# EDGAR Filing Document

**Accession Number:** 0000072971
**File Stem:** 0001193125-25-198446
**Filing Date:** 2025-9
**Character Count:** 11065
**Document Hash:** ada04a1d70f75d3ac878ea2bb839a56c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-198446.hdr.sgml**: 20250908

**ACCESSION NUMBER**: 0001193125-25-198446

**CONFORMED SUBMISSION TYPE**: 424B2

**PUBLIC DOCUMENT COUNT**: 11

**FILED AS OF DATE**: 20250908

**DATE AS OF CHANGE**: 20250908

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** WELLS FARGO & COMPANY/MN
- **CENTRAL INDEX KEY:** 0000072971
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATIONAL COMMERCIAL BANKS [6021]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 410449260
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 424B2
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-287868
- **FILM NUMBER:** 251300798

**BUSINESS ADDRESS:**
- **STREET 1:** 333 MARKET STREET
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94105
- **BUSINESS PHONE:** 8008693557

**MAIL ADDRESS:**
- **STREET 1:** 333 MARKET STREET
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94105

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WELLS FARGO & CO/MN
- **DATE OF NAME CHANGE:** 19981103

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NORWEST CORP
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NORTHWEST BANCORPORATION
- **DATE OF NAME CHANGE:** 19830516

**Filed Pursuant to Rule 424(b)(2) <br>Registration No. 333-287868** 

Pricing Supplement No. 1 dated September 8, 2025

(to Prospectus Supplement dated August 28, 2025

and Prospectus dated August 28, 2025)

**WELLS FARGO & COMPANY** 

**Medium-Term Notes, Series Y** 

**Senior Redeemable Fixed-to-Floating Rate Notes** 

***You should read the more detailed description of the notes provided under "Description of Notes" in the accompanying prospectus supplement and "Description of Debt Securities" in the accompanying prospectus, as supplemented by this pricing supplement. The notes are unsecured obligations of Wells Fargo & Company (the "<u>Company</u>"), and all payments on the notes are subject to the credit risk of the Company. If the Company defaults on its obligations, you could lose some or all of your investment. The notes are not savings accounts, deposits or other obligations of any bank or nonbank subsidiary of the Company and are not insured by the Federal Deposit Insurance Corporation, the Deposit Insurance Fund or any other governmental agency. Certain defined terms used but not defined herein have the meanings set forth in the accompanying prospectus supplement and prospectus.***

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| | |
|:---|:---|
| **Aggregate Principal Amount** |  |
| **Offered:** | $1500000000 |
| **Trade Date:** | September 8, 2025 |
| **Original Issue Date:** | September 15, 2025 (T+5) |
| **Stated Maturity Date:** | September 15, 2029; on the stated maturity date, the holders of the notes will be entitled to receive a cash payment in U.S. dollars equal to 100% of the principal amount of the notes plus any accrued and unpaid interest. |
| **Optional Redemption:** | At our option, we may redeem the notes (i) in whole, but not in part, on September 15, 2028 (the "<u>First Par Call Date</u>") or (ii) in whole at any time or in part from time to time, on or after August 15, 2029, in each case at a redemption price equal to 100% of the principal amount of the notes being redeemed plus accrued and unpaid interest thereon to, but excluding, the date of such redemption. |
|  | At our option, we may also redeem the notes, in whole at any time or in part from time to time, on any day included in the Make-Whole Redemption Period (as defined below), at a redemption price calculated as described under "Description of Debt Securities—Redemption and Repayment—Optional Make-Whole Redemption of Debt Securities." |
|  | As used in connection with the notes: |
|  | The "<u>Make-Whole Redemption Period</u>" is the period commencing on, and including, September 22, 2026 and ending on, and including, September 14, 2028. |

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| | |
|:---|:---|
|  | The "<u>Make-Whole Spread</u>" is 0.10%. |
|  | Any redemption may be subject to prior regulatory approval and will be effected pursuant to the procedures described under "Description of Debt Securities—Redemption and Repayment—Optional Redemption By Us" and "—Redemption and Repayment—Optional Make-Whole Redemption of Debt Securities", as applicable, in the accompanying prospectus. |
| **Price to Public (Issue Price):** | 100.00%, plus accrued interest, if any, from September 15, 2025 |
| **Agent Discount** |  |
| **(Gross Spread):** | 0.25% |

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| | |
|:---|:---|
| **All-in Price (Net of** |  |
| **Agent Discount):** | 99.75%, plus accrued interest, if any, from September 15, 2025 |
| **Net Proceeds:** | $1496250000 |
| **Interest Rate:** | The notes will bear interest at a fixed rate from September 15, 2025 to, but excluding, September 15, 2028 (the "<u>Fixed Rate Period</u>") and, if not previously redeemed, at a floating rate from, and including, September 15, 2028 to, but excluding, maturity (the "<u>Floating Rate Period</u>"). |
| **<u>Fixed Rate Terms</u>** | **<u>Fixed Rate Terms</u>** |
| **Fixed Rate Period:** | See "Description of Debt Securities—Interest and Principal Payments" and "—Fixed Rate Debt Securities" in the accompanying prospectus for additional information. |
| **Interest Rate:** | 4.078% |
| **Interest Payment Dates:** | Each March 15 and September 15, commencing March 15, 2026 and ending September 15, 2028 |
| **Benchmark:** | UST 3.625% due August 15, 2028 |
| **Benchmark Yield:** | 3.458% |
| **Spread to Benchmark:** | +62 basis points |
| **Re-Offer Yield:** | 4.078% |
| **<u>Floating Rate Terms</u>** | **<u>Floating Rate Terms</u>** |
| **Floating Rate Period:** | See "Description of Debt Securities—Interest and Principal Payments," "—Floating Rate Debt Securities" and "—Floating Rate |

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| | |
|:---|:---|
|  | Debt Securities—Base Rates—Compounded SOFR Notes" in the accompanying prospectus for additional information. |
| **Base Rate:** | Compounded SOFR |
| **Spread:** | +88 basis points |
| **Minimum Interest Rate for** |  |
| **an Interest Period:** | 0% per annum |
| **Interest Payment Dates:** | Each March 15, June 15, September 15 and December 15, commencing December 15, 2028, and at maturity. |
| **Calculation Agent:** | The Calculation Agent for the notes has not been appointed, but we will appoint a Calculation Agent prior to the commencement of the Floating Rate Period. An affiliate of ours may be appointed the Calculation Agent. Computershare Trust Company, N.A., as the security registrar and paying agent for the notes, shall not be named as "our designee" or as Calculation Agent. |
| **Listing:** |  |

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| | | |
|:---|:---|:---|
|  |  | <u>Principal Amount</u> |
| **Agent (Sole Bookrunner):** | Wells Fargo Securities, LLC | $1245000000 |

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| | | |
|:---|:---|:---|
| **Agents (Joint Lead Managers):** | American Veterans Group, PBC<br> Blaylock Van, LLC<br> CastleOak Securities, L.P.<br> Drexel Hamilton, LLC<br> Guzman & Company<br> Roberts & Ryan, Inc. | 7500000<br> 7500000<br> 7500000<br> 7500000<br> 7500000<br> 7500000 |
| **Agents (Senior Co-Managers):** | ABN AMRO Capital Markets (USA) LLC <br> ANZ Securities, Inc.<br> BMO Capital Markets Corp.<br> CaixaBank, S.A.<br> Capital One Securities, Inc.<br> CIBC World Markets Corp.<br> Citizens JMP Securities, LLC<br> Commonwealth Bank of Australia<br> Huntington Securities, Inc.<br> ING Financial Markets LLC<br> MUFG Securities Americas Inc.<br> Natixis Securities Americas LLC<br> NatWest Markets Securities Inc.<br> Nordea Bank Abp<br> RBC Capital Markets, LLC<br> Santander US Capital Markets LLC<br> Scotia Capital (USA) Inc. | 7500000<br> 7500000<br> 7500000<br> 7500000<br> 7500000<br> 7500000<br> 7500000<br> 7500000<br> 7500000<br> 7500000<br> 7500000<br> 7500000<br> 7500000<br> 7500000<br> 7500000<br> 7500000<br> 7500000 |

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| | | |
|:---|:---|:---|
|  | Standard Chartered Bank<br> TD Securities (USA) LLC<br> Bancroft Capital, LLC<br> Great Pacific Securities<br> Mischler Financial Group, Inc.<br> Penserra Securities LLC<br> R. Seelaus & Co., LLC<br> Stern Brothers & Co. | 7500000<br> 7500000<br> 6750000<br> 6750000<br> 6750000<br> 6750000<br> 6750000<br> 6750000 |
| **Agents (Co-Managers):** | AmeriVet Securities, Inc.<br> CAVU Securities LLC<br> C.L. King & Associates, Inc.<br> Falcon Square Capital LLC<br> Samuel A. Ramirez & Company, Inc.<br> Security Capital Brokerage, Inc. | 4500000<br> 4500000<br> 4500000<br> 4500000<br> 4500000<br> 4500000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total:**  | **$1500000000** |

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| | |
|:---|:---|
| **Supplemental Plan of** |  |
| **Distribution:** | On September 8, 2025, we agreed to sell to the Agents, and the Agents agreed to purchase, the notes at a purchase price of 99.75%, plus accrued interest, if any, from September 15, 2025. The purchase price equals the issue price of 100.00% less a discount of 0.25% of the principal amount of the notes. |
|  | To the extent any Agent that is not a U.S. registered broker-dealer intends to effect any offers or sales of any notes in the United States, it will do so through one or more U.S. registered broker-dealers in accordance with the applicable U.S. securities laws and regulations. |
| **United States Federal** |  |
| **Income Tax Considerations:** | In the opinion of Faegre Drinker Biddle & Reath LLP, the notes should be considered variable rate debt securities that provide for stated interest at a fixed rate in addition to a qualified floating rate. See "United States Federal Income Tax Considerations—U.S. Federal Income Taxation of U.S. Holders—Debt Securities—Variable Rate Debt Securities" in the accompanying prospectus. Notwithstanding that we expect that the notes will be issued at par, under rules governing notes with a fixed rate in addition to a qualified floating rate, it is possible that the notes could be issued with OID. Whether the notes are issued with OID will be determined at the time of issue. Information regarding the determination of the amount of OID, if any, on the notes may be obtained by submitting a written request to Wells Fargo Bank, National Association, Treasury Funding Desk, N9310-060, 550 South Fourth Street, Minneapolis, MN 55415-1529. |
|  | Additional tax considerations are discussed under "United States Federal Income Tax Considerations" in the accompanying prospectus. |

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| | |
|:---|:---|
| **CUSIP:** | 95000U4A8 |

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**<u>Risk Factors</u>**

See "Risk Factors" in the accompanying prospectus for risk factors regarding the notes, including, in particular, the risk factors appearing under the heading "Risks Relating To SOFR, Compounded SOFR And A Benchmark Replacement."

## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

#### Exhibit 107
The pricing supplement to which this Exhibit is attached is a final prospectus for the related offering. The maximum aggregate offering price of the related offering is $1,500,000,000.