<ARTICLE> 9
<LEGEND> THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM 
         THE FIRST BANK SYSTEM, INC. DECEMBER 31, 1994, 10-K AND IS QUALIFIED 
         IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
       
                               
<PERIOD-TYPE>                     YEAR
<FISCAL-YEAR-END>                           DEC-31-1994
<PERIOD-START>                              JAN-01-1994
<PERIOD-END>                                DEC-31-1994
<CASH>                                        1,621,000
<INT-BEARING-DEPOSITS>                                0
<FED-FUNDS-SOLD>                                471,000
<TRADING-ASSETS>                                 77,000
<INVESTMENTS-HELD-FOR-SALE>                   3,148,000
<INVESTMENTS-CARRYING>                                0
<INVESTMENTS-MARKET>                                  0
<LOANS>                                      19,281,000
<ALLOWANCE>                                     434,000
<TOTAL-ASSETS>                               26,219,000
<DEPOSITS>                                   18,791,000
<SHORT-TERM>                                  2,822,000
<LIABILITIES-OTHER>                             670,000
<LONG-TERM>                                   1,483,000
<COMMON>                                        145,000
<PREFERRED-MANDATORY>                                 0
<PREFERRED>                                     106,000
<OTHER-SE>                                    2,024,000
<TOTAL-LIABILITIES-AND-EQUITY>               26,219,000
<INTEREST-LOAN>                               1,510,700
<INTEREST-INVEST>                               211,200
<INTEREST-OTHER>                                 25,200
<INTEREST-TOTAL>                              1,747,100
<INTEREST-DEPOSIT>                              373,100
<INTEREST-EXPENSE>                              552,300
<INTEREST-INCOME-NET>                         1,194,800
<LOAN-LOSSES>                                    93,000
<SECURITIES-GAINS>                              (3,800)
<EXPENSE-OTHER>                               1,053,100
<INCOME-PRETAX>                                 676,700
<INCOME-PRE-EXTRAORDINARY>                      419,800
<EXTRAORDINARY>                                       0
<CHANGES>                                             0
<NET-INCOME>                                    419,800
<EPS-PRIMARY>                                      3.57
<EPS-DILUTED>                                      3.52
<YIELD-ACTUAL>                                     5.28
<LOANS-NON>                                     112,600
<LOANS-PAST>                                     26,000
<LOANS-TROUBLED>                                    100
<LOANS-PROBLEM>                                       0
<ALLOWANCE-OPEN>                                423,200
<CHARGE-OFFS>                                   187,800
<RECOVERIES>                                     83,200
<ALLOWANCE-CLOSE>                               433,800
<ALLOWANCE-DOMESTIC>                                  0
<ALLOWANCE-FOREIGN>                                   0
<ALLOWANCE-UNALLOCATED>                         268,100