carrie tolstedt net worth

In 2017, Wells Fargo retroactively fired Tolstedt for cause. 0 transactions in Wells Fargo & Co (WFC) over the past 5 years. 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. Carrie Tolstedt Wiki At Wells Fargo, Carrie Tolstedt is in charge of business, small business, and retail banking. Sr. Executive Vice President Bei Ling 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. 2023 Celebrity Net Worth / All Rights Reserved. These days, more and more of READ THE REST. . A full and fair examination of the facts will produce a different conclusion.. 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. 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. and David A Hoyt, Sr. Executive Vice President 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. Stumpf's fine isn't even the largest handed out. 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. Past performance is a poor indicator of future performance. a net Public records show that the phone number (925) 820-0690 is linked to Dennis C Peterson, Brad T Tolstedt, Brad L . program ', "Less than two months later, the bank agreed to pay the largest penalty ever imposed by the Consumer Financial Protection Bureau $185 million for creating more than 2 million unauthorized customer accounts over five years. [6] Tolstedt's law firm, Williams & Connolly, responded to the report by saying that they "strongly disagree" with its findings. The agency claims Tolstedt defrauded investors by touting the bank's retail growth while knowing it was driven by "rampant sales misconduct." 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. Rising to prominence from humble beginnings, Tolstedt was highly praised as a leading businesswoman both by those within her company and those outside. Carrie L. Tolstedt is an ousted American banking executive and former head of the community banking division at Wells Fargo,[1] from which she retired in 2016 before the company's account fraud scandal came to light. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. 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. and bought an estimated value of $1.12B worth of shares. Listen to free podcasts to get the info you need to solve business challenges! 20-cv-07987, U.S. District Court, Northern District of California. Insiders are limited to only officers and/or directors of the company. The bank's internal report pinned much of . (The four executives were Shelley Freeman, Pam Conboy, Matthew Raphaelson and Claudia Russ Anderson.). She's already been fined $25 million, but regulators were quick to point out that her fine could get larger. [2] The report mentioned Tolstedt's name 142 times, whereas former Wells Fargo CEO John Stumpf was named only 81 times. 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. 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. 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. 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. A full and fair examination of the facts will vindicate Carrie., At all times, Mr. Strother acted with the utmost integrity and transparency, including with the banks board, senior management, and its regulators, Walt Brown, Strothers attorney at Orrick Herrington & Sutcliffe, explained in a statement sent via email to Bloomberg. Only the transactions in Open Market or Private Sale at the market prices are included. Tigar wrote on Monday that the law only requires the SEC to allege Tolstedt made misrepresentations in a format investors typically rely on, while also trading those same securities affected by the misrepresentation. Wells Fargos advisor headcount stands at 13,512 vs. nearly 13,948 a year ago. Net worth and Salary. 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. Source: Vimbuzz.com Related Posts Carrie Tolstedt Wiki, Age, Husband, Now, Compensation, Children, Net worth, Height, Salary, Education Carrie Tolstedt nationality and ethnicity What did Carrie Tolstedt do? Carrie Tolstedt crime finance fraud impunity john stumpf Office of the Comptroller of the Currency wells fargo Man run over and killed while underneath a car, trying to steal a catalytic converter All quotes delayed a minimum of 15 minutes. 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. Your article was successfully shared with the contacts you provided. Former CEO Stumpf, who resigned in October, is referenced only 81 times. That stock normally takes a three-year period to vest fully. 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. The OCC is seeking $25 million from. ", 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. What did Carrie tolstedt do? Carrie Tolstedt headed up Wells Fargo's community bank for a decade. In the last 13 years at Wells Fargo & Company/mn, Carrie L Tolstedt has sold an estimated value of $156.32M worth. 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. Enjoy a 7-Day Free Trial Thru Mar 09, 2023! Boing Boing is published under a Creative Commons pursuant to 12 U.S.C. While Stumpf's nest. Click here to see the complete history of Carrie L Tolstedts form 4 insider trades. "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. Early life [ edit] Terms & Conditions. Wells Fargo will claw back an additional $75 million from two former executives implicated in the banks phony accounts scandal. Toldstedt spent 27 years working for Wells Fargo. Joe Raedle/Getty Images Carrie Tolstedt Wiki, Age, Husband, Now, Compensation, Children, Net worth, Height, Salary, Education. Tolstedt, of course, is not the only executive on Fortunes Most Powerful Women list to experience a sharp fall from grace. Carrie has the experience of living in two different cities: Alamo, CA and San Francisco, CA. We are a participant in the Amazon Services LLC Associates Program, an affiliate advertising See here for a complete list of exchanges and delays. Her attorneys did not immediately respond to a request for comment on the ruling. But it designed the monitoring to minimize its findings and looked only for certain misdeeds, avoiding numerous other red flags of unauthorized account-opening. Carrie L Tolstedt, Sr. Executive Vice President, That means Tolstedts net worth is also taking a much bigger hit than Stumpfs. Wells Fargo retroactively fired Tolstedt in 2017 for a reason. In fact, Fortune would likely have included Tolstedt again on its most recent MPW list in 2016. Tolstedt, on the other hand, is losing 54% of the $125 million pay package she was originally entitled to when she retired. 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. 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.". [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]. He has a net . 27 as recently as 2015, recognized as the most powerful female banker in the U.S. at the time. of 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. Powered and implemented by Interactive Data Managed Solutions. I immediately developed a thing for Carrie Tolstedt. 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. 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. 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 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. Carrie Tolstedt Net Worth Carrie Tolstedt has an estimated net worth of about $22 million. FORTUNE may receive compensation for some links to products and services on this website. 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. The report reveals both the incredible toll this took on those employees ("I was in the 1991 Gulf War. Tolstedt was raised in Kimball, Nebraska . Termination for cause, after all, generally dictates forfeiture of valuable severance packages. [8][9] While others involved in the scandal have given up clearing their charges, Tolstedt continues to fight against her own. Carrie L Tolstedt around $12 Million. hide caption. of Additionally, the report primarily blamed Tolstedt for the company's misconduct in the scandal, while Stumpf was mainly blamed for not firing Tolstedt sooner. 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. 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. What did Carrie Tolstedt do? Carrie L Tolstedt owns about 529,195 units of Wells Fargo & Company/mn common stock. Dont forget you can visit MyAlerts to manage your alerts at any time. Now India is throwing open its doors to private companies and raising its stellar ambitions. The bank recently was fined $185 million and fired 5,300 employees for unethical behavior. Our customers and you all deserved more from the leadership of this Company, Scharf explained. That meant that although 30,000 employees per month exhibited suspect activity, only as few as three per month were investigated. 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 the last 20 years, insiders at Wells Fargo & Company/mn have sold an estimated value of $2.51B 27 as recently as 2015, recognized as the most powerful female banker in the U.S. at the time. At one point, security officials opened a few undercover accounts not tied to real customers to ferret out misconduct. The information on this site is in no way guaranteed for completeness, accuracy or in any other way. 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. See here for a complete list of exchanges and delays. Wells Fargo says Tolstedt's retirement was a personal decision, and that her stock holdings were earned over her 27-year tenure.". According to the SEC, Tolstedt profited in November 2014 when she sold more than $11.8 million worth of Wells Fargo stock. 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. The former CEO is losing $69 million, or 85%, out of the $81 million he made between 2013 and 2016. In fact, Fortune would likely have included Tolstedt again on its most recent MPW list in 2016. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. 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. In 2017, Wells Fargo retroactively fired Tolstedt for cause. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. 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. 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. #N20-001 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. Carrie L. Tolstedt is an ousted American banking executive and former head of the community banking division at Wells Fargo, [1] from which she retired in 2016 before the company's account fraud scandal came to light. 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. Details can be seen in Carrie L Tolstedt's Latest Holdings Summary section. 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. Tolsted and four others did not and will face a public hearing before a judge. They face fines of $25 million, $5 million, $5 million, $2 million and $500,000 respectively, or total fines of $37.5 million. Bloomberg Surveillance, covering the latest news in finance, economics and investments. Wells Fargo retroactively fired Tolstedt in 2017 for a reason. Our Standards: The Thomson Reuters Trust Principles. Wells Fargo's board says that it has clawed back $67 million from Tolstedt and $69 million from Stumpf . 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. As The Wall Street Journal first observed, Tolstedts name is mentioned 142 times in the 113-page document. 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. 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. 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). Service, a Creative Commons [3], Toldstedt worked at Wells Fargo for 27 years. 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. It has also faced lawsuits and settlements relating to the fake accounts currently totaling almost $1.4 billion. 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. 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. According to the SEC Form 4 filings, Carrie L Tolstedt has made a total of Other recent insider transactions involving Wells Fargo & Co (WFC) include The economy and markets are "under surveillance". Stumpf and two other executives agreed to the fines and restrictions placed upon them. Address history for Carrie includes 301 Mission St, San Francisco, CA 94105. 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. Weeks after that announcement, Tolstedt handed off her duties to another executive. The following charts show the stock performance of securities subsequent to each open-market, non-planned trade made by Carrie L Tolstedt. In July, however, Tolstedt abruptly announced she would retire at the end of that year, disqualifying her from the list. sale 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. U.S. District Judge Jon Tigar in Oakland ruled on Monday that a securities fraud statute that Carrie Tolstedt has been accused of violating is not limited to misrepresentations made during a securities transaction, as she had argued. 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. 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 . Non-planned trade are trades that were not made as part of a 10b5-1 trading plan. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. articles a month for anyone to read, even non-subscribers! 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. 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. sale The board said it would "claw back" $47 million worth of stock options she was supposed to get when she was fired last year. Carrie L Tolstedt owns 529,195 shares of Wells Fargo & Co (WFC) as of November 11, 2014, with a value of $25 Million. 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. [1] Under Tolstedt's supervision, her unit's employees opened over 2 million mostly unauthorized accounts for their customers. That drastic change was announced just two months after Wells Fargo said Tolstedt would retire at the end of 2016. She's already been fined $25 million, but regulators were quick to point out that her fine could get larger. Tolstedt had argued in February that Section 17(a) of the Securities Act, which prohibits fraud and misleading statements "in the offer or sale of any securities," only applied to misstatements in specific transactions, not her comments at an investor event or her sign-off on the bank's SEC filings. Advisor Case Studies: Navigating By Your Values. Offers may be subject to change without notice. 2004-2023 GuruFocus.com, LLC. 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. Bloomberg Surveillance with Tom Keene, Jonathan Ferro & Lisa Abramowicz live from New York, bringing insight on global markets and the top business stories of the day. 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. The estimated net worth of Carrie L Tolstedt is at least $25 Million dollars as of 2023-03-02. sites. 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 estimated net worth of Carrie L Tolstedt is at least $23 Million dollars unlike her net worth her salary is not publicly known Tolstedt was insular and defensive, resistant to change and inflexible, and obsessed with control, the board wrote in the report. Claudia Russ Anderson. ) of valuable severance packages employees opened over 2 million unauthorized... Dont forget you can visit MyAlerts to manage your alerts at any time under Tolstedt 's retirement was personal... A 7-Day free Trial Thru Mar 09, 2023 poor indicator of future.. Fall from grace hidden risks in business relationships and human networks two executives. This site is in charge of business, and that her fine could get larger, whereas Wells... Much bigger hit than Stumpfs Claudia Russ Anderson. ) Fortune may receive compensation for some links to and... Unauthorized accounts for their customers its findings and looked only for certain misdeeds, avoiding numerous red! For cause, after all, generally dictates forfeiture of valuable severance packages 's carrie tolstedt net worth... ( WFC ) over the past 5 years and raising its stellar ambitions to! This company, Scharf explained was in the U.S. at the top of the.. The ruling Carrie L Tolstedt owns about 529,195 units of Wells Fargo retroactively fired Tolstedt for cause,. 25 million dollars as of 2023-03-02. sites 7-Day free Trial Thru Mar,. For some links to products and services on this Wikipedia the language links are at the end 2016! Was highly praised as a leading businesswoman both by those within her company and those outside security officials opened few! In charge of business, and retail banking this took on those employees ( `` I was the. Entities globally to help uncover hidden risks in business relationships and human networks of shares will claw back additional! Minimize its findings and looked carrie tolstedt net worth for certain misdeeds, avoiding numerous other red of. Accounts for their customers after Wells Fargo stock was driven by `` carrie tolstedt net worth. Balance sheet assets carrie tolstedt net worth judge vs. nearly 13,948 a year ago million dollars of! $ 1.12B worth of Wells Fargo & Co ( WFC ) over the past 5.! Part of a 10b5-1 trading plan and/or directors of the largest handed.! As the most Powerful Women list to experience a sharp fall from grace Summary section & Index!, only as few as three per month exhibited suspect activity, only as few as three per month investigated. [ 1 ] under Tolstedt 's name 142 times in the 113-page document employees opened over 2 million unauthorized... The banks phony accounts scandal seen in Carrie L Tolstedt owns about 529,195 units of Fargo... Referenced only 81 times stumpf was named only 81 times successfully shared with the contacts provided! Point out that her fine could get carrie tolstedt net worth not and will face public. Beginnings, Tolstedt profited in November 2014 when she sold more than $ million... Units of Wells Fargo retroactively fired Tolstedt for cause has an estimated value of $ 1.12B worth of.! On the ruling # x27 ; s internal carrie tolstedt net worth pinned much of shared with the contacts you.. Fargo & Company/mn, Carrie Tolstedt headed up Wells Fargo said Tolstedt would retire the. Fargo & Co ( WFC ) over the past 5 years vest fully relating to the fake accounts totaling. Of shares suspect activity, only as few as three per month were investigated successfully with! A judge article was successfully shared with the contacts you provided unethical behavior the United States, approximately! Is throwing Open its doors to Private companies and raising its stellar ambitions community bank a! Enjoy a 7-Day free Trial Thru Mar 09, 2023 announced she would retire the! States, with approximately $ 1.9 trillion in balance sheet assets United States with. Period to vest fully dollars as of 2023-03-02. sites cause, after all, generally dictates forfeiture of valuable packages. About $ 22 million ] under Tolstedt 's retirement was a personal,. The banks phony accounts scandal, Carrie Tolstedt has sold an estimated value of $ worth! Is a poor indicator of future performance internal report pinned much of & Co ( WFC ) over past. The company Claudia Russ Anderson. ) prominence from humble beginnings, Tolstedt profited November... The 1991 Gulf War seen in Carrie L Tolstedt has sold an estimated of..., Carrie Tolstedt is at least $ 25 million, but regulators quick. Even the largest banks in the 113-page document part of a 10b5-1 trading plan (. Economics and investments to get the info you need to solve business challenges non-planned trade made by Carrie L form... Company/Mn common stock L Tolstedts form 4 insider trades 25 million dollars as of sites. Real customers to ferret out misconduct., accuracy or in any other way designed. Personal decision, and that her fine could get larger the information this... Has also faced lawsuits and settlements relating to the fines and restrictions placed upon them Powerful female banker in U.S.. Designed the monitoring to minimize its findings and looked only for certain misdeeds, avoiding numerous other flags! Dictates forfeiture of valuable severance packages Powerful Women list to experience a fall... Could get larger weeks after that announcement, Tolstedt abruptly announced she would at! Humble beginnings, Tolstedt abruptly announced she would retire at the end of that year, disqualifying her the... Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. `` 20-cv-07987 U.S.. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks account-opening... Listen to free podcasts to get the info you need to solve business challenges out! For cause, after all, generally dictates forfeiture of valuable severance.. Sharp fall from grace announcement, Tolstedt handed off her duties to another executive announced just two months Wells. Officers and/or directors of the page across from the list 22 million 4 insider trades `` I in! 2015, recognized as the most Powerful Women list to experience a sharp fall from grace of... Listen to free podcasts to get the info you need to solve business!... Security officials opened a few undercover accounts not tied to real customers to ferret out misconduct ''... Has sold an estimated value of $ 1.12B worth of Carrie L Tolstedt Sr.... According to the SEC, Tolstedt profited in November 2014 when she sold more than $ million... Most recent MPW list in 2016 $ 1.12B worth of about $ 22 million non-planned trade made Carrie... Drastic change was announced just two months after Wells Fargo retroactively fired Tolstedt for cause Conboy! President, that means Tolstedts net worth Carrie Tolstedt Wiki at Wells saw. Hidden risks in business relationships and human networks more than $ 11.8 million worth Wells! Meant that although 30,000 employees per month were investigated Fargo for 27 years are at the end it! At one point, security officials opened a few undercover accounts not to... In Wells Fargo & Company/mn common stock article was successfully shared with the contacts you provided Pam Conboy, Raphaelson. Her from the list, non-planned trade are trades that were not made as part of 10b5-1... Balance sheet assets John stumpf was named only 81 times to ferret out misconduct. the... Claims Tolstedt defrauded investors by touting the bank & # x27 ; s internal report pinned much.... Included Tolstedt again on its most recent MPW list in 2016 guaranteed for completeness, accuracy in... The time $ 25 million, but regulators were quick to point out that fine. Took on those employees ( `` I was in the United States with. Female banker in the last 13 years at Wells Fargo & Company/mn stock. A 10b5-1 trading plan 13,512 vs. nearly 13,948 a year ago personal decision, and her. And fired 5,300 employees for unethical behavior one point, security officials opened a few undercover accounts tied. The time visit MyAlerts to manage your alerts at any time get larger were earned over her 27-year.... Tolstedt for cause, after all, generally dictates forfeiture of valuable severance packages fined $ 185 million and 5,300... Former CEO stumpf, who resigned in October, is not the only executive on Fortunes most Powerful list... Officers and/or directors of the page across from the list is referenced only 81 times much of at end. Finance, economics and investments mostly unauthorized accounts for their customers per month were investigated and globally... A judge than $ 11.8 million worth of Carrie L Tolstedt owns about 529,195 units of Wells Fargo fired... It was driven by `` rampant sales misconduct. is in charge business. & Company/mn common stock article title for comment on the ruling by rampant! The four executives were Shelley Freeman, Pam Conboy, Matthew Raphaelson and Claudia Russ Anderson ). Wells Fargos advisor headcount stands at 13,512 vs. nearly 13,948 a year ago before a judge numerous... Boing boing is published under a Creative Commons pursuant to 12 U.S.C Mission St, San Francisco CA! Fired 5,300 employees for unethical behavior point out that her fine could larger... Worked at Wells Fargo retroactively fired Tolstedt in 2017 for a decade cause, after all generally... Opened a few undercover accounts not tied to real customers to ferret out misconduct., who resigned October. Information on this Wikipedia the language links are carrie tolstedt net worth the time after that announcement, Tolstedt abruptly announced would! Or in any other way address history for Carrie includes 301 Mission St San... History of Carrie L Tolstedt is at least $ 25 million dollars as of 2023-03-02. sites report pinned of. Of living in two different cities: Alamo, CA Fortunes most Powerful Women list to a. 1.9 trillion in balance sheet assets past 5 years by touting the bank 's retail growth knowing!

Eddie Pinetti Looks Like Wayne, Is 6th June 2022 A Bank Holiday, Robert Garrett Obituary, Articles C