The Phoenix bank provided behind-the-scenes details of the fallout from March's banking crisis, when it lost $8 billion of deposits in a single day. The company's share price closed up 24% on Wednesday after executives vowed to reassess its capital and liquidity strategy.

Headcount at the nation's second-largest bank has fallen by around 1,000 since the end of last month. More job reductions are in the works after noninterest expenses rose by 6% during the first quarter.

Chase, Wells Fargo both reported increased gain on sale margins in the first quarter over the fourth, a potentially promising indicator for upcoming IMB earnings.

The firm reported $13.3 billion in NII in the first three months of the year, up 45% from a year earlier and more than the 42% jump analysts expected. That gain helped counter a surge in provisions for souring loans.

The company shifted $189 billion of agency mortgage-backed securities to held-to-maturity on its balance sheet, shielding its shareholder equity from unrealized losses.

The technology provider is in the midst of a large reduction in spending including the dismissal of approximately 340 employees.

In its last full quarter using a mortgage banker business model, the company originated just $21.5 million, well down from $759.4 million one year prior.

The company sold off several segments of its business last year and also completed four securitizations of reverse mortgage loans as it fully commits to the 'retirement home-equity market.'

Despite ending 2022 in the red, the lender and servicer saw full-year profits exceed 2021's total.

The REIT failed to post profits in any quarter last year, as the mortgage industry encountered a steep originations slowdown.