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. Dont forget you can visit MyAlerts to manage your alerts at any time. He has a net worth of $50 million. 0 transactions in Wells Fargo & Co (WFC) over the past 5 years. Tolstedt, on the other hand, is losing 54% of the $125 million pay package she was originally entitled to when she retired. Carrie L Tolstedt usually trades in March, with the busiest year in 2006. license except where otherwise noted. a net 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. articles a month for anyone to read, even non-subscribers! 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. It has an affiliated registered investment adviser, which serves as the subadviser to an exchange traded fund. 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. While Stumpf's nest. 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. 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. Former CEO Stumpf, who resigned in October, is referenced only 81 times. The former CEO is losing $69 million, or 85%, out of the $81 million he made between 2013 and 2016. See here for a complete list of exchanges and delays. India is one of only a handful of nations that have sent probes to the moon and Mars. Wells Fargo will claw back an additional $75 million from two former executives implicated in the banks phony accounts scandal. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. But the most impressive part of its space program is its cost-effectiveness. 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. Bloomberg Surveillance, covering the latest news in finance, economics and investments. What Is Carrie Tolstedt Doing Now? 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. Tolstedt, on the other hand, is losing 54% of the $125 million pay package she was originally entitled to when she retired. The SEC previously filed . 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. Above is the net worth, insider trading, and ownership report for Carrie L Tolstedt. 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. Tolstedt was fired in 2016. 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. It has also faced lawsuits and settlements relating to the fake accounts currently totaling almost $1.4 billion. 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. 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. Wells Fargo retroactively fired Tolstedt in 2017 for a reason. Advisor Case Studies: Navigating By Your Values. Table of ContentsCarrie Tolstedt WikiAge Husband and Children NowCompensation Net worth and SalaryHeight EducationCarrie Tolstedt WikiAt Wells Fargo, Carrie Tolstedt is answerable for enterprise, small enterprise, and retail banking.Toldstedt spent 2. The most active traders at the company are 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. Thats down 1,576 (or 10.4%)from Sept. 30, 2016, when the firm had 15,086 registered reps and began making headlines for the fake accounts. Former CEO Stumpf, who resigned in October, is referenced only 81 times. (The four executives were Shelley Freeman, Pam Conboy, Matthew Raphaelson and Claudia Russ Anderson.). It is almost entirely focused on the U.S. Carrie L Tolstedt is the Sr. Executive Vice President of Wells Fargo & Co. Tolstedt was insular and defensive, resistant to change and inflexible, and obsessed with control, the board wrote in the report. This was inexcusable. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. 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. I immediately developed a thing for Carrie Tolstedt. "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." 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. hide caption. 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. As The Wall Street Journal first observed, Tolstedts name is mentioned 142 times in the 113-page document. 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. 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 Wiki, Age, Husband, Now, Compensation, Children, Net worth, Height, Salary, Education. . 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. 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. From Charles Schwab Independent Branch Services, CurrentWells Fargo CEO and President Charlie Scharf toldbank employees in a note: . And relative to their overall pay packages, Wells Fargos clawbacks deprive Tolstedt of a much larger portion of her compensation than they do Stumpf. But it designed the monitoring to minimize its findings and looked only for certain misdeeds, avoiding numerous other red flags of unauthorized account-opening. Additionally, the report primarily blamed Tolstedt for the company's misconduct in the scandal, while Stumpf was mainly blamed for not firing Tolstedt sooner. That drastic change was announced just two months after Wells Fargo said Tolstedt would retire at the end of 2016. For example, if an insider trade was made on . Wells Fargo is one of the largest banks in the United States, with approximately $1.9 trillion in balance sheet assets. Tolstedt was insular and defensive, resistant to change and inflexible, and obsessed with control, the board wrote in the report. Unlike other government space organizations, India's agency is extremely efficient, with the lowest cost-per-kilogram in the industry. 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. The stock performance is charted as cumulative percent change in share price. [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. Wells Fargo retroactively fired Tolstedt in 2017 for a reason. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. (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.). Carrie Tolstedt is a former head of Wells Fargo's community banking division and an American banking executive. Only the transactions in Open Market or Private Sale at the market prices are included. Within 24 hours of the accounts being opened, two sales employees ordered debit cards for the customers, claiming they had spoken to the customers directly. Over the past 18 months, 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. Tolstedt had argued in February that Section 17(a) of the Securities Act, which prohibits fraud and misleading statements "in the offer or sale of any securities," only applied to misstatements in specific transactions, not her comments at an investor event or her sign-off on the bank's SEC filings. Share & Print. 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. [2] The report mentioned Tolstedt's name 142 times, whereas former Wells Fargo CEO John Stumpf was named only 81 times. Whats Behind the Wirehouse Headcount Drop? Tolstedt was fired for cause by Wells Fargo in 2017. Remember John Stumpf? 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. 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. sites. The way Carrie Tolstedt told it, she caught the banking bug early when she was a child in a small Nebraska town. Her bank fired some 5,300 employees for acting "counter to our values." , 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. 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. 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 Company is different today, but we know we still have significant work to do to regain the trust of all stakeholders , the executive explained. and affiliate links. 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. Public records show that the phone number (925) 820-0690 is linked to Dennis C Peterson, Brad T Tolstedt, Brad L . 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. The OCCs actions are consistent with my belief that we should hold ourselves and individuals accountable. January 23, 2020 at 03:36 PM Insiders are limited to only officers and/or directors of the company. The bank recently was fined $185 million and fired 5,300 employees for unethical behavior. Carrie L. Tolstedt, Case No. (The four executives were Shelley Freeman, Pam Conboy, Matthew Raphaelson and Claudia Russ Anderson.). Tolstedt, meanwhile, is giving up $67 million-or almost twice the $36 million she took home over the same period. Carrie Tolstedt headed up Wells Fargo's community bank for a decade. All rights reserved. sales 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. Tolstedt was raised in Kimball, Nebraska . During the past 18 months, 57,398 shares of Wells Fargo & Co (WFC) were sold and 0 shares were bought by its insiders, resulting in a net 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. 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. The former CEO is losing $69 million, or 85%, out of the $81 million he made between 2013 and 2016. 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. 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. See here for a complete list of exchanges and delays. 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Jody Godoy reports on banking and securities law. Based on ownership reports from SEC filings, as the reporting owner, Carrie L Tolstedt owns 1 companies in total, including Carrie L Tolstedt is September 22, 2022 September 22, 2022 by Prinzo. The board said it would "claw back" $47 million worth of stock options she was supposed to get when she was fired last year. When Stumpf stepped down as CEO, he took a $134 million retirement package with him and retained another $650,000 a year in income for his roles on the boards of Target and Chevron. 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. If you're catching up to this story, here's how NPR's Yuki Noguchi reported it today for our Newscast unit: "When Carrie Tolstedt's retirement was announced in July, Wells Fargo CEO John Stumpf called her a 'dear friend,' 'role model' and 'standard-bearer for our culture. Click here to see the complete history of Carrie L Tolstedts form 4 insider trades. 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. Wells Fargos findings are an ignominious career finale for Tolstedt, who was a fixture on Fortunes annual Most Powerful Women list, ranked at No. 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. The economy and markets are "under surveillance". They also are consistent with our belief that significant parts of the operating model of our Community Bank were flawed. Wells Fargos findings are an ignominious career finale for Tolstedt, who was a fixture on Fortunes annual Most Powerful Women list, ranked at No. According to the SEC Form 4 filings, Carrie L Tolstedt has made a total of of 57,398 shares. 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. 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. FORTUNE may receive compensation for some links to products and services on this website. 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. . S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. Carrie L Tolstedt currently owns a total of 1 Listen to free podcasts to get the info you need to solve business challenges! See A Timeline of the Wells Fargo Scandals. 20-cv-07987, U.S. District Court, Northern District of California. Please note GuruFocus will not track the insiders transaction performance if he/she does not have buying transactions. In 2017, Wells Fargo retroactively fired Tolstedt for cause. U.S. regulators are taking punitive action against eight former Wells Fargo executives, including Stumpf. [1], As of early January, 2020, multiple former Wells Fargo executives are facing possible criminal charges and could be indicted in early 2020. 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. [3], Toldstedt worked at Wells Fargo for 27 years. sale Tolstedt, meanwhile, is giving up $67 millionor almost twice the $36 million she took home over the same period. In 2017, Wells Fargo retroactively fired Tolstedt for cause. A full and fair examination of the facts will produce a different conclusion.. The most-recent trade in Wells Fargo & Co is the Stumpf's fine isn't even the largest handed out. 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. Kleber Santos who sold 34,698 units worth pursuant to 12 U.S.C. Create an alert to follow a developing story, keep current on a competitor, or monitor industry news. Wells Fargo & Company/mn's most recent insider trade came on February 27, 2023 by of Rising to prominence from humble beginnings, Tolstedt was highly praised as a leading businesswoman both by those within her company and those outside. Wells Fargo & Co (WFC)'s detailed insider trading history can be found in Insider Trading Tracker table. 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. 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). sale 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. 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. 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. [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. 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. When we asked about a potential "claw back" of millions in compensation for Tolstedt, Folk said Wells Fargo isn't talking about that today. Stumpf and two other executives agreed to the fines and restrictions placed upon them. Other transactions such as conversion of derivative security or exercise of options are not included. [6] Tolstedt's law firm, Williams & Connolly, responded to the report by saying that they "strongly disagree" with its findings. The estimated net worth of Carrie L Tolstedt is at least $23 Million dollars unlike her net worth her salary is not publicly known 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. and David A Hoyt, Sr. Executive Vice President We are a participant in the Amazon Services LLC Associates Program, an affiliate advertising Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. She now faces a $25 million penalty, but it could be increased, the OCC says. Wells Fargos advisor headcount stands at 13,512 vs. nearly 13,948 a year ago. Big Banks Reap $32B Windfall From Trump Tax Cuts: Report. The chargesallege that the executives failed to adequately perform their duties and responsibilities, which contributed to the banks systemic problems with sales practices misconduct from 2002 until October 2016, the OCC explained. 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. Submit a correction suggestion and help us fix it! Who will be eaten first? 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. In the last 13 years at Wells Fargo & Company/mn, Carrie L Tolstedt has sold an estimated value of $156.32M worth. Reach her at jody.godoy@thomsonreuters.com. Carrie L. Tolstedt is an ousted American banking executive and former head of the community banking division at Wells Fargo, [1] from which she retired in 2016 before the company's account fraud scandal came to light. 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. In total, Carrie L Tolstedt has made about 180 transactions over 13 years of their time at Wells Fargo & Company/mn. 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. Carrie L Tolstedt made Read the rules you agree to by using this website in our Terms 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. sale The lawyer said preserve all records. Carrie L Tolstedt owns about 529,195 units of . 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. The biggest fine for the former bank execs affectsCarrie Tolstedt, who led Wells Fargos community bank during the fake-accounts scandal. Wells Fargo's board says that it has clawed back $67 million from Tolstedt and $69 million from Stumpf . Wells Fargo says Tolstedt's retirement was a personal decision, and that her stock holdings were earned over her 27-year tenure.". It has been restructuring and complying with regulatory reforms since the fake accounts scandal in 2016. Folk says Tolstedt's $124.6 million comes from "stock that she either owns outright" or in the form of options. All quotes delayed a minimum of 15 minutes. 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. 2023 Celebrity Net Worth / All Rights Reserved. Offers may be subject to change without notice. That means Tolstedts net worth is also taking a much bigger hit than Stumpfs. The estimated net worth of Carrie L Tolstedt is at least $25 Million dollars as of 2023-02-25. Publisher - Just another WordPress site. In July, however, Tolstedt abruptly announced she would retire at the end of that year, disqualifying her from the list. Throughout her career, Ms. Tolstedt acted with the utmost integrity and concern for doing the right thing, said Enu Mainigi, her lawyer at Williams & Connolly in the report. . GuruFocus.com is not operated by a broker or a dealer. 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.