secwatch.observer — SEC 8-K summary
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Issuer:     WELLS FARGO & COMPANY/MN (WFC)
CIK:        0000072971
Form:       8-K
Filed at:   2024-04-12T23:59:59+00:00
Accession:  0000072971-24-000115
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 Q1 net income $4.6B ($1.20 EPS); OCC terminates 2016 sales practices order
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- Net income $4.6B ($1.20 diluted EPS) vs $4.99B ($1.23) in Q1 2023; revenue $20.86B slightly up from $20.73B.
- Repurchased 112.5M shares for $6.1B in Q1; CET1 ratio 11.2% versus 10.8% a year ago.
- OCC terminated 2016 consent order on sales practices misconduct; sixth enforcement action closed since 2019.
- Average loans $928.1B (-2% YoY); average deposits $1,341.6B (-1% YoY).
- Provision for credit losses $938M vs $1.207B YoY; noninterest expense $14.34B up from $13.68B.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/72971/000007297124000115/0000072971-24-000115-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/72971/000007297124000115/wfc-20240412.htm
  HTML page:      https://secwatch.observer/filing/0000072971-24-000115

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