All rights reserved. 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. The OCCs charges against Mr. Strother are false and unfounded, and he intends to vigorously defend against them.. Within 24 hours of the accounts being opened, two sales employees ordered debit cards for the customers, claiming they had spoken to the customers directly. Tolstedt's unit accounted for around $14 billion of that year's net income. Basically, Wells Fargo created millions of fake bank accounts for existing customers (that the customers didn't know about) to meet unrealistic sales quotas. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Service. [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. [2] She graduated from the University of NebraskaLincoln. Wells Fargos findings are an ignominious career finale for Tolstedt, who was a fixture on Fortunes annual Most Powerful Women list, ranked at No. 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 industry leader for online information for tax, accounting and finance professionals. a net 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. Rising to prominence from humble beginnings, Tolstedt was highly praised as a leading businesswoman both by those within her company and those outside. 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. Weeks after that announcement, Tolstedt handed off her duties to another executive. "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." 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. U.S. regulators are taking punitive action against eight former Wells Fargo executives, including Stumpf. 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. Share & Print. Wells Fargos advisor headcount stands at 13,512 vs. nearly 13,948 a year ago. 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. 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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.". 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. Get alerted any time new stories match your search criteria. The estimated net worth of Carrie L Tolstedt is at least $23 Million dollars unlike her net worth her salary is not publicly known Carrie Tolstedt is a former head of Wells Fargo's community banking division and an American banking executive. 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. 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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Chief among them is Carrie Tolstedt, who as head of the Wells Fargo community bank division allegedly oversaw the conditions that led to the scandal. 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. Wells Fargo is one of the largest banks in the United States, with approximately $1.9 trillion in balance sheet assets. I immediately developed a thing for Carrie Tolstedt. A full and fair examination of the facts will produce a different conclusion.. The language Wells Fargos board uses to describe each leader makes this clear. 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. Wells Fargo bank admitted the misconduct and agreed to pay $3 billion to settle a joint probe by the SEC and Justice Department in February 2020. 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. Select a Column Field to add to the results, Refer a Friend and Earn One Month of Free Membership. Additionally, the report primarily blamed Tolstedt for the company's misconduct in the scandal, while Stumpf was mainly blamed for not firing Tolstedt sooner. Who will be eaten first? Above is the net worth, insider trading, and ownership report for Carrie L Tolstedt. The way Carrie Tolstedt told it, she caught the banking bug early when she was a child in a small Nebraska town. of Publisher - Just another WordPress site. According to the SEC Form 4 filings, Carrie L Tolstedt has made a total of 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 CEO Stumpf, who resigned in October, is referenced only 81 times. The bank will consider further action and will make no remaining compensation payments to these individuals while we review the filings, he said. Carrie L Tolstedt made 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. Reach her at jody.godoy@thomsonreuters.com. 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. [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. Not a "thing". Stumpf and two other executives agreed to the fines and restrictions placed upon them. , That means Tolstedts net worth is also taking a much bigger hit than Stumpfs. Carrie L Tolstedt usually trades in March, with the busiest year in 2006. 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. 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. This investment adviser does not provide advice to individual investors. 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. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice| Do Not Sell/Share My Personal Information| Ad Choices . 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. [2] The report mentioned Tolstedt's name 142 times, whereas former Wells Fargo CEO John Stumpf was named only 81 times. . 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. 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. 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. 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 Tolstedt Wiki, Age, Husband, Now, Compensation, Children, Net worth, Height, Salary, Education. As The Wall Street Journal first observed, Tolstedts name is mentioned 142 times in the 113-page document. He has a net . According to the SEC, Tolstedt profited in November 2014 when she sold more than $11.8 million worth of Wells Fargo stock. 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. 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