Crime pays: Wells Fargo exec who received $125 million balloon package from heading fake accounts unit retired in July

Carrie Tolstedt left long time ago before the scandal broke out in the news recently.. And certainly Wells Fargo quietly got her out of her job with a nice balloon package months before the bank settlement and never made the shareholders aware of the scandal.

Wells Fargo’s Carrie Tolstedt to retire at year’s end; Mary Mack to succeed her as head of Community Banking effective July 31

Tolstedt led the nation’s largest retail banking branch network

SAN FRANCISCO, July 12, 2016

Wells Fargo & Company (NYSE:WFC) announced today that Carrie Tolstedt, the company’s head of Community Banking, has decided to retire at year’s end after a long and successful career, and effective July 31 will be succeeded by Mary Mack, who currently serves as president and head of Wells Fargo Advisors, the company’s national retail brokerage.

Tolstedt is a 30-plus year veteran of financial services with 27 years at Wells Fargo.  Following the company’s 2008 merger with Wachovia Corp., she was instrumental in building the nation’s largest retail branch network with 6,000 locations and 13,000 ATMs in 39 states and the District of Columbia. The Community Bank enjoys industry leadership in many areas, including retail deposit market share, debit card transaction volume, small business lending and mobile banking. Additionally, Tolstedt’s team is a leader in building and deepening customer loyalty and team member engagement across the business, which today serves more than 20 million retail checking households and 3 million small business owners, and employs 94,000 team members.

“A trusted colleague and dear friend, Carrie Tolstedt has been one of our most valuable Wells Fargo leaders, a standard-bearer of our culture, a champion for our customers, and a role model for responsible, principled and inclusive leadership,” said John Stumpf, Wells Fargo’s chairman and chief executive officer. “Because of her passion for serving our customers, wherever and however they chose to receive their banking services – online, in branches, or via mobile phones – Carrie leaves Wells Fargo uniquely positioned to continue to be a leader in retail banking, no matter how the future of banking evolves. We share in the pride that she has for the legacy, accomplishments and talent that she will leave behind.”

Read on.

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