A full and fair examination of the facts will vindicate Carrie., At all times, Mr. Strother acted with the utmost integrity and transparency, including with the banks board, senior management, and its regulators, Walt Brown, Strothers attorney at Orrick Herrington & Sutcliffe, explained in a statement sent via email to Bloomberg. (The four executives were Shelley Freeman, Pam Conboy, Matthew Raphaelson and Claudia Russ Anderson.). And relative to their overall pay packages, Wells Fargos clawbacks deprive Tolstedt of a much larger portion of her compensation than they do Stumpf. 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. 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. 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. 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. According to the bank, Stumpf and Tolstedt have contributed $69 million and $67 million respectively to that sum. As The Wall Street Journal first observed, Tolstedts name is mentioned 142 times in the 113-page document. At one point, security officials opened a few undercover accounts not tied to real customers to ferret out misconduct. Wells Fargo's board says that it has clawed back $67 million from Tolstedt and $69 million from Stumpf . Enjoy a 7-Day Free Trial Thru Mar 09, 2023! It is almost entirely focused on the U.S. Carrie L Tolstedt is the Sr. Executive Vice President of Wells Fargo & Co. The lawyer said preserve all records. designed to provide a means for us to earn fees by linking to Amazon.com and affiliated When adults stay silent, a toddler shows police where a Kentucky fugitive is hiding, This portable in-home golf simulator is on sale for $20 off, Say goodbye to static shock for good with this keychain, now 61% off, Look your absolute best no matter where you're recording with this 4K webcam, now on sale for $299.99, Terms Not a "thing". 219,835 shares on November 11, 2014, which Based on ownership reports from SEC filings, as the reporting owner, Carrie L Tolstedt owns 1 companies in total, including He has a net . Carrie L Tolstedt's largest sale order was 219,835 units , worth over (The four executives were Shelley Freeman, Pam Conboy, Matthew Raphaelson and Claudia Russ Anderson.). [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. Carrie L Tolstedt owns 529,195 shares of Wells Fargo & Co (WFC) as of November 11, 2014, with a value of $25 Million. That means Tolstedts net worth is also taking a much bigger hit than Stumpfs. Reach her at jody.godoy@thomsonreuters.com. 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. [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. will claw back an additional $75 million from two former executives implicated in the bank's phony accounts scandal. Details can be seen in Carrie L Tolstedt's Latest Holdings Summary section. Tolstedt, of course, is not the only executive on Fortunes Most Powerful Women list to experience a sharp fall from grace. 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. The estimated net worth of Carrie L Tolstedt is at least $25 Million dollars as of 2023-03-02. 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 All Rights Reserved. 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. 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. Wells Fargo saw a number of changes during Tolstedt's tenure particularly at the end of it. $11.82M on November 13, 2014. According to the SEC, Tolstedt profited in November 2014 when she sold more than $11.8 million worth of Wells Fargo stock. Carrie L. Tolstedt, Case No. 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. #N20-001 [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. 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. "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 agency claims Tolstedt defrauded investors by touting the bank's retail growth while knowing it was driven by "rampant sales misconduct." Boing Boing is published under a Creative Commons Tolsted and four others did not and will face a public hearing before a judge. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. Wells Fargo retroactively fired Tolstedt in 2017 for a reason. articles a month for anyone to read, even non-subscribers! 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. 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. Your article was successfully shared with the contacts you provided. GuruFocus.com is not operated by a broker or a dealer. The bank's internal report pinned much of . 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. The biggest fine for the former bank execs affectsCarrie Tolstedt, who led Wells Fargos community bank during the fake-accounts scandal. [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. [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]. Gurus may be added or dropped from the GuruFocus site at any time. Former CEO Stumpf, who resigned in October, is referenced only 81 times. 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The company is split into four primary segments: consumer banking, commercial banking, corporate and investment banking, and wealth and investment management. 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? 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 Company is different today, but we know we still have significant work to do to regain the trust of all stakeholders , the executive explained. Tolstedt was insular and defensive, resistant to change and inflexible, and obsessed with control, the board wrote in the report. The gurus listed in this website are not affiliated with GuruFocus.com, LLC. 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 Create an alert to follow a developing story, keep current on a competitor, or monitor industry news. Register for free to Reuters and know the full story Tolstedt was. That stock normally takes a three-year period to vest fully. It has an affiliated registered investment adviser, which serves as the subadviser to an exchange traded fund. 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. 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 . Stumpf's reputation took a beating in the wake of this scandal. Carrie has the experience of living in two different cities: Alamo, CA and San Francisco, CA. In fact, Fortune would likely have included Tolstedt again on its most recent MPW list in 2016. Carrie Tolstedt is a former head of Wells Fargo's community banking division and an American banking executive. of 57,398 shares made by Kleber Santos 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. 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. He has a net worth of $50 million. 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. Now Stumpf is personally feeling the heat for what transpired. The former CEO is losing $69 million, or 85%, out of the $81 million he made between 2013 and 2016. U.S. regulators are taking punitive action against eight former Wells Fargo executives, including Stumpf. Select a Column Field to add to the results, Refer a Friend and Earn One Month of Free Membership. Read about what we do with the data we gather in our Privacy Policy. In 2017, Wells Fargo retroactively fired Tolstedt for cause. sale While Stumpf's nest. Weeks after that announcement, Tolstedt handed off her duties to another executive. 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. 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. Boing Boing uses cookies and analytics trackers, and is supported by advertising, merchandise Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. 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] She graduated from the University of NebraskaLincoln. 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 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. 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. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. Submit a correction suggestion and help us fix it! This was inexcusable. Carrie Tolstedt headed up Wells Fargo's community bank for a decade. [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. A federal agency used her Wells Fargo unit as a cautionary tale, imposing the largest fine it's ever levied. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. The OCCs actions are consistent with my belief that we should hold ourselves and individuals accountable. The bank has paid billions in fines to a number of government agencies. sale In the last 20 years, insiders at Wells Fargo & Company/mn have sold an estimated value of $2.51B Wells Fargo & Co (WFC) 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. Advisor Case Studies: Navigating By Your Values. 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. Wells Fargo says Tolstedt's retirement was a personal decision, and that her stock holdings were earned over her 27-year tenure.". 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. Termination for cause, after all, generally dictates forfeiture of valuable severance packages. Carrie L Tolstedt usually trades in March, with the busiest year in 2006. . a net 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. and bought an estimated value of $1.12B worth of shares. Former Chief Administrative Officer and Director of Corporate Human Resources Hope Hardison agreed to pay $7.5 million, while ex-Chief Risk Officer Michael Loughlin is set to pay a $1.25 million fine. 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. 1818(b) to James Strother, David Julian, and Paul McLinko; and Orders Assessing a Civil Money Penalty pursuant to 12 U.S.C. Carrie Tolstedt Wiki, Age, Husband, Now, Compensation, Children, Net worth, Height, Salary, Education. 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. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. [8][9] While others involved in the scandal have given up clearing their charges, Tolstedt continues to fight against her own. 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. Sr. Executive Vice President Kyle G Hranicky The stock performance is charted as cumulative percent change in share price. That means Tolstedts net worth is also taking a much bigger hit than Stumpfs. Carrie L Tolstedt made Only the transactions in Open Market or Private Sale at the market prices are included. stock. (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.). Our customers and you all deserved more from the leadership of this Company, Scharf explained. 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. 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. We are a participant in the Amazon Services LLC Associates Program, an affiliate advertising Big Banks Reap $32B Windfall From Trump Tax Cuts: Report. The OCC is seeking $25 million from. 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. Bloomberg Surveillance, covering the latest news in finance, economics and investments. He was the CEO of Wells Fargo during the bank's fake accounts scandal. A full and fair examination of the facts will produce a different conclusion.. As for the size of Tolstedt's holdings, Folk noted that she was at the company for nearly 30 years. Sr. Executive Vice President Kristy Fercho Public records show that the phone number (925) 820-0690 is linked to Dennis C Peterson, Brad T Tolstedt, Brad L . 20-cv-07987, U.S. District Court, Northern District of California. no insider transaction in Wells Fargo & Co (WFC). Table of ContentsCarrie Tolstedt WikiAge Husband and Children NowCompensation Net worth and SalaryHeight EducationCarrie Tolstedt WikiAt Wells Fargo, Carrie Tolstedt is answerable for enterprise, small enterprise, and retail banking.Toldstedt spent 2. Her father ran the local bakery, and she would join him on his visits to the. 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. . 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. The most-recent trade in Wells Fargo & Co is the Offers may be subject to change without notice. Above is the net worth, insider trading, and ownership report for Carrie L Tolstedt. $1.61M . 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. Sr. Executive Vice President Bei Ling Carrie Tolstedt Wiki At Wells Fargo, Carrie Tolstedt is in charge of business, small business, and retail banking. 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. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Tolstedt, of course, is not the only executive on Fortunes Most Powerful Women list to experience a sharp fall from grace. See here for a complete list of exchanges and delays. 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 Tolstedt, on the other hand, is losing 54% of the $125 million pay package she was originally entitled to when she retired. Under no circumstances does any information posted on GuruFocus.com represent a recommendation to buy or sell a security. sale Tolstedt, on the other hand, is losing 54% of the $125 million pay package she was originally entitled to when she retired. 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. 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. Starting in 2012, the OCC says, the bank began monitoring the sales force for misconduct. The OCCs charges against Mr. Strother are false and unfounded, and he intends to vigorously defend against them.. The wake of this Company, Scharf explained it has an affiliated registered investment,! 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