Company: WFC-PC
Filing Date: 2025-06-06
Form Type: S-3
Source: 0001193125-25-137239
Chunk: 6

Company: WELLS FARGO & COMPANY/MN
Filing Date: 2025-06-06
Form: S-3
Chunk 6
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 available to us.

In addition, our right to participate in a distribution of assets
upon a subsidiary’s liquidation or reorganization, and thus the ability of a holder of our debt securities to benefit indirectly from such distributions, is subject to the prior claims of the subsidiary’s creditors. This subordination of
creditors of a parent company to prior claims of creditors of its subsidiaries is commonly referred to as structural subordination. Furthermore, our rights as a creditor of our subsidiaries may be subordinate to any security interest in the assets
of those subsidiaries and any obligations of those subsidiaries senior to those held by us.

As discussed further below, federal banking
regulators require measures to facilitate the continued operation of operating subsidiaries notwithstanding the failure of their parent companies, and our ability to receive funds from our subsidiaries may be limited by the Support Agreement
discussed below. Further, dividend payments to us from our subsidiaries may also be restricted if specified liquidity and/or capital metrics fall below defined triggers or if our board of directors authorizes us to file a case under the U.S.
Bankruptcy Code. In addition, as part of their supervisory authority, regulators may limit or restrict subsidiary distributions.

The Resolution Of Wells Fargo Under The Orderly Liquidation Authority Could Result In Greater Losses For Holders Of Our Debt Securities, Particularly If A Single-Point-Of-Entry StrategyIs Used.

Your ability to recover the full amount that would otherwise be payable on our debt securities in a proceeding under the U.S. Bankruptcy Code
may be impaired by the exercise by the Federal Deposit Insurance Corporation (the “”) of its powers under the “orderly liquidation authority” under Title II of the Dodd-Frank Wall Street Reform and Consumer Protection
Act (the “”). In particular, the single point of entry strategy described below is intended to impose losses at the top-tier holding company level in the resolution of
a Global Systemically Important Bank (“”) such as Wells Fargo.

Title II of
the Dodd-Frank Act created a resolution regime known as the “orderly liquidation authority” to which financial companies, including bank holding companies such as Wells Fargo, can be subjected. Under the orderly liquidation authority, the
FDIC may be appointed as receiver for a financial company for purposes of liquidating the entity if, upon the recommendation of the Board of Governors of the Federal Reserve System (the “”) and the FDIC, the United States
Secretary of the Treasury determines, among other things, that the entity is in severe financial distress, that the entity’s