Marissa Mayer, the outgoing CEO of Yahoo, , fell off last year’s list after she was forced to sell her company to Verizon, when she could not execute an effective turnaround of its advertising business.  She was formerly on Fortune's Most Powerful Women list, and in 2015, she was ranked #27 on this list and as the most powerful female banker in the United States. She grew up in Kimball, a town of 2,500 on the high plains of southwest Nebraska. , As of early January, 2020, multiple former Wells Fargo executives are facing possible criminal charges and could be indicted in early 2020. The way Carrie Tolstedt told it, she caught the banking bug early when she was a child in a small Nebraska town. Required fields are marked *, All rights reserved DialogueCEO | Site by Complete SET Agency, How Wells Fargo’s Carrie Tolstedt Went from Fortune Most Powerful Woman to Villain. Tolstedt, on the advice of counsel, declined to participate in or be interviewed for the Wells Fargo internal report. FORTUNE may receive compensation for some links to products and services on this website. 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. Carrie Tolstedt, who headed the community banking unit that employed workers who illegally opened unwanted accounts, forfeited her unvested equity awards worth $19 … This brought the total amount of money she had given up to $67 million, or about 54% of her $125 million pay package she initially received when she retired. She graduated from the University of Nebraska–Lincoln. 27 as recently as 2015, recognized as the most powerful female banker in the U.S. at the time. By Jen Wieczner Wells Fargo will claw back an additional $75 million from two former executives implicated in the bank’s phony accounts scandal. Ultimately, despite her plans to retire voluntarily, Wells Fargo decided in September that it would fire Tolstedt for cause, employing a harsh distinction rarely used in an industry that often lets even shamed executives walk away on their own terms. As of early January, 2020, multiple former Wells Fargo executives are facing possible criminal charges and could be indicted in early 2020. While Stumpf did not receive severance or retirement, his previously awarded grants and shares stood. Sloan also gained $5.4 million by exercising stock options. The biggest fine for the former bank execs affects Carrie Tolstedt, who led Wells Fargo’s community bank during the fake-accounts scandal.  This brought the total amount of money she had given up to $67 million, or about 54% of her $125 million pay package she initially received when she retired. 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. All rights reserved.
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.
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