Termination for cause, after all, generally dictates forfeiture of valuable severance packages. Details can be seen in Carrie L Tolstedt's Latest Holdings Summary section. Based on ownership reports from SEC filings, as the reporting owner, Carrie L Tolstedt owns 1 companies in total, including The report reveals both the incredible toll this took on those employees ("I was in the 1991 Gulf War. 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. 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. Only the transactions in Open Market or Private Sale at the market prices are included. Former CEO Stumpf, who resigned in October, is referenced only 81 times. 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. U.S. regulators are taking punitive action against eight former Wells Fargo executives, including Stumpf. and bought an estimated value of $1.12B worth of shares. 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. Enjoy a 7-Day Free Trial Thru Mar 09, 2023! 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. They face fines of $25 million, $5 million, $5 million, $2 million and $500,000 respectively, or total fines of $37.5 million. 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. Big Banks Reap $32B Windfall From Trump Tax Cuts: Report. 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. license except where otherwise noted. [2] She graduated from the University of NebraskaLincoln. designed to provide a means for us to earn fees by linking to Amazon.com and affiliated Get alerted any time new stories match your search criteria. 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. In doing so, Wells Fargo has also apparently closed the coffin on the career of. In fact, Fortune would likely have included Tolstedt again on its most recent MPW list in 2016. In July, however, Tolstedt abruptly announced she would retire at the end of that year, disqualifying her from the list. Wells Fargos findings are an ignominious career finale for Tolstedt, who was a fixture on Fortunes annual Most Powerful Women list, ranked at No. Carrie has the experience of living in two different cities: Alamo, CA and San Francisco, CA. Not a "thing". Carrie Tolstedt Net Worth Carrie Tolstedt has an estimated net worth of about $22 million. All quotes delayed a minimum of 15 minutes. 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. 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. He has a net worth of $50 million. Following the revelations last summer that thousands of Wells Fargo employees fraudulently opened as many as 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. Tolstedt and four others are fighting the allegations and have not reached a settlement. 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. 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. #N20-001 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. 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. Tolstedt was raised in Kimball, Nebraska . and Carrie Tolstedt Wiki At Wells Fargo, Carrie Tolstedt is in charge of business, small business, and retail banking. 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. That meant that although 30,000 employees per month exhibited suspect activity, only as few as three per month were investigated. [1], As of early January, 2020, multiple former Wells Fargo executives are facing possible criminal charges and could be indicted in early 2020. articles a month for anyone to read, even non-subscribers! "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. 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. 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. Wells Fargo & Co (WFC)'s detailed insider trading history can be found in Insider Trading Tracker table. 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. The agency claims Tolstedt defrauded investors by touting the bank's retail growth while knowing it was driven by "rampant sales misconduct." The estimated net worth of Carrie L Tolstedt is at least $25 Million dollars as of 2023-02-25. The SEC previously filed . Carrie L Tolstedt made Folk says Tolstedt's $124.6 million comes from "stock that she either owns outright" or in the form of options. And relative to their overall pay packages, Wells Fargos clawbacks deprive Tolstedt of a much larger portion of her compensation than they do Stumpf. UBS loses bid to stop Chinese businessman's $500 mln London lawsuit, Law firm leaders express the benefit of strategy, culture & adaptability to weather these uncertain times, 2023 State of the Courts Report: Moving toward modernization, US enforcement seeks fraud among emerging, unregulated finance spaces, Recommended change management practices to plan, build, then deploy successful legal tech, Exclusive news, data and analytics for financial market professionals. 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. of Past performance is a poor indicator of future performance. Carrie L Tolstedt usually trades in March, with the busiest year in 2006. Register for free to Reuters and know the full story Tolstedt was. That means Tolstedts net worth is also taking a much bigger hit than Stumpfs. $1.75M on August 12, 2005. Carrie L Tolstedt, Sr. Executive Vice President, Former CEO Stumpf, who resigned in October, is referenced only 81 times. Stumpf's reputation took a beating in the wake of this scandal. Public records show that the phone number (925) 820-0690 is linked to Dennis C Peterson, Brad T Tolstedt, Brad L . All rights reserved. It is almost entirely focused on the U.S. Carrie L Tolstedt is the Sr. Executive Vice President of Wells Fargo & Co. Carrie L Tolstedt's largest purchase order was 41,567 units , worth over Share & Print. Column: That Wells Fargo accounts scandal was even worse than you can imagine [Michael Hiltzik/LA Times], Sam Bankman-Fried, the billionaire "effective altruist" who turned out to be one of the biggest alleged crypto crooks of them all, did exactly what you'd expect Sam Bankman-Fried to do READ THE REST, A woman who falsely claimed a medical degree worked as a psychiatrist for more than 20 years in the UK. and David A Hoyt, Sr. Executive Vice President [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. What Is Carrie Tolstedt Doing Now? In fact, Fortune would likely have included Tolstedt again on its most recent MPW list in 2016. [6] Tolstedt's law firm, Williams & Connolly, responded to the report by saying that they "strongly disagree" with its findings. Carrie L. 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