53
                                 EXHIBIT 11

               CHEMICAL BANKING CORPORATION and Subsidiaries


                 Computation of net income per common share
                 ------------------------------------------

         Net income  per  common  share is  computed  by  dividing  net
    income,  after  deducting  dividends  on preferred  stock,  by  the
    weighted  average number  of common  shares outstanding  during the
    period.  Other common share equivalents, such as stock options, are
    not required to be included in the calculation since the applicable
    dilution tests are not met.

    Net income per common share:
    ---------------------------
    (In millions, except per share data)


          
                                            Net income
    Period Ended       Average common      applicable to    Net income
      March 31       shares outstanding  common shares(A)    per share
    -----------------------------------   ---------------    ---------

    Three months 
            1995             243.2            $355             $1.46(B)
            1994             253.2            $287             $1.13




    [FN]
    (A)          After dividends on the preferred  stock of $30 million
                 and   $32   million   for  the   three   months  ended
                 March 31, 1995 and 1994, respectively.

    (B)          In the first quarter  of 1995, the Corporation adopted
                 SFAS 106 for its foreign employees which resulted in a
                 charge  of $11  million after  tax or $.05  per common
                 share.  Net income before the effect of the accounting
                 change was $1.51 per common share.