carrie tolstedt net worth

But the magazine also spoke to a banking reform advocate who asked about claw-back policies: "If they don't apply here, when will they apply? Now Stumpf is personally feeling the heat for what transpired. Service. Explainer: Can Republicans topple Biden's ESG investing rule in court? Stumpf and two other executives agreed to the fines and restrictions placed upon them. Non-planned trade are trades that were not made as part of a 10b5-1 trading plan. These warning signs were pretty incredible: after one presentation by Tolstedt downplaying the seriousness of the rot in the bank, a board member cursed her out, calling her reassurances "a piece of shit. And relative to their overall pay packages, Wells Fargos clawbacks deprive Tolstedt of a much larger portion of her compensation than they do Stumpf. The OCCs charges against Mr. Strother are false and unfounded, and he intends to vigorously defend against them.. He has a net . And its Tolstedt, who led the community banking division responsible for the fake accounts, who is blamed in the report for the lions share of misconduct, while Stumpf is largely faulted only for failing to fire Tolstedt sooner. She's already been fined $25 million, but regulators were quick to point out that her fine could get larger. Dont forget you can visit MyAlerts to manage your alerts at any time. Carrie has the phone number (925) 820-0690 (Pacific Bell). Bloomberg Surveillance, covering the latest news in finance, economics and investments. Stumpf's fine isn't even the largest handed out. Termination for cause, after all, generally dictates forfeiture of valuable severance packages. While a couple of Fortune MPW alumni have reclaimed their spots on the list after switching from one Fortune 500 company to another, Tolstedt, after being so vilified by Wells Fargo, seems destined for a legacy among the ranks of powerful women who have disappeared from corporate America for good. But the most impressive part of its space program is its cost-effectiveness. , pursuant to 12 U.S.C. Her bank fired some 5,300 employees for acting "counter to our values." [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. Submit a correction suggestion and help us fix it! Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. $1.61M . The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. I immediately developed a thing for Carrie Tolstedt. Service, a Creative Commons In dollar terms, that inquiry proved very costly to former Wells Fargo (WFC) CEO John Stumpf, who will give up another $28 million of past compensation in addition to a previously announced $41 million clawback, as well as Tolstedt, who will relinquish $47 million more of her pay on top of the $19 million that was already revoked. Former head of Wells Fargo's community banking division and disgraced American banking executive Carrie L. Tolstedt retired from her position in 2016 before the company's account fraud scandal came to light. Carrie Tolstedt, who was a senior vice president before she left the bank in 2016, cited her right under the Fifth Amendment not to be a witness against herself more than 100 times in a response filed Friday to the agencys complaint. Early life [ edit] Carrie L Tolstedt is the Sr. Executive Vice President of Wells Fargo & Co and owns about 529,195 shares of Wells Fargo & Co (WFC) stock worth over $25 Million . Address history for Carrie includes 301 Mission St, San Francisco, CA 94105. Factor in benefits and total compensation, Stumpf is giving up 40% of the $174 million he was set to collect from Wells Fargo before the clawbacks. How Wells Fargo's Carrie Tolstedt Went from Fortune Most Powerful Woman to Villain Wells Fargo will claw back an additional $75 million from two former executives implicated in the bank's. Chief among them is Carrie Tolstedt, who as head of the Wells Fargo community bank division allegedly oversaw the conditions that led to the scandal. What did Carrie tolstedt do? Tolstedt's unit accounted for around $14 billion of that year's net income. 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Many of those questions were raised in a Fortune story Monday that wondered whether the situation was ripe for Wells Fargo to try to "claw back" some of the stock options it had awarded Tolstedt, who exits after years of heading Wells Fargo's huge community banking division. Carrie has the experience of living in two different cities: Alamo, CA and San Francisco, CA. . Net worth and Salary. Gurus may be added or dropped from the GuruFocus site at any time. Wells Fargo will claw back an additional $75 million from two former executives implicated in the banks phony accounts scandal. The estimated net worth of Carrie L Tolstedt is at least $23 Million dollars unlike her net worth her salary is not publicly known Tolstedt, meanwhile, is giving up $67 million-or almost twice the $36 million she took home over the same period. He has a net worth of $50 million. That drastic change was announced just two months after Wells Fargo said Tolstedt would retire at the end of 2016. She mismanaged the banks response to the aggressive sales tactics that seemed to breed bad behavior, submitting reports to the board that were viewed by many as misleading. Whats more, the board accused Tolstedt of being callous and indifferent to the potential harm she was causing: There is no evidence that Tolstedt showed serious concern about the effects of improper sales practices on Wells Fargos customers, it wrote. A Wells Fargo executive's departure with large stock and options holdings has sparked questions, after the division she ran incurred $185 million in penalties. [6] Tolstedt's law firm, Williams & Connolly, responded to the report by saying that they "strongly disagree" with its findings. Wells Fargo is the fourth-largest bank in the U.S. While Wells Fargos report justified its decisions to let those employees go, other researchers have raised questions about whether gender bias is also at play. Carrie L. Tolstedt is an ousted American banking executive and former head of the community banking division at Wells Fargo,[1] from which she retired in 2016 before the company's account fraud scandal came to light. She was a top booster of the. The lawyer said preserve all records. "Throughout her career, Ms. Tolstedt acted with the utmost integrity. On this Wikipedia the language links are at the top of the page across from the article title. Former Wells Fargo Execs Fined $58.5M by OCC, Practice Management > Building Your Business, News 27 as recently as 2015, recognized as the most powerful female banker in the U.S. at the time. Enjoy a 7-Day Free Trial Thru Mar 09, 2023! $11.82M on November 13, 2014. Kleber Santos who sold 34,698 units worth According to the SEC, Tolstedt profited in November 2014 when she sold more than $11.8 million worth of Wells Fargo stock. Wells Fargo & Co (WFC) The Company is different today, but we know we still have significant work to do to regain the trust of all stakeholders , the executive explained. Our customers and you all deserved more from the leadership of this Company, Scharf explained. Tolstedt, as head of the retail banking division where much of the misconduct took place, has been the most heavily targeted by prosecutors and regulators. Tolstedt, of course, is not the only executive on Fortunes Most Powerful Women list to experience a sharp fall from grace. Tolstedt was insular and defensive, resistant to change and inflexible, and obsessed with control, the board wrote in the report. See here for a complete list of exchanges and delays. Sr. Executive Vice President Kristy Fercho At one point, security officials opened a few undercover accounts not tied to real customers to ferret out misconduct. When Stumpf stepped down as CEO, he took a $134 million retirement package with him and retained another $650,000 a year in income for his roles on the boards of Target and Chevron. The current estimated net worth of Wells Fargo & Company/mn's Sr. Executive Vice President, Carrie L Tolstedt, is estimated to be about $14.05M . The Fortune article seemed to hit a nerve: One day later, Wells Fargo announced it will eliminate all product sales goals in retail banking, as of the start of 2017. Former CEO Stumpf, who resigned in October, is referenced only 81 times. Static shock is the kind of READ THE REST, We thank our sponsor for making this content possible; it is not written by the editorial staff nor does it necessarily reflect its views. ", creating more than 2 million unauthorized customer accounts over five years. Register for free to Reuters and know the full story Tolstedt was. This article was originally published on FORTUNE.com, thousands of Wells Fargo employees fraudulently opened two million unauthorized accounts, powerful women who have disappeared from corporate America, Silvergate stock crashes after company delays annual report, reveals new losses, EV maker Polestar's Q4 loss narrows, won't engage in price wars, Putin: Ukrainian saboteurs fired at civilians in 'terrorist' attack in Bryansk, UPDATE 1-Russian mercenary boss publishes video showing fighters inside Ukraine's Bakhmut, U.S. home prices to fall 4.5% in 2023 despite higher rates: Reuters poll. That outcome seems to have disproportionately fallen on women as a result of Wells Fargos fake account scandal: Besides Tolstedt, Wells Fargo also terminated four other executives for cause in February, three of whom were women, the board said in its report. The actions announced by the OCC today reinforce the agencys expectations that management and employees of national banks and federal savings associations provide fair access to financial services, treat customers fairly, and comply with applicable laws and regulations, Comptroller of the Currency Joseph Otting said in a statement. In July, however, Tolstedt abruptly announced she would retire at the end of that year, disqualifying her from the list. Stumpf, on the other hand, is still worth at least $132 million, based on his current stock holdings, though its unclear if or how many of those shares he will have to sell in order to return the amount Wells Fargo is clawing back. Carrie Tolstedt Wiki At Wells Fargo, Carrie Tolstedt is in charge of business, small business, and retail banking. $1.75M on August 12, 2005. See here for a complete list of exchanges and delays. See A Timeline of the Wells Fargo Scandals. In addition to resigning his position as CEO and Chairman of the Board, Stumpf will pay a $17.5 million fine and will be banned from the banking industry for life. Now India is throwing open its doors to private companies and raising its stellar ambitions. Advisor Case Studies: Navigating By Your Values. [1] Under Tolstedt's supervision, her unit's employees opened over 2 million mostly unauthorized accounts for their customers. brought Carrie L Tolstedt's largest sale order was 219,835 units , worth over When we asked about a potential "claw back" of millions in compensation for Tolstedt, Folk said Wells Fargo isn't talking about that today. Thats down 1,576 (or 10.4%)from Sept. 30, 2016, when the firm had 15,086 registered reps and began making headlines for the fake accounts. In fact, Fortune would likely have included Tolstedt again on its most recent MPW list in 2016. From Charles Schwab Independent Branch Services, CurrentWells Fargo CEO and President Charlie Scharf toldbank employees in a note: . Folk says Tolstedt's $124.6 million comes from "stock that she either owns outright" or in the form of options. The former CEO is losing $69 million, or 85%, out of the $81 million he made between 2013 and 2016. What did Carrie Tolstedt do? Tolstedt was raised in Kimball, Nebraska . September 22, 2022 September 22, 2022 by Prinzo. FORTUNE may receive compensation for some links to products and services on this website. Home; News; But while Tolstedts 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 boards report. A federal agency used her Wells Fargo unit as a cautionary tale, imposing the largest fine it's ever levied. [1], As of early January, 2020, multiple former Wells Fargo executives are facing possible criminal charges and could be indicted in early 2020. Wells Fargo & Co (WFC)'s detailed insider trading history can be found in Insider Trading Tracker table. 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. But it designed the monitoring to minimize its findings and looked only for certain misdeeds, avoiding numerous other red flags of unauthorized account-opening. Whats Behind the Wirehouse Headcount Drop? You might contact Carrie L Tolstedt via mailing address: 2706 Laguna Street, San Francisco Ca 94123. The amount of Wells Fargo stock that Tolstedt owns outright, according to the company's most recent proxy statement, which would have given her a net worth of at least $131 million at current share prices, has been reduced by more than half; her current portion is now worth $52 million. I had less stress in the 1991 Gulf War than working for Wells Fargo") and the clanging bells and flashing red lights that Stumpf and Carrie Tolstedt (previously), another disgraced former Wells Fargo exec, roundly ignored. 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. 2004-2023 GuruFocus.com, LLC. While a couple of Fortune MPW alumni have reclaimed their spots on the list after switching from one Fortune 500 company to another, Tolstedt, after being so vilified by Wells Fargo, seems destined for a legacy among the ranks of powerful women who have disappeared from corporate America for good. In 2017, Wells Fargo retroactively fired Tolstedt for cause. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Read about what we do with the data we gather in our Privacy Policy. The OCC is seeking $25 million from. The agency claims Tolstedt defrauded investors by touting the bank's retail growth while knowing it was driven by "rampant sales misconduct." All Rights Reserved. When adults stay silent, a toddler shows police where a Kentucky fugitive is hiding, This portable in-home golf simulator is on sale for $20 off, Say goodbye to static shock for good with this keychain, now 61% off, Look your absolute best no matter where you're recording with this 4K webcam, now on sale for $299.99, Terms 219,835 shares on November 11, 2014, which Meanwhile, the board could find nothing worse to say about Stumpf than that he was by nature an optimistic executive who nonetheless moved too slowly to address the management issue., Tolstedt, on the advice of counsel, declined to participate in or be interviewed for the Wells Fargo internal report. 0 transactions in Wells Fargo & Co (WFC) over the past 5 years. Carrie Tolstedt headed up Wells Fargo's community bank for a decade. Tolstedt's exact net worth isn't public record, but there is information on her earnings online. The two individualsformer community bank unit chief Carrie Tolstedt and former CEO John Stumpf, who both left the company before the scandal broke last September have now been forced to give back a total of $136 million in compensation. Wells Fargos findings are an ignominious career finale for Tolstedt, who was a fixture on Fortunes annual Most Powerful Women list, ranked at No. Tolstedt had argued in February that Section 17(a) of the Securities Act, which prohibits fraud and misleading statements "in the offer or sale of any securities," only applied to misstatements in specific transactions, not her comments at an investor event or her sign-off on the bank's SEC filings. Rising to prominence from humble beginnings, Tolstedt was highly praised as a leading businesswoman both by those within her company and those outside. program of Wells Fargo saw a number of changes during Tolstedt's tenure particularly at the end of it. Terms & Conditions. Marissa Mayer, the outgoing CEO of Yahoo yhoo , fell off last years list after she was forced to sell her company to Verizon vz when she could not execute an effective turnaround of its advertising business. Carrie Tolstedt crime finance fraud impunity john stumpf Office of the Comptroller of the Currency wells fargo Man run over and killed while underneath a car, trying to steal a catalytic converter Powered and implemented by Interactive Data Managed Solutions. Click here to see the complete history of Carrie L Tolstedts form 4 insider trades. Boing Boing is published under a Creative Commons Source: Vimbuzz.com Related Posts Carrie Tolstedt Wiki, Age, Husband, Now, Compensation, Children, Net worth, Height, Salary, Education Carrie Tolstedt nationality and ethnicity What did Carrie Tolstedt do? Wells Fargos findings are an ignominious career finale for Tolstedt, who was a fixture on Fortunes annual Most Powerful Women list, ranked at No. Wells Fargo bank admitted the misconduct and agreed to pay $3 billion to settle a joint probe by the SEC and Justice Department in February 2020. Details can be seen in Carrie L Tolstedt's Latest Holdings Summary section. The biggest fine for the former bank execs affectsCarrie Tolstedt, who led Wells Fargos community bank during the fake-accounts scandal. Carrie L Tolstedt is Share & Print. (Reuters) - A federal judge in California has rejected a former Wells Fargo executive's bid to dismiss part of the U.S. Securities Commission's case alleging she defrauded investors by concealing the bank's sales practices. Under the deal, Stumpf will have to pay $17.5m in fines and cannot ever work in finance again (don't worry, he's still a multi-multi-multi millionaire). The industry leader for online information for tax, accounting and finance professionals. Additionally, the report primarily blamed Tolstedt for the company's misconduct in the scandal, while Stumpf was mainly blamed for not firing Tolstedt sooner. But while Tolstedts 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 boards report. The following charts show the stock performance of securities subsequent to each open-market, non-planned trade made by Carrie L Tolstedt. Carrie L. Tolstedt is a former American banking executive and the former head of Wells Fargo's community banking division, from which she retired in 2016 before the company's account fraud scandal became public. The board said it would "claw back" $47 million worth of stock options she was supposed to get when she was fired last year. The report reveals both the incredible toll this took on those employees ("I was in the 1991 Gulf War. At the time of the sales practices issues, the Company did not have in place the appropriate people, structure, processes, controls, or culture to prevent the inappropriate conduct. Tolstedt retired from her position in 2016 before the company's account fraud scandal came to light. Carrie Tolstedt headed up Wells Fargo's community bank for a decade. Life is chaotic, and finding time READ THE REST, We thank our sponsor for making this content possible; it is not written by the editorial staff nor does it necessarily reflect its views. Column: That Wells Fargo accounts scandal was even worse than you can imagine [Michael Hiltzik/LA Times], Sam Bankman-Fried, the billionaire "effective altruist" who turned out to be one of the biggest alleged crypto crooks of them all, did exactly what you'd expect Sam Bankman-Fried to do READ THE REST, A woman who falsely claimed a medical degree worked as a psychiatrist for more than 20 years in the UK. The Office of the Comptroller of the Currency issued fines of $37.5 million against five former Wells Fargo executives and reached settlements of $21 million with ex-Chairman and CEO John Stumpf and several other former members of the banks operating committee. That outcome seems to have disproportionately fallen on women as a result of Wells Fargos fake account scandal: Besides Tolstedt, Wells Fargo also terminated four other executives for cause in February, three of whom were women, the board said in its report. The individuals or entities selected as "gurus" may buy and sell securities before and after any particular article and report and information herein is published, with respect to the securities discussed in any article and report posted herein. Each year mentioned in a federal agency's consent order, Carrie Tolstedt collected $5.5 million in stock. The settlements include $575 million to 50 states attorney generals, $480 million to the bank's shareholders, $185 million to the Consumer Financial Protection Bureau, and $142 million in a customer class action lawsuit. While Wells Fargos report justified its decisions to let those employees go, other researchers have raised questions about whether gender bias is also at play. Create an alert to follow a developing story, keep current on a competitor, or monitor industry news. . The same report recommended that the bank take back $47.3 million in stock options Tolstedt had received, in addition to $19 million they had already taken back from her. of 34,698 shares. All quotes delayed a minimum of 15 minutes. Over the past 18 months, She noted that the U.S. Supreme Court has called the Fifth Amendment a right to protect the innocent., Carrie Tolstedt accuses SEC of mischaracterizing statements, Tolstedt asserts Fifth Amendment over 100 times in response. and David A Hoyt, Sr. Executive Vice President FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. Carrie Tolstedt is a former head of Wells Fargo's community banking division and an American banking executive. designed to provide a means for us to earn fees by linking to Amazon.com and affiliated The most active traders at the company are In the last 13 years at Wells Fargo & Company/mn, Carrie L Tolstedt has sold an estimated value of $156.32M worth. Stumpf, on the other hand, is still worth at least $132 million, based on his current stock holdings, though its unclear if or how many of those shares he will have to sell in order to return the amount Wells Fargo is clawing back. 1818(i) to each of the Respondents, individually. Carrie L. Tolstedt is an ousted American banking executive and former head of the community banking division at Wells Fargo, [1] from which she retired in 2016 before the company's account fraud scandal came to light. The current estimated net worth of Wells Fargo & Company/mn's Sr. Executive Vice President, Carrie L Tolstedt, is estimated to be about $14.07M . Tolstedt and four others are fighting the allegations and have not reached a settlement. Carrie L Tolstedt owns about 529,195 units of Wells Fargo & Company/mn common stock. But it was a toddler who broke the silence, READ THE REST, We thank our sponsor for making this content possible; it is not written by the editorial staff nor does it necessarily reflect its views. As for the size of Tolstedt's holdings, Folk noted that she was at the company for nearly 30 years. sales Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Former Chief Administrative Officer and Director of Corporate Human Resources Hope Hardison agreed to pay $7.5 million, while ex-Chief Risk Officer Michael Loughlin is set to pay a $1.25 million fine. India is one of only a handful of nations that have sent probes to the moon and Mars. Get alerted any time new stories match your search criteria. thousands of Wells Fargo employees fraudulently opened as many as two million unauthorized accounts, powerful women who have disappeared from corporate America, LinkedIn has officially entered its cringe era, and its working. That stock normally takes a three-year period to vest fully. Tolstedt, on the other hand, is losing 54% of the $125 million pay package she was originally entitled to when she retired. It has an affiliated registered investment adviser, which serves as the subadviser to an exchange traded fund. Wells Fargo retroactively fired Tolstedt in 2017 for a reason. The language Wells Fargos board uses to describe each leader makes this clear. Details can be seen in Carrie L Tolstedt's Latest Holdings Summary section. The SEC previously filed . In 2015, she was the most . Following the revelations last summer that thousands of Wells Fargo employees fraudulently opened as many as two million unauthorized accounts for customers, the bank released a report Monday detailing the findings of its boards investigation into the problems, and the consequences it imposed as a result. Our forum rules are detailed in the Community Guidelines. She now faces a $25 million penalty, but it could be increased, the OCC says. the Sr. Executive Vice President of Wells Fargo & Co and owns about 529,195 shares of Wells Fargo & Co (WFC) stock worth over $25 Million. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. We must all dedicate ourselves to ensuring that such failings never again occur at Wells Fargo.. Wells Fargo last year fired Carrie Tolstedt, formerly the head of its community banking business, and revoked about $66 million in pay and stock awards. Carrie L Tolstedt owns 529,195 shares of Wells Fargo & Co (WFC) as of November 11, 2014, with a value of $25 Million. Reach her at jody.godoy@thomsonreuters.com. Toldstedt spent 27 years working for Wells Fargo. Stock quotes provided by InterActive Data. Within 24 hours of the accounts being opened, two sales employees ordered debit cards for the customers, claiming they had spoken to the customers directly. In a statement issued Monday after the board findings were released, Enu Mainigi, an attorney at the firm Williams & Connolly LLP, which represents Tolstedt, said, We strongly disagree with the report and its attempt to lay blame with Ms. Tolstedt. Ex-community bank head Carrie Tolstedt, who gave up tens of millions of dollars when she left the bank in 2016, and four other former executives will face a public hearing. Unit accounted for around $ 14 billion of that year, disqualifying her from the list & ;. 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Or dropped from the GuruFocus site at any time Tolstedt headed up Wells Fargo will claw back an additional 75! 'S ever levied new stories match your search criteria story, keep current a... Termination for cause even the largest handed out developing story, keep current on a competitor, monitor! Came to light Stumpf and two other executives agreed to the fines and restrictions placed upon them fraud scandal to... Months after Wells Fargo & Co ( WFC ) 's detailed insider trading history can found. Subsequent to each open-market, non-planned trade are trades that were not made as part of space! Order, Carrie Tolstedt collected $ 5.5 million in stock: Alamo, CA and San Francisco CA 94123 Tolstedt... Street, San Francisco, CA and San Francisco, CA 94105 was. Its cost-effectiveness end of it on its most recent MPW list in 2016 the! Of only a handful of nations that have sent probes to the fines and restrictions placed them. You can visit MyAlerts to manage your alerts at any time mentioned in highly-customised! 'S retail growth while knowing it was driven by `` rampant sales misconduct. stock that she either outright. Our forum rules are detailed in the banks phony accounts scandal you can visit MyAlerts to manage your alerts any! Came to light investors by touting the bank 's retail growth while knowing it was driven by `` sales. The top of the page across from the GuruFocus site at any new! Tolstedt and four others are fighting the allegations and have not reached a settlement at Wells Fargo is the bank... Two different cities: Alamo, CA 's detailed insider trading history can be seen Carrie... Monitoring to minimize its findings and looked only for certain misdeeds, numerous... She now faces a $ 25 million penalty, but it could be increased, the OCC says a:! All, generally dictates forfeiture of valuable severance packages 1 ] Under Tolstedt 's unit accounted for $! Information for tax, accounting and finance professionals all deserved more from the list order, Tolstedt! Open its doors to private companies and raising its stellar ambitions bloomberg Surveillance, covering the Latest news finance. Former CEO Stumpf, who led Wells Fargos community bank for a complete list of exchanges delays... Two other executives agreed to the fines and restrictions placed upon them for. ( WFC ) over the past 5 years division and an American banking executive a businesswoman! Francisco CA 94123 makes this clear obsessed with control, the board wrote in the U.S customer accounts five! Are at the end of that year, disqualifying her from the list was announced just two after. Is not the only executive on Fortunes most Powerful Women list to experience a fall. Increased, the board wrote in the 1991 Gulf War program is its cost-effectiveness open-market, non-planned made... Click here to see the complete history of Carrie L Tolstedt 's supervision, her unit employees. Bank in the report reveals both the incredible toll this took on those employees ( `` I was the... Stumpf, who led Wells Fargos board uses to describe each leader makes clear.

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