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. stock. Heather Bresch, CEO of Mylan (MYL), remains on the list as she retains her status as the most powerful woman in the pharmaceutical industrybut 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. But the most impressive part of its space program is its cost-effectiveness. Wells Fargos findings are an ignominious career finale for Tolstedt, who was a fixture on Fortunes annual Most Powerful Women list, ranked at No. They face fines of $25 million, $5 million, $5 million, $2 million and $500,000 respectively, or total fines of $37.5 million. 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. The information on this site is in no way guaranteed for completeness, accuracy or in any other way. Fundamental company data provided by Morningstar, updated daily. The most-recent trade in Wells Fargo & Co is the Not a "thing". Unlike other government space organizations, India's agency is extremely efficient, with the lowest cost-per-kilogram in the industry. 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. 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. We are a participant in the Amazon Services LLC Associates Program, an affiliate advertising In total, Carrie L Tolstedt has made about 180 transactions over 13 years of their time at Wells Fargo & Company/mn. All Rights Reserved. Boing Boing is published under a Creative Commons 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. 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. Advisor Case Studies: Navigating By Your Values. That means Tolstedts net worth is also taking a much bigger hit than Stumpfs. Big Banks Reap $32B Windfall From Trump Tax Cuts: Report. The industry leader for online information for tax, accounting and finance professionals. The way Carrie Tolstedt told it, she caught the banking bug early when she was a child in a small Nebraska town. $11.82M on November 13, 2014. Our forum rules are detailed in the Community Guidelines. All Rights Reserved. Home; News; 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. 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. When we asked about a potential "claw back" of millions in compensation for Tolstedt, Folk said Wells Fargo isn't talking about that today. [2], In response to the report, Wells Fargo retroactively fired Tolstedt for cause and revoked $47.3 million that they had previously paid her. How Wells Fargo's Carrie Tolstedt Went from Fortune Most Powerful Woman to Villain Wells Fargo will claw back an additional $75 million from two former executives implicated in the bank's. According to the SEC, Tolstedt profited in November 2014 when she sold more than $11.8 million worth of Wells Fargo stock. 27 as recently as 2015, recognized as the most powerful female banker in the U.S. at the time. #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 2015, she was the most . Weeks after that announcement, Tolstedt handed off her duties to another executive. 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. brought Boing Boing uses cookies and analytics trackers, and is supported by advertising, merchandise He has a net . The estimated net worth of Carrie L Tolstedt is at least $25 Million dollars as of 2023-02-25. 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. India is one of only a handful of nations that have sent probes to the moon and Mars. 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 She earned numerous awards and was seen as a trailblazer for women within the banking industry. of 34,698 shares. program In doing so, Wells Fargo has also apparently closed the coffin on the career of. Jody Godoy reports on banking and securities law. [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. Patricia R Callahan, Senior Executive VP, The chargesallege that the executives failed to adequately perform their duties and responsibilities, which contributed to the banks systemic problems with sales practices misconduct from 2002 until October 2016, the OCC explained. 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 Based on ownership reports from SEC filings, as the reporting owner, Carrie L Tolstedt owns 1 companies in total, including Sam Bankman-Fried hit delete instead. Joe Raedle/Getty Images Bloomberg Surveillance, covering the latest news in finance, economics and investments. "Throughout her career, Ms. Tolstedt acted with the utmost integrity. Carrie has the experience of living in two different cities: Alamo, CA and San Francisco, CA. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. See here for a complete list of exchanges and delays. From Charles Schwab Independent Branch Services, CurrentWells Fargo CEO and President Charlie Scharf toldbank employees in a note: . 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. Folk says Tolstedt's $124.6 million comes from "stock that she either owns outright" or in the form of options. [3], Toldstedt worked at Wells Fargo for 27 years. sites. Carrie L. Tolstedt, Case No. Past performance is a poor indicator of future performance. The OCCs charges against Mr. Strother are false and unfounded, and he intends to vigorously defend against them.. Former CEO Stumpf, who resigned in October, is referenced only 81 times. 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. 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. Over the past 18 months, Read about what we do with the data we gather in our Privacy Policy. 1818(i) to each of the Respondents, individually. Rising to prominence from humble beginnings, Tolstedt was highly praised as a leading businesswoman both by those within her company and those outside. We must all dedicate ourselves to ensuring that such failings never again occur at Wells Fargo.. 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. Create an alert to follow a developing story, keep current on a competitor, or monitor industry news. of 57,398 shares. 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. he's still a multi-multi-multi millionaire, Column: That Wells Fargo accounts scandal was even worse than you can imagine, Office of the Comptroller of the Currency. The estimated net worth of Carrie L Tolstedt is at least $25 Million dollars as of 2023-03-02. 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. Tolstedt, meanwhile, is giving up $67 million-or almost twice the $36 million she took home over the same period. (The four executives were Shelley Freeman, Pam Conboy, Matthew Raphaelson and Claudia Russ Anderson.). Wells Fargo saw a number of changes during Tolstedt's tenure particularly at the end of it. On this Wikipedia the language links are at the top of the page across from the article title. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. . 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. That drastic change was announced just two months after Wells Fargo said Tolstedt would retire at the end of 2016. Each year mentioned in a federal agency's consent order, Carrie Tolstedt collected $5.5 million in stock. But questions are now circulating about Carrie Tolstedt, the unit's leader, who's set to depart her post with $124.6 million in stock and options, and whose compensation for the five years targeted by the Consumer Financial Protection Bureau included a yearly incentive bonus of $5.5 million in stock, to go along with her base pay and other bonuses. sale Wells Fargo is one of the largest banks in the United States, with approximately $1.9 trillion in balance sheet assets. Under no circumstances does any information posted on GuruFocus.com represent a recommendation to buy or sell a security. Former head of Wells Fargo's community banking division and disgraced American banking executive Carrie L. Tolstedt retired from her position in 2016 before the company's account fraud scandal came to light. 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. 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). 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. Carrie Tolstedt Wiki At Wells Fargo, Carrie Tolstedt is in charge of business, small business, and retail banking. It is almost entirely focused on the U.S. Carrie L Tolstedt is the Sr. Executive Vice President of Wells Fargo & Co. 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. Tolstedt was insular and defensive, resistant to change and inflexible, and obsessed with control, the board wrote in the report. 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. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. The bank recently was fined $185 million and fired 5,300 employees for unethical behavior. 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