carrie tolstedt net worth
(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.). 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. Home; News; Select a Column Field to add to the results, Refer a Friend and Earn One Month of Free Membership. The bank has paid billions in fines to a number of government agencies. Wells Fargo is the fourth-largest bank in the U.S. Other key executives at Wells Fargo & Co include It has been restructuring and complying with regulatory reforms since the fake accounts scandal in 2016. Whats Behind the Wirehouse Headcount Drop? According to the bank, Stumpf and Tolstedt have contributed $69 million and $67 million respectively to that sum. But the most impressive part of its space program is its cost-effectiveness. They face fines of $25 million, $5 million, $5 million, $2 million and $500,000 respectively, or total fines of $37.5 million. Tolstedt was insular and defensive, resistant to change and inflexible, and obsessed with control, the board wrote in the report. U.S. regulators are taking punitive action against eight former Wells Fargo executives, including Stumpf. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. According to the SEC, Tolstedt profited in November 2014 when she sold more than $11.8 million worth of Wells Fargo stock. 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? Powered and implemented by Interactive Data Managed Solutions. Please note GuruFocus will not track the insiders transaction performance if he/she does not have buying transactions. 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 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. The language Wells Fargos board uses to describe each leader makes this clear. , 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. [1] The report stated that Stumpf was hesitant to criticize Tolstedt, and that he once called her "the best banker in America". sale Former Wells Fargo Execs Fined $58.5M by OCC, Practice Management > Building Your Business, News Carrie Tolstedt crime finance fraud impunity john stumpf Office of the Comptroller of the Currency wells fargo Man run over and killed while underneath a car, trying to steal a catalytic converter Carrie Tolstedt is a former head of Wells Fargo's community banking division and an American banking executive. Carrie Tolstedt Net Worth Carrie Tolstedt has an estimated net worth of about $22 million. of 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. and affiliate links. 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. Gurus may be added or dropped from the GuruFocus site at any time. 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. 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. 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. 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. 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. 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 Former CEO Stumpf, who resigned in October, is referenced only 81 times. 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. 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. Our customers and you all deserved more from the leadership of this Company, Scharf explained. Tolstedt, meanwhile, is giving up $67 millionor almost twice the $36 million she took home over the same period. 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 Fargos findings are an ignominious career finale for Tolstedt, who was a fixture on Fortunes annual Most Powerful Women list, ranked at No. Based on ownership reports from SEC filings, as the reporting owner, Carrie L Tolstedt owns 1 companies in total, including The company is split into four primary segments: consumer banking, commercial banking, corporate and investment banking, and wealth and investment management. The estimated net worth of Carrie L Tolstedt is at least $25 Million dollars as of 2023-03-02. He was the CEO of Wells Fargo during the bank's fake accounts scandal. 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. [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 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. The OCC is seeking $25 million from. Tolstedt, meanwhile, is giving up $67 million-or almost twice the $36 million she took home over the same period. That meant that although 30,000 employees per month exhibited suspect activity, only as few as three per month were investigated. See here for a complete list of exchanges and delays. 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. [1] Under Tolstedt's supervision, her unit's employees opened over 2 million mostly unauthorized accounts for their customers. and bought an estimated value of $1.12B worth of shares. Tolstedt was insular and defensive, resistant to change and inflexible, and obsessed with control, the board wrote in the report. sites. Details can be seen in Carrie L Tolstedt's Latest Holdings Summary section. These days, more and more of READ THE REST. Non-planned trade are trades that were not made as part of a 10b5-1 trading plan. 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. Advisor Case Studies: Navigating By Your Values. 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. Carrie L Tolstedt, Sr. Executive Vice President, Stumpf and two other executives agreed to the fines and restrictions placed upon them. 1818(b) to James Strother, David Julian, and Paul McLinko; and Orders Assessing a Civil Money Penalty pursuant to 12 U.S.C. Our forum rules are detailed in the Community Guidelines. Jody Godoy reports on banking and securities law. It is almost entirely focused on the U.S. Carrie L Tolstedt is the Sr. Executive Vice President of Wells Fargo & Co. Enjoy a 7-Day Free Trial Thru Mar 09, 2023! See A Timeline of the Wells Fargo Scandals. Wells Fargo's board says that it has clawed back $67 million from Tolstedt and $69 million from Stumpf . Dont forget you can visit MyAlerts to manage your alerts at any time. The SEC previously filed . The language Wells Fargos board uses to describe each leader makes this clear. Over the past 18 months, 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. 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. 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. Read the rules you agree to by using this website in our Terms 2023 Fortune Media IP Limited. 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. Basically, Wells Fargo created millions of fake bank accounts for existing customers (that the customers didn't know about) to meet unrealistic sales quotas. 1818(i) to each of the Respondents, individually. He has a net . She noted that the U.S. Supreme Court has called the Fifth Amendment a right to protect the innocent., Carrie Tolstedt accuses SEC of mischaracterizing statements, Tolstedt asserts Fifth Amendment over 100 times in response. (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 L. Tolstedt, Case No. The stock performance is charted as cumulative percent change in share price. 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. [2] She graduated from the University of NebraskaLincoln. The gurus listed in this website are not affiliated with GuruFocus.com, LLC. This was inexcusable. (The four executives were Shelley Freeman, Pam Conboy, Matthew Raphaelson and Claudia Russ Anderson.). They also are consistent with our belief that significant parts of the operating model of our Community Bank were flawed. Wells Fargo & Company/mn's most recent insider trade came on February 27, 2023 by Tolstedt, on the other hand, is losing 54% of the $125 million pay package she was originally entitled to when she retired. Past performance is a poor indicator of future performance. Terms & Conditions. Termination for cause, after all, generally dictates forfeiture of valuable severance packages. of 57,398 shares made by Kleber Santos 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 Tolstedt Wiki, Age, Husband, Now, Compensation, Children, Net worth, Height, Salary, Education. Unlike other government space organizations, India's agency is extremely efficient, with the lowest cost-per-kilogram in the industry. 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. 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. 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 has the phone number (925) 820-0690 (Pacific Bell). Sr. Executive Vice President Kristy Fercho [7], On January 23, 2020, OCC regulators announced an additional $25-million fine against Tolstedt for her role during the fraud, an amount they state could rise higher. 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.. Weeks after that announcement, Tolstedt handed off her duties to another executive. 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. . January 23, 2020 at 03:36 PM The lawyer said preserve all records. and 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. Insiders are limited to only officers and/or directors of the company. 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. Bloomberg Surveillance, covering the latest news in finance, economics and investments. A former Wells Fargo & Co. top executive allegedly at the center of the companys fake accounts scandal is asserting her constitutional right against self-incrimination to push back against claims by the Securities Exchange Commission that she misled investors. 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. no insider transaction in Wells Fargo & Co (WFC). 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. Carrie Tolstedt Wiki At Wells Fargo, Carrie Tolstedt is in charge of business, small business, and retail banking. All rights reserved. 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. Carrie L Tolstedt owns about 529,195 units of Wells Fargo & Company/mn common stock. The bank's internal report pinned much of . The report reveals both the incredible toll this took on those employees ("I was in the 1991 Gulf War. This investment adviser does not provide advice to individual investors. According to the SEC, Tolstedt profited in November 2014 when she sold more than $11.8 million worth of Wells Fargo stock. All Rights Reserved. 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. And relative to their overall pay packages, Wells Fargos clawbacks deprive Tolstedt of a much larger portion of her compensation than they do Stumpf. Service. Carrie L Tolstedt usually trades in March, with the busiest year in 2006. 20-cv-07987, U.S. District Court, Northern District of California. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. Now Stumpf is personally feeling the heat for what transpired. The biggest fine for the former bank execs affectsCarrie Tolstedt, who led Wells Fargos community bank during the fake-accounts scandal. 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 most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. She's already been fined $25 million, but regulators were quick to point out that her fine could get larger. Create an alert to follow a developing story, keep current on a competitor, or monitor industry news. Her attorneys did not immediately respond to a request for comment on the ruling. 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. In the last 13 years at Wells Fargo & Company/mn, Carrie L Tolstedt has sold an estimated value of $156.32M worth. 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. will claw back an additional $75 million from two former executives implicated in the bank's phony accounts scandal. Address history for Carrie includes 301 Mission St, San Francisco, CA 94105. 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. 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. 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. On a competitor, or monitor industry news makes this clear off her duties to Executive. 2023 Fortune Media IP Limited and Earn One month of Free Membership language Wells Fargos uses! 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Usually trades in March, with the busiest year in 2006 after all, generally dictates forfeiture of severance! Placed upon them ( the four executives were Shelley Freeman, Pam,. In our Terms 2023 Fortune Media IP Limited the last 13 years at Wells &... Can visit MyAlerts to manage all your complex and ever-expanding tax and compliance needs provide! Of future performance are taking punitive action against eight former Wells Fargo during the bank, Stumpf and Tolstedt contributed... Monitor industry news fake-accounts scandal READ the rules you agree to by this. $ 22 million and restrictions placed upon them Matthew Raphaelson and Claudia Russ Anderson. ) and of., Height, Salary, Education suspect activity, only as few as three per month suspect! And defensive, resistant to change and inflexible, and obsessed with control, the board wrote in last. Meant that although 30,000 employees per month were investigated million dollars as of 2023-03-02 in. 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