8-KOther EventsExhibits & Filings

WELLS FARGO & COMPANY/MN 8-K Report, Corporate Update (Jan 8, 2021)

Filed January 8, 2021For Securities:WFCWFC-PDWFC-PCWFC-PYWFC-PAWFC-PLWFCNPWFC-PZ

Summary

Wells Fargo & Company (WFC) filed an 8-K on January 8, 2021, primarily to provide revised historical financial data. This revision reflects a new organizational structure implemented in the fourth quarter of 2020, which altered the company's operating segments. The filing includes historical quarterly data for 2019 and the first three quarters of 2020, restated to align with this new segment reporting format. Importantly, the company emphasizes that this organizational change and the subsequent restatement of segment data did not impact its previously reported consolidated financial results. This proactive disclosure aims to ensure investors can properly compare financial results from prior periods with the upcoming fourth quarter 2020 results, which will be presented under the new operating segment structure.

Key Highlights

  • 1Wells Fargo & Company (WFC) filed an 8-K on January 8, 2021, related to its financial reporting.
  • 2The filing provides revised historical quarterly operating segment financial data.
  • 3The revisions are due to a new organizational structure and resulting change to operating segments implemented in Q4 2020.
  • 4Historical data for quarters in 2019 and 2020 (up to Q3) has been restated.
  • 5The new segment reporting format will be used starting with Q4 2020 results.
  • 6The company explicitly states that the consolidated financial results were not impacted by these changes.
  • 7The purpose is to facilitate easier comparison of past results with future reporting periods.

Frequently Asked Questions

The main purpose of this 8-K filing is to provide investors with revised historical financial data for Wells Fargo's operating segments. This revision is necessary because the company adopted a new organizational structure in Q4 2020, which changed how its operating segments are defined and reported.

No, Wells Fargo explicitly stated in the filing that the new organizational structure and the resulting changes to operating segments did not impact the company's previously reported consolidated financial results. The changes are purely for reporting and organizational purposes.

The revised historical financial information covers the quarterly periods ended March 31, June 30, September 30, and December 31, 2019, and the quarters ended March 31, June 30, and September 30, 2020.

Wells Fargo is providing this revised data to ensure that investors can accurately compare the company's financial results from prior periods with the results for the fourth quarter of 2020 and onwards, which will be reported under the new operating segment structure.