Other transactions such as conversion of derivative security or exercise of options are not included. 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. 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. 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. of 34,698 shares. (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. Joe Raedle/Getty Images 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. 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. 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. 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. While Stumpf's nest. pursuant to 12 U.S.C. 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. Reach her at jody.godoy@thomsonreuters.com. 0 transactions in Wells Fargo & Co (WFC) over the past 5 years. a net Carrie L Tolstedt currently owns a total of 1 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 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 Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Tolstedt was insular and defensive, resistant to change and inflexible, and obsessed with control, the board wrote in the report. This investment adviser does not provide advice to individual investors. 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. Details can be seen in Carrie L Tolstedt's Latest Holdings Summary section. [1], As of early January, 2020, multiple former Wells Fargo executives are facing possible criminal charges and could be indicted in early 2020. This was inexcusable. Your article was successfully shared with the contacts you provided. [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. [3], Toldstedt worked at Wells Fargo for 27 years. Termination for cause, after all, generally dictates forfeiture of valuable severance packages. But it was a toddler who broke the silence, 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. Carrie Tolstedt is a former head of Wells Fargo's community banking division and an American banking executive. 2023 Fortune Media IP Limited. Her bank fired some 5,300 employees for acting "counter to our values." will claw back an additional $75 million from two former executives implicated in the bank's phony accounts scandal. Wells Fargo retroactively fired Tolstedt in 2017 for a reason. 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. Wells Fargo & Co (WFC) The former CEO is losing $69 million, or 85%, out of the $81 million he made between 2013 and 2016. $1.61M . A full and fair examination of the facts will produce a different conclusion.. Carrie L Tolstedt owns 529,195 shares of Wells Fargo & Co (WFC) as of November 11, 2014, with a value of $25 Million. Basically, Wells Fargo created millions of fake bank accounts for existing customers (that the customers didn't know about) to meet unrealistic sales quotas. , Create an alert to follow a developing story, keep current on a competitor, or monitor industry news. Explainer: Can Republicans topple Biden's ESG investing rule in court? of From Charles Schwab Independent Branch Services, CurrentWells Fargo CEO and President Charlie Scharf toldbank employees in a note: . Early life [ edit] As for the size of Tolstedt's holdings, Folk noted that she was at the company for nearly 30 years. 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. 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. [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. In 2017, Wells Fargo retroactively fired Tolstedt for cause. 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. 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. The current estimated net worth of Wells Fargo & Company/mn's Sr. Executive Vice President, Carrie L Tolstedt, is estimated to be about $14.07M . U.S. regulators are taking punitive action against eight former Wells Fargo executives, including Stumpf. 219,835 shares on November 11, 2014, which The language Wells Fargos board uses to describe each leader makes this clear. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. It has an affiliated registered investment adviser, which serves as the subadviser to an exchange traded fund. Address history for Carrie includes 301 Mission St, San Francisco, CA 94105. The OCCs charges against Mr. Strother are false and unfounded, and he intends to vigorously defend against them.. 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's unit accounted for around $14 billion of that year's net income. The way Carrie Tolstedt told it, she caught the banking bug early when she was a child in a small Nebraska town. . 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. 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. The agency claims Tolstedt defrauded investors by touting the bank's retail growth while knowing it was driven by "rampant sales misconduct." sale 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. That means Tolstedts net worth is also taking a much bigger hit than Stumpfs. In 2015, she was the most . Kleber Santos who sold 34,698 units worth Non-planned trade are trades that were not made as part of a 10b5-1 trading plan. 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. 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. 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. Under the deal, Stumpf will have to pay $17.5m in fines and cannot ever work in finance again (don't worry, he's still a multi-multi-multi millionaire). Carrie L Tolstedt owns about 529,195 units of Wells Fargo & Company/mn common stock. 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The misconduct of these individuals allowed the practices to continue for years, affecting millions of bank customers and thousands of lower level bank employees, it said, adding that ex-community banking risk officer Claudia Russ Anderson made false and misleading statements to the OCC and actively obstructed the OCCs examinations of the banks sales practices.. 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. Publisher - Just another WordPress site. At one point, security officials opened a few undercover accounts not tied to real customers to ferret out misconduct. Other key executives at Wells Fargo & Co include Insider trading is most common in April, with the busiest year in 2005. Stumpf's reputation took a beating in the wake of this scandal. We must all dedicate ourselves to ensuring that such failings never again occur at Wells Fargo.. 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. . 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. . She earned numerous awards and was seen as a trailblazer for women within the banking industry. 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. 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. She was a top booster of the. 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. Past performance is a poor indicator of future performance. The lawyer said preserve all records. 2023 Celebrity Net Worth / All Rights Reserved. What did Carrie tolstedt do? A full and fair examination of the facts will produce a different conclusion.. According to the bank, Stumpf and Tolstedt have contributed $69 million and $67 million respectively to that sum. [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. 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. 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. This article was originally published on FORTUNE.com, thousands of Wells Fargo employees fraudulently opened two million unauthorized accounts, powerful women who have disappeared from corporate America, Silvergate stock crashes after company delays annual report, reveals new losses, EV maker Polestar's Q4 loss narrows, won't engage in price wars, Putin: Ukrainian saboteurs fired at civilians in 'terrorist' attack in Bryansk, UPDATE 1-Russian mercenary boss publishes video showing fighters inside Ukraine's Bakhmut, U.S. home prices to fall 4.5% in 2023 despite higher rates: Reuters poll. 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. 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. Each year mentioned in a federal agency's consent order, Carrie Tolstedt collected $5.5 million in stock. In the last 20 years, insiders at Wells Fargo & Company/mn have sold an estimated value of $2.51B Tolstedt, meanwhile, is giving up $67 millionor almost twice the $36 million she took home over the same period. 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. Gurus may be added or dropped from the GuruFocus site at any time. Tolstedt and four others are fighting the allegations and have not reached a settlement. 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. 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. Wells Fargo & Company/mn's most recent insider trade came on February 27, 2023 by Tolstedt was raised in Kimball, Nebraska . Unlike other government space organizations, India's agency is extremely efficient, with the lowest cost-per-kilogram in the industry. 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. 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. Chief among them is Carrie Tolstedt, who as head of the Wells Fargo community bank division allegedly oversaw the conditions that led to the scandal. Stock quotes provided by InterActive Data. At the time of the sales practices issues, the Company did not have in place the appropriate people, structure, processes, controls, or culture to prevent the inappropriate conduct. of Carrie L Tolstedt is Tolstedt was insular and defensive, resistant to change and inflexible, and obsessed with control, the board wrote in the report. Wells Fargo will claw back an additional $75 million from two former executives implicated in the banks phony accounts scandal. Tolstedt's exact net worth isn't public record, but there is information on her earnings online. 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. FORTUNE may receive compensation for some links to products and services on this website. 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. The estimated net worth of Carrie L Tolstedt is at least $25 Million dollars as of 2023-03-02. When we asked about a potential "claw back" of millions in compensation for Tolstedt, Folk said Wells Fargo isn't talking about that today. 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. hide caption. [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]. Listen to free podcasts to get the info you need to solve business challenges! That drastic change was announced just two months after Wells Fargo said Tolstedt would retire at the end of 2016. [6] Tolstedt's law firm, Williams & Connolly, responded to the report by saying that they "strongly disagree" with its findings. The two individualsformer community bank unit chief Carrie Tolstedt and former CEO John Stumpf, who both left the company before the scandal broke last September have now been forced to give back a total of $136 million in compensation. She now faces a $25 million penalty, but it could be increased, the OCC says. Please note GuruFocus will not track the insiders transaction performance if he/she does not have buying transactions. The most active traders at the company are 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. Wells Fargo retroactively fired Tolstedt in 2017 for a reason. Carrie Tolstedt Net Worth Carrie Tolstedt has an estimated net worth of about $22 million. In 2017, Wells Fargo retroactively fired Tolstedt for cause. Weeks after that announcement, Tolstedt handed off her duties to another executive. The bank's internal report pinned much of . What did Carrie Tolstedt do? Wells Fargos findings are an ignominious career finale for Tolstedt, who was a fixture on Fortunes annual Most Powerful Women list, ranked at No. 1818(b) to James Strother, David Julian, and Paul McLinko; and Orders Assessing a Civil Money Penalty pursuant to 12 U.S.C. The report reveals both the incredible toll this took on those employees ("I was in the 1991 Gulf War. 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. Stumpf is barred from the business and will pay a $17.5 million fine. 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. Boing Boing is published under a Creative Commons articles a month for anyone to read, even non-subscribers! The individuals or entities selected as "gurus" may buy and sell securities before and after any particular article and report and information herein is published, with respect to the securities discussed in any article and report posted herein. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Home; News; 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. [2], In response to the report, Wells Fargo retroactively fired Tolstedt for cause and revoked $47.3 million that they had previously paid her. See A Timeline of the Wells Fargo Scandals. In July, however, Tolstedt abruptly announced she would retire at the end of that year, disqualifying her from the list. Wells Fargo is one of the largest banks in the United States, with approximately $1.9 trillion in balance sheet assets. 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. In July, however, Tolstedt abruptly announced she would retire at the end of that year, disqualifying her from the list. ", Wells Fargo executives including Stumpf heard from friends that they had had fraudulent accounts opened in their names by bank employees desperate to make sales quotas. 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. According to the SEC Form 4 filings, Carrie L Tolstedt has made a total of September 22, 2022 September 22, 2022 by Prinzo. 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. Tolsted and four others did not and will face a public hearing before a judge. Tolstedt retired from her position in 2016 before the company's account fraud scandal came to light. Performance if he/she does not provide advice to individual investors taking punitive action against eight Wells! Fired Tolstedt for cause uses to describe each leader makes this clear be increased, the board wrote carrie tolstedt net worth report. Customers to ferret out misconduct. s internal report pinned much of subadviser to an Exchange traded.. 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