<ARTICLE> 9 <LEGEND> THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FIRST BANK SYSTEM, INC. MARCH 31, 1997, 10-Q AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. </LEGEND> <MULTIPLIER> 1,000 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1997 <PERIOD-START> JAN-01-1997 <PERIOD-END> MAR-31-1997 <CASH> 2,483,000 <INT-BEARING-DEPOSITS> 0 <FED-FUNDS-SOLD> 585,000 <TRADING-ASSETS> 105,000 <INVESTMENTS-HELD-FOR-SALE> 3,373,000 <INVESTMENTS-CARRYING> 0 <INVESTMENTS-MARKET> 0 <LOANS> 27,173,000 <ALLOWANCE> 512,200 <TOTAL-ASSETS> 36,000,000 <DEPOSITS> 23,423,000 <SHORT-TERM> 3,794,000 <LIABILITIES-OTHER> 1,037,000 <LONG-TERM> 4,257,000 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 177,000 <OTHER-SE> 2,824,000 <TOTAL-LIABILITIES-AND-EQUITY> 36,000,000 <INTEREST-LOAN> 586,200 <INTEREST-INVEST> 57,400 <INTEREST-OTHER> 12,600 <INTEREST-TOTAL> 656,200 <INTEREST-DEPOSIT> 158,600 <INTEREST-EXPENSE> 276,200 <INTEREST-INCOME-NET> 380,000 <LOAN-LOSSES> 37,000 <SECURITIES-GAINS> 0 <EXPENSE-OTHER> 296,000 <INCOME-PRETAX> 272,800 <INCOME-PRE-EXTRAORDINARY> 171,800 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 171,800 <EPS-PRIMARY> 1.27 <EPS-DILUTED> 1.27 <YIELD-ACTUAL> 4.98 <LOANS-NON> 114,800 <LOANS-PAST> 41,500 <LOANS-TROUBLED> 100 <LOANS-PROBLEM> 0 <ALLOWANCE-OPEN> 516,500 <CHARGE-OFFS> 64,200 <RECOVERIES> 22,900 <ALLOWANCE-CLOSE> 512,200 <ALLOWANCE-DOMESTIC> 0 <ALLOWANCE-FOREIGN> 0 <ALLOWANCE-UNALLOCATED> 0