Given her “obsessive attention to detail” – you know, the meticulous care that earned her the nickname “the watchmaker” – one might expect Carrie Tolstedt to have noticed the literally millions of unauthorized accounts opened during her tenure as Wells Fargos Consumer -Banking were opened boss. But apparently her eye wasn’t particularly alert, because when she trumpeted Wells’ now more discredited emphasis on cross-selling, she apparently had no clue. In fact, she just read the script they gave her, whoever they are.
At least this is the story Carrie Tolstedt tells through her lawyers. What’s even more incredible is that they tell the story to free you from responsibility for the above.
“It is unfair and unreasonable for the SEC to point a finger at Ms. Tolstedt when what she said was not only true but was thoroughly verified by others under Wells Fargo’s policies, procedures and controls,” said Ms. Mainigi .
That’s right: Tolstedt shouldn’t be held accountable and should theoretically be allowed to work in the banking industry again one day because she literally had no idea what was going on in a unit for whose operation she received nine numbers (OK, eight) now if you include the reclaims). Nice job if you can actually get it.
Ex-CEO of Wells Fargo settles SEC claims, former head of the consumer unit faces fraud cases [WSJ]