EXHIBIT 12.01

                      Travelers Group Inc. and Subsidiaries
                  Computation of Ratio of Earnings to Fixed Charges

                                                ALL COMPANIES CONSOLIDATED
                                                 (In millions of dollars)

                                                                             Year Ended December 31,
                                                   ------------------------------------------------------------------------
                                                         1995             1994          1993          1992         1991
- ---------------------------------------------------------------------------------------------------------------------------
                                                                                                
Income from continuing operations                                                                           
  before income taxes, minority                                                                             
  interests and cumulative effect of                                                                        
  accounting changes  . . . . . . . . . . . . .       $2,521            $1,874        $1,523       $1,188       $  791
                                                                                                            
Elimination of undistributed                                                                                
  equity earnings . . . . . . . . . . . . . . .            -                 -          (116)         (26)          (5)
                                                                                                            
Pre-tax minority interest . . . . . . . . . . .            -                 -           (32)           -            -
                                                                                                            
Add:                                                                                                        
  Interest  . . . . . . . . . . . . . . . . . .        1,956             1,284           707          674          876
  Interest portion of rentals . . . . . . . . .          104               134            61           38           46
                                                       -----             -----         -----        -----        -----
                                                                                                            
Income available for fixed charges  . . . . . .       $4,581            $3,292        $2,143       $1,874       $1,708
                                                       =====             =====         =====        =====        =====
Fixed charges:                                                                                              
  Interest  . . . . . . . . . . . . . . . . . .       $1,956           $1,284          $  707      $  674         $876
  Interest portion of rentals . . . . . . . . .          104              134              61          38           46
                                                       -----            -----           -----       -----        -----
                                                                                                            
Fixed charges . . . . . . . . . . . . . . . . .       $2,060           $1,418          $  768       $  712      $  922
                                                       =====            =====           =====        =====       =====
                                                                                                            
Ratio of earnings to fixed charges                      2.22x            2.32x           2.79x        2.63x       1.85x
                                                        ====             ====            ====         ====        ====