American entrepreneur Carrie Tolstedt was a former executive at Wells Fargo & Company. From 2008 until 2016, she oversaw the company’s Community Banking segment. Tolstedt has had a lengthy history of achievement at Wells Fargo and is a highly successful businesswoman and executive.
She enjoys a solid reputation for being a strong leader and being able to handle a variety of tasks. One of the richest women in America, Tolstedt has amassed a sizable fortune thanks to her achievements and leadership abilities.
Carrie Tolstedt Net Worth
As of the 16th of March in the year 2023, it is predicted that Carrie L. Tolstedt has a minimum net worth of $20 Million dollars. Carrie L. Tolstedt is the Senior Executive Vice President of Wells Fargo & Company, and she personally owns around 529,195 shares of Wells Fargo & Company (WFC) stock that is valued at more than $20 Million.
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Carrie Tolstedt’s Early Life
Tolstedt spent her childhood in Kimball, Nebraska, where she claims she was first exposed to the world of banking when she accompanied her father, a baker, to the community bank after he finished work each day. Her alma mater was the University of Nebraska at Lincoln, and she received her degree there.
Carrie Tolstedt’s Career
Toldstedt spent 27 years working for Wells Fargo. She used to be listed among Fortune’s Most Powerful Women, and in 2015, she was the highest-ranking female banker in the country, coming in at number 27. Around 2 million primarily unlawful accounts were opened for their clients by the staff of Tolstedt’s section.
She first announced her retirement in July 2016 and had planned to do so by the end of the year, but after the public learned about the account issue, she decided to resign in September. The board of directors of Wells Fargo published a report on the account fraud incident in April 2017 and charged Tolstedt with exaggerating issues at the bank holding company.
The same report advised the bank to return Tolstedt’s $47.3 million in stock options in addition to the $19 million they had previously taken back. Tolstedt’s name was cited 142 times in the study, whereas John Stumpf, the former CEO of Wells Fargo, was only mentioned 81 times.
Furthermore, Tolstedt was predominantly accused in the study of the scandal’s corporate malfeasance, while Stumpf was mostly held accountable for Tolstedt’s tardy termination. According to the story, Stumpf was reluctant to criticize Tolstedt but had previously referred to her as “the best banker in America”. Williams & Connolly, Tolstedt’s legal counsel, stated in response to the study that they “strongly disagree” with its conclusions.
Wells Fargo retrospectively terminated Tolstedt for reason in reaction to the study, and they also took back the $47.3 million they had already given her. As a result, she had donated a total of $67 million, or nearly 54% of the $125 million in retirement benefits she had initially received. Some former Wells Fargo officials are potentially facing criminal charges as of early January 2020 and could be indicted at that time.
OCC authorities said on January 23, 2020, that Tolstedt will also be subject to a $25 million fine for her part in the fraud, with the possibility of an even greater fine. When other participants in the affair had given up trying to prove their innocence, Tolstedt persisted in defending herself.
On November 11, 2020, the SEC filed civil charges against her alleging that she intentionally misled investors about key performance indicators pertaining to the commercial bank unit she oversaw at the bank. Tolstedt admitted to impeding a bank examination on March 15, 2023, and he might spend up to 16 months in jail.