EXHIBIT 12.1 COMPUTATION OF CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES The Corporation's ratios of earnings to fixed charges for the three months ended March 31, 1997 and 1996 and for the five years ended December 31, 1996 were as follows: (dollars in millions) Three Months Ended March 31, Years Ended December 31, 1997 1996 1996 1995 1994 1993 1992 Net Income . . . . . . . . $ 3,665 $3,138 $14,133 $11,470 $10,109 $ 9,575 $7,506 Extraordinary items, net of 0 0 0 0 0 0 0 tax . . . . . . . . . . . . Cumulative effect of changes in accounting principles, net 0 0 0 0 0 0 0 of tax . . . . . . . . . Income tax expense . . . . 2,122 2,180 9,660 7,384 6,256 5,765 3,139 Pretax earnings . . . . . . $ 5,787 $ 5,318 $23,793 $18,854 $16,365 $ 15,340 $10,645 Fixed charges: Portion of rental expense (net of sublease rental income) which approximates the interest factor . . . . . . . . . 64 55 244 208 166 157 243 Interest on borrowed funds 3,313 374 6,039 5,535 3,917 771 256 TOTAL FIXED CHARGES . . $ 3,377 $ 429 $ 6,283 $ 5,743 $ 4,083 $ 928 $ 499 Earnings (for ratio $ 9,164 $ 5,747 $30,076 $24,597 $20,448 $ 16,268 $ 11,144 calculation) . . . . . . . Ratio of earnings to fixed charges . . . . . . . . 271.37% 1338.81% 478.68% 428.30% 500.87% 1753.02% 2233.27% For purposes of computing the consolidated ratio of earnings to fixed charges, "earnings" represent net income before extraordinary items plus applicable income taxes and fixed charges. "Fixed charges" include gross interest expense (other than on deposits) and the proportion deemed representative of the interest factor of rent expense.