Wells Fargo gives exec who oversaw scandal-ridden department £95m 'golden handshake'

Wells Fargo gives exec who oversaw scandal-ridden department £95m 'golden handshake'

Wells Fargo, who recently fired 5,300 employees over five years for fraud, have handed their Head of Community Banking, Carrie Tolstedt, a ‘golden handshake’ worth $125million (£94.6million).

Fortune reports that Tolstedt led the unit where staff opened over two million unauthorised accounts. The resulting scandal saw the bank receive the largest penalty ever imposed by the Consumer Financial Protection Bureau. The money will go towards settling claims that the bank defrauded its customers.

To continue reading FREE content

To continue reading
FREE content

For news and offers direct to your inbox and online, pop your details below.


* By registering you agree that you have read and agree to our Terms and Conditions and that Executive Grapevine International Ltd and its partners may contact you regarding relevant content and products.

If you find yourself asked to register again, please make sure that your browser cookie is enabled.

We would like you to become part of HR Grapevine and join the most engaged online communities of HR Professionals in the UK. Thousands of HR Professionals just like you have already registered with HR Grapevine and we would like you to join in - its FREE!

However, an EU regulation coming our way means that to continue hearing from us, you will need to become a registered user. No matter the outcome of BREXIT, this regulation will apply to us while we remain in the UK and perhaps beyond.

Access across the HR Grapevine site will continue to be free of charge once you register.

Every reader we retain, is very important to us, and we would appreciate you taking the time to Register with us now.

Be the first to comment.

Most Read This Week

Magazine Features