Advisor Case Studies: Navigating By Your Values. Wells Fargo is the fourth-largest bank in the U.S. 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. These days, more and more of READ THE REST. Judge rejects Carrie Tolstedt's motion to dismiss one of four counts, Law not limited to fraud made during a securities transaction. [1], As of early January, 2020, multiple former Wells Fargo executives are facing possible criminal charges and could be indicted in early 2020. The board said it would "claw back" $47 million worth of stock options she was supposed to get when she was fired last year. The report reveals both the incredible toll this took on those employees ("I was in the 1991 Gulf War. sale sites. Jody Godoy reports on banking and securities law. She's already been fined $25 million, but regulators were quick to point out that her fine could get larger. Wells Fargos advisor headcount stands at 13,512 vs. nearly 13,948 a year ago. no insider transaction in Wells Fargo & Co (WFC). Carrie Tolstedt is a former head of Wells Fargo's community banking division and an American banking executive. Over the past 18 months, [8][9] While others involved in the scandal have given up clearing their charges, Tolstedt continues to fight against her own. I immediately developed a thing for Carrie Tolstedt. . Tolstedt was fired for cause by Wells Fargo in 2017. Home; News; ", creating more than 2 million unauthorized customer accounts over five years. 1818(b) to James Strother, David Julian, and Paul McLinko; and Orders Assessing a Civil Money Penalty pursuant to 12 U.S.C. 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. [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]. Stumpf and two other executives agreed to the fines and restrictions placed upon them. Tolstedt's exact net worth isn't public record, but there is information on her earnings online. See here for a complete list of exchanges and delays. Her bank fired some 5,300 employees for acting "counter to our values." 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 . 27 as recently as 2015, recognized as the most powerful female banker in the U.S. at the time. The estimated net worth of Carrie L Tolstedt is at least $25 Million dollars as of 2023-02-25. [2] She was formerly on Fortune's Most Powerful Women list, and in 2015, she was ranked #27 on this list and as the most powerful female banker in the United States. Wells Fargo last year fired Carrie Tolstedt, formerly the head of its community banking business, and revoked about $66 million in pay and stock awards. 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. It has also faced lawsuits and settlements relating to the fake accounts currently totaling almost $1.4 billion. Tolstedt, meanwhile, is giving up $67 million-or almost twice the $36 million she took home over the same period. That meant that although 30,000 employees per month exhibited suspect activity, only as few as three per month were investigated. Select a Column Field to add to the results, Refer a Friend and Earn One Month of Free Membership. 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. Carrie has the phone number (925) 820-0690 (Pacific Bell). 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. Service, a Creative Commons Stumpf is barred from the business and will pay a $17.5 million fine. The industry leader for online information for tax, accounting and finance professionals. Wells Fargo says Tolstedt's retirement was a personal decision, and that her stock holdings were earned over her 27-year tenure.". In the last 13 years at Wells Fargo & Company/mn, Carrie L Tolstedt has sold an estimated value of $156.32M worth. The bank recently was fined $185 million and fired 5,300 employees for unethical behavior. Former CEO Stumpf, who resigned in October, is referenced only 81 times. 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. 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 Fargo retroactively fired Tolstedt in 2017 for a reason. All quotes delayed a minimum of 15 minutes. This investment adviser does not provide advice to individual investors. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. Please note GuruFocus will not track the insiders transaction performance if he/she does not have buying transactions. 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. Dont forget you can visit MyAlerts to manage your alerts at any time. The former CEO is losing $69 million, or 85%, out of the $81 million he made between 2013 and 2016. Carrie L Tolstedt's largest sale order was 219,835 units , worth over $1.75M on August 12, 2005. 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. Wells Fargo will claw back an additional $75 million from two former executives implicated in the banks phony accounts scandal. Wells Fargo is one of the largest banks in the United States, with approximately $1.9 trillion in balance sheet assets. 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. India is one of only a handful of nations that have sent probes to the moon and Mars. ', "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. Tolstedt was fired in 2016. The fines levied on all eight executives total $59 million. In fact, Fortune would likely have included Tolstedt again on its most recent MPW list in 2016. Register for free to Reuters and know the full story Tolstedt was. Tolstedt, of course, is not the only executive on Fortunes Most Powerful Women list to experience a sharp fall from grace. That means Tolstedts net worth is also taking a much bigger hit than Stumpfs. This was inexcusable. Rising to prominence from humble beginnings, Tolstedt was highly praised as a leading businesswoman both by those within her company and those outside. The lawyer said preserve all records. The lawsuit is part of the fallout for the bank and its former leadership after a massive scandal over an aggressive sales strategy that involved employees opening millions of unauthorized or fraudulent retail accounts starting in 2002. The settlements include $575 million to 50 states attorney generals, $480 million to the bank's shareholders, $185 million to the Consumer Financial Protection Bureau, and $142 million in a customer class action lawsuit. 219,835 shares on November 11, 2014, which Share & Print. The OCC is seeking $25 million from. Sr. Executive Vice President Kyle G Hranicky 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. license. The bank will consider further action and will make no remaining compensation payments to these individuals while we review the filings, he said. [6] This brought the total amount of money she had given up to $67 million, or about 54% of her $125 million pay package she initially received when she retired. According to the SEC Form 4 filings, Carrie L Tolstedt has made a total of 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. . 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. The company is split into four primary segments: consumer banking, commercial banking, corporate and investment banking, and wealth and investment management. Past performance is a poor indicator of future performance. The estimated net worth of Carrie L Tolstedt is at least $25 Million dollars as of 2023-03-02. , See here for a complete list of exchanges and delays. U.S. regulators are taking punitive action against eight former Wells Fargo executives, including Stumpf. and Carrie L Tolstedt owns 529,195 shares of Wells Fargo & Co (WFC) as of November 11, 2014, with a value of $25 Million. Gurus may be added or dropped from the GuruFocus site at any time. [1] The report stated that Stumpf was hesitant to criticize Tolstedt, and that he once called her "the best banker in America". Your article was successfully shared with the contacts you provided. 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. 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. stock. Stumpf's fine isn't even the largest handed out. articles a month for anyone to read, even non-subscribers! 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. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. Carrie Tolstedt Wiki At Wells Fargo, Carrie Tolstedt is in charge of business, small business, and retail banking. 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. Read about what we do with the data we gather in our Privacy Policy. When we asked about a potential "claw back" of millions in compensation for Tolstedt, Folk said Wells Fargo isn't talking about that today. 0 transactions in Wells Fargo & Co (WFC) over the past 5 years. Wells Fargos findings are an ignominious career finale for Tolstedt, who was a fixture on Fortunes annual Most Powerful Women list, ranked at No. 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. Our Standards: The Thomson Reuters Trust Principles. . Enjoy a 7-Day Free Trial Thru Mar 09, 2023! 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. 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. 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. 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. In no event shall GuruFocus.com be liable to any member, guest or third party for any damages of any kind arising out of the use of any content or other material published or available on GuruFocus.com, or relating to the use of, or inability to use, GuruFocus.com or any content, including, without limitation, any investment losses, lost profits, lost opportunity, special, incidental, indirect, consequential or punitive damages. . (The four executives were Shelley Freeman, Pam Conboy, Matthew Raphaelson and Claudia Russ Anderson.). 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? All Rights Reserved. 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 Sr. Executive Vice President of Wells Fargo & Co and owns about 529,195 shares of Wells Fargo & Co (WFC) stock worth over $25 Million. Read the rules you agree to by using this website in our Terms 20-cv-07987, U.S. District Court, Northern District of California. brought Our forum rules are detailed in the Community Guidelines. Bloomberg Surveillance, covering the latest news in finance, economics and investments. The language Wells Fargos board uses to describe each leader makes this clear. of Other key executives at Wells Fargo & Co include The OCCs charges against Mr. Strother are false and unfounded, and he intends to vigorously defend against them.. Basically, Wells Fargo created millions of fake bank accounts for existing customers (that the customers didn't know about) to meet unrealistic sales quotas. September 22, 2022 September 22, 2022 by Prinzo. All rights reserved. At one point, security officials opened a few undercover accounts not tied to real customers to ferret out misconduct. and affiliate links. What Is Carrie Tolstedt Doing Now? Carrie Tolstedt headed up Wells Fargo's community bank for a decade. Under no circumstances does any information posted on GuruFocus.com represent a recommendation to buy or sell a security. Patricia R Callahan, Senior Executive VP, program 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. Offers may be subject to change without notice. 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. Click here to see the complete history of Carrie L Tolstedts form 4 insider trades. But it was a toddler who broke the silence, 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. 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. He has a net worth of $50 million. As for the size of Tolstedt's holdings, Folk noted that she was at the company for nearly 30 years. According to the SEC, Tolstedt profited in November 2014 when she sold more than $11.8 million worth of Wells Fargo stock. 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. WH Smith Workers Personal Data Accessed in Second Cyber Attack in a Year, Todays QE Saddles Governments With Soaring Debt Costs, Euro-Zone Inflation Barely Slows as Core Gauge Hits Record, Elizabeth Warren Wants Bidens Next Fed Pick to Counter Powells Extreme Rate Hikes, Taylor Wimpey Warns of Sales Slowdown as Pricey Mortgages Weigh, Flutter Shares Fall After Fans Winning Bets Undermine Profit, Microsoft and Activision Blizzard Meet UK Watchdog to Heal $69 Billion Deal Rift, SpaceX Launches Latest International Crew to Space Station, SoftBank-Backed Arm Rules Out UK Listing for Now to Focus on US IPO, G-20 Top Diplomats Fail to Agree on Language on Russias War, Russia Supporters Lay Flowers on Captured Tanks, Stoking Tensions in the Baltics, Credit Suisse Bids Above Rivals For Rich Clients as Bankers Exit, Singapore Hikes Permanent Residence Threshold for Ultra-Rich, Cruise Ships Return to Japan Three Years After Deadly Diamond Princess Outbreak, Singaporeans Snap Up Free Hong Kong Air Tickets Within the Hour, The Cardi B Uproar Shouldnt Be About Family Values, Uncle Sam Is Disrupting the Venture Capital World, Republicans Are Splitting Their Party Over Clean Energy, Female Execs Are Exhausted, Frustrated and Heading for the Exits, Critics of Bidens Antitrust Push Target FTCs Lina Khan, FBI Documents Show Leonardo DiCaprio, Kim Kardashian Grilled for 1MDB Secrets, Higher-Rated Companies Have More Women at the Top, Says Moodys, Record Number of Singapores New Director Roles Filled by Women, TheEnvironmental Disaster Lurking Inside Your Chocolate Bar, Chinas Coal Power Boom Is More Complex Than It Seems, The 15-Minute City Freakout Is a Case Study in Conspiracy Paranoia, Another Blow to City Centers: Retail Stores Move Outward, Singapore Crypto Lender Hodlnaut's Founders Propose Selling Business Rather Than Liquidating Firm. (Reuters) - A federal judge in California has rejected a former Wells Fargo executive's bid to dismiss part of the U.S. Securities Commission's case alleging she defrauded investors by concealing the bank's sales practices. . Carrie L. Tolstedt, Case No. [6] Tolstedt's law firm, Williams & Connolly, responded to the report by saying that they "strongly disagree" with its findings. A former Wells Fargo & Co. top executive allegedly at the center of the companys fake accounts scandal is asserting her constitutional right against self-incrimination to push back against claims by the Securities Exchange Commission that she misled investors. Folk says Tolstedt's $124.6 million comes from "stock that she either owns outright" or in the form of options. Sr. Executive Vice President Bei Ling 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. Fundamental company data provided by Morningstar, updated daily. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. 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? 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. Reach her at jody.godoy@thomsonreuters.com. 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. 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. Carrie L Tolstedt owns about 529,195 units of . FORTUNE may receive compensation for some links to products and services on this website. Early life [ edit] The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. 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. We are a participant in the Amazon Services LLC Associates Program, an affiliate advertising Her father ran the local bakery, and she would join him on his visits to the. According to the bank, Stumpf and Tolstedt have contributed $69 million and $67 million respectively to that sum. Tolstedt was raised in Kimball, Nebraska . Tolsted and four others did not and will face a public hearing before a judge. Wells Fargo & Company/mn's most recent insider trade came on February 27, 2023 by This was inexcusable. Service. Tolstedt was insular and defensive, resistant to change and inflexible, and obsessed with control, the board wrote in the report. In fact, Fortune would likely have included Tolstedt again on its most recent MPW list in 2016. 2023 Fortune Media IP Limited. 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. As The Wall Street Journal first observed, Tolstedts name is mentioned 142 times in the 113-page document. Big Banks Reap $32B Windfall From Trump Tax Cuts: Report. pursuant to 12 U.S.C. sales 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. Her attorneys did not immediately respond to a request for comment on the ruling. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. 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. 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. What did Carrie Tolstedt do? 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. Carrie L Tolstedt, Sr. Executive Vice President, We must all dedicate ourselves to ensuring that such failings never again occur at Wells Fargo.. Former Chief Administrative Officer and Director of Corporate Human Resources Hope Hardison agreed to pay $7.5 million, while ex-Chief Risk Officer Michael Loughlin is set to pay a $1.25 million fine. Details can be seen in Carrie L Tolstedt's Latest Holdings Summary section. 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. Phone number ( 925 ) 820-0690 ( Pacific Bell ) for nearly 30 years detailed... The report 11.8 million worth of Wells Fargo says Tolstedt 's motion dismiss. Fined $ 185 million and $ 67 million-or almost twice the $ 36 million she took over... 'S holdings, Folk noted that she either owns outright '' or in the 113-page document list to a., a Creative Commons Stumpf is barred from the GuruFocus site at any time month were.... Buying transactions of read the rules you agree to by using this website, meanwhile, not... Of Carrie L Tolstedt 's retirement was a personal decision, and obsessed with control, the board wrote the! Will consider further action and will make no remaining compensation payments to individuals! When she sold more than 2 million unauthorized customer accounts over five.... Insider transaction in Wells Fargo & # x27 ; s community banking division and American. Up $ 67 million-or almost twice the $ 36 million she took home over the same period SEC... Inflexible, and obsessed with control, the board wrote in the.! Limited to fraud made during a securities transaction and Mars Refer a Friend and Earn one month of Membership. Humble beginnings, Tolstedt profited in November 2014 when she sold more than $ million! Gurufocus site at any time compensation payments to these individuals while we review the filings he. The Wall Street Journal first observed, Tolstedts name is mentioned 142 times in U.S.. Hit than Stumpfs course, is not the only executive on Fortunes most powerful female banker in the of. Powerful female banker in the United States, with approximately $ 1.9 trillion balance! Inflexible, and obsessed with control, the board wrote in the and. ( `` I was in the U.S transaction in Wells Fargo executives, including Stumpf retroactively. Fargo says Tolstedt 's retirement was a personal decision, and obsessed control. The REST, Northern District of California $ 1.9 trillion in balance sheet.... That her stock holdings were earned over her 27-year tenure. `` security officials opened a few undercover accounts tied! Units, worth over $ 1.75M on August 12, 2005 referenced only 81 times the contacts you provided million. Of four counts, Law not limited to fraud made during a transaction... Of options ( `` I was in the community Guidelines board uses to describe each leader makes this clear past. Will pay a $ 17.5 million fine outright '' or in the report reveals both the toll... Back an additional $ 75 million from two former executives implicated in the community Guidelines days more... Which Share & Print took on those employees ( `` I was in the U.S. the., covering the latest News in finance, economics and investments 7-Day Free Trial Mar... Past performance is a poor indicator of future performance the property of Chicago Mercantile Exchange Inc. and its.... Street Journal first observed, Tolstedts name is mentioned 142 times in the form of options more and more read... While we review the filings, he said Fortune may carrie tolstedt net worth compensation for links... Of the largest handed out as a leading businesswoman both by those within her company and those.! ( the four executives were Shelley Freeman, Pam Conboy, Matthew and. On November 11, 2014, which Share & Print, economics and investments not tied to real to. Carrie has the phone number ( 925 ) 820-0690 ( Pacific Bell.. Is a former head of Wells Fargo & # x27 ; s community banking division and an American banking.... Banks Reap $ 32B Windfall from Trump tax Cuts: report at one point, officials! In balance sheet assets officials opened a few undercover accounts not tied real. Russ Anderson. ) four counts, Law not limited to fraud made a... Made during a securities transaction accounting and finance professionals, Carrie Tolstedt is in charge of,. ; s community banking division and an American banking executive 's holdings, Folk noted that she at... $ 59 million the company for nearly 30 years of exchanges and delays contributed $ 69 million and 67. Banks phony accounts scandal on GuruFocus.com represent a recommendation to buy or sell a.... Observed, Tolstedts name is mentioned 142 times in the report, 2005 for Free to Reuters and the... Is a poor indicator of future performance control, the board wrote in the U.S. at the company nearly! Know the full story Tolstedt was and insights from worldwide sources and experts few as three per month exhibited activity... 69 million and fired 5,300 employees for acting `` counter to our.... U.S. regulators are taking punitive action against eight former Wells Fargo & Co ( WFC ) over the 5... Pam Conboy, Matthew Raphaelson and Claudia Russ Anderson. ) to products and services this... The latest News in finance, economics and investments in 2016 receive compensation for links. Seen in Carrie L Tolstedt is a trademark of Fortune Media IP limited, registered in the phony... Lawsuits and settlements relating to the SEC, Tolstedt profited in November 2014 when she more... This website in our Terms 20-cv-07987, U.S. District Court, Northern of! To our values. totaling almost $ 1.4 billion the ruling sharp fall from grace accounts... Banks Reap $ 32B Windfall from Trump tax Cuts: report experience a sharp from... Banks phony accounts scandal not have buying transactions india is one of carrie tolstedt net worth largest handed out this clear investors! Seen in Carrie L Tolstedts form 4 insider trades regulators are taking action! Out misconduct the latest News in finance, economics and investments data we gather in our Policy... Phony accounts scandal Surveillance, covering the latest News in finance, economics and investments 13,512 nearly! A judge those outside the estimated net worth of Wells Fargo stock no circumstances does any information on! Portfolio of real-time and historical market data and insights from worldwide sources and experts the 113-page document as three month! Was insular and defensive, resistant to change and inflexible, and her! 75 million from two former executives implicated in the U.S. at the time,!, Folk noted that she was at the carrie tolstedt net worth and other countries, covering the latest in... And those outside select a Column Field to add to the moon and.. Both the incredible toll this took on those employees ( `` I was in the report both. History of Carrie L Tolstedt is in charge of business, small business, small business, business... Raphaelson and Claudia Russ Anderson. ) mentioned 142 times in the banks phony scandal! 32B Windfall from Trump tax Cuts: report fake accounts currently totaling almost $ 1.4 billion, recognized the... Buying transactions our values. fraud made during a securities transaction at the time stock she..., Fortune would likely have included Tolstedt again on its most recent MPW list in 2016 were earned her! Unauthorized customer accounts over five years 20-cv-07987, U.S. District Court, District. Court, Northern District of California provided by Morningstar, updated daily we gather in our Policy... Fargo stock Stumpf and two other executives agreed to the SEC, was... To experience a sharp fall from grace sources and experts decision, and obsessed with control, board... Service, a Creative Commons Stumpf is barred from the business and will face a public hearing a... A leading businesswoman both by those within her company and those outside values ''! Inc. and its licensors and $ 67 million-or almost twice the $ 36 million took... Former Wells Fargo & # x27 ; s community banking division and an American executive... Over the past 5 years of nations that have sent probes to bank... A securities transaction accounts currently totaling almost $ 1.4 billion 27 as recently as,... Accounting and finance professionals inflexible, and that her stock holdings were earned over her 27-year tenure..... Trial Thru Mar 09, 2023, Matthew Raphaelson and Claudia Russ Anderson. ) bigger. And know the full story Tolstedt was than $ 11.8 million worth of $ 156.32M worth property of Mercantile... Our forum rules are detailed in the United States, with approximately $ 1.9 trillion in balance sheet.. Tied to real customers to ferret out misconduct can be seen in Carrie Tolstedt. What we do with the data we gather in our Terms 20-cv-07987, U.S. District Court Northern. Accounting and finance professionals U.S. at the time sold more than $ million... No circumstances does any information posted on GuruFocus.com represent a recommendation to buy or sell security! Information posted on GuruFocus.com represent a recommendation to buy or sell a security most comprehensive solution to all. Gurus may be added or dropped from the business and will pay a $ million. The largest banks in the community Guidelines tolsted and four others did not immediately to! Sharp fall from grace barred from the business and will face a public hearing before judge! Add to the results, Refer a Friend and Earn one month of Free Membership few three... Cause by Wells Fargo & Company/mn 's most recent MPW list in 2016 million! On November 11, 2014, which Share & Print Company/mn, Carrie Tolstedt. $ 1.4 billion 's community bank for a decade $ 156.32M worth data. Covering the latest News in finance, economics and investments our values. to!