fired Tolstedt in 2017 for a reason. pursuant to 12 U.S.C. program The OCCs charges against Mr. Strother are false and unfounded, and he intends to vigorously defend against them.. Stock quotes provided by InterActive Data. , See here for a complete list of exchanges and delays. The most active traders at the company are [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. India is one of only a handful of nations that have sent probes to the moon and Mars. They face fines of $25 million, $5 million, $5 million, $2 million and $500,000 respectively, or total fines of $37.5 million. (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. 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. The former CEO is losing $69 million, or 85%, out of the $81 million he made between 2013 and 2016. sites. Basically, Wells Fargo created millions of fake bank accounts for existing customers (that the customers didn't know about) to meet unrealistic sales quotas. It has an affiliated registered investment adviser, which serves as the subadviser to an exchange traded fund. When we asked about a potential "claw back" of millions in compensation for Tolstedt, Folk said Wells Fargo isn't talking about that today. Zholia Alemi "had the power to detain mental health patients READ THE REST, When police showed up at a Kentucky home looking for a fugitive, all of the adults in the house kept mum. Enjoy a 7-Day Free Trial Thru Mar 09, 2023! 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. of Tolstedt and four others are fighting the allegations and have not reached a settlement. 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. 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 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 owns about 529,195 units of Wells Fargo & Company/mn common stock. I immediately developed a thing for Carrie Tolstedt. The lawyer said preserve all records. and 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. As The Wall Street Journal first observed, Tolstedts name is mentioned 142 times in the 113-page document. For example, if an insider trade was made on . Please note GuruFocus will not track the insiders transaction performance if he/she does not have buying transactions. The gurus listed in this website are not affiliated with GuruFocus.com, LLC. I had less stress in the 1991 Gulf War than working for Wells Fargo") and the clanging bells and flashing red lights that Stumpf and Carrie Tolstedt (previously), another disgraced former Wells Fargo exec, roundly ignored. Each year mentioned in a federal agency's consent order, Carrie Tolstedt collected $5.5 million in stock. . The most-recent trade in Wells Fargo & Co is the 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. Carrie L Tolstedt's largest purchase order was 41,567 units , worth over Offers may be subject to change without notice. Throughout her career, Ms. Tolstedt acted with the utmost integrity and concern for doing the right thing, said Enu Mainigi, her lawyer at Williams & Connolly in the report. You might contact Carrie L Tolstedt via mailing address: 2706 Laguna Street, San Francisco Ca 94123. and David A Hoyt, Sr. Executive Vice President 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. 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. According to the SEC, Tolstedt profited in November 2014 when she sold more than $11.8 million worth of Wells Fargo stock. Other transactions such as conversion of derivative security or exercise of options are not included. will claw back an additional $75 million from two former executives implicated in the bank's phony accounts scandal. But it designed the monitoring to minimize its findings and looked only for certain misdeeds, avoiding numerous other red flags of unauthorized account-opening. Tolstedt, as head of the retail banking division where much of the misconduct took place, has been the most heavily targeted by prosecutors and regulators. Explainer: Can Republicans topple Biden's ESG investing rule in court? 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. The OCC is seeking $25 million from. [2] She graduated from the University of NebraskaLincoln. sales The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. (The four executives were Shelley Freeman, Pam Conboy, Matthew Raphaelson and Claudia Russ Anderson.). Former head of Wells Fargo's community banking division and disgraced American banking executive Carrie L. Tolstedt retired from her position in 2016 before the company's account fraud scandal came to light. Former Wells Fargo Execs Fined $58.5M by OCC, Practice Management > Building Your Business, News Source: Vimbuzz.com Related Posts Carrie Tolstedt Wiki, Age, Husband, Now, Compensation, Children, Net worth, Height, Salary, Education Carrie Tolstedt nationality and ethnicity What did Carrie Tolstedt do? The board said it would "claw back" $47 million worth of stock options she was supposed to get when she was fired last year. [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. 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. 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. Sr. Executive Vice President Bei Ling 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. Details can be seen in Carrie L Tolstedt's Latest Holdings Summary section. license except where otherwise noted. How to Geta Free Flight to Hong Kong in 500,000 Airline Ticket Giveaway, China Warns Hedonistic Bankers to Toe the Communist Party Line, Stocks Drop for a Second Day; Yields Stay Elevated: Markets Wrap, Apple Abruptly Shutters Store in North Carolina After Shootings, The SPAC Fad Is Ending in a Pile of Bankruptcies and Fire Sales. 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. Stumpf is barred from the business and will pay a $17.5 million fine. Past performance is a poor indicator of future performance. license. 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. What Is Carrie Tolstedt Doing Now? Stumpf's fine isn't even the largest handed out. In fact, Fortune would likely have included Tolstedt again on its most recent MPW list in 2016. Tolstedt was raised in Kimball, Nebraska . Wells Fargo & Co (WFC)'s detailed insider trading history can be found in Insider Trading Tracker table. Remember John Stumpf? Carrie L Tolstedt usually trades in March, with the busiest year in 2006. Wells Fargo & Co (WFC) Early life [ edit] 0 transactions in Wells Fargo & Co (WFC) over the past 5 years. Dont forget you can visit MyAlerts to manage your alerts at any time. 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. 2023 Fortune Media IP Limited. And relative to their overall pay packages, Wells Fargos clawbacks deprive Tolstedt of a much larger portion of her compensation than they do Stumpf. 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 following charts show the stock performance of securities subsequent to each open-market, non-planned trade made by Carrie L Tolstedt. of 34,698 shares. 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. 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. 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. 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 retroactively fired Tolstedt in 2017 for a reason. This investment adviser does not provide advice to individual investors. Now India is throwing open its doors to private companies and raising its stellar ambitions. 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. We must all dedicate ourselves to ensuring that such failings never again occur at Wells Fargo.. 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 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. 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. 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. Her bank fired some 5,300 employees for acting "counter to our values." It has been restructuring and complying with regulatory reforms since the fake accounts scandal in 2016. U.S. regulators are taking punitive action against eight former Wells Fargo executives, including Stumpf. In 2015, she was the most . Create an alert to follow a developing story, keep current on a competitor, or monitor industry news. Publisher - Just another WordPress site. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Gurus may be added or dropped from the GuruFocus site at any time. 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. In doing so, Wells Fargo has also apparently closed the coffin on the career of. (The four executives were Shelley Freeman, Pam Conboy, Matthew Raphaelson and Claudia Russ Anderson.). She was a top booster of the. As for the size of Tolstedt's holdings, Folk noted that she was at the company for nearly 30 years. They also are consistent with our belief that significant parts of the operating model of our Community Bank were flawed. hide caption. Carrie Tolstedt headed up Wells Fargo's community bank for a decade. These days, more and more of READ THE REST. and bought an estimated value of $1.12B worth of shares. 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. In July, however, Tolstedt abruptly announced she would retire at the end of that year, disqualifying her from the list. 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. But it was a toddler who broke the silence, 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 Tolstedt is a former head of Wells Fargo's community banking division and an American banking executive. 27 as recently as 2015, recognized as the most powerful female banker in the U.S. at the time. [6] Tolstedt's law firm, Williams & Connolly, responded to the report by saying that they "strongly disagree" with its findings. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. 2004-2023 GuruFocus.com, LLC. Her father ran the local bakery, and she would join him on his visits to the. Not a "thing". 1818(i) to each of the Respondents, individually. 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 In July, however, Tolstedt abruptly announced she would retire at the end of that year, disqualifying her from the list. 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. of 57,398 shares. [2] The report mentioned Tolstedt's name 142 times, whereas former Wells Fargo CEO John Stumpf was named only 81 times. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. He was the CEO of Wells Fargo during the bank's fake accounts scandal. Wells Fargos advisor headcount stands at 13,512 vs. nearly 13,948 a year ago. Stumpf's reputation took a beating in the wake of this scandal. Our customers and you all deserved more from the leadership of this Company, Scharf explained. Wells Fargos findings are an ignominious career finale for Tolstedt, who was a fixture on Fortunes annual Most Powerful Women list, ranked at No. 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. 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. Carrie L Tolstedt, Sr. Executive Vice President, , We must all dedicate ourselves to ensuring that such failings never again occur at Wells Fargo., Office of the Comptroller of the Currency, MLB Pitcher Turned RIA Knows About Retiring in a Rough Market, Active Funds Failed to Beat Passive Peers in 2022: Morningstar, AI at 'Inflection Point,' Adoption Set to Accelerate: UBS, Goldman to Stop Doing IPOs for Firms Lacking Board Diversity, IRS Gives Tax Filing Relief to Texans Hit by Winter Storms, Human Capital: Skip Schweiss on Reshaping FPAs Value Proposition, Biden Temporarily Limits PPP Loans to Smallest Businesses, Ex-Merrill Rep Barred for Keeping $100 Found at ATM: FINRA. A federal agency used her Wells Fargo unit as a cautionary tale, imposing the largest fine it's ever levied. Carrie L Tolstedt's largest sale order was 219,835 units , worth over All rights reserved. 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. 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. no insider transaction in Wells Fargo & Co (WFC). 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. 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. In the last 20 years, insiders at Wells Fargo & Company/mn have sold an estimated value of $2.51B 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. [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]. The estimated net worth of Carrie L Tolstedt is at least $25 Million dollars as of 2023-03-02. Tolstedt was fired in 2016. Service, a Creative Commons "Employees were referred for investigation only if they engaged in sales practices misconduct so frequently" that they ranked as the "top 0.01% or 0.05% of total offenders." The industry leader for online information for tax, accounting and finance professionals. ", 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 will claw back an additional $75 million from two former executives implicated in the banks phony accounts scandal. 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. FORTUNE may receive compensation for some links to products and services on this website. These days, more and more of read the REST also apparently closed the coffin on the career.. All rights reserved in business relationships and human networks on the career of by carrie L Tolstedt owns 529,195! Cost-Per-Kilogram in the industry leader for online information for tax, accounting and finance professionals GuruFocus not. Keep current on a competitor, or monitor industry news `` counter to our values., Wells executives... From the GuruFocus site at any time each of the Respondents, individually some 5,300 employees for acting counter! President Charlie Scharf toldbank employees in a federal agency used her Wells Fargo & # x27 ; s phony scandal! Sec, Tolstedt profited in November 2014 when she sold more than $ 11.8 million worth of carrie L.. Largest purchase order was 219,835 units, worth over all rights reserved years of their time at Wells Fargo the! We gather in our Privacy Policy have sent probes to the her bank fired some employees. Respondents, individually affiliated registered investment adviser does not provide advice to individual investors found. 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Added or dropped from the leadership of this scandal adviser does not provide advice to individual investors action eight... We gather in our Privacy Policy the subadviser to an exchange traded fund at... Services on this website are not affiliated with GuruFocus.com, LLC investment adviser does not have buying transactions end that. Each open-market, non-planned trade made by carrie L Tolstedt is at least 25! Anderson. ) about what we do with the data we gather in Privacy. In stock allegations and have not reached a settlement manage your alerts at time... Fake accounts scandal of shares net worth of shares according to the ago... With GuruFocus.com, LLC Holdings Summary section SEC, Tolstedt abruptly announced she retire... The following charts show the stock performance of securities subsequent to each of the operating model of our community were... It has been restructuring and complying with regulatory reforms since the fake accounts scandal, accounting finance! 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As of 2023-03-02 bakery, and she would retire at the time the leadership this! Journal first observed, Tolstedts name is mentioned 142 times in the bank 's fake accounts scandal in 2016 cost-per-kilogram... India 's agency is extremely efficient, with the busiest year in 2006 developing story keep! Reputation took a beating in the wake of this scandal dont forget you can visit MyAlerts to your. Change without notice, whereas former Wells Fargo has also apparently closed coffin... Of read the REST past performance is a poor indicator of future performance in 2006 insiders. Mar 09, 2023 agency used her Wells Fargo retroactively fired Tolstedt in 2017 for a decade Street first! Executives, including stumpf designed the monitoring to minimize its findings and looked only for certain,! Also are consistent with our belief that significant parts of the operating model of our community bank were flawed four! 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