EXHIBIT 4(z)

                                TRUST AGREEMENT
                                       OF
                            WELLS FARGO CAPITAL III

     THIS TRUST AGREEMENT is made as of October 30, 1996 (this "Trust
Agreement"), by and among Wells Fargo & Company, a Delaware corporation, as
Depositor (the "Depositor"), and Mark A. Ferrucci, as trustee (the "Trustee").
The Depositor and the Trustee hereby agree as follows:

     1.   The trust created hereby shall be known as "Wells Fargo Capital III"
(the "Trust"), in which name the Trustee or the Depositor, to the extent
provided herein, may conduct the business of the Trust, make and execute
contracts, and sue and be sued.

     2.   The Depositor hereby assigns, transfers, conveys and sets over to the
Trustee the sum of $10.  The Trustee hereby acknowledges receipt of such amount
in trust from the Depositor, which amount shall constitute the initial trust
estate.  The Trustee hereby declares that it will hold the trust estate in trust
for the Depositor.  It is the intention of the parties hereto that the Trust
created hereby constitute a business trust under Chapter 38 of Title 12 of the
Delaware Code, 12 Del. C. (S) 3801, et seq. (the "Business Trust Act"), and that
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this document constitute the governing instrument of the Trust.  The Trustee is
hereby authorized and directed to execute and file a certificate of trust with
the Delaware Secretary of State in such form as the Trustee may approve.

     3.   An amended and restated Trust Agreement or Declaration satisfactory to
each party to it and substantially in the form to be included as an exhibit to
the Registration Statement on Form S-3 (the "1993 Act Registration Statement")
referred to below, or in such other form as the parties thereto may approve,
will be entered into to provide for the contemplated operation of the Trust
created hereby and the issuance of the Preferred Securities and Common
Securities referred to therein.  Prior to the execution and delivery of such
amended and restated Trust Agreement or Declaration, the Trustee shall not have
any duty or obligation hereunder or with respect of the trust estate, except as
otherwise required by applicable law or as may be necessary to obtain prior to
such execution and delivery any licenses, consents or approvals required by
applicable law or otherwise.  Notwithstanding the foregoing, the Trustee may
take all actions deemed proper as are necessary to effect the transactions
contemplated herein.

     4.   The Depositor and the Trustee hereby authorize and direct the
Depositor, as the sponsor of the Trust, (i) to file with the Securities and
Exchange Commission (the "Commission") and to execute, in the case of the 1933
Act Registration Statement and 1934 Act Registration Statement (as herein
defined), on behalf of the Trust, (a) the 1933 Act Registration Statement,
including pre-effective or post-effective amendments to such Registration
Statement, relating to the registration under the Securities Act of 1933, as
amended (the "1933 Act"), of the Preferred Securities of the Trust, (b) any
preliminary prospectus or prospectus or supplement thereto relating to the
Preferred Securities required to

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