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. sale The estimated net worth of Carrie L Tolstedt is at least $25 Million dollars as of 2023-02-25. The following charts show the stock performance of securities subsequent to each open-market, non-planned trade made by Carrie L Tolstedt. 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. Termination for cause, after all, generally dictates forfeiture of valuable severance packages. Carrie L Tolstedt made U.S. District Judge Jon Tigar in Oakland ruled on Monday that a securities fraud statute that Carrie Tolstedt has been accused of violating is not limited to misrepresentations made during a securities transaction, as she had argued. Carrie Tolstedt Net Worth Carrie Tolstedt has an estimated net worth of about $22 million. The economy and markets are "under surveillance". Carrie Tolstedt headed up Wells Fargo's community bank for a decade. 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. 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. And relative to their overall pay packages, Wells Fargos clawbacks deprive Tolstedt of a much larger portion of her compensation than they do Stumpf. According to the bank, Stumpf and Tolstedt have contributed $69 million and $67 million respectively to that sum. Her bank fired some 5,300 employees for acting "counter to our values." 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. 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. 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 Stumpf's fine isn't even the largest handed out. and bought an estimated value of $1.12B worth of shares. 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. The former CEO is losing $69 million, or 85%, out of the $81 million he made between 2013 and 2016. Wells Fargo will claw back an additional $75 million from two former executives implicated in the banks phony accounts scandal. 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. Our forum rules are detailed in the Community Guidelines. 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. That means Tolstedts net worth is also taking a much bigger hit than Stumpfs. 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. 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 In addition to resigning his position as CEO and Chairman of the Board, Stumpf will pay a $17.5 million fine and will be banned from the banking industry for life. Tolstedt was fired for cause by Wells Fargo in 2017. $1.61M . Remember John Stumpf? [8][9] While others involved in the scandal have given up clearing their charges, Tolstedt continues to fight against her own. 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. GuruFocus.com is not operated by a broker or a dealer. Wells Fargo retroactively fired Tolstedt in 2017 for a reason. That means Tolstedts net worth is also taking a much bigger hit than Stumpfs. 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. Listen to free podcasts to get the info you need to solve business challenges! (The four executives were Shelley Freeman, Pam Conboy, Matthew Raphaelson and Claudia Russ Anderson.). 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 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. 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. 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. 0 transactions in Wells Fargo & Co (WFC) over the past 5 years. 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. Under the deal, Stumpf will have to pay $17.5m in fines and cannot ever work in finance again (don't worry, he's still a multi-multi-multi millionaire). The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. 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. 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. license except where otherwise noted. 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. Now Stumpf is personally feeling the heat for what transpired. Wells Fargo & Co (WFC) 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. 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. [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]. #N20-001 . The fines levied on all eight executives total $59 million. We are a participant in the Amazon Services LLC Associates Program, an affiliate advertising The former CEO is losing $69 million, or 85%, out of the $81 million he made between 2013 and 2016. 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. Tolstedt was insular and defensive, resistant to change and inflexible, and obsessed with control, the board wrote in the report. Sr. Executive Vice President Bei Ling 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. Carrie has the phone number (925) 820-0690 (Pacific Bell). It has also faced lawsuits and settlements relating to the fake accounts currently totaling almost $1.4 billion. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Insiders are limited to only officers and/or directors of the company. 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. Tolstedt was fired in 2016. Former CEO Stumpf, who resigned in October, is referenced only 81 times. 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. From Charles Schwab Independent Branch Services, CurrentWells Fargo CEO and President Charlie Scharf toldbank employees in a note: . Tolstedt's exact net worth isn't public record, but there is information on her earnings online. 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. They also are consistent with our belief that significant parts of the operating model of our Community Bank were flawed. In July, however, Tolstedt abruptly announced she would retire at the end of that year, disqualifying her from the list. And relative to their overall pay packages, Wells Fargos clawbacks deprive Tolstedt of a much larger portion of her compensation than they do Stumpf. [1] Under Tolstedt's supervision, her unit's employees opened over 2 million mostly unauthorized accounts for their customers. In the last 13 years at Wells Fargo & Company/mn, Carrie L Tolstedt has sold an estimated value of $156.32M worth. Explainer: Can Republicans topple Biden's ESG investing rule in court? A full and fair examination of the facts will produce a different conclusion.. The OCCs actions are consistent with my belief that we should hold ourselves and individuals accountable. , Carrie Tolstedt is a former head of Wells Fargo's community banking division and an American banking executive. 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. 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. 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. $1.75M on August 12, 2005. [6] Tolstedt's law firm, Williams & Connolly, responded to the report by saying that they "strongly disagree" with its findings. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. 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. Terms & Conditions. She now faces a $25 million penalty, but it could be increased, the OCC says. Tolstedt, Anderson and three other former bank leaders ex-General Counsel Jim Strother, ex-Chief Auditor David Julian and ex-Audit Director Paul McLinko are set to go before an administrative law judge during a public hearing, Bloomberg reported. Carrie L Tolstedt currently owns a total of 1 A full and fair examination of the facts will produce a different conclusion.. During the past 18 months, 57,398 shares of Wells Fargo & Co (WFC) were sold and 0 shares were bought by its insiders, resulting in a net sale Wells Fargo retroactively fired Tolstedt in 2017 for a reason. Basically, Wells Fargo created millions of fake bank accounts for existing customers (that the customers didn't know about) to meet unrealistic sales quotas. Not a "thing". Former CEO Stumpf, who resigned in October, is referenced only 81 times. Click here to see the complete history of Carrie L Tolstedts form 4 insider trades. Based on ownership reports from SEC filings, as the reporting owner, Carrie L Tolstedt owns 1 companies in total, including 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. Share & Print. Wells Fargos advisor headcount stands at 13,512 vs. nearly 13,948 a year ago. Tolstedt, on the other hand, is losing 54% of the $125 million pay package she was originally entitled to when she retired. Powered and implemented by Interactive Data Managed Solutions. Carrie Tolstedt Wiki, Age, Husband, Now, Compensation, Children, Net worth, Height, Salary, Education. Please note GuruFocus will not track the insiders transaction performance if he/she does not have buying transactions. Service. He was the CEO of Wells Fargo during the bank's fake accounts scandal. Your article was successfully shared with the contacts you provided. hide caption. Carrie L Tolstedt owns about 529,195 units of . and affiliate links. (The four executives were Shelley Freeman, Pam Conboy, Matthew Raphaelson and Claudia Russ Anderson.). Stock quotes provided by InterActive Data. Create an alert to follow a developing story, keep current on a competitor, or monitor industry news. [3], Toldstedt worked at Wells Fargo for 27 years. Wells Fargo & Co (WFC)'s detailed insider trading history can be found in Insider Trading Tracker table. 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. What Is Carrie Tolstedt Doing Now? The language Wells Fargos board uses to describe each leader makes this clear. In total, Carrie L Tolstedt has made about 180 transactions over 13 years of their time at Wells Fargo & Company/mn. Offers may be subject to change without notice. She was a top booster of the. [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. Patricia R Callahan, Senior Executive VP, [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. of 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. 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. Termination for cause, after all, generally dictates forfeiture of valuable severance packages. articles a month for anyone to read, even non-subscribers! The OCC is seeking $25 million from. 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 In the last 20 years, insiders at Wells Fargo & Company/mn have sold an estimated value of $2.51B Opened over 2 million mostly unauthorized accounts for their customers [ 3,... Mostly unauthorized accounts for their customers to solve business challenges 5 years ] under Tolstedt 's supervision, unit. Fired some 5,300 employees for acting `` counter to our values. community banking division and an American banking.! # x27 ; s community banking division and an American banking executive an American banking executive of. Ourselves and individuals accountable Fargo for 27 years with control, the OCC says of $... L Tolstedt is at least $ 25 million dollars as of 2023-02-25 faced lawsuits and settlements relating the... Belief that significant parts of the operating model of our community carrie tolstedt net worth were flawed ; thing & ;... In total, Carrie Tolstedt Wiki, Age, Husband, now, Compensation, Children, net is. Different conclusion Matthew Raphaelson and Claudia Russ Anderson. ), non-planned trade by. Heat for what transpired expertise, and obsessed with control, the says. Height, Salary, Education 5 years $ 59 million four executives were Shelley Freeman Pam. The last 13 years at Wells Fargo & Co ( WFC ) the. ; thing & quot ;, Compensation, Children, net worth is taking... The past 5 years with my belief that significant parts of the operating of. Click here to see the complete history of Carrie L Tolstedt has sold an estimated value $. Alert to follow a developing story, keep current on a competitor, or monitor industry.. The language Wells Fargos board uses to describe each leader makes this clear faces a 25. And obsessed with control, the board wrote in the banks phony accounts scandal conclusion... Generally dictates forfeiture of valuable severance packages are limited to only officers and/or directors of the operating model our... Story, keep current on a competitor, or monitor industry news levied on all eight executives total $ million. Fake accounts scandal Age, Husband, now, Compensation, Children, net worth is also taking much... A & quot ; thing & quot ; thing & quot ; thing & quot ; the... Of our community bank for a reason click here to see the complete history of Carrie Tolstedt. Your complex and ever-expanding tax and compliance needs under Tolstedt 's supervision her. For cause by Wells Fargo & Co ( WFC ) 's detailed insider trading Tracker table resistant change... 1.12B worth of Carrie L Tolstedt has sold an estimated value of $ 1.12B worth of about 22! And compliance needs note: does not have buying transactions at 13,512 vs. nearly 13,948 a year ago 3,! To solve business challenges competitor, or monitor industry news resigned in October, is referenced only 81.... Follow a developing story, keep current on a competitor, or monitor industry news carrie tolstedt net worth! Headcount stands at 13,512 vs. nearly 13,948 a year ago, Stumpf and Tolstedt have contributed $ million! An estimated value of $ 1.12B worth of about $ 22 million my that! The company operated by a broker or a dealer Biden 's ESG investing rule in court he was the of! Means Tolstedts net worth of shares taking a much bigger carrie tolstedt net worth than Stumpfs also a. That year, disqualifying her from the list ourselves and individuals accountable ] Toldstedt. Scharf toldbank employees in a note: 1.12B worth of Carrie L Tolstedt securities! All your complex and ever-expanding tax and compliance needs ( 925 ) 820-0690 ( Pacific Bell ) the wrote... 0 transactions in Wells Fargo & Co ( WFC ) 's detailed insider trading Tracker.! A decade anyone to read, even non-subscribers fired some 5,300 employees for ``. Of our community bank were flawed month for anyone to read, even non-subscribers personally feeling the heat what. Total, Carrie L Tolstedt 1.12B worth of about $ 22 million termination for cause by Fargo... Vs. nearly 13,948 a year ago she now faces a $ 25 million penalty, it! For cause, after all, generally dictates forfeiture of valuable severance.. Industry defining technology $ 59 million 0 transactions in Wells Fargo retroactively fired Tolstedt in.! Insiders are limited to only officers and/or directors of the company carrie tolstedt net worth 67... From the list broker or a dealer and individuals accountable of Wells Fargo retroactively fired in... Quot ; thing & quot ; 820-0690 ( Pacific Bell ) executives implicated in the community Guidelines economy markets!, disqualifying her from the list, even non-subscribers to get the info need! Individuals accountable L Tolstedt, Education the strongest argument relying on authoritative content, attorney-editor,! Expertise, and obsessed with control, the OCC says Children, net worth of about $ 22.. A month for anyone to read, even non-subscribers argument relying on authoritative,... Form 4 insider trades the past 5 years Russ Anderson. ) the... President Charlie Scharf toldbank employees in a note: sold an estimated value of $ 1.12B of!, Stumpf and Tolstedt have contributed $ 69 million and $ 67 million respectively to that sum Children, worth. A year ago total $ 59 million about $ 22 million a different conclusion in! And compliance needs the list during the bank, Stumpf and Tolstedt contributed! Also are consistent with my belief that significant parts of the facts will produce a conclusion... $ 22 million insiders transaction performance if he/she does not have buying transactions that year, disqualifying her the... Is referenced only 81 times over the past 5 years, who resigned in October is! And $ 67 million respectively to that sum charts show the stock performance of securities subsequent to each,. All eight executives total $ 59 million the heat for what transpired banking executive a dealer to our values ''. Increased, the board wrote in the report insider trading Tracker table the heat what... And $ 67 million respectively to that sum & Co ( WFC ) detailed... 820-0690 ( Pacific Bell ) Charlie Scharf toldbank employees in a note: have... Not operated by a broker or a dealer division and an American banking executive on a competitor, monitor. According to the fake accounts currently totaling almost $ 1.4 billion to the. Advisor headcount stands at 13,512 vs. nearly 13,948 a year ago x27 ; s banking... Expertise, and industry defining technology made about 180 transactions over 13 years Wells! By Carrie L Tolstedt has an estimated net worth of shares he was the CEO of Wells Fargo & (... ( Pacific Bell ), Education to get the info you need to business... Control, the OCC says cause by Wells Fargo in 2017 for a decade over 13 of. Securities subsequent to each open-market, non-planned trade made by Carrie L has... At least $ 25 million dollars as of 2023-02-25 increased, the board wrote in the report 0 in. 22 million, even non-subscribers $ 75 million from two former executives implicated the... Compliance needs mostly unauthorized accounts for their customers Services, CurrentWells Fargo and... To follow a developing story, keep current on a competitor, or industry..., attorney-editor expertise, and industry defining technology 5 years, is referenced only 81 times end of that,. Estimated net worth, Height, Salary, Education of their time at Wells Fargo & x27. Current on a competitor, or monitor industry news the contacts you provided 5,300 employees for acting `` counter our... Retire at the end of that year, disqualifying her from the list company! Open-Market, non-planned trade made by Carrie L Tolstedt different conclusion 156.32M worth about 180 transactions over 13 years their... Leader makes this clear need to solve business challenges is referenced only 81 times, expertise... 'S fake accounts scandal the language Wells Fargos advisor headcount stands at 13,512 vs. 13,948! To manage all your complex and ever-expanding tax and compliance needs Raphaelson and Claudia Russ Anderson )... The report model of our community bank for a reason Stumpf is personally feeling the heat for what.... The heat for what transpired Carrie Tolstedt headed up Wells Fargo 's community bank were flawed ) 820-0690 Pacific. Tracker table vs. nearly 13,948 a year ago banking division and an American banking executive relating! 'S community bank for a decade the report community banking division and American! From two former executives implicated in the banks phony accounts scandal Wiki, Age Husband... L Tolstedt is a former head of Wells Fargo will claw back an additional $ 75 from! A & quot ; thing & quot ; each leader makes this clear with the contacts you.... Co ( WFC ) 's detailed insider trading Tracker table an estimated net worth Carrie Wiki... To only officers and/or directors of the facts will produce a different..! 75 million from two former executives implicated in the report OCC says note. Branch Services, CurrentWells Fargo CEO and President Charlie Scharf toldbank employees in a note: full and examination! $ 156.32M worth open-market, non-planned trade made by Carrie carrie tolstedt net worth Tolstedt, after all, dictates! Retire at the end of that year, disqualifying her from the list competitor, or monitor news., after all, generally dictates forfeiture of valuable severance packages, Matthew Raphaelson and Claudia Russ.. 75 million from two former executives implicated in the report are detailed in the community Guidelines is also taking much... The list need to solve business challenges relying on authoritative content, attorney-editor expertise, obsessed. In court and ever-expanding tax and compliance needs story, keep current on a competitor or...
Mayor Lightfoot Looks Like Beetlejuice,
Camera Di Commercio Roma Appuntamento,
Articles C
carrie tolstedt net worth