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. In 2017, Wells Fargo retroactively fired Tolstedt for cause. 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. Other transactions such as conversion of derivative security or exercise of options are not included. program The gurus listed in this website are not affiliated with GuruFocus.com, LLC. She's already been fined $25 million, but regulators were quick to point out that her fine could get larger. 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. 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. and affiliate links. But the most impressive part of its space program is its cost-effectiveness. 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. 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. Under no circumstances does any information posted on GuruFocus.com represent a recommendation to buy or sell a security. The bank will consider further action and will make no remaining compensation payments to these individuals while we review the filings, he said. Our customers and you all deserved more from the leadership of this Company, Scharf explained. 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. Wells Fargo retroactively fired Tolstedt in 2017 for a reason. [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. Carrie Tolstedt Wiki At Wells Fargo, Carrie Tolstedt is in charge of business, small business, and retail banking. 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. According to the SEC, Tolstedt profited in November 2014 when she sold more than $11.8 million worth of Wells Fargo stock. Insiders are limited to only officers and/or directors of the company. 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. 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. Wells Fargo is the fourth-largest bank in the U.S. Former CEO Stumpf, who resigned in October, is referenced only 81 times. The estimated net worth of Carrie L Tolstedt is at least $23 Million dollars unlike her net worth her salary is not publicly known He was the CEO of Wells Fargo during the bank's fake accounts scandal. 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. Wells Fargos findings are an ignominious career finale for Tolstedt, who was a fixture on Fortunes annual Most Powerful Women list, ranked at No. Our Standards: The Thomson Reuters Trust Principles. #N20-001 $11.82M on November 13, 2014. 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. Only the transactions in Open Market or Private Sale at the market prices are included. Weeks after that announcement, Tolstedt handed off her duties to another executive. The most active traders at the company are Carrie L Tolstedt around $12 Million. and David A Hoyt, Sr. Executive Vice President Please note GuruFocus will not track the insiders transaction performance if he/she does not have buying transactions. 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. And relative to their overall pay packages, Wells Fargos clawbacks deprive Tolstedt of a much larger portion of her compensation than they do Stumpf. license except where otherwise noted. Read about what we do with the data we gather in our Privacy Policy. [2] She graduated from the University of NebraskaLincoln. 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. (Reuters) - A federal judge in California has rejected a former Wells Fargo executive's bid to dismiss part of the U.S. Securities Commission's case alleging she defrauded investors by concealing the bank's sales practices. Wells Fargos advisor headcount stands at 13,512 vs. nearly 13,948 a year ago. 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 Enjoy a 7-Day Free Trial Thru Mar 09, 2023! Wells Fargo & Company/mn's most recent insider trade came on February 27, 2023 by 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. That drastic change was announced just two months after Wells Fargo said Tolstedt would retire at the end of 2016. Carrie has the phone number (925) 820-0690 (Pacific Bell). Former CEO Stumpf, who resigned in October, is referenced only 81 times. As for the size of Tolstedt's holdings, Folk noted that she was at the company for nearly 30 years. designed to provide a means for us to earn fees by linking to Amazon.com and affiliated Tolstedt's unit accounted for around $14 billion of that year's net income. [1] The report stated that Stumpf was hesitant to criticize Tolstedt, and that he once called her "the best banker in America". Tolstedt, of course, is not the only executive on Fortunes Most Powerful Women list to experience a sharp fall from grace. 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. articles a month for anyone to read, even non-subscribers! And relative to their overall pay packages, Wells Fargos clawbacks deprive Tolstedt of a much larger portion of her compensation than they do Stumpf. [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. [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. All quotes delayed a minimum of 15 minutes. They also are consistent with our belief that significant parts of the operating model of our Community Bank were flawed. 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. 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. Boing Boing is published under a Creative Commons 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. Each year mentioned in a federal agency's consent order, Carrie Tolstedt collected $5.5 million in stock. In doing so, Wells Fargo has also apparently closed the coffin on the career of. It has also faced lawsuits and settlements relating to the fake accounts currently totaling almost $1.4 billion. 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. That means Tolstedts net worth is also taking a much bigger hit than Stumpfs. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. 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. That stock normally takes a three-year period to vest fully. Tolsted and four others did not and will face a public hearing before a judge. Details can be seen in Carrie L Tolstedt's Latest Holdings Summary section. 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. 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. Wells Fargo says Tolstedt's retirement was a personal decision, and that her stock holdings were earned over her 27-year tenure.". sale 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. Carrie has the experience of living in two different cities: Alamo, CA and San Francisco, CA. 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. Public records show that the phone number (925) 820-0690 is linked to Dennis C Peterson, Brad T Tolstedt, Brad L . In total, Carrie L Tolstedt has made about 180 transactions over 13 years of their time at Wells Fargo & Company/mn. Read the rules you agree to by using this website in our Terms 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. sale Powered and implemented by Interactive Data Managed Solutions. What Is Carrie Tolstedt Doing Now? Our forum rules are detailed in the Community Guidelines. Sr. Executive Vice President Kristy Fercho You might contact Carrie L Tolstedt via mailing address: 2706 Laguna Street, San Francisco Ca 94123. All Rights Reserved. Advisor Case Studies: Navigating By Your Values. This was inexcusable. Carrie Tolstedt, who was a senior vice president before she left the bank in 2016, cited her right under the Fifth Amendment not to be a witness against herself more than 100 times in a response filed Friday to the agencys complaint. . sites. Wells Fargo & Co (WFC) The estimated net worth of Carrie L Tolstedt is at least $25 Million dollars as of 2023-02-25. Service. Early life [ edit] Past performance is a poor indicator of future performance. She's already been fined $25 million, but regulators were quick to point out that her fine could get larger. 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. Carrie L. Tolstedt, Case No. The economy and markets are "under surveillance". The bank has paid billions in fines to a number of government agencies. 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. On this Wikipedia the language links are at the top of the page across from the article title. 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 See A Timeline of the Wells Fargo Scandals. hide caption. The company is split into four primary segments: consumer banking, commercial banking, corporate and investment banking, and wealth and investment management. 20-cv-07987, U.S. District Court, Northern District of California. Boing Boing uses cookies and analytics trackers, and is supported by advertising, merchandise Gurus may be added or dropped from the GuruFocus site at any time. Net worth and Salary. Wells Fargo is one of the largest banks in the United States, with approximately $1.9 trillion in balance sheet assets. In 2015, she was the most . 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. 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 and four others are fighting the allegations and have not reached a settlement. 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. Dont forget you can visit MyAlerts to manage your alerts at any time. 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. Carrie L Tolstedt owns about 529,195 units of Wells Fargo & Company/mn common stock. 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 Tolstedt is a former head of Wells Fargo's community banking division and an American banking executive. $ 12 million be seen in Carrie L Tolstedt via mailing address: 2706 Laguna Street, San Francisco 94123! Not included units of Wells Fargo & # x27 ; s Latest holdings Summary section SEC, handed... You might contact Carrie L Tolstedt via mailing address: 2706 Laguna Street, Francisco... Not reached a settlement of NebraskaLincoln # N20-001 $ 11.82M on November 13, 2014 company! 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