<ARTICLE> 9
<LEGEND> THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FIRST BANK SYSTEM, INC. SEPTEMBER 30, 1994, 10-Q AND IS QUALIFIED IN ITS 
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.

<MULTIPLIER> 1,000
       
                                        
<PERIOD-TYPE>                              9-MOS
<FISCAL-YEAR-END>                          DEC-31-1994
<PERIOD-START>                             JAN-01-1994
<PERIOD-END>                               SEP-30-1994
<CASH>                                       1,870,000
<INT-BEARING-DEPOSITS>                               0
<FED-FUNDS-SOLD>                               360,000
<TRADING-ASSETS>                               108,000
<INVESTMENTS-HELD-FOR-SALE>                  3,377,000
<INVESTMENTS-CARRYING>                               0
<INVESTMENTS-MARKET>                                 0
<LOANS>                                     19,110,000
<ALLOWANCE>                                    437,300
<TOTAL-ASSETS>                              26,330,000
<DEPOSITS>                                  18,793,000
<SHORT-TERM>                                 3,212,000
<LIABILITIES-OTHER>                            625,000
<LONG-TERM>                                  1,265,000
<COMMON>                                       145,000
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                    106,000
<OTHER-SE>                                   2,068,000
<TOTAL-LIABILITIES-AND-EQUITY>              26,330,000
<INTEREST-LOAN>                              1,091,500
<INTEREST-INVEST>                              160,800
<INTEREST-OTHER>                                18,000
<INTEREST-TOTAL>                             1,270,300
<INTEREST-DEPOSIT>                             268,300
<INTEREST-EXPENSE>                             386,500
<INTEREST-INCOME-NET>                          883,800
<LOAN-LOSSES>                                   70,000
<SECURITIES-GAINS>                             (2,800)
<EXPENSE-OTHER>                                782,400
<INCOME-PRETAX>                                496,300
<INCOME-PRE-EXTRAORDINARY>                     309,300
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                   309,300
<EPS-PRIMARY>                                     2.62
<EPS-DILUTED>                                     2.58
<YIELD-ACTUAL>                                    5.24
<LOANS-NON>                                    123,300
<LOANS-PAST>                                    23,800
<LOANS-TROUBLED>                                     0
<LOANS-PROBLEM>                                      0
<ALLOWANCE-OPEN>                               423,200
<CHARGE-OFFS>                                  142,400
<RECOVERIES>                                    64,300
<ALLOWANCE-CLOSE>                              437,300
<ALLOWANCE-DOMESTIC>                                 0
<ALLOWANCE-FOREIGN>                                  0
<ALLOWANCE-UNALLOCATED>                              0