carrie tolstedt net worth

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. Wells Fargo & Co (WFC) Wells Fargo retroactively fired Tolstedt in 2017 for a reason. Tolstedt, meanwhile, is giving up $67 millionor almost twice the $36 million she took home over the same period. Joe Raedle/Getty Images stock. 2004-2023 GuruFocus.com, LLC. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. 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. Wells Fargo says Tolstedt's retirement was a personal decision, and that her stock holdings were earned over her 27-year tenure.". That means Tolstedts net worth is also taking a much bigger hit than Stumpfs. What did Carrie Tolstedt do? Her attorneys did not immediately respond to a request for comment on the ruling. Under no circumstances does any information posted on GuruFocus.com represent a recommendation to buy or sell a security. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. [1] Under Tolstedt's supervision, her unit's employees opened over 2 million mostly unauthorized accounts for their customers. 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. 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. 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. Sam Bankman-Fried hit delete instead. Carrie Tolstedt Wiki, Age, Husband, Now, Compensation, Children, Net worth, Height, Salary, Education. The way Carrie Tolstedt told it, she caught the banking bug early when she was a child in a small Nebraska town. Service, a Creative Commons Get alerted any time new stories match your search criteria. Hybrid work is failing to provide workers with two of the three things they want most, says a management expert, CA Notice at Collection and Privacy Notice, Do Not Sell/Share My Personal Information. of Termination for cause, after all, generally dictates forfeiture of valuable severance packages. 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. According to the SEC, Tolstedt profited in November 2014 when she sold more than $11.8 million worth of Wells Fargo stock. sale Tolstedt, on the other hand, is losing 54% of the $125 million pay package she was originally entitled to when she retired. (The four executives were Shelley Freeman, Pam Conboy, Matthew Raphaelson and Claudia Russ Anderson.). From Charles Schwab Independent Branch Services, CurrentWells Fargo CEO and President Charlie Scharf toldbank employees in a note: . 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. 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. 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. On this Wikipedia the language links are at the top of the page across from the article title. ', "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. 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. It has also faced lawsuits and settlements relating to the fake accounts currently totaling almost $1.4 billion. Reach her at [email protected]. . (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.). The OCCs actions are consistent with my belief that we should hold ourselves and individuals accountable. 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. Remember John Stumpf? Rising to prominence from humble beginnings, Tolstedt was highly praised as a leading businesswoman both by those within her company and those outside. Other recent insider transactions involving Wells Fargo & Co (WFC) include The report reveals both the incredible toll this took on those employees ("I was in the 1991 Gulf War. 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. sale 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 comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. pursuant to 12 U.S.C. Other transactions such as conversion of derivative security or exercise of options are not included. Service. 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. 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. All quotes delayed a minimum of 15 minutes. Non-planned trade are trades that were not made as part of a 10b5-1 trading plan. 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. Address history for Carrie includes 301 Mission St, San Francisco, CA 94105. All rights reserved. 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. Over the past 18 months, It is almost entirely focused on the U.S. Carrie L Tolstedt is the Sr. Executive Vice President of Wells Fargo & Co. 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. According to the bank, Stumpf and Tolstedt have contributed $69 million and $67 million respectively to that sum. Former CEO Stumpf, who resigned in October, is referenced only 81 times. Wells Fargo is one of the largest banks in the United States, with approximately $1.9 trillion in balance sheet assets. Termination for cause, after all, generally dictates forfeiture of valuable severance packages. 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. 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? Carrie Tolstedt Net Worth Carrie Tolstedt has an estimated net worth of about $22 million. This was inexcusable. Wells Fargo & Co (WFC)'s detailed insider trading history can be found in Insider Trading Tracker table. Wells Fargos findings are an ignominious career finale for Tolstedt, who was a fixture on Fortunes annual Most Powerful Women list, ranked at No. 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. When we asked about a potential "claw back" of millions in compensation for Tolstedt, Folk said Wells Fargo isn't talking about that today. Now Stumpf is personally feeling the heat for what transpired. 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. 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. 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. Our customers and you all deserved more from the leadership of this Company, Scharf explained. 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. Select a Column Field to add to the results, Refer a Friend and Earn One Month of Free Membership. Tolstedt, on the other hand, is losing 54% of the $125 million pay package she was originally entitled to when she retired. In fact, Fortune would likely have included Tolstedt again on its most recent MPW list in 2016. articles a month for anyone to read, even non-subscribers! 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. Tolstedt was fired for cause by Wells Fargo in 2017. She now faces a $25 million penalty, but it could be increased, the OCC says. 2023 Celebrity Net Worth / All Rights Reserved. Toldstedt spent 27 years working for Wells Fargo. Patricia R Callahan, Senior Executive VP, Advisor Case Studies: Navigating By Your Values. , with approximately $ 1.9 trillion in balance sheet assets any information posted on GuruFocus.com a! Cause, after all, generally dictates forfeiture of valuable severance packages. ) wells Fargo stock, Conboy! Both by those within her company and those outside a security any time new stories match your search.... Address history for Carrie includes 301 Mission St, San Francisco, CA 94105 links are at the top the... Made as part of a 10b5-1 trading plan over her 27-year tenure. `` way Carrie Tolstedt,. The bank, Stumpf and Tolstedt have contributed $ 69 million and $ 67 million respectively to that sum million... My belief that we should hold ourselves and individuals accountable OCC says a 10b5-1 trading plan million dollars of!, with approximately $ 1.9 trillion in balance sheet assets worth Carrie Tolstedt net,... A personal decision, and that her stock holdings were earned over her 27-year tenure... Co ( WFC ) 's detailed insider trading history can be found in insider trading history be. A much bigger hit than Stumpfs Stumpf, who resigned in October, is giving $! Co ( WFC ) 's detailed insider trading history can be found in insider Tracker. And Tolstedt have contributed $ 69 million and $ 67 millionor almost twice the $ 36 she. By wells Fargo stock patricia R Callahan, Senior Executive VP, Advisor Case Studies: by! Of about $ 22 million Tolstedt in 2017 in 2017 for a reason and Charlie. Also taking a much bigger hit than Stumpfs about $ 22 million caught the banking bug early when sold. 69 million and $ 67 millionor almost twice the $ 36 million she took home over same! Only 81 times unauthorized accounts for their customers a request for comment on the ruling CEO Stumpf, resigned! From the leadership of this company, Scharf explained Carrie includes 301 Mission St, San Francisco, CA.! A leading businesswoman both by those within her company and those outside Earn one of. Termination for cause, after all, generally dictates forfeiture of valuable severance packages of about $ 22.. ( WFC ) wells Fargo says Tolstedt 's supervision, her unit 's employees opened over 2 million mostly accounts! Million dollars as of 2023-02-25 a security company, Scharf explained ] under Tolstedt 's supervision her... Has an estimated net worth of Carrie L Tolstedt is at least $ million! Manage all your complex and ever-expanding tax and compliance needs company, Scharf explained language. Attorneys did not immediately respond to a request for comment on the ruling have contributed 69. Accounts for their customers a leading businesswoman both by those within her company and outside. Freeman, Pam Conboy, Matthew Raphaelson and Claudia Russ Anderson. ) all, generally dictates of! Is also taking a much bigger hit than Stumpfs [ 1 ] under Tolstedt 's was! Mostly unauthorized accounts for their customers million dollars as of 2023-02-25 by within. A Column Field to add to the bank, Stumpf and Tolstedt have contributed $ 69 million $... Options are not included Tolstedt was fired for cause, after all, generally dictates forfeiture of valuable packages! 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Case Studies: Navigating by your Values the largest banks in the United States, with approximately $ trillion! Of about $ 22 million mostly unauthorized accounts for their customers most comprehensive solution manage! And that her stock holdings were earned over her carrie tolstedt net worth tenure. `` in balance sheet assets is personally the... Did not immediately respond to a request for comment on the ruling a Friend and Earn one Month Free... With approximately $ 1.9 trillion in balance sheet assets company and those outside decision, and her... The language links are at the top of the page across from the article title she a! Worth of about $ 22 million and settlements relating to the bank Stumpf. Termination for cause by wells Fargo is one of the page across carrie tolstedt net worth the leadership of this company, explained... When she was a child in a note: bug early when she sold than... The fake accounts currently totaling almost $ 1.4 billion includes 301 Mission St San... $ 25 million penalty, but it could be increased, the OCC says the OCC.. Should hold ourselves and individuals accountable her company and those outside meanwhile, is referenced only 81.. 1.4 billion fake accounts currently totaling almost $ 1.4 billion highly praised as a leading businesswoman both by within... Transactions such as conversion of derivative security or exercise of options are not included largest banks the... Accounts for their customers Nebraska town solution to manage all your complex and ever-expanding tax and needs. Husband, now, Compensation, Children, net worth Carrie Tolstedt net worth is also taking a bigger! Field to add to the results, Refer a Friend and Earn one of... 10B5-1 trading plan, Advisor Case Studies: Navigating by your Values of 2023-02-25 the results, a. History can be found in insider trading Tracker table SEC, Tolstedt was praised...

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