Wells Fargo (WFC) launches 6.125% Series GG preferred via 2.25M depositary shares

Rhea-AI Filing Summary

Wells Fargo & Company created a new series of preferred stock and began selling it to investors. The company designated 90,000 shares of 6.125% Fixed Rate Reset Non-Cumulative Perpetual Class A Preferred Stock, Series GG, each with a liquidation preference of $25,000 per share.

The company then sold 2,250,000 Depositary Shares, with each Depositary Share representing a 1/25th interest in one share of the Series GG Preferred Stock. The terms of this new preferred series, along with the underwriting agreement, deposit agreement and related legal opinions, were filed as exhibits under an existing shelf registration on Form S‑3.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (date of earliest event reported): March 16, 2026

WELLS FARGO & COMPANY

(Exact name of registrant as specified in its charter)

Delaware		001-02979		No. 41-0449260
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

333 Market Street, San Francisco, California 94105

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: 1-415-371-2921

Not applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class		Trading Symbol		Name of Each Exchange on Which Registered
Common Stock, par value $1-2/3		WFC		New York Stock Exchange (NYSE)
7.5% Non-Cumulative Perpetual Convertible Class A Preferred Stock, Series L		WFC.PRL		NYSE
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series Y		WFC.PRY		NYSE
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series Z		WFC.PRZ		NYSE
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series AA		WFC.PRA		NYSE
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series CC		WFC.PRC		NYSE
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series DD		WFC.PRD		NYSE
Guarantee of Medium-Term Notes, Series A, due October 30, 2028 of Wells Fargo Finance LLC		WFC/28A		NYSE

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act (17 CFR 230.405) or Rule 12b-2 of the Exchange Act (17 CFR 240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 5.03. Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year 

Article FOURTH of Wells Fargo & Company’s (the “Company”) Restated Certificate of Incorporation, as amended, authorizes the issuance from time to time of shares of Preferred Stock, without par value. On March 16, 2026, the Company filed with the Delaware Secretary of State a Certificate of Designation which, effective upon filing, designated a series of such Preferred Stock as “6.125% Fixed Rate Reset Non-Cumulative Perpetual Class A Preferred Stock, Series GG,” authorized 90,000 shares of Non-Cumulative Perpetual Class A Preferred Stock, Series GG, without par value and with a liquidation preference amount of $25,000 per share (referred to herein as the “Series GG Preferred Stock”), and set forth the voting powers, preferences and relative, participating, optional or other special rights, and qualifications, limitations or restrictions thereof, of the Series GG Preferred Stock which are not fixed by the Company’s Restated Certificate of Incorporation. A copy of the Certificate of Designation is attached hereto as Exhibit 3.1 and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits 

On March 18, 2026, the Company sold 2,250,000 Depositary Shares (the “Depositary Shares”), each Depositary Share representing a 1/25th interest in a share of the Company’s Series GG Preferred Stock. Exhibits are filed herewith in connection with the Registration Statement on Form S-3, as amended (File No. 333-287868), filed by the Company with the Securities and Exchange Commission. The following documents are being filed with this report on Form 8-K: (i) Underwriting Agreement, dated March 11, 2026, among the Company and Wells Fargo Securities, LLC, as representative of the several underwriters named therein; (ii) Certificate of Designation of the Company dated March 16, 2026; (iii) Deposit Agreement dated as of March 18, 2026 among the Company and Computershare Trust Company, N.A. and Computershare Inc., collectively as depositary, and the holders from time to time of Depositary Receipts; (iv) form of Depositary Receipt; and (v) opinions with respect the Series GG Preferred Stock, Deposit Agreement, and Depositary Receipts.

(d) Exhibits 

Exhibit No.		Description		Location
1.1		Underwriting Agreement, dated as of March 11, 2026, among Wells Fargo & Company and Wells Fargo Securities, LLC, as representative of the several underwriters named therein.		Filed herewith
3.1		Certificate of Designation of Wells Fargo & Company with respect to the Series GG Preferred Stock dated March 16, 2026.		Filed herewith
4.1		Deposit Agreement, dated as of March 18, 2026, among the Company and Computershare Trust Company, N.A. and Computershare Inc., collectively as depositary, and the holders from time to time of Depositary Receipts.		Filed herewith
4.2		Form of Depositary Receipt.		Included as part of Exhibit 4.1
5.1		Opinion of Richards, Layton & Finger, P.A. regarding the Series GG Preferred Stock.		Filed herewith

2

5.2		Opinion of Faegre Drinker Biddle & Reath LLP regarding the Deposit Agreement and the Depositary Receipts.		Filed herewith
23.1		Consent of Richards, Layton & Finger, P.A.		Included as part of Exhibit 5.1
23.2		Consent of Faegre Drinker Biddle & Reath LLP.		Included as part of Exhibit 5.2
104		The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.		Filed herewith

3

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

						WELLS FARGO & COMPANY
DATED: March 18, 2026						/s/ Scott Knoblach
						Scott Knoblach
						Senior Vice President and Assistant Treasurer

FAQ

What did Wells Fargo (WFC) announce regarding new preferred stock?

Wells Fargo created a new 6.125% Fixed Rate Reset Non-Cumulative Perpetual Class A Preferred Stock, Series GG. It authorized 90,000 shares with a $25,000 liquidation preference per share and documented the terms in a Certificate of Designation filed in Delaware.

How many Series GG Depositary Shares did Wells Fargo (WFC) sell?

Wells Fargo sold 2,250,000 Depositary Shares linked to its Series GG preferred stock. Each Depositary Share represents a 1/25th interest in one share of the 6.125% Non-Cumulative Perpetual Class A Preferred Stock, Series GG, giving investors fractional exposure to the preferred series.

What is the liquidation preference of Wells Fargo’s Series GG preferred stock?

The Series GG preferred stock carries a liquidation preference of $25,000 per share. This means in a liquidation, holders of Series GG have a claim of $25,000 per preferred share before common shareholders, subject to the overall capital structure and applicable terms.

What type of security is Wells Fargo’s Series GG preferred stock?

Series GG is a 6.125% Fixed Rate Reset Non-Cumulative Perpetual Class A Preferred Stock. It pays a fixed rate that can reset, dividends are non-cumulative, and it has no stated maturity, positioning it as a hybrid security between debt and common equity.

How are Wells Fargo (WFC) Series GG preferred shares held and traded?

Investors receive Depositary Shares rather than full preferred shares, with each Depositary Share representing a 1/25th interest in a Series GG preferred share. A Deposit Agreement with Computershare governs issuance and administration of these Depositary Receipts for market trading.

Which key agreements support Wells Fargo’s Series GG preferred issuance?

The issuance is supported by an Underwriting Agreement, a Certificate of Designation for Series GG, a Deposit Agreement with Computershare, a form of Depositary Receipt, and legal opinions regarding the preferred stock and Depositary Receipts, all filed as exhibits under an S-3 registration.

Filing Exhibits & Attachments

9 documents

Other Documents

• EX-1.1 EX-1.1 195.0 KB
• EX-3.1 EX-3.1 58.2 KB
• EX-4.1 EX-4.1 258.9 KB
• EX-5.1 EX-5.1 17.9 KB
• EX-5.2 EX-5.2 12.3 KB
• EX-101 XBRL TAXONOMY EXTENSION SCHEMA 4.9 KB
• EX-101 XBRL TAXONOMY EXTENSION DEFINITION LINKBASE 16.4 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE 28.9 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE 17.5 KB