carrie tolstedt net worth

[1] Under Tolstedt's supervision, her unit's employees opened over 2 million mostly unauthorized accounts for their customers. Whats Behind the Wirehouse Headcount Drop? (Tolstedts latest round of clawbacks involved stock options that were not counted in her annual compensation from previous years because she never exercised them; rather than having to pay back Wells Fargo out of her own pocket, she will simply not receive that compensation.). This was inexcusable. See A Timeline of the Wells Fargo Scandals. 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. Insider trading is most common in April, with the busiest year in 2005. Former CEO Stumpf, who resigned in October, is referenced only 81 times. Wells Fargo will claw back an additional $75 million from two former executives implicated in the banks phony accounts scandal. In the last 13 years at Wells Fargo & Company/mn, Carrie L Tolstedt has sold an estimated value of $156.32M worth. Service. All rights reserved. Boing Boing uses cookies and analytics trackers, and is supported by advertising, merchandise Wells Fargos advisor headcount stands at 13,512 vs. nearly 13,948 a year ago. Non-planned trade are trades that were not made as part of a 10b5-1 trading plan. Judge rejects Carrie Tolstedt's motion to dismiss one of four counts, Law not limited to fraud made during a securities transaction. 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. Kleber Santos who sold 34,698 units worth They also are consistent with our belief that significant parts of the operating model of our Community Bank were flawed. ", creating more than 2 million unauthorized customer accounts over five years. Our Standards: The Thomson Reuters Trust Principles. 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You might contact Carrie L Tolstedt via mailing address: 2706 Laguna Street, San Francisco Ca 94123. "Throughout her career, Ms. Tolstedt acted with the utmost integrity. In fact, Fortune would likely have included Tolstedt again on its most recent MPW list in 2016. 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. Basically, Wells Fargo created millions of fake bank accounts for existing customers (that the customers didn't know about) to meet unrealistic sales quotas. Details can be seen in Carrie L Tolstedt's Latest Holdings Summary section. Submit a correction suggestion and help us fix it! , The bank recently was fined $185 million and fired 5,300 employees for unethical behavior. Carrie Tolstedt is a former head of Wells Fargo's community banking division and an American banking executive. 2023 Fortune Media IP Limited. Zholia Alemi "had the power to detain mental health patients READ THE REST, When police showed up at a Kentucky home looking for a fugitive, all of the adults in the house kept mum. From Charles Schwab Independent Branch Services, CurrentWells Fargo CEO and President Charlie Scharf toldbank employees in a note: . In 2015, she was the most . 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 bank admitted the misconduct and agreed to pay $3 billion to settle a joint probe by the SEC and Justice Department in February 2020. license except where otherwise noted. Please note GuruFocus will not track the insiders transaction performance if he/she does not have buying transactions. a net Sr. Executive Vice President Kyle G Hranicky Enjoy a 7-Day Free Trial Thru Mar 09, 2023! And its Tolstedt, who led the community banking division responsible for the fake accounts, who is blamed in the report for the lions share of misconduct, while Stumpf is largely faulted only for failing to fire Tolstedt sooner. The SEC previously filed . Former Wells Fargo Execs Fined $58.5M by OCC, Practice Management > Building Your Business, News Now Stumpf is personally feeling the heat for what transpired. In doing so, Wells Fargo has also apparently closed the coffin on the career of. Wells Fargo retroactively fired Tolstedt in 2017 for a reason. Share & Print. 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. 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. I immediately developed a thing for Carrie Tolstedt. Wells Fargo & Co (WFC) Carrie L Tolstedt's largest sale order was 219,835 units , worth over Tolstedt, meanwhile, is giving up $67 millionor almost twice the $36 million she took home over the same period. Click here to see the complete history of Carrie L Tolstedts form 4 insider trades. [2], In response to the report, Wells Fargo retroactively fired Tolstedt for cause and revoked $47.3 million that they had previously paid her. The way Carrie Tolstedt told it, she caught the banking bug early when she was a child in a small Nebraska town. #N20-001 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. 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. 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 four executives were Shelley Freeman, Pam Conboy, Matthew Raphaelson and Claudia Russ Anderson.). In the last 20 years, insiders at Wells Fargo & Company/mn have sold an estimated value of $2.51B of 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. , We must all dedicate ourselves to ensuring that such failings never again occur at Wells Fargo., Office of the Comptroller of the Currency, MLB Pitcher Turned RIA Knows About Retiring in a Rough Market, Active Funds Failed to Beat Passive Peers in 2022: Morningstar, AI at 'Inflection Point,' Adoption Set to Accelerate: UBS, Goldman to Stop Doing IPOs for Firms Lacking Board Diversity, IRS Gives Tax Filing Relief to Texans Hit by Winter Storms, Human Capital: Skip Schweiss on Reshaping FPAs Value Proposition, Biden Temporarily Limits PPP Loans to Smallest Businesses, Ex-Merrill Rep Barred for Keeping $100 Found at ATM: FINRA. 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. Wells Fargo will claw back an additional $75 million from two former executives implicated in the banks phony accounts scandal. That means Tolstedts net worth is also taking a much bigger hit than Stumpfs. According to the SEC Form 4 filings, Carrie L Tolstedt has made a total of The report reveals both the incredible toll this took on those employees ("I was in the 1991 Gulf War. 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. ', "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. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Tolstedt, on the other hand, is losing 54% of the $125 million pay package she was originally entitled to when she retired. sale 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. She's already been fined $25 million, but regulators were quick to point out that her fine could get larger. 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 most active traders at the company are 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. On this Wikipedia the language links are at the top of the page across from the article title. Sr. Executive Vice President Bei Ling [1], As of early January, 2020, multiple former Wells Fargo executives are facing possible criminal charges and could be indicted in early 2020. pursuant to 12 U.S.C. 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 . Wells Fargo is one of the largest banks in the United States, with approximately $1.9 trillion in balance sheet assets. 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. 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. 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