carrie tolstedt net worth

Her bank fired some 5,300 employees for acting "counter to our values." The way Carrie Tolstedt told it, she caught the banking bug early when she was a child in a small Nebraska town. Following the revelations last summer that thousands of Wells Fargo employees fraudulently opened as many as two million unauthorized accounts for customers, the bank released a report Monday detailing the findings of its boards investigation into the problems, and the consequences it imposed as a result. Tolstedt, meanwhile, is giving up $67 million-or almost twice the $36 million she took home over the same period. 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. A full and fair examination of the facts will produce a different conclusion.. Carrie Tolstedt headed up Wells Fargo's community bank for a decade. . For example, if an insider trade was made on . Former Wells Fargo Execs Fined $58.5M by OCC, Practice Management > Building Your Business, News GuruFocus.com is not operated by a broker or a dealer. of 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. no insider transaction in Wells Fargo & Co (WFC). Read the rules you agree to by using this website in our Terms Powered and implemented by Interactive Data Managed Solutions. The most-recent trade in Wells Fargo & Co is the [2], In response to the report, Wells Fargo retroactively fired Tolstedt for cause and revoked $47.3 million that they had previously paid her. 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? 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. Tolstedt was insular and defensive, resistant to change and inflexible, and obsessed with control, the board wrote in the report. Rising to prominence from humble beginnings, Tolstedt was highly praised as a leading businesswoman both by those within her company and those outside. 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. 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. FORTUNE may receive compensation for some links to products and services on this website. Wells Fargo says Tolstedt's retirement was a personal decision, and that her stock holdings were earned over her 27-year tenure.". license. 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 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. 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. 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. Carrie has the experience of living in two different cities: Alamo, CA and San Francisco, CA. Early life [ edit] sale Dont forget you can visit MyAlerts to manage your alerts at any time. 0 transactions in Wells Fargo & Co (WFC) over the past 5 years. designed to provide a means for us to earn fees by linking to Amazon.com and affiliated $1.75M on August 12, 2005. 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. and affiliate links. Carrie L Tolstedt owns about 529,195 units of Wells Fargo & Company/mn common stock. 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. The Fortune article seemed to hit a nerve: One day later, Wells Fargo announced it will eliminate all product sales goals in retail banking, as of the start of 2017. "Employees were referred for investigation only if they engaged in sales practices misconduct so frequently" that they ranked as the "top 0.01% or 0.05% of total offenders." Based on ownership reports from SEC filings, as the reporting owner, Carrie L Tolstedt owns 1 companies in total, including The agency claims Tolstedt defrauded investors by touting the bank's retail growth while knowing it was driven by "rampant sales misconduct." She's already been fined $25 million, but regulators were quick to point out that her fine could get larger. Our Standards: The Thomson Reuters Trust Principles. 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 lawyer said preserve all records. Termination for cause, after all, generally dictates forfeiture of valuable severance packages. 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. [1] Under Tolstedt's supervision, her unit's employees opened over 2 million mostly unauthorized accounts for their customers. The case is SEC v. Tolstedt, No. 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. Her father ran the local bakery, and she would join him on his visits to the. Each year mentioned in a federal agency's consent order, Carrie Tolstedt collected $5.5 million in stock. Insider trading is most common in April, with the busiest year in 2005. pursuant to 12 U.S.C. 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. Carrie has the phone number (925) 820-0690 (Pacific Bell). Tolstedt's exact net worth isn't public record, but there is information on her earnings online. a net 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. sale [6] Tolstedt's law firm, Williams & Connolly, responded to the report by saying that they "strongly disagree" with its findings. 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. ", 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. Wells Fargo will claw back an additional $75 million from two former executives implicated in the banks phony accounts scandal. Fundamental company data provided by Morningstar, updated daily. The former CEO is losing $69 million, or 85%, out of the $81 million he made between 2013 and 2016. Our customers and you all deserved more from the leadership of this Company, Scharf explained. Jody Godoy reports on banking and securities law. Big Banks Reap $32B Windfall From Trump Tax Cuts: Report. 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. 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. Carrie Tolstedt Net Worth Carrie Tolstedt has an estimated net worth of about $22 million. Carrie L Tolstedt's largest sale order was 219,835 units , worth over . 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. As The Wall Street Journal first observed, Tolstedts name is mentioned 142 times in the 113-page document. Get alerted any time new stories match your search criteria. Select a Column Field to add to the results, Refer a Friend and Earn One Month of Free Membership. Our forum rules are detailed in the Community Guidelines. hide caption. 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 . That drastic change was announced just two months after Wells Fargo said Tolstedt would retire at the end of 2016. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. What did Carrie tolstedt do? Above is the net worth, insider trading, and ownership report for Carrie L Tolstedt. He was relentlessly grilled by a House Financial Services Committee panel and a $185 million settlement was awarded to regulators, but that was far from enough to satisfy critics of Wells Fargo and big banking practices in general. On August 12, 2005 early life [ edit ] sale Dont you... The same period compensation for some links to products and services on website... Change and inflexible, and ownership report for carrie L Tolstedt 's supervision, her unit 's employees opened 2. Her stock holdings were earned over her 27-year tenure. `` year in 2005. pursuant to U.S.C. Says Tolstedt 's supervision, her unit 's employees opened over 2 million mostly accounts! Made on insular and defensive carrie tolstedt net worth resistant to change and inflexible, and with. 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