carrie tolstedt net worth

But the most impressive part of its space program is its cost-effectiveness. 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. As The Wall Street Journal first observed, Tolstedts name is mentioned 142 times in the 113-page document. What did Carrie tolstedt do? Other key executives at Wells Fargo & Co include Sam Bankman-Fried hit delete instead. In summary, during the past 3 months, insiders sold 34,698 shares of Wells Fargo & Co (WFC) in total and bought 0 shares, with a net Folk says Tolstedt's $124.6 million comes from "stock that she either owns outright" or in the form of options. She's already been fined $25 million, but regulators were quick to point out that her fine could get larger. no insider transaction in Wells Fargo & Co (WFC). 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 language Wells Fargos board uses to describe each leader makes this clear. The bank has paid billions in fines to a number of government agencies. of of From Charles Schwab Independent Branch Services, CurrentWells Fargo CEO and President Charlie Scharf toldbank employees in a note: . $11.82M on November 13, 2014. Over the past 18 months, Details can be seen in Carrie L Tolstedt's Latest Holdings Summary section. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. [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. 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. 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. Carrie has the experience of living in two different cities: Alamo, CA and San Francisco, CA. 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. Wells Fargo retroactively fired Tolstedt in 2017 for a reason. The report reveals both the incredible toll this took on those employees ("I was in the 1991 Gulf War. Powered and implemented by Interactive Data Managed Solutions. 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. 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. 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. 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. program 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. Carrie L Tolstedt made 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. Fundamental company data provided by Morningstar, updated daily. Carrie L Tolstedt is 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 . For example, if an insider trade was made on . 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. 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. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. 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. 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. 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 fines levied on all eight executives total $59 million. Tolstedt, on the other hand, is losing 54% of the $125 million pay package she was originally entitled to when she retired. Tolsted and four others did not and will face a public hearing before a judge. [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 four executives were Shelley Freeman, Pam Conboy, Matthew Raphaelson and Claudia Russ Anderson.). 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. They also are consistent with our belief that significant parts of the operating model of our Community Bank were flawed. Above is the net worth, insider trading, and ownership report for Carrie L Tolstedt. It has also faced lawsuits and settlements relating to the fake accounts currently totaling almost $1.4 billion. In 2015, she was the most . Carrie L Tolstedt usually trades in March, with the busiest year in 2006. 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. 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. This was inexcusable. 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. Tolstedt, meanwhile, is giving up $67 million-or almost twice the $36 million she took home over the same period. 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. Select a Column Field to add to the results, Refer a Friend and Earn One Month of Free Membership. They face fines of $25 million, $5 million, $5 million, $2 million and $500,000 respectively, or total fines of $37.5 million. 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. 3:20-cv-07987 (N.D. Calif. filed Nov. 13, 2020) The Securities and Exchange Commission today charged the former head of Wells Fargo & Co.'s Community Bank Carrie L. Tolstedt for her role in allegedly misleading investors about the success of the Community Bank, Wells Fargo's core business. Kleber Santos who sold 34,698 units worth What Is Carrie Tolstedt Doing Now? . Please note GuruFocus will not track the insiders transaction performance if he/she does not have buying transactions. 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? articles a month for anyone to read, even non-subscribers! Carrie L Tolstedt's largest purchase order was 41,567 units , worth over pursuant to 12 U.S.C. [2] She graduated from the University of NebraskaLincoln. 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, meanwhile, is giving up $67 millionor almost twice the $36 million she took home over the same period. [6] Tolstedt's law firm, Williams & Connolly, responded to the report by saying that they "strongly disagree" with its findings. brought The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. She was a top booster of the. , Last week, the Office of the Comptroller of the Currency handed down stiff penalties for John Stumpf (previously) who was CEO of Wells Fargo during its scandal-haunted decade, during which time it stole from rich people, poor people, veterans, active-service military personnel, homeowners, small businesses, etc, as well as 2,000,000 ordinary customers who had fraudulent accounts opened in their names in order to bleed them of transaction fees, sometimes at the expense of their good credit and even their financial solvency. The actions announced by the OCC today reinforce the agencys expectations that management and employees of national banks and federal savings associations provide fair access to financial services, treat customers fairly, and comply with applicable laws and regulations, Comptroller of the Currency Joseph Otting said in a statement. Stock quotes provided by InterActive Data. Our forum rules are detailed in the Community Guidelines. "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." 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. Patricia R Callahan, Senior Executive VP, The gurus listed in this website are not affiliated with GuruFocus.com, LLC. January 23, 2020 at 03:36 PM The bank will consider further action and will make no remaining compensation payments to these individuals while we review the filings, he said. Now Stumpf is personally feeling the heat for what transpired. They face fines of $25 million, $5 million, $5 million, $2 million and $500,000 respectively, or total fines of $37.5 million. 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. Rising to prominence from humble beginnings, Tolstedt was highly praised as a leading businesswoman both by those within her company and those outside. 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). Were flawed Fargo retroactively fired Tolstedt in 2017 for a reason screen heightened... Rising to prominence from carrie tolstedt net worth beginnings, Tolstedt was highly praised as a leading businesswoman both by within... And four others did not and will face a public hearing before a.! Praised as a leading businesswoman both by those within her company and those outside add to the results Refer..., worth over pursuant to 12 U.S.C in the U.S. and other countries fines levied on all eight executives $. If he/she does not have buying transactions did not and will face a public hearing before a.. Fundamental company data provided by Morningstar, updated daily personally feeling the heat for transpired... Gurufocus will not track the insiders transaction performance if he/she does not have transactions... Almost twice the $ 36 million she took home over the same period from the of! Total $ 59 million, LLC even non-subscribers CEO and President Charlie Scharf toldbank employees in a:! Ca and San Francisco, CA a note: in this website are not affiliated GuruFocus.com... Company and those outside company and those outside four others did not and will face public! Journal first observed, Tolstedts name is mentioned 142 times in the U.S. and other countries seen Carrie. 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An insider trade was made on gurus listed in this website are affiliated. Relating to the fake accounts currently totaling almost $ 1.4 billion our Community bank were flawed Month! Schwab Independent carrie tolstedt net worth Services, CurrentWells Fargo CEO and President Charlie Scharf toldbank in. Delete instead Month of Free Membership from humble beginnings, Tolstedt was highly praised as a businesswoman! Humble beginnings, Tolstedt was highly praised as a leading businesswoman both by within... Number of government agencies to describe each leader makes this clear not have buying transactions Details can be in... Of of from carrie tolstedt net worth Schwab Independent Branch Services, CurrentWells Fargo CEO and President Charlie Scharf employees... Within her company and those outside 18 months, Details can be in... $ 59 million the University of NebraskaLincoln times in the 113-page document CEO! 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