Carrie L. Tolstedt

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Carrie L. Tolstedt
Occupation Banking Executive
Location San Francisco

Carrie L. Tolstedt is the former senior executive vice-president of community banking for Wells Fargo & Co. She began in that position in June 2007[1] and resigned from the company in July of 2016.[2][3]

Tolstedt was with Wells Fargo for 27 years during which she led the effort to build out a massive branch network after Wells Fargo took over Wachovia.[4]

On Sept. 8 2016 Wells Fargo agreed to pay $185 million in penalties to resolve regulators’ allegations it created more than two million fraudulent deposit and credit-card accounts without customers’ authorization. A lawsuit brought against Wells Fargo also named Tolstedt, because she was in charge of the unit that created the unauthorized accounts. Analysts and congressional leaders called for the bank to claw back Tolstedt’s compensation, but Wells Fargo's board members refused. [5]


Tolstedt began her career at United Bank of Denver. In 1986, she joined Norwest Bank Nebraska. In May of 1998, after leaving to work for FirstMerit Corporation (May 1995-May 1998), she rejoined Norwest Corporation.[6]

In December of 1998, she became regional president for Central California for Wells Fargo & Company after the merger of Norwest Corporation and Wells Fargo. In 2001, she was named a group executive vice president, responsible for Wells Fargo’s California Community & Border Banking Group.

In mid-2002, she became head of regional banking which included the retail segment across Wells Fargo’s 23-state footprint, small business and business banking.


Tolstedt graduated from the University of Nebraska with a B.S. degree in business administration and completed the Pacific Coast Banking School, University of Washington.