secwatch.observer — SEC 8-K summary
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Issuer:     WELLS FARGO & COMPANY/MN (WFC)
CIK:        0000072971
Form:       8-K
Filed at:   2023-07-14T23:59:59+00:00
Accession:  0000072971-23-000126
Event type: earnings
Sentiment:  positive
Materiality: 0.75
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Wells Fargo Q2 net income $4.9B ($1.25 EPS), revenue $20.5B, repurchased $4B in stock
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- Revenue $20,533M vs $17,040M Q2 2022; net income up 57% to $4,938M from $3,142M.
- Provision for credit losses $1,713M (incl. $949M increase in allowance, mainly office CRE).
- CET1 ratio 10.7%, 1.5pp above current regulatory minimum; repurchased 100.2M shares ($4B).
- Avg loans $945.9B (+2% YoY); avg deposits $1,347.4B (-7% YoY, driven by WIM and Commercial).
- ROE 11.4% vs 7.2%; ROTCE 13.7% vs 8.7%; CEO cites strong NII, higher charge-offs expected.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/72971/000007297123000126/0000072971-23-000126-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/72971/000007297123000126/wfc-20230714.htm
  HTML page:      https://secwatch.observer/filing/0000072971-23-000126

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