EXHIBIT 12
Computation of Ratio of Earnings to Fixed Charges
Three Months Ended | Nine Months Ended | |||||||||||
(Dollars in Millions) | September 30, 2007 | September 30, 2007 | ||||||||||
Earnings | ||||||||||||
1. | Net income | $1,096 | $3,382 | |||||||||
2. | Applicable income taxes, including interest expense related to unrecognized tax positions | 473 | 1,466 | |||||||||
3. | Income before income taxes (1 + 2) | $1,569 | $4,848 | |||||||||
4. | Fixed charges: | |||||||||||
a. | Interest expense excluding interest on deposits* | $973 | $2,777 | |||||||||
b. | Portion of rents representative of interest and amortization of debt expense | 19 | 57 | |||||||||
c. | Fixed charges excluding interest on deposits (4a + 4b) | 992 | 2,834 | |||||||||
d. | Interest on deposits | 694 | 2,032 | |||||||||
e. | Fixed charges including interest on deposits (4c + 4d) | $1,686 | $4,866 | |||||||||
5. | Amortization of interest capitalized | $— | $— | |||||||||
6. | Earnings excluding interest on deposits (3 + 4c + 5) | 2,561 | 7,682 | |||||||||
7. | Earnings including interest on deposits (3 + 4e + 5) | 3,255 | 9,714 | |||||||||
8. | Fixed charges excluding interest on deposits (4c) | 992 | 2,834 | |||||||||
9. | Fixed charges including interest on deposits (4e) | 1,686 | 4,866 | |||||||||
Ratio of Earnings to Fixed Charges | ||||||||||||
10. | Excluding interest on deposits (line 6/line 8) | 2.58 | 2.71 | |||||||||
11. | Including interest on deposits (line 7/line 9) | 1.93 | 2.00 | |||||||||
* | Excludes interest expense related to unrecognized tax positions. |