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Carrie Tolstedt
Former Head of Community Banking, Wells Fargo
Executive charged in fake accounts scandal
Overview
Carrie Lynn Tolstedt oversaw Wells Fargo Community Banking division during the period when employees opened millions of unauthorized accounts in customers names to meet aggressive sales targets. She retired with a $125 million compensation package before the scandal became public and was later charged by the SEC and OCC.
Key Affiliations
Controversies & Concerns
Oversaw the Wells Fargo cross-selling culture that led to employees opening approximately 3.5 million unauthorized bank and credit card accounts in customers names
Received a $125 million retirement package when she left the company in July 2016, two months before the scandal became public
SEC charged her with misleading investors about the success of Wells Fargo Community Banking cross-selling strategy while knowing about the underlying fraud
OCC imposed a $17 million civil money penalty and banned her from the banking industry
Pleaded guilty in 2024 to a criminal charge of obstructing a bank examination in connection with the fake accounts scandal
Related Investigations (1)
Known Associates & Connections
John Stumpf
Wells Fargo CEO who resigned over the fake accounts scandal
Sources & Documentation
2 documented sources from official records, investigations, and reports
Personal Information
Education
- •University of Iowa, BA
- •University of Iowa, MBA
Key Timeline
2008-01-01
Named head of Wells Fargo Community Banking division
2016-07-31
Retired from Wells Fargo with $125 million package
2016-09-08
CFPB fines Wells Fargo $185 million for unauthorized accounts
2020-01-23
OCC bans Tolstedt from banking, imposes $17 million fine
2024-09-12
Pleaded guilty to obstruction of a bank examination