EXHIBIT (12)(B)
                            FIRST UNION CORPORATION
                          COMPUTATIONS OF CONSOLIDATED
                      RATIOS OF EARNINGS TO FIXED CHARGES
                         AND PREFERRED STOCK DIVIDENDS


                                                                                  YEARS ENDED DECEMBER 31,
(DOLLARS IN THOUSANDS)                                            1993         1992         1991         1990         1989
                                                                                                     
EXCLUDING INTEREST ON DEPOSITS:
Pretax income from continuing operations....................   $1,220,781      581,203      419,801      327,360      441,663
Fixed charges, excluding preferred stock dividends
  and capitalized interest..................................      530,024      473,158      705,944      990,476      890,543
(A.) Earnings...............................................   $1,750,805    1,054,361    1,125,745    1,317,836    1,332,206
Interest, excluding interest on deposits....................   $  467,181      405,297      652,393      949,046      865,413
One-third of rents..........................................       50,561       51,570       46,505       33,040       24,787
Preferred stock dividends...................................       37,182       48,270       41,615       42,258        1,723
Capitalized interest........................................          285          381        2,326        3,144        2,507
(B.) Fixed charges..........................................   $  555,209      505,518      742,839    1,027,488      894,430
Consolidated ratios of earnings to fixed charges, excluding
  interest on deposits (A./B.)..............................         3.15X        2.09         1.52         1.28         1.49
INCLUDING INTEREST ON DEPOSITS:
Pretax income from continuing operations....................   $1,220,781      581,203      419,801      327,360      441,663
Fixed charges, excluding preferred stock dividends
  and capitalized interest..................................    1,853,282    2,088,829    2,796,546    3,135,764    2,728,753
(C.) Earnings...............................................   $3,074,063    2,670,032    3,216,347    3,463,124    3,170,416
Interest, including interest on deposits....................   $1,790,439    2,020,968    2,742,996    3,094,334    2,703,623
One-third of rents..........................................       50,561       51,570       46,505       33,040       24,787
Preferred stock dividends...................................       37,182       48,270       41,615       42,258        1,723
Capitalized interest........................................          285          381        2,326        3,144        2,507
(D.) Fixed charges..........................................   $1,878,467    2,121,189    2,833,442    3,172,776    2,732,640
Consolidated ratios of earnings to fixed charges, including
  interest on deposits (C./D.)..............................         1.64X        1.26         1.14         1.09         1.16