It is almost entirely focused on the U.S. Carrie L Tolstedt is the Sr. Executive Vice President of Wells Fargo & Co. They face fines of $25 million, $5 million, $5 million, $2 million and $500,000 respectively, or total fines of $37.5 million. 1818(e) to Carrie Tolstedt and Claudia Russ Anderson; Orders to Cease and Desist pursuant to 12 U.S.C. That means Tolstedts net worth is also taking a much bigger hit than Stumpfs. They face fines of $25 million, $5 million, $5 million, $2 million and $500,000 respectively, or total fines of $37.5 million. That meant that although 30,000 employees per month exhibited suspect activity, only as few as three per month were investigated. Address history for Carrie includes 301 Mission St, San Francisco, CA 94105. These warning signs were pretty incredible: after one presentation by Tolstedt downplaying the seriousness of the rot in the bank, a board member cursed her out, calling her reassurances "a piece of shit. 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. [6] Tolstedt's law firm, Williams & Connolly, responded to the report by saying that they "strongly disagree" with its findings. [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 Rights Reserved. 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. Wells Fargo will claw back an additional $75 million from two former executives implicated in the banks phony accounts scandal. Public records show that the phone number (925) 820-0690 is linked to Dennis C Peterson, Brad T Tolstedt, Brad L . 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's board says that it has clawed back $67 million from Tolstedt and $69 million from Stumpf . sites. LR-24964; Nov. 13, 2020)", https://en.wikipedia.org/w/index.php?title=Carrie_Tolstedt&oldid=1113745727, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 3 October 2022, at 02:11. a net Non-planned trade are trades that were not made as part of a 10b5-1 trading plan. 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. 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. 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.. Under no circumstances does any information posted on GuruFocus.com represent a recommendation to buy or sell a security. , 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. Life is chaotic, and finding time 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. Service. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. Wells Fargo will claw back an additional $75 million from two former executives implicated in the banks phony accounts scandal. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. January 23, 2020 at 03:36 PM As The Wall Street Journal first observed, Tolstedts name is mentioned 142 times in the 113-page document. 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. Our Standards: The Thomson Reuters Trust Principles. Read about what we do with the data we gather in our Privacy Policy. 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 former CEO is losing $69 million, or 85%, out of the $81 million he made between 2013 and 2016. India is one of only a handful of nations that have sent probes to the moon and Mars. The OCCs actions are consistent with my belief that we should hold ourselves and individuals accountable. 2004-2023 GuruFocus.com, LLC. The bank will consider further action and will make no remaining compensation payments to these individuals while we review the filings, he said. 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. 27 as recently as 2015, recognized as the most powerful female banker in the U.S. at the time. She was a top booster of the. 27 as recently as 2015, recognized as the most powerful female banker in the U.S. at the time. Early life [ edit] 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. Carrie L Tolstedt around $12 Million. Who will be eaten first? [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]. It has been restructuring and complying with regulatory reforms since the fake accounts scandal in 2016. 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. 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. #N20-001 Carrie Tolstedt headed up Wells Fargo's community bank for a decade. Our customers and you all deserved more from the leadership of this Company, Scharf explained. The stock performance is charted as cumulative percent change in share price. 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. We are a participant in the Amazon Services LLC Associates Program, an affiliate advertising Select a Column Field to add to the results, Refer a Friend and Earn One Month of Free Membership. All quotes delayed a minimum of 15 minutes. 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. Carrie L Tolstedt owns 529,195 shares of Wells Fargo & Co (WFC) as of November 11, 2014, with a value of $25 Million. In July, however, Tolstedt abruptly announced she would retire at the end of that year, disqualifying her from the list. 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. Wells Fargos findings are an ignominious career finale for Tolstedt, who was a fixture on Fortunes annual Most Powerful Women list, ranked at No. When we asked about a potential "claw back" of millions in compensation for Tolstedt, Folk said Wells Fargo isn't talking about that today. Get alerted any time new stories match your search criteria. Carrie Tolstedt Wiki At Wells Fargo, Carrie Tolstedt is in charge of business, small business, and retail banking. Wells Fargo & Co (WFC)'s detailed insider trading history can be found in Insider Trading Tracker table. Click here to see the complete history of Carrie L Tolstedts form 4 insider trades. Patricia R Callahan, Senior Executive VP, 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. pursuant to 12 U.S.C. 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. While Stumpf's nest. The language Wells Fargos board uses to describe each leader makes this clear. Our forum rules are detailed in the Community Guidelines. Carrie has the phone number (925) 820-0690 (Pacific Bell). In July, however, Tolstedt abruptly announced she would retire at the end of that year, disqualifying her from the list. Not a "thing". and When a Wells Fargo exec complained to Tolstedt that his wife had had fraudulent accounts opened in her name, Tolstedt told him "to stop telling the story because she thought it reflected poorly on the Community Bank.". She earned numerous awards and was seen as a trailblazer for women within the banking industry. 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. According to the SEC, Tolstedt profited in November 2014 when she sold more than $11.8 million worth of Wells Fargo stock. In 2017, Wells Fargo retroactively fired Tolstedt for cause. 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. 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