| Six months ended June 30, (in millions, except ratios) | 2011 | |||
Excluding interest on deposits | ||||
| Income before income tax expense | $ | 16,184 | ||
| Fixed charges: | ||||
| Interest expense | 5,293 | |||
One-third of rents, net of income from subleases(a) | 280 | |||
| Total fixed charges | 5,573 | |||
| Less: Equity in undistributed income of affiliates | (115 | ) | ||
| Income before income tax expense and fixed charges, excluding capitalized interest | $ | 21,642 | ||
| Fixed charges, as above | $ | 5,573 | ||
| Preferred stock dividends (pre-tax) | 463 | |||
| Fixed charges including preferred stock dividends | $ | 6,036 | ||
| Ratio of earnings to fixed charges and preferred stock dividend requirements | 3.59 | |||
Including interest on deposits | ||||
| Fixed charges including preferred stock dividends, as above | $ | 6,036 | ||
| Add: Interest on deposits | 2,045 | |||
| Total fixed charges including preferred stock dividends and interest on deposits | $ | 8,081 | ||
| Income before income tax expense and fixed charges, excluding capitalized interest, as above | $ | 21,642 | ||
| Add: Interest on deposits | 2,045 | |||
| Total income before income tax expense, fixed charges and interest on deposits | $ | 23,687 | ||
| Ratio of earnings to fixed charges and preferred stock dividend requirements | 2.93 | |||
| (a) | The proportion deemed representative of the interest factor. |
