Rule 424(b)(2)
                                                       Registration No. 33-51407
PRICING SUPPLEMENT NO.  7       DATED:  10-20-95
                      
(To Prospectus Dated February 15, 1994, as supplemented
by Prospectus Supplement Dated March 22, 1994)



                            FIRST BANK SYSTEM, INC.

                     Medium-Term Notes, Series F (Senior)
                  Medium-Term Notes, Series G (Subordinated)



                                          
Series:                                      CUSIP:  
[X] Series F (Senior)                        Issue Price (Dollar Amount and Percentage of Principal Amount): 
[_] Series G (Subordinated)                                     

Form of Note:                                Interest Rate/Initial Interest Rate:  6.015%
[X] Book-Entry                                   
[_] Certificated                             Interest Payment Dates:  3rd Wednesday of each month, beginning 11/15/95

Principal Amount:  $49,000,000.00            Regular Record Dates:  15th calendar day before each interest payment

Original Issue Date:  10-24-95               Interest Determination Dates:  2 business days prior to reset date 

Maturity Date:  10-21-98                     Interest Reset Dates:  3rd Wednesday of each month, beginning 11/15/95

Interest Rate Basis (and,                    Index Maturity:  one month
if applicable, related 
Interest Periods):                           Spread:  .14%

[_]  Fixed Rate Notes                        Spread Multiplier:                  
[_]  Commercial Paper Rate Note      
[_]  Federal Funds Rate Note                 Alternate Rate Event Spread:
[X]  LIBOR Note                      
[_]  Prime Rate Note                         Alternate Rate Event Spread Multiplier:
[_]  Eleventh District Cost          
     of Funds Rate Note                      Maximum Interest Rate:
[_]  CD Rate Note                    
[_]  Treasury Rate Note                      Minimum Interest Rate:   
[_]  J.J. Kenny Rate Note                    
[_]  CMT Rate Note
[_]  Other Base Rate                         Index Source:  Telerate, page 3750
     (as described below)                    For Original Issue Discount Notes:
[_]  Zero Coupon Note                
                                                 Original Issue Discount:          %              
Redemption Terms:
                                                 Yield to Maturity:                %
Other Terms:
                                                 Original Issue Discount Notes:
Agent's Commission:  .055%                                 
                                                     [_]  Subject to special provisions set forth therein
                                                          with respect to the principal amount thereof  
                                                          payable upon any redemption or acceleration of  
                                                          the maturity thereof.  
                                                     [_]  For Federal income tax purposes only.

Proceeds to FBS:  $48,973,050.00                 Is the record or beneficial owner a California resident?

DTC Participant:                                          Yes  [_]           No  [X]



     Donaldson, Lufkin, & Jenrette

/s/ Kenneth O. Nelson