[1], As of early January, 2020, multiple former Wells Fargo executives are facing possible criminal charges and could be indicted in early 2020. [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. [1] The report stated that Stumpf was hesitant to criticize Tolstedt, and that he once called her "the best banker in America". Want Employees to Stick Like Glue? [8] [9] While others involved in the scandal have given up clearing their charges, Tolstedt continues to fight against her own. Tolstedt was “insular and defensive,” “resistant to change and inflexible,” and “‘obsessed’ with control,” the board wrote in the report. Carrie Tolstedt is a retired American banking executive and former head of the community banking division at Wells Fargo, from which she retired in 2016 before the company’s account fraud scandal came to light. Tolstedt, meanwhile, is giving up $67 million–or almost twice the $36 million she took home over the same period. Early life. The language Wells Fargo’s board uses to describe each leader makes this clear. Former CEO Stumpf, who resigned in October, is referenced only 81 times. Additionally, the report primarily blamed Tolstedt for the company's misconduct in the scandal, while Stumpf was mainly blamed for not firing Tolstedt sooner. In 2017, Wells Fargo retroactively fired Tolstedt for cause.

Her parents, … Will Facebook’s Libra Become the Go-To Payment System Where Banks Fall Short.

Required fields are marked *, All rights reserved DialogueCEO | Site by Complete SET Agency, How Wells Fargo’s Carrie Tolstedt Went from Fortune Most Powerful Woman to Villain. Marissa Mayer, the outgoing CEO of Yahoo, , fell off last year’s list after she was forced to sell her company to Verizon, 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 Fargo’s 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, who headed the community banking unit that employed workers who illegally opened unwanted accounts, forfeited her unvested equity awards worth $19 million and lost her bonus for 2016.

[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. The biggest fine for the former bank execs affects Carrie Tolstedt, who led Wells Fargo’s community bank during the fake-accounts scandal. Early life. Carrie Tolstedt, who headed the community banking unit that employed workers who illegally opened unwanted accounts, forfeited her unvested equity awards worth $19 million and lost her bonus for 2016. The bank's middle-class and low-income customers are being cited as big losers while the executives reap all the benefits. 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. 11 Time Management Mistakes You Are Probably Making. While Wells Fargo’s report justified its decisions to let those employees go, other researchers have raised questions about whether gender bias is also at play. [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. In 2017, Wells Fargo retroactively fired Tolstedt for cause. Offers may be subject to change without notice. http://fortune.com/2017/04/10/wells-fargo-carrie-tolstedt-clawback-net-worth-fortune-mpw/, Make Better Business Decisions by Seeing Where the World Is Going, Officer Put on Leave and Department of Transportation Looking Into United Airlines Incident, Alone in the Wilderness: What One Entrepreneur Learned About Letting Go, The Bahrain Conference: What the Experts and the Media Missed, The Man Who Made Comcast Customer Service Look Good, And Other Unlikely Customer Service Heroes. Stumpf left the San Francisco-based bank in October after a scandal surfaced over bogus bank accounts. [3], Toldstedt worked at Wells Fargo for 27 years. 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. [2] The report mentioned Tolstedt's name 142 times, whereas former Wells Fargo CEO John Stumpf was named only 81 times. [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. © 2020 Celebrity Net Worth / All Rights Reserved, © 2015 Celebrity Net Worth / All Rights Reserved. Carrie L. Tolstedt is a retired 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. As The Wall Street Journal first observed, Tolstedt’s name is mentioned 142 times in the 113-page document. Terms & Conditions. In 2017, Wells Fargo retroactively fired Tolstedt for cause. But while Tolstedt’s 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 board’s report. In 2017, Wells Fargo retroactively fired Tolstedt for cause. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. Source:: http://fortune.com/2017/04/10/wells-fargo-carrie-tolstedt-clawback-net-worth-fortune-mpw/, Your email address will not be published. Stumpf, on the other hand, is still worth at least $132 million, based on his current stock holdings, though it’s 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 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. Termination for cause, after all, generally dictates forfeiture of valuable severance packages. What If Renting an Apartment Were as Easy as Booking an Airbnb? While Stumpf did not receive severance or retirement, his previously awarded grants and shares stood. Market data provided by Interactive Data. (The four executives were Shelley Freeman, Pam Conboy, Matthew Raphaelson and Claudia Russ Anderson.) Mack took on her new role in July, replacing retiring community banking head Carrie Tolstedt right before Wells Fargo in September would become mired in … It represented a steep decline from his total direct pay of $19.3 million in 2015. FORTUNE may receive compensation for some links to products and services on this website. [10], "How Wells Fargo's Carrie Tolstedt Went from Fortune Most Powerful Woman to Villain", "The hard fall of Wells Fargo's Carrie Tolstedt", "Report: Ex-Nebraskan bears brunt of responsibility for Wells Fargo scandal", "Wells Fargo Exec Who Headed Phony Accounts Unit Collected $125 Million", "Wells Fargo fake accounts head could still walk with $77 million", "Wells Fargo board slams former CEO Stumpf and Tolstedt, claws back $75 million", https://www.mpamag.com/news/former-wells-fargo-execs-under-criminal-investigation--report-195791.aspx, https://www.forbes.com/sites/sergeiklebnikov/2020/01/23/former-wells-fargo-ceo-hit-with-175-million-fine-barred-from-banking-industry/, "Three years on, the Wells Fargo scandal is still breathtaking", https://en.wikipedia.org/w/index.php?title=Carrie_Tolstedt&oldid=970895137, Creative Commons Attribution-ShareAlike License, This page was last edited on 3 August 2020, at 01:02.

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