Filed Pursuant to Rule 424(b)(2)
Registration No. 333-287868
This pricing supplement relates to an effective registration statement under the Securities Act of 1933, but is not
complete and may be changed. This pricing supplement and the accompanying prospectus supplement and prospectus are not an offer to sell these securities and are not soliciting an offer to buy these securities in any state where the offer or sale is
not permitted.
SUBJECT TO COMPLETION, DATED JANUARY 15, 2026
Pricing Supplement No. 4 dated January , 2026
(to Prospectus Supplement dated August 28, 2025
and Prospectus dated August 28, 2025)
WELLS FARGO & COMPANY
Medium-Term Notes, Series Y
Senior Redeemable 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
“Company”), 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: |
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$ |
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| Trade Date: |
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January , 2026 |
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| Original Issue Date: |
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January , 2026 (T+5) |
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| Stated Maturity Date: |
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January , 2030; 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. |
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| Price to Public (Issue Price): |
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%, plus accrued interest, if any, from January , 2026 |
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Agent Discount
(Gross Spread): |
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% |
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All-in Price (Net of
Agent Discount): |
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%, plus accrued interest, if any, from January , 2026 |
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| Net Proceeds: |
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$ |
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| Base Rate: |
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Compounded SOFR |
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| Spread: |
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+ basis points |
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Minimum Interest Rate for
an Interest Period: |
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0% per annum |
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| Interest Payment Dates: |
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Each January , April , July and October , commencing April ,
2026, and at maturity. |
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| Calculation Agent: |
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References to the Calculation Agent shall mean Wells Fargo Securities, LLC, an affiliate of the Company, acting
in its capacity as Calculation Agent, and its successors and assigns or any other calculation agent appointed by the Company. |
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| Optional Redemption: |
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At our option, we may redeem the notes (i) in whole, but not in part, on January , 2029 or
(ii) in whole at any time or in part from time to time, on or after December , 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. |
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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” in the accompanying prospectus. |
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| Listing: |
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None |
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Principal Amount |
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| Agent (Sole Bookrunner): |
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Wells Fargo Securities, LLC |
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$ |
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| Agents (Joint Lead Managers): |
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| Agents (Co-Managers): |
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Total: |
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$ |
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Supplemental Plan of
Distribution: |
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On January , 2026, we agreed to sell to the Agents, and the Agents agreed to purchase, the
notes at a purchase price of %, plus accrued interest, if any, from January , 2026. The purchase price equals the issue price of % less a discount of % of the principal amount of the notes.
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United States Federal
Income Tax Considerations: |
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Tax considerations are discussed under “United States Federal Income Tax Considerations” in the
accompanying prospectus.
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| CUSIP: |
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95000U4C4 |
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Risk Factors
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” and “Risks Relating To Our Securities Generally—One Of Our Affiliates May Act As The Calculation Agent With
Respect To Our Securities And, As A Result, Potential Conflicts Of Interest Could Arise.”
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Sales Restrictions
The sales restrictions contained in the accompanying prospectus for the United Kingdom shall be replaced with the following:
Prohibition of Sales to United Kingdom Retail Investors
The notes are not intended to be offered, sold or otherwise made available to, and should not be offered, sold or otherwise
made available to, any retail investor in the United Kingdom. For these purposes:
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(a) |
the expression “retail investor” means a person who is one (or more) of the following:
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(i) |
a retail client as defined in point (8) of Article 2 of Regulation (EU) 2017/565 as it forms part of
assimilated law by virtue of the European Union (Withdrawal) Act 2018 (as amended, and together with any statutory instruments made in exercise of the powers conferred by such Act, the “EUWA”); or |
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(ii) |
a customer within the meaning of the provisions of the Financial Services and Markets Act 2000 (as amended,
the “FSMA”) and any rules or regulations made under the FSMA to implement Directive (EU) 2016/97, where that customer would not qualify as a professional client as defined in point (8) of Article 2(1) of Regulation (EU) No
600/2014 as it forms part of assimilated law by virtue of the EUWA; or |
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(iii) |
not a qualified investor as defined in Article 2(e) of the EU Prospectus Regulation as it forms part of
assimilated law by virtue of the EUWA (as amended, the “UK Prospectus Regulation”); or |
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(iv) |
not a qualified investor as defined in paragraph 15 of Schedule 1 to The Public Offers and Admissions to
Trading Regulations 2024 (SI 2024/105) (the “POATR”); and |
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(b) |
the expression “offer” includes the communication in any form and by any means, presenting
sufficient information on the terms of the offer and the notes to be offered, so as to enable an investor to decide to purchase or subscribe for those notes. |
Consequently, no key information document required by the EU PRIIPs Regulation (as defined in the accompanying prospectus) as
it forms part of assimilated law by virtue of the EUWA (as amended, the “UK PRIIPs Regulation”) for offering or selling packaged retail and insurance-based investment products or otherwise making them available to retail investors
in the United Kingdom has been prepared, and therefore offering or selling the notes or otherwise making them available to any retail investor in the United Kingdom may be unlawful under the UK PRIIPs Regulation.
References in this section titled “Prohibition of Sales to United Kingdom Retail Investors” to United
Kingdom legislation include any successor legislation to that legislation.
Notice to Prospective Investors in the United Kingdom
This pricing supplement and the accompanying prospectus supplement and prospectus (including any amendments
thereto) have been prepared on the basis that any offer of notes in the United Kingdom
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will be made pursuant to (as applicable) an (i) exemption under the UK Prospectus Regulation from the requirement to publish a prospectus for offers of notes or (ii) an exemption from
the prohibition on offers to the public under the POATR. For the avoidance of doubt, while this document is described as a prospectus (and any accompanying document as a prospectus supplement), neither this document nor any accompanying document is
a prospectus for the purposes of the UK Prospectus Regulation or the POATR (as applicable).
In the United Kingdom, this
pricing supplement and the accompanying prospectus supplement and prospectus (including any amendments thereto) are being distributed only to, and are directed only at, “non-retail investors”
(being persons who are not “retail investors” as defined in the section above titled “Prohibition of Sales to United Kingdom Retail Investors”) who are also (i) persons having professional experience in matters
relating to investments who fall within the definition of “investment professionals” in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the “Order”),
(ii) high net worth bodies corporate, unincorporated associations and partnerships and trustees of high value trusts as described in Article 49(2)(a) to (c) of the Order, or (iii) other persons to whom they may otherwise lawfully be
communicated (all such persons together being referred to as “relevant persons”). In the United Kingdom, any investment or investment activity to which this pricing supplement and the accompanying prospectus supplement and
prospectus (including any amendments thereto) relates is only available to, and will be engaged in only with, relevant persons. Any person in the United Kingdom who is not a relevant person should not act or rely on this pricing supplement and the
accompanying prospectus supplement and prospectus (including any amendments thereto) or any of their contents. Each person in the United Kingdom who purchases notes will be deemed to have represented and warranted that they are a relevant person.
References in this section titled “Notice to Prospective Investors in the United Kingdom” to United
Kingdom legislation include any successor legislation to that legislation.
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