In one day, former Wells Fargo executive Carrie Tolstedt was stripped of an amount equal to the median income earned by 831 American households in a year. Published: 13:25 EST, 12 September 2016 | Updated: 23:37 EST, 12 September 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. Read the John Lothian Newsletter. Market data provided by Interactive Data. In October of 2010 the American Banker reported: She (Tolstedt) met CEO John Stumpf more than two decades ago, when she was working in Omaha for then-Norwest Corp. handling workouts in agricultural communities during the farm crisis. Carrie was at Wells Fargo for 27 years and was credited with improving the bank, which was considered to be the most valuable in the market. CEO John Stumpf, (left) praised Tolstedt for being a 'standard bearer' of the company. This disincentive to investigate implied in this close relationship may have been partially responsible for Congress’s failure to prevent the sustained, aggressive and widespread nature of Wells Fargo’s fraud. According to public records, Tolstedt lived at this lavish 6,000-square-foot, five-bedroom home with her husband, who was also a former Wells Fargo employee, Property websites state the Alamo, California estate was sold in late June for $3.45million. We visit more than 100 websites daily for financial news (Would YOU do that?). Wells Fargo will clawback millions from former CEO John Stumpf and Carrie Tolstedt. FACT CHECK: Fisher-Price to Sell “Peaceful Protest” Playset. However, donations do dramatically increase the likelihood of gaining access to the politician through personal meetings or social invitations. The bank released a statement regarding Tolstedt’s “retirement” and her time with Wells Fargo. After Norwest acquired Wells (and took its name) in 1998, Tolstedt was given the responsibility of showing then-Wells executive Terri Dial around. I also believe the payments made by Tolstedt and others to the members of the Senate banking committee may have impacted lawmakers decision making. On Thursday, the Consumer Financial Protection Bureau fined Wells Fargo a record $185million, and 5,300 employees were fired over the course of five years as a result of the scandal. I did what you told me to do, and I want my payout. The few days the two women spent talking about the business led to another responsibility for Tolstedt- a regional president position in California-that set her on a path into Wells’ senior management. The 2015 document praised Tolstedt's performance, stating: 'Under her leadership, Community Banking achieved a number of strategic objectives, including continued strong cross-sell ratios, record deposit levels, and continued success of mobile banking initiatives.'. Richard Cordray, of the CFPB, said the practices utilized by employees under Tolstedt were 'unfair and abusive practices under federal law'. The comments below have not been moderated. Her husband is Brad Tolstedt and he was also a former employee of Wells Fargo. But luckily for you, we have managed to piece together everything you need to know about the former Wells Fargo employee.

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[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. It remains unclear whether Tolstedt was aware of the 'widespread illegal practice' going on within her department.

This franchise has never been stronger for the opportunities that lie ahead, and I am simply grateful to have been a part of it.”. Both Tolstedt and former CEO John Stumf have been blamed in light of the scandal. In 2017, Wells Fargo retroactively fired Tolstedt for cause. It does not appear as if Tolstedt will be penalized by Well Fargo's 'claw back' policies, which were broadened after the financial crisis to force executives to pay back a portion, if not all of their bonus, in an attempt to curb risky behavior. A trusted colleague and dear friend, Carrie Tolstedt has been one of our most valuable Wells Fargo leaders, a standard-bearer of our culture, a champion for our customers, and a role model for responsible, principled and inclusive leadership. Mainly, she questioned why he never once considered firing Tolstedt, even when he knew that the practices were not being carried out correctly, essentially committing fraud.

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