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. 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. GuruFocus.com is not operated by a broker or a dealer. 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. and The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. 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. and David A Hoyt, Sr. Executive Vice President [1] Under Tolstedt's supervision, her unit's employees opened over 2 million mostly unauthorized accounts for their customers. "How Wells Fargo's Carrie Tolstedt Went from Fortune Most Powerful Woman to Villain", "The hard fall of Wells Fargo's Carrie Tolstedt", "Report: Ex-Nebraskan bears brunt of responsibility for Wells Fargo scandal", "Wells Fargo Exec Who Headed Phony Accounts Unit Collected $125 Million", "Wells Fargo fake accounts head could still walk with $77 million", "Wells Fargo board slams former CEO Stumpf and Tolstedt, claws back $75 million", "Former Wells Fargo execs under criminal investigation report", "Former Wells Fargo CEO Hit with $17.5 Million Fine, Barred from Banking Industry", "Three years on, the Wells Fargo scandal is still breathtaking", "Carrie L. Tolstedt (Release No. The lawyer said preserve all records. 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. Sam Bankman-Fried hit delete instead. Fundamental company data provided by Morningstar, updated daily. Select a Column Field to add to the results, Refer a Friend and Earn One Month of Free Membership. Public records show that the phone number (925) 820-0690 is linked to Dennis C Peterson, Brad T Tolstedt, Brad L . $1.61M . Our customers and you all deserved more from the leadership of this Company, Scharf explained. 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. She's already been fined $25 million, but regulators were quick to point out that her fine could get larger. 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. 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. 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. The biggest fine for the former bank execs affectsCarrie Tolstedt, who led Wells Fargos community bank during the fake-accounts scandal. Over the past 18 months, Jody Godoy reports on banking and securities law. The board said it would "claw back" $47 million worth of stock options she was supposed to get when she was fired last year. Now Stumpf is personally feeling the heat for what transpired. , 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. It has also faced lawsuits and settlements relating to the fake accounts currently totaling almost $1.4 billion. [6] Tolstedt's law firm, Williams & Connolly, responded to the report by saying that they "strongly disagree" with its findings. The former CEO is losing $69 million, or 85%, out of the $81 million he made between 2013 and 2016. 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. [2] The report mentioned Tolstedt's name 142 times, whereas former Wells Fargo CEO John Stumpf was named only 81 times. of 57,398 shares made by Kleber Santos Carrie Tolstedt's Compensation and Net Worth The former bank executive was paid very well during her lengthy employment, and it's no wonder why Carrie Tolstedt's house is a lavish mansion in California. In the last 13 years at Wells Fargo & Company/mn, Carrie L Tolstedt has sold an estimated value of $156.32M worth. 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. 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. Stumpf's reputation took a beating in the wake of this scandal. Former Wells Fargo Execs Fined $58.5M by OCC, Practice Management > Building Your Business, News According to the SEC, Tolstedt profited in November 2014 when she sold more than $11.8 million worth of Wells Fargo stock. Our customers and you all deserved more from the leadership of this Company, Scharf explained. A full and fair examination of the facts will produce a different conclusion.. 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. Carrie L Tolstedt is 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 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. Additionally, the report primarily blamed Tolstedt for the company's misconduct in the scandal, while Stumpf was mainly blamed for not firing Tolstedt sooner. 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 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. U.S. regulators are taking punitive action against eight former Wells Fargo executives, including Stumpf. All rights reserved. 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. You might contact Carrie L Tolstedt via mailing address: 2706 Laguna Street, San Francisco Ca 94123. Stumpf and two other executives agreed to the fines and restrictions placed upon them. 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. All Rights Reserved. [1], As of early January, 2020, multiple former Wells Fargo executives are facing possible criminal charges and could be indicted in early 2020. Now India is throwing open its doors to private companies and raising its stellar ambitions. 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. 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. Wells Fargo & Company/mn's most recent insider trade came on February 27, 2023 by 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 Big Banks Reap $32B Windfall From Trump Tax Cuts: Report. Tolstedt and four others are fighting the allegations and have not reached a settlement. The most active traders at the company are Tolstedt's unit accounted for around $14 billion of that year's net income. Your article was successfully shared with the contacts you provided. 1818(i) to each of the Respondents, individually. 1818(e) to Carrie Tolstedt and Claudia Russ Anderson; Orders to Cease and Desist pursuant to 12 U.S.C. Only the transactions in Open Market or Private Sale at the market prices are included. Each year mentioned in a federal agency's consent order, Carrie Tolstedt collected $5.5 million in stock. Not a "thing". Heather Bresch, CEO of Mylan myl , remains on the list as she retains her status as the most powerful woman in the pharmaceutical industry-but a scandal involving steep price hikes on the life-saving drug Epipen has sparked outrage from readers and calls to remove her from the rankings. The bank will consider further action and will make no remaining compensation payments to these individuals while we review the filings, he said. Carrie L. Tolstedt 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. . 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. 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. FORTUNE may receive compensation for some links to products and services on this website. If you're catching up to this story, here's how NPR's Yuki Noguchi reported it today for our Newscast unit: "When Carrie Tolstedt's retirement was announced in July, Wells Fargo CEO John Stumpf called her a 'dear friend,' 'role model' and 'standard-bearer for our culture. [2], In response to the report, Wells Fargo retroactively fired Tolstedt for cause and revoked $47.3 million that they had previously paid her. He was the CEO of Wells Fargo during the bank's fake accounts scandal. 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. Terms & Conditions. Tolstedt, meanwhile, is giving up $67 million-or almost twice the $36 million she took home over the same period. Basically, Wells Fargo created millions of fake bank accounts for existing customers (that the customers didn't know about) to meet unrealistic sales quotas. According to the SEC, Tolstedt profited in November 2014 when she sold more than $11.8 million worth of Wells Fargo stock. 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