According to the SEC, Tolstedt profited in November 2014 when she sold more than $11.8 million worth of Wells Fargo stock. 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. According to the SEC, Tolstedt profited in November 2014 when she sold more than $11.8 million worth of Wells Fargo stock. 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. LR-24964; Nov. 13, 2020)", https://en.wikipedia.org/w/index.php?title=Carrie_Tolstedt&oldid=1113745727, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 3 October 2022, at 02:11. Wells Fargos advisor headcount stands at 13,512 vs. nearly 13,948 a year ago. 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. The bank recently was fined $185 million and fired 5,300 employees for unethical behavior. 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. Wells Fargo & Company/mn's most recent insider trade came on February 27, 2023 by Select a Column Field to add to the results, Refer a Friend and Earn One Month of Free Membership. Sam Bankman-Fried hit delete instead. Insider trading is most common in April, with the busiest year in 2005. The estimated net worth of Carrie L Tolstedt is at least $25 Million dollars as of 2023-03-02. 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. Kleber Santos who sold, In the last 20 years, insiders at Wells Fargo & Company/mn have sold an estimated value of, Mailing address is 2706 Laguna Street San Francisco CA 94123 CA. As The Wall Street Journal first observed, Tolstedts name is mentioned 142 times in the 113-page document. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. 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. $1.61M . 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. 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. Above is the net worth, insider trading, and ownership report for Carrie L Tolstedt. 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. Stumpf's fine isn't even the largest handed out. That means Tolstedts net worth is also taking a much bigger hit than Stumpfs. ', "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. Carrie L Tolstedt's largest sale order was 219,835 units , worth over 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. That drastic change was announced just two months after Wells Fargo said Tolstedt would retire at the end of 2016. of Termination for cause, after all, generally dictates forfeiture of valuable severance packages. Service, a Creative Commons 27 as recently as 2015, recognized as the most powerful female banker in the U.S. at the time. 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. 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. 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. 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. Reach her at jody.godoy@thomsonreuters.com. But the most impressive part of its space program is its cost-effectiveness. 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. Carrie has the phone number (925) 820-0690 (Pacific Bell). 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. Unlike other government space organizations, India's agency is extremely efficient, with the lowest cost-per-kilogram in the industry. Stock quotes provided by InterActive Data. [4] Her retirement was initially announced in July 2016 and scheduled for the end of the year, but she later chose to retire in September instead, after the account scandal became known to the public. sales Past performance is a poor indicator of future performance. Former CEO Stumpf, who resigned in October, is referenced only 81 times. Read the rules you agree to by using this website in our Terms Sr. Executive Vice President Kristy Fercho Many of those questions were raised in a Fortune story Monday that wondered whether the situation was ripe for Wells Fargo to try to "claw back" some of the stock options it had awarded Tolstedt, who exits after years of heading Wells Fargo's huge community banking division. Tolstedt and four others are fighting the allegations and have not reached a settlement. The way Carrie Tolstedt told it, she caught the banking bug early when she was a child in a small Nebraska town. At one point, security officials opened a few undercover accounts not tied to real customers to ferret out misconduct. Whats Behind the Wirehouse Headcount Drop? The bank will consider further action and will make no remaining compensation payments to these individuals while we review the filings, he said. It has also faced lawsuits and settlements relating to the fake accounts currently totaling almost $1.4 billion. sale [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. 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. Carrie L Tolstedt is She earned numerous awards and was seen as a trailblazer for women within the banking industry. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Wells Fargo retroactively fired Tolstedt in 2017 for a reason. Remember John Stumpf? See here for a complete list of exchanges and delays. Former CEO Stumpf, who resigned in October, is referenced only 81 times. 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. Tolstedt was raised in Kimball, Nebraska . [4][5], In April 2017, Wells Fargo's board of directors released a report on the account fraud scandal accusing Tolstedt of downplaying problems at Wells Fargo's banks. Other recent insider transactions involving Wells Fargo & Co (WFC) include We must all dedicate ourselves to ensuring that such failings never again occur at Wells Fargo.. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. 219,835 shares on November 11, 2014, which 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. Who will be eaten first? Wells Fargo says Tolstedt's retirement was a personal decision, and that her stock holdings were earned over her 27-year tenure.". On this Wikipedia the language links are at the top of the page across from the article title. Tolstedt, on the other hand, is losing 54% of the $125 million pay package she was originally entitled to when she retired. According to the bank, Stumpf and Tolstedt have contributed $69 million and $67 million respectively to that sum. 0 transactions in Wells Fargo & Co (WFC) over the past 5 years. The report reveals both the incredible toll this took on those employees ("I was in the 1991 Gulf War. Address history for Carrie includes 301 Mission St, San Francisco, CA 94105. 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. of In doing so, Wells Fargo has also apparently closed the coffin on the career of. Please note GuruFocus will not track the insiders transaction performance if he/she does not have buying transactions. 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. program According to the SEC Form 4 filings, Carrie L Tolstedt has made a total of Former head of Wells Fargo's community banking division and disgraced American banking executive Carrie L. Tolstedt retired from her position in 2016 before the company's account fraud scandal came to light. In July, however, Tolstedt abruptly announced she would retire at the end of that year, disqualifying her from the list. 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. She's already been fined $25 million, but regulators were quick to point out that her fine could get larger. Carrie Tolstedt headed up Wells Fargo's community bank for a decade. $1.75M on August 12, 2005. Rising to prominence from humble beginnings, Tolstedt was highly praised as a leading businesswoman both by those within her company and those outside. Her bank fired some 5,300 employees for acting "counter to our values." 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. , and 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. 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. 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