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Head of Community Banking
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420 Montgomery Street
San Francisco, California,94163
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $2.0 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and co... more.
CEO Stumpf will forfeit roughly $41 million in unvested stock; Carrie Tolstedt, the senior executive who oversaw Wells Fargo's retail banking unit, will give up $19 million in outstanding stock awards of her own. (Tolstedt retired earlier this year.) Stumpf will forego his salary while Wells Fargo conducts an internal investigation of its business practices.1,4,5
Further, Tolstedt was said to have kept hidden the true number of people who were fired for setting up false accounts.
The report singles out Tolstedt for allegedly having been "insular and defensive" and having "effectively challenged and resisted scrutiny from within and outside" her community banking division. Stumpf and Tolstedt had already given up $41 million and $19 million in compensation, respectively. Tolstedt declined to be interviewed for the investigation, the board said, on advice from her lawyers. And in Stumpf's, it's coming from his retirement plan payouts. Conboy was held up as a model of success by Carrie Tolstedt, the ousted former head of Wells Fargo's community bank division, and she was asked by Tolstedt to give a presentation at a bank leadership conference in 2010. Tillerson: Election Meddling Something 'Russia Needs To Confront Themselves' Advisers said he was outraged by heartbreaking images of young children who were among the dozens killed in the chemical attack.
Dozens of midlevel and lower-level employees were faulted by the investigators for covering up the scheme or going along with it, but the two people whom the investigatory committee blamed most squarely were the former chairman and chief executive officer, John G. Stumpf, and the former head of the retail branch network, Carrie L. Tolstedt.
Ms. Tolstedt saw her department as a "sales organization, like department or retail stores, rather than a service-oriented financial institution," the report said. Advertisement Continue reading the main story Further, Ms. Tolstedt was said to have kept hidden the aggregate number of people who were fired for setting up false accounts. Ms. Tolstedt's lawyer, Enu Mainigi of Williams & Connolly, challenged the board's findings. "We strongly disagree with the report and its attempt to lay blame with Ms. Tolstedt," Ms. Mainigi said in a written statement. Because of the way Ms. Tolstedt ran her department, the report said, employee turnover was high. Turnover in Ms. Tolstedt's unit reached "at least 30 percent in every period from January 2011 to December 2015," the report said. Ms. Tolstedt was unconcerned, as one witness told the report's investigators, because, in her view, "there were always people willing to work in Wells Fargo branches."
Pam Conboy, who was the regional president for Wells Fargo's Arizona business, actually encouraged duplicate accounts and that Carrie Tolstedt, the head of Wells Fargo's entire consumer banking business, held Conboy as a model of success in the company.
The board of directors has clawed back more than $180 million in pay and bonuses to former CEO John Stumpf, Tolstedt, current CEO Tim Sloan and others.
FILE - In this Tuesday, Sept. 20, 2016, file photo, Wells Fargo CEO John Stumpf prepares to testify on Capitol Hill in Washington, before the Senate Banking Committee. In the results of an investigation released Monday, April 10, 2017, Wells Fargo's board of directors has blamed the bank's most senior management for creating an "aggressive sales culture" at Wells that eventually led to the bank's scandal over millions of unauthorized accounts. The results of the investigation, conducted by the law firm Shearman & Sterling, also called for millions of dollars in compensation to be clawed back from former CEO Stumpf and community bank executive Carrie Tolstedt.
The results of the investigation, conducted by the law firm Shearman & Sterling, also called for millions of dollars in compensation to be clawed back from former CEO Stumpf and community bank executive Carrie Tolstedt. Pam Conboy, who was the regional president for Wells Fargo's Arizona business, actually encouraged duplicate accounts and that Carrie Tolstedt, the head of Wells Fargo's entire consumer banking business, held Conboy as a model of success in the company. The board of directors has clawed back more than $180 million in pay and bonuses to former CEO John Stumpf, Tolstedt, current CEO Tim Sloan and others.