Good morning, Broadsheet readers! We meet the social media “influencers” who make $300,000 per post, Michelle Phan explains why she disappeared from the internet, and Wells Fargo is clawing back millions from a former Most Powerful Woman. Have a great Tuesday.
• When bankers go bad. Wells Fargo’s board says it will claw back an additional $75 million in compensation from two former execs: ex-CEO John G. Stumpf and Carrie Tolstedt, who ran community banking until she was fired by the bank last year.
Tolstedt, as you may recall, has repeatedly appeared on Fortune‘s Most Powerful Women list, holding the No. 27 spot as recently as 2015. Now, she has a new distinction: villain. Wells Fargo’s board has released the results of its six-month investigation into the bank’s fake account scandal and the results do not look good for Tolstedt. Her name is mentioned 142 times in the 113-page document and the language used to describe her apparent transgressions is damning.
Fortune‘s Jen Wieczner points out that Tolstedt will lose a larger share of her compensation than her former boss Stumpf—and that three of the other four execs the bank fired for cause over the scandal are also female. Gender, she notes, has been shown to play in role in how executives are penalized for misdeeds; a study last month found that female financial advisors at Wells Fargo were 25% more likely to be punished for alleged wrongdoing, and to lose their jobs, than their male counterparts.
While some other MPW list executives have dropped off the ranking only to reappear later in a new job, writes Wieczner, “Tolstedt, after being so vilified by Wells Fargo, seems destined for a legacy among the ranks of powerful women who have disappeared from corporate America for good.” Fortune
ALSO IN THE HEADLINES
• Phan fans rejoice. With more than a billion video views, Michelle Phan is one of YouTube’s biggest stars. But the beauty blogger all but disappeared from the platform last year, suffering from depression and upset over the failure of Em cosmetics, a joint venture with L’Oreal. Now she’s back—and relaunching Em on her own terms. Racked
• Building support for building. President Trump and cabinet members will meet with 20 or so top CEOs today as he attempts to gain support for a $1 trillion infrastructure program, tax reform, and other priorities. IBM’s Ginni Rometty, GM’s Mary Barra, and PepsiCo’s Indra Nooyi are among the chiefs expected to attend. Fortune
• Out of the woods? Vanity Fair‘s William Cohan weighs in on Hillary Clinton’s plans to reenter the public sphere. The story quotes a “person close to the Clintons,” who says that while the former secretary of state has no plans to run for office: “She’s trying to resurrect her image, as well as resurrect her name.” Vanity Fair
• Insta influence. Forbes has a new list of the “top influencers” on social media—some of whom are reportedly making up to $300,000 per post. A few women who made the cut: British beauty vlogger Zoe Sugg, fitness guru Kayla Itsines, and Design*Sponge blogger Grace Bonney. Forbes
IN CASE YOU MISSED IT
• Belle of the Bell. This week’s Fortune Unfiltered podcast features Melissa Lora, president of Taco Bell. Fortune
• Leave for latte makers. While Starbucks offers corporate employees a generous paid parental leave policy (12 to 18 weeks), baristas and other store workers get far less (6 weeks for birth mothers only). Marie Claire talks with two baristas who are working to convince the coffee giant to equalize the benefit for all its employees. Marie Claire
• A flat-out victory. Employers in British Columbia are no longer able to force their employees to wear high heels, following an amendment to the province’s 1996 Workers Compensation Act. Motto
• …and you get a cruise! For anyone who’s dreamed of vacationing with Oprah Winfrey: She and Gayle King are kicking off a new O Magazine cruise series aboard the Holland America Line with a trip to Alaska this July. New York Times
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ON MY RADAR
The U.S. Women’s Hockey team took home a fourth world championship following their fair-pay win New York Magazine
Bill O’Reilly’s ratings are climbing amid sexual harassment allegations Motto
GOP Congresswoman Martha McSally’s take on the gender pay gap Glamour
WSJ’s Peggy Noonan wins Pulitzer for commentary, New York Times takes home three prizes WSJ