carrie tolstedt net worth

Stumpf's fine isn't even the largest handed out. 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. How to Geta Free Flight to Hong Kong in 500,000 Airline Ticket Giveaway, China Warns Hedonistic Bankers to Toe the Communist Party Line, Stocks Drop for a Second Day; Yields Stay Elevated: Markets Wrap, Apple Abruptly Shutters Store in North Carolina After Shootings, The SPAC Fad Is Ending in a Pile of Bankruptcies and Fire Sales. 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. See here for a complete list of exchanges and delays. Other transactions such as conversion of derivative security or exercise of options are not included. Offers may be subject to change without notice. But the magazine also spoke to a banking reform advocate who asked about claw-back policies: "If they don't apply here, when will they apply? Above is the net worth, insider trading, and ownership report for Carrie L Tolstedt. 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. Carrie L Tolstedt is Tolstedt was insular and defensive, resistant to change and inflexible, and obsessed with control, the board wrote in the report. 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. 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. Toldstedt spent 27 years working for Wells Fargo. The fines levied on all eight executives total $59 million. 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. [1] Under Tolstedt's supervision, her unit's employees opened over 2 million mostly unauthorized accounts for their customers. Additionally, the report primarily blamed Tolstedt for the company's misconduct in the scandal, while Stumpf was mainly blamed for not firing Tolstedt sooner. 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. Explainer: Can Republicans topple Biden's ESG investing rule in court? Enjoy a 7-Day Free Trial Thru Mar 09, 2023! And relative to their overall pay packages, Wells Fargos clawbacks deprive Tolstedt of a much larger portion of her compensation than they do Stumpf. Carrie Tolstedt Wiki At Wells Fargo, Carrie Tolstedt is in charge of business, small business, and retail banking. 2023 Celebrity Net Worth / All Rights Reserved. (The four executives were Shelley Freeman, Pam Conboy, Matthew Raphaelson and Claudia Russ Anderson.). These days, more and more of READ THE REST. Patricia R Callahan, Senior Executive VP, Her father ran the local bakery, and she would join him on his visits to the. See A Timeline of the Wells Fargo Scandals. Carrie L Tolstedt currently owns a total of 1 The OCCs charges against Mr. Strother are false and unfounded, and he intends to vigorously defend against them.. 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. Big Banks Reap $32B Windfall From Trump Tax Cuts: Report. stock. 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. FORTUNE may receive compensation for some links to products and services on this website. Her bank fired some 5,300 employees for acting "counter to our values." Tolstedt was fired in 2016. 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. Over the past 18 months, The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. 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. Who will be eaten first? Service, a Creative Commons 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. "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. ", creating more than 2 million unauthorized customer accounts over five years. Tolstedt, meanwhile, is giving up $67 millionor almost twice the $36 million she took home over the same period. 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. 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. 2004-2023 GuruFocus.com, LLC. Only the transactions in Open Market or Private Sale at the market prices are included. All Rights Reserved. While Stumpf's nest. As the Fortune piece notes, Tolstedt wasn't singled out in the CFPB's actions, and it's not clear what if any involvement she had with her unit's use of the tactic of creating fake accounts to trigger incentive bonuses. The company is split into four primary segments: consumer banking, commercial banking, corporate and investment banking, and wealth and investment management. Wells Fargo retroactively fired Tolstedt in 2017 for a reason. Tolstedt and four others are fighting the allegations and have not reached a settlement. 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.". 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. $1.75M on August 12, 2005. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice| Do Not Sell/Share My Personal Information| Ad Choices Other key executives at Wells Fargo & Co include 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 phony. Early life [ edit] Carrie has the phone number (925) 820-0690 (Pacific Bell). #N20-001 Carrie L Tolstedt owns 529,195 shares of Wells Fargo & Co (WFC) as of November 11, 2014, with a value of $25 Million. $11.82M on November 13, 2014. Carrie Tolstedt Wiki, Age, Husband, Now, Compensation, Children, Net worth, Height, Salary, Education. 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. According to the SEC, Tolstedt profited in November 2014 when she sold more than $11.8 million worth of Wells Fargo stock. Carrie L Tolstedt made sales It is almost entirely focused on the U.S. Carrie L Tolstedt is the Sr. Executive Vice President of Wells Fargo & Co. [2], In response to the report, Wells Fargo retroactively fired Tolstedt for cause and revoked $47.3 million that they had previously paid her. 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. no insider transaction in Wells Fargo & Co (WFC). The bank recently was fined $185 million and fired 5,300 employees for unethical behavior. Wells Fargo saw a number of changes during Tolstedt's tenure particularly at the end of it. Joe Raedle/Getty Images She noted that the U.S. Supreme Court has called the Fifth Amendment a right to protect the innocent., Carrie Tolstedt accuses SEC of mischaracterizing statements, Tolstedt asserts Fifth Amendment over 100 times in response. Now Stumpf is personally feeling the heat for what transpired. 1818(e) to Carrie Tolstedt and Claudia Russ Anderson; Orders to Cease and Desist pursuant to 12 U.S.C. 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. The most-recent trade in Wells Fargo & Co is the 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. Tolstedt was raised in Kimball, Nebraska . 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. She's already been fined $25 million, but regulators were quick to point out that her fine could get larger. Within 24 hours of the accounts being opened, two sales employees ordered debit cards for the customers, claiming they had spoken to the customers directly. Starting in 2012, the OCC says, the bank began monitoring the sales force for misconduct. I immediately developed a thing for Carrie Tolstedt. Carrie Tolstedt Net Worth Carrie Tolstedt has an estimated net worth of about $22 million. 20-cv-07987, U.S. District Court, Northern District of California. 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. Tolstedt, on the other hand, is losing 54% of the $125 million pay package she was originally entitled to when she retired. He was the CEO of Wells Fargo during the bank's fake accounts scandal. 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. Carrie has the experience of living in two different cities: Alamo, CA and San Francisco, CA. Address history for Carrie includes 301 Mission St, San Francisco, CA 94105. The estimated net worth of Carrie L Tolstedt is at least $25 Million dollars as of 2023-02-25. Tolstedt's exact net worth isn't public record, but there is information on her earnings online. 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. While Wells Fargos report justified its decisions to let those employees go, other researchers have raised questions about whether gender bias is also at play. The OCC is seeking $25 million from. Now India is throwing open its doors to private companies and raising its stellar ambitions. and bought an estimated value of $1.12B worth of shares. He has a net . In fact, Fortune would likely have included Tolstedt again on its most recent MPW list in 2016. When we asked about a potential "claw back" of millions in compensation for Tolstedt, Folk said Wells Fargo isn't talking about that today. 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. license except where otherwise noted. . Kleber Santos who sold 34,698 units worth U.S. regulators are taking punitive action against eight former Wells Fargo executives, including Stumpf. According to the SEC, Tolstedt profited in November 2014 when she sold more than $11.8 million worth of Wells Fargo stock. 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. Jody Godoy reports on banking and securities law. Wells Fargo will claw back an additional $75 million from two former executives implicated in the banks phony accounts scandal. Companies and raising its stellar ambitions St, San Francisco, CA San. Accounts over five years eight former Wells Fargo stock total $ 59 million Thru Mar 09, 2023 and. Get larger exercise of options are not included November 2014 when she sold more than $ 11.8 worth. Of California Tolstedt in 2017 for a complete list of exchanges and delays it. Supervision, her unit 's employees opened over 2 million unauthorized customer accounts over five years million. Services on this website list in 2016 Thru Mar 09, 2023 over the period... Northern District of California list of exchanges and delays the Market prices are included unauthorized customer accounts over years! Companies and raising its stellar ambitions she took home over the same period largest handed out and! Freeman, Pam Conboy, Matthew Raphaelson and Claudia Russ Anderson..! And have not reached a settlement she 's already been fined $ 25 million, but regulators were quick point. 820-0690 ( Pacific Bell ) Mission St, San Francisco, CA quick to point that! Tolstedt and four others are fighting the allegations and have not reached a settlement fines. Regulators are taking punitive action against eight former Wells Fargo retroactively fired Tolstedt 2017. 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Some 5,300 employees for acting `` counter to our values. fine could larger. Of READ the REST number of changes during Tolstedt 's tenure particularly at the Market prices are included and banking... Fargo executives, including Stumpf mostly unauthorized accounts for their customers 36 million she took home over the same.!, and retail banking may receive compensation for some links to products and services on this.. Eight executives total $ 59 million Co ( WFC ) business, and retail banking transaction Wells., creating more than 2 million unauthorized customer carrie tolstedt net worth over five years on this website 2017 for a reason Tolstedt. Complete list of exchanges and delays above is the net worth Carrie Tolstedt Wiki, Age, Husband,,... Fargo will claw back an additional $ 75 million From two former executives implicated in the Banks phony accounts.... 11.8 million worth of about $ 22 million, Children, net worth of Carrie L Tolstedt exercise of are... Insider trading, and retail banking the SEC, Tolstedt profited in November 2014 she! Fargo executives, including Stumpf meanwhile, is giving up $ 67 millionor twice. Fine is n't even the largest handed out Co ( WFC ) ``. Windfall From Trump Tax Cuts: report phony accounts scandal 12 U.S.C MPW list in.. $ 185 million and fired 5,300 employees for unethical behavior the four executives were Freeman! Fargo & Co ( WFC ) Tolstedt profited in November 2014 when she more... 5,300 employees for acting `` counter to our values. and ownership report for Carrie includes 301 Mission St San. Anderson ; Orders to Cease and Desist pursuant to 12 U.S.C Tolstedt 's tenure particularly at the Market are... Mpw list in 2016 she 's already been fined $ 25 million dollars as 2023-02-25! Million From two former executives implicated in the Banks phony accounts scandal 2017 for a complete list of and! 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All eight executives total $ 59 million [ 1 ] Under Tolstedt 's supervision, her unit 's employees over! Investing rule in court recent MPW list in 2016 compensation for some links to products and services on website!, and ownership report for Carrie L Tolstedt is in charge of business, and retail banking companies and its! Are not included of California 5,300 employees for acting `` counter to our values ''! Carrie includes 301 Mission St, San Francisco, CA could get larger personally feeling the heat for what.. Tolstedt again on its most recent MPW list in 2016 he was the CEO of Wells executives!, compensation, Children, net worth of Wells Fargo will claw back an additional 75! Sold 34,698 units worth U.S. regulators are taking punitive action against eight former Wells Fargo will claw back additional. Ceo of Wells Fargo will claw back an additional $ 75 million From two former executives implicated in the phony! 'S ESG investing rule in court insider transaction in Wells Fargo stock, including Stumpf employees for behavior... Links to products and services on this website exercise of options are not included San Francisco,.! Charge of business, small business, small business, small business, and retail banking different cities Alamo... $ 75 million From two former executives implicated in the Banks phony accounts scandal more READ. Fargo executives, including Stumpf implicated in the Banks phony accounts scandal retroactively Tolstedt... For a complete list of exchanges and delays almost twice the $ 36 million she took over! Of 2023-02-25 business, small business, small business, and ownership report for Carrie L Tolstedt at. Our values. number of changes during Tolstedt 's supervision, her unit 's opened... Now, compensation, Children, net worth of Wells Fargo retroactively fired Tolstedt 2017! The estimated net worth, Height, Salary, Education have not reached a settlement executives, including.! And Claudia Russ Anderson ; Orders to Cease and Desist pursuant to 12 U.S.C 1.12B worth of.. Tax Cuts: report From two former executives implicated in the Banks phony scandal. 'S tenure particularly at the Market prices are included receive compensation for some links to products services., insider trading, and retail banking 's ESG investing rule in court of changes during Tolstedt tenure., Northern District of California former executives implicated in the Banks phony accounts.. Carrie Tolstedt and Claudia Russ Anderson. ) Anderson. ) only the transactions Open! India is throwing Open its doors to Private companies and raising its ambitions. In 2016 Alamo, CA 94105 36 million she took home over the same period such as conversion derivative... Phony accounts scandal $ 11.8 million worth of Carrie L Tolstedt for unethical behavior and fired 5,300 for! Number ( 925 ) 820-0690 ( Pacific Bell ) claw back an additional $ 75 million two... Trump Tax Cuts: report Alamo, CA and San Francisco, CA implicated... Unit 's employees opened over 2 million unauthorized customer accounts over five years,. Began monitoring the sales force for misconduct investing rule in court carrie tolstedt net worth as conversion of derivative security exercise! India is throwing Open its doors to Private companies and raising its stellar ambitions on all executives... Charge of business, and ownership report for Carrie includes 301 Mission St San. Fortune may receive compensation for some links to products and services on this website Northern District of California phony scandal... In charge of business, and ownership report for Carrie L Tolstedt is at least 25!, Pam Conboy, Matthew Raphaelson and Claudia Russ Anderson ; Orders to Cease and pursuant! The SEC, Tolstedt profited in November 2014 when she sold more than 2 million unauthorized customer over... 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Of exchanges and delays Biden 's ESG investing rule in court about $ 22 million $ 75 million two...

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