富国银行美股招股说明书(2026-05-29版)

Subject To Completion, dated May 29, 2026PRICING SUPPLEMENT No. 38 dated June, 2026(To Product Supplement No. 1 dated February 13, 2026,Prospectus Supplement dated February 13, 2026and Prospectus dated February 13, 2026) Fully and Unconditionally Guaranteed by Wells Fargo & CompanyEquity Linked Securities Market Linked Securities—Auto-Callable with Contingent Coupon with Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of BroadcomInc., the Class A Common Stock of Alphabet Inc. and the Common Stock of NVIDIA Corporation due June 8, 2029 ■Linked to thelowest performingof the common stock of Broadcom Inc., the Class A common stock of Alphabet Inc. and the common stock ofNVIDIA Corporation (each referred to as an “Underlier”) maturity and are subject to potential automatic call prior to stated maturity upon the terms described below. Whether the securities pay a contingentcoupon, whether the securities are automatically called prior to stated maturity and, if they are not automatically called, whether you receive theface amount of your securities at stated maturity, will depend, in each case, on the closing value of the lowest performing Underlier on the relevantcalculation day. The lowest performing Underlier on any calculation day is the Underlier that has the lowest closing value on that calculation day as if, the closing value of the lowest performing Underlier on the calculation day for that month is greater than or equal to its coupon threshold value. Ifthe closing value of the lowest performing Underlier on a calculation day is less than its coupon threshold value, you will not receive any contingentcoupon on the related contingent coupon payment date. However, if the closing value of the lowest performing Underlier on one or more calculationdays is less than its coupon threshold value and, on a subsequent calculation day, the closing value of the lowest performing Underlier on thatsubsequent calculation day is greater than or equal to its coupon threshold value, the securities will pay the contingent coupon payment due for thatsubsequent calculation day plus all previously unpaid contingent coupon payments (without interest on amounts previously unpaid). If the closing ■Automatic Call.If the closing value of the lowest performing Underlier on any of the monthly calculation days scheduled to occur from September2026 to May 2029, inclusive, is greater than or equal to its call threshold value, the securities will be automatically called for the face amount plus afinal contingent coupon payment and any previously unpaid contingent coupon payments. The call threshold value for each Underlier is equal to95% of its starting value if,and only if, the closing value of the lowest performing Underlier on the final calculation day is greater than or equal to its downside thresholdvalue. If the closing value of the lowest performing Underlier on the final calculation day is less than its downside threshold value, you will lose morethan 50%, and possibly all, of the face amount of your securities. The downside threshold valuefor each Underlier is equal to 50% of its starting ■If the securities are not automatically called prior to stated maturity, you will have full downside exposure to the lowest performing Underlier from itsstarting value if its closing value on the final calculation day is less than its downside threshold value, but you will not participate in any appreciationof any Underlier and will not receive any dividends on any Underlier■Your return on the securities will dependsolelyon the performance of the Underlier that is the lowest performing Underlier on each calculation day.You will not benefit in any way from the performance of the better performing Underliers. Therefore, you will be adversely affected ifany Underlierperforms poorly, even if the other Underliers perform favorably■All payments on the securities are subject to credit risk, and you will have no ability to pursue any Underlier for payment; if Wells FargoFinanceLLC, as issuer, and Wells Fargo & Company, as guarantor, default on their obligations, you could lose some or all of your investment■No exchange listing; designed to be held to maturity or automatic call The current estimated value of the securities is approximately $943.70 per security. While the estimated value of the securities at pricing may differ from the estimatedvalue set forth above, we do not expect it to differ significantly absent a material change in market conditions or other relevant factors. In no event will the estimatedvalue of the securities on the pricing date be less than $910.00 per security. The estimated value of the securities was determined for us by Wells Fargo Securities, LLC The securities have complex features and investing in the securities involves risks not associated with an investment in conventional debt securities. See “Selected RiskConsiderations” beginning on page PRS-11 herein and “Risk Factors” b