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. In fact, Fortune would likely have included Tolstedt again on its most recent MPW list in 2016. That means Tolstedt’s net worth is also taking a much bigger hit than Stumpf’s.

Tolstedt, of course, is not the only executive on Fortune’s Most Powerful Women list to experience a sharp fall from grace.

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[7], On January 23, 2020, OCC regulators announced an additional $25-million fine against Tolstedt for her role during the fraud, an amount they state could rise higher. But while Tolstedt’s total clawbacks, at $67 million, are slightly less than the $69 million that Stumpf lost, there is no question that she is the one painted as the true villain in the board’s report. By Jen Wieczner Wells Fargo will claw back an additional $75 million from two former executives implicated in the bank’s phony accounts scandal. Carrie Tolstedt is a retired American banking executive and former head of the community banking division at Wells Fargo, from which she retired in 2016 before the company’s account fraud scandal came to light. Adama Diatta – biography, fact, career, awards, net worth and life story, Tigist Gashaw – biography, fact, career, awards, net worth and life story, Bryce Marion – biography, fact, career, awards, net worth and life story, Ugonna Uzochukwu – biography, fact, career, awards, net worth and life story, Pope Macarius II of Alexandria – biography, fact, career, awards, net worth and life story, Moses Da Rocha – biography, fact, career, awards, net worth and life story, Steve Ryde – biography, fact, career, awards, net worth and life story, Patrick Bantamoi – biography, fact, career, awards, net worth and life story, Karim Zaza – biography, fact, career, awards, net worth and life story, BM Jain – biography, fact, career, awards, net worth and life story, George Oyebode Oyedepo – biography, fact, career, awards, net worth and life story, Raphael Cox – biography, fact, career, awards, net worth and life story, Saara Kuugongelwa – biography, fact, career, awards, net worth and life story, Adriaan Richter – biography, fact, career, awards, net worth and life story, Elvis Onyema – biography, fact, career, awards, net worth and life story, Ernest John Seltman – biography, fact, career, awards, net worth and life story, Roy Axe – biography, fact, career, awards, net worth and life story, Alioune Tall – biography, fact, career, awards, net worth and life story, Henry Lilly – biography, fact, career, awards, net worth and life story, Jason Sudeikis – biography, fact, career, awards, net worth and life story. [6] Tolstedt's law firm, Williams & Connolly, responded to the report by saying that they "strongly disagree" with its findings. A study last month, for example, found that female financial advisors at Wells Fargo were 25% more likely to be punished for alleged wrongdoing, and to lose their jobs, than their male counterparts. Tolstedt was “insular and defensive,” “resistant to change and inflexible,” and “‘obsessed’ with control,” the board wrote in the report. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. Your email address will not be published. Tolstedt’s law firm, Williams & Connolly, responded to the report by saying that they “strongly disagree” with its findings. ETF and Mutual Fund data provided by Morningstar, Inc. Dow Jones Terms & Conditions: http://www.djindexes.com/mdsidx/html/tandc/indexestandcs.html. 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.

Critics are taking advantage of Stumpf's payout to reignite criticism about the payment of chief executives.

The language Wells Fargo’s board uses to describe each leader makes this clear. 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.)



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