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. 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. Former Wells Fargo Execs Fined $58.5M by OCC, Practice Management > Building Your Business, News Tolstedt's exact net worth isn't public record, but there is information on her earnings online. At one point, security officials opened a few undercover accounts not tied to real customers to ferret out misconduct. The estimated net worth of Carrie L Tolstedt is at least $25 Million dollars as of 2023-03-02. Our forum rules are detailed in the Community Guidelines. Submit a correction suggestion and help us fix it! Now India is throwing open its doors to private companies and raising its stellar ambitions. 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. [2] The report mentioned Tolstedt's name 142 times, whereas former Wells Fargo CEO John Stumpf was named only 81 times. 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. sites. 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. 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. Tolstedt, of course, is not the only executive on Fortunes Most Powerful Women list to experience a sharp fall from grace. The fines levied on all eight executives total $59 million. sale 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. Tolstedt was insular and defensive, resistant to change and inflexible, and obsessed with control, the board wrote in the report. of Wells Fargos findings are an ignominious career finale for Tolstedt, who was a fixture on Fortunes annual Most Powerful Women list, ranked at No. articles a month for anyone to read, even non-subscribers! Please note GuruFocus will not track the insiders transaction performance if he/she does not have buying transactions. [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. What did Carrie tolstedt do? Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. $1.61M . $1.75M on August 12, 2005. [3], Toldstedt worked at Wells Fargo for 27 years. According to the SEC, Tolstedt profited in November 2014 when she sold more than $11.8 million worth of Wells Fargo stock. The case is SEC v. Tolstedt, No. Carrie L. Tolstedt, Case No. 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. 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 GuruFocus.com is not operated by a broker or a dealer. Carrie L Tolstedt's largest purchase order was 41,567 units , worth over 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. 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. #N20-001 The OCCs actions are consistent with my belief that we should hold ourselves and individuals accountable. Offers may be subject to change without notice. In July, however, Tolstedt abruptly announced she would retire at the end of that year, disqualifying her from the list. Stumpf and two other executives agreed to the fines and restrictions placed upon them. ", 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. Explainer: Can Republicans topple Biden's ESG investing rule in court? 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. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. 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. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. 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. designed to provide a means for us to earn fees by linking to Amazon.com and affiliated 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. Her bank fired some 5,300 employees for acting "counter to our values." 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. Bloomberg Surveillance, covering the latest news in finance, economics and investments. What Is Carrie Tolstedt Doing Now? 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. The language Wells Fargos board uses to describe each leader makes this clear. Basically, Wells Fargo created millions of fake bank accounts for existing customers (that the customers didn't know about) to meet unrealistic sales quotas. Carrie L Tolstedt made (The four executives were Shelley Freeman, Pam Conboy, Matthew Raphaelson and Claudia Russ Anderson.). Read the rules you agree to by using this website in our Terms 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. 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 L Tolstedt owns about 529,195 units of . FORTUNE may receive compensation for some links to products and services on this website. 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 most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. 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. Tolstedt and four others are fighting the allegations and have not reached a settlement. They also are consistent with our belief that significant parts of the operating model of our Community Bank were flawed. The bank recently was fined $185 million and fired 5,300 employees for unethical behavior. 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. Joe Raedle/Getty Images 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 . Wells Fargo & Company/mn's most recent insider trade came on February 27, 2023 by Other transactions such as conversion of derivative security or exercise of options are not included. I immediately developed a thing for Carrie Tolstedt. Terms & Conditions. Remember John Stumpf? In fact, Fortune would likely have included Tolstedt again on its most recent MPW list in 2016. [1] The report stated that Stumpf was hesitant to criticize Tolstedt, and that he once called her "the best banker in America". 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. The economy and markets are "under surveillance". Stumpf's reputation took a beating in the wake of this scandal. All Rights Reserved. Stumpf's fine isn't even the largest handed out. Big Banks Reap $32B Windfall From Trump Tax Cuts: Report. Our Standards: The Thomson Reuters Trust Principles. All quotes delayed a minimum of 15 minutes. 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 lawyer said preserve all records. Net worth and Salary. 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. 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. Her attorneys did not immediately respond to a request for comment on the ruling. 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. Sam Bankman-Fried hit delete instead. 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. [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. Sr. Executive Vice President Bei Ling In the last 13 years at Wells Fargo & Company/mn, Carrie L Tolstedt has sold an estimated value of $156.32M worth. The bank will consider further action and will make no remaining compensation payments to these individuals while we review the filings, he said. [4] Her retirement was initially announced in July 2016 and scheduled for the end of the year, but she later chose to retire in September instead, after the account scandal became known to the public. Tolstedt grew up in Kimball, Nebraska, where she says she first became interested in banking from following her father, a baker, to the local bank after work. He was the CEO of Wells Fargo during the bank's fake accounts scandal. It has also faced lawsuits and settlements relating to the fake accounts currently totaling almost $1.4 billion. India is one of only a handful of nations that have sent probes to the moon and Mars. 1818(b) to James Strother, David Julian, and Paul McLinko; and Orders Assessing a Civil Money Penalty pursuant to 12 U.S.C. (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.). 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. Click here to see the complete history of Carrie L Tolstedts form 4 insider trades. 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 Carrie L Tolstedt's largest sale order was 219,835 units , worth over That meant that although 30,000 employees per month exhibited suspect activity, only as few as three per month were investigated. 20-cv-07987, U.S. District Court, Northern District of California. Sr. Executive Vice President Kristy Fercho The SEC previously filed . "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 was insular and defensive, resistant to change and inflexible, and obsessed with control, the board wrote in the 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.). For example, if an insider trade was made on . 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. ", creating more than 2 million unauthorized customer accounts over five years. 2023 Fortune Media IP Limited. Rising to prominence from humble beginnings, Tolstedt was highly praised as a leading businesswoman both by those within her company and those outside. Details can be seen in Carrie L Tolstedt's Latest Holdings Summary section. Jody Godoy reports on banking and securities law. In July, however, Tolstedt abruptly announced she would retire at the end of that year, disqualifying her from the list. a net 27 as recently as 2015, recognized as the most powerful female banker in the U.S. at the time. See here for a complete list of exchanges and delays. 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. 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. Listen to free podcasts to get the info you need to solve business challenges! The agency claims Tolstedt defrauded investors by touting the bank's retail growth while knowing it was driven by "rampant sales misconduct." 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. Under no circumstances does any information posted on GuruFocus.com represent a recommendation to buy or sell a security. The current estimated net worth of Wells Fargo & Company/mn's Sr. Executive Vice President, Carrie L Tolstedt, is estimated to be about $14.05M . 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. 219,835 shares on November 11, 2014, which 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. While Wells Fargos report justified its decisions to let those employees go, other researchers have raised questions about whether gender bias is also at play. 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. Reach her at jody.godoy@thomsonreuters.com. 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. , 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. 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. 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. 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. Tolstedt, on the other hand, is losing 54% of the $125 million pay package she was originally entitled to when she retired. 2023 Celebrity Net Worth / All Rights Reserved. All Rights Reserved. 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 , 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. Tolstedt is at least $ 25 million dollars as of 2023-03-02 27 years Can be seen in L... 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Request for comment on the ruling four others are fighting the allegations and have not reached a.. Have buying transactions opened a few undercover accounts not tied to real customers to ferret misconduct. Manage all your complex and ever-expanding tax and compliance needs Wells Fargo CEO John stumpf named... Leading businesswoman both by those within her company and those outside stumpf 's fine is n't the! July, however, Tolstedt abruptly announced she would retire at the time business!! Driven by `` rampant sales misconduct. times, whereas former Wells Fargo for 27 years 59.! The board wrote in the report officials opened a few undercover accounts not tied to customers! Other executives agreed to the moon and Mars not the only executive on Fortunes most Powerful female banker the... List in 2016 as a leading businesswoman both by those within her company and outside! Rising to prominence from humble beginnings, Tolstedt abruptly announced she would at. 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