secwatch.observer — SEC 8-K summary
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Issuer:     WELLS FARGO & COMPANY/MN (WFC)
CIK:        0000072971
Form:       8-K
Filed at:   2023-04-14T23:59:59+00:00
Accession:  0000072971-23-000083
Event type: earnings
Sentiment:  neutral
Materiality: 0.80
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Wells Fargo Q1 net income $5.0B, EPS $1.23; revenue $20.7B, up 17% YoY
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- Net income of $4.991B ($1.23 diluted EPS) vs $3.788B ($0.91) a year ago; revenue $20.729B, up 17% YoY.
- Provision for credit losses $1.207B vs negative $787M in Q1 2022; net charge-offs slowly increasing.
- CET1 ratio improved to 10.8% (preliminary); repurchased 86.4M shares for $4.0B during the quarter.
- Average loans $948.7B (+5.6% YoY); average deposits $1,356.7B (-7.3% YoY).
- CEO cited strong revenue growth, efficiency progress, and resumed buyback amid banking industry stress.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/72971/000007297123000083/0000072971-23-000083-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/72971/000007297123000083/wfc-20230414.htm
  HTML page:      https://secwatch.observer/filing/0000072971-23-000083

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer