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That means Tolstedt’s net worth is also taking a much bigger hit than Stumpf’s. Former Wells Fargo CEO Gets $17.5 Million Fine, Barred From Banking Industry, Wells Fargo CEO John Stumpf Is Out Amid Accounts Scandal, Outed Wells Fargo CEO Sold Millions In Company Stock In Advance Of Fraud Revelations, Former Wells Fargo CEO John Stumpf Is Still Earning Almost $650,000 A Year From Other Companies, Warren Buffet Loses $1.4 Billion As Wells Fargo Stock Plummets, Wells Fargo Continues To Seize Millions From Executives, Wells Fargo Whistleblower Paid $5M To Return, You've Probably Heard Of Warren Buffet's 5 Largest Investments. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. 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. Executive Carrie Tolstedt is viewed as largely responsible for the fraudulent accounts scandal at Wells Fargo. FORTUNE may receive compensation for some links to products and services on this website. , 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. [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. In 2017, Wells Fargo retroactively fired Tolstedt for cause. [2] She graduated from the University of Nebraska–Lincoln. 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.” 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 … Who does A.I. A full and fair examination of the facts will produce a different conclusion.” Stumpf left the San Francisco-based bank in October after a scandal surfaced over bogus bank accounts. 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. All Rights Reserved. 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. [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. 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. 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. Tolstedt, on the advice of counsel, declined to participate in or be interviewed for the Wells Fargo internal report. 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 report stated that Stumpf was hesitant to criticize Tolstedt, and that he once called her “the best banker in America”. Sloan also gained $5.4 million by exercising stock options. She grew up in Kimball, a town of 2,500 on the high plains of southwest Nebraska. [1], As of early January, 2020, multiple former Wells Fargo executives are facing possible criminal charges and could be indicted in early 2020. Trump’s odds of winning have surged in the past 48 hours, according to this data scientist’s model. [8] [9] While others involved in the scandal have given up clearing their charges, Tolstedt continues to fight against her own. Early life. [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. 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 board’s investigation into the problems, and the consequences it imposed as a result. After their $25 billion dollar bailout in 2008, Wells Fargo is still struggling to find its way. As The Wall Street Journal first observed, Tolstedt’s name is mentioned 142 times in the 113-page document. 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. 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. [1] Under Tolstedt's supervision, her unit's employees opened over 2 million mostly unauthorized accounts for their customers. [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. [3], Toldstedt worked at Wells Fargo for 27 years. An unhappy ending All rights reserved. What If Renting an Apartment Were as Easy as Booking an Airbnb? Former Wells Fargo chief executive John Stumpf is exercising his Wells Fargo stock options, according to a recent filing from the bank. Submit a correction suggestion and help us fix it! 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. Will Facebook’s Libra Become the Go-To Payment System Where Banks Fall Short. By Jen Wieczner Wells Fargo will claw back an additional $75 million from two former executives implicated in the bank’s phony accounts scandal. [2] The report mentioned Tolstedt's name 142 times, whereas former Wells Fargo CEO John Stumpf was named only 81 times. Offers may be subject to change without notice. Wells Fargo will clawback millions from former CEO John Stumpf and Carrie Tolstedt. 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 Stumpf did not receive severance or retirement, his previously awarded grants and shares stood. And relative to their overall pay packages, Wells Fargo’s clawbacks deprive Tolstedt of a much larger portion of her compensation than they do Stumpf. Here’s What Will Help Make It Successful. (Tolstedt’s 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 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. [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. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell My Personal Information | Ad Choices Carrie Tolstedt, who headed the community banking unit that employed workers who illegally opened unwanted accounts, forfeited her unvested equity awards worth $19 … As of early January, 2020, multiple former Wells Fargo executives are facing possible criminal charges and could be indicted in early 2020. think will win today’s election? [2] She graduated from the University of Nebraska–Lincoln. Want Employees to Stick Like Glue? Tolstedt’s law firm, Williams & Connolly, responded to the report by saying that they “strongly disagree” with its findings. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. 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.
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