(125 Total References)
Both Stumpf and Carrie ...
Both Stumpf and Carrie Tolstedt, the executive in charge of Wells Fargo's retail banking division, lost their 2016 bonuses and had tens of millions of dollars in promised compensation clawed back.
Not only was the Wells Fargo ...
Not only was the Wells Fargo senior vice president, Carrie Tolstedt, in charge of this debacle allowed to resign with over $120 in severance, she was given a $5.5 million bonusafter the bank learned that the feds were investigating the bogus accounts.
The Wells executive in charge of ...
The Wells executive in charge of this insanity is Carrie Tolstedt.
he's worked at Wells Fargo for 27 years.
In July, Wells Fargo's CEO John Stumpf, announced that Ms. Tolstedt would be retiring.
"It is quite clear that the actions of Tolstedt's
unit are unfair and abusive practices under federal law.
The story continued with a few more facts that show what may have motivated Ms. Tolstedt
to make the transition from traditional banking… to a life spent robbing customers.
ran the community banking division of the bank, which included its retail banking and credit card divisions, during the entire period in which the customer abuse was alleged, which goes back to 2011."
was regularly praised for her
unit's ability to get customers to open numerous accounts."
" For a number of years, Wells Fargo's
proxy statement, which details executive pay, cited high "cross-selling ratios" as a reason that Tolstedt
had earned her
roughly $9 million in annual pay."
"… in Wells Fargo's
2015 proxy statement, the company said that its compensation committee had authorized Tolstedt's
$7.3 million stock and cash bonus that year, because "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."
leaves Wells Fargo
later this year, on top of the $1.7 million in salary she
has received over the past few years, she
will be walking away with $124.6 million in stock, options, and restricted Wells Fargo
didn't do anything she
shouldn't have done, in fact, she
did exactly what she
was supposed to do, how's that?
So, how could Ms. Tolstedt
have done something like this?You're kidding me, right?What did she
do wrong?She made millions a year and retired with $124.6 million.
hat's not just money… that's like movie star type money… generational wealth, as they call it.
not going to jail… she's
not even going to get a stern talking to.
retiring "later this year."
LATER THIS YEAR?What would you like to bet that if a teller at a Wells Fargo
branch gets caught stealing $20 out of his
cash drawer, the police are called to take a report and Wells Fargo Security
Officers escort the employee out of the building within an hour.
"sandbagging" operation got busted by the LA Attorney's Office
and the CFPB… the bank has to pay a $185 million fine as a result… and Tolstedt is retiring later this year.
And you're going to tell me that she
SHOULDN'T have done what she
did?Like hell, she
How would you like to be some other Wells Fargo executive who didn't commit any sort of fraud before retiring with maybe a million in a 401(k) or whatever?You'd be thinking about cutting your wrists after reading about Ms. Tolstedt's
performance, wouldn't you?
CEO Stumpf will forfeit ...
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
Senior EVP of Community Banking at Wells Fargo