secwatch.observer — SEC 8-K summary
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Issuer:     WELLS FARGO & COMPANY/MN (WFC)
CIK:        0000072971
Form:       8-K
Filed at:   2023-10-13T23:59:59+00:00
Accession:  0000072971-23-000158
Event type: earnings
Sentiment:  positive
Materiality: 0.85
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Wells Fargo Q3 net income $5.8B, EPS $1.48; revenue $20.9B, up 6.6% YoY
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- Net income $5.8B ($1.48 diluted EPS) vs $3.6B ($0.86) a year ago; revenue $20.86B vs $19.57B.
- CET1 ratio 11.0% (210 bps above new regulatory minimum); repurchased 33.8M shares for $1.5B.
- Common dividend raised 17%; CEO cites strong capital position and priority on returning excess capital.
- Provision for credit losses $1.2B vs $784M YoY; average loans $943.2B, down $2.3B YoY.
- Includes $349M discrete tax benefit; sold ~$2B private equity investments with minimal income impact.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/72971/000007297123000158/0000072971-23-000158-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/72971/000007297123000158/wfc-20231013.htm
  HTML page:      https://secwatch.observer/filing/0000072971-23-000158

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