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






                                                Three
                                                Months
                                                Ended                      Years Ended December 31,
                                               March 31,
(Dollars in thousands)                           1994          1993         1992        1991        1990        1989

                                                                                              
EXCLUDING INTEREST ON DEPOSITS:

Pretax income from continuing operations        $342,460        1,220,781    581,203     419,801     327,360     441,663
Fixed charges, excluding preferred stock
 dividends and capitalized interest              133,080          530,024    473,158     705,944     990,476     890,543

(A.) Earnings                                   $475,540        1,750,805  1,054,361   1,125,745   1,317,836   1,332,206

Interest, excluding interest on
 deposits                                       $117,319          467,181    405,297     652,393     949,046     865,413
One-third of rents                                12,672           50,561     51,570      46,505      33,040      24,787
Preferred stock dividends                          8,815           37,182     48,270      41,615      42,258       1,723
Capitalized interest                                 142              285        381       2,326       3,144       2,507

(B.) Fixed charges                              $138,948          555,209    505,518     742,839   1,027,488     894,430

Consolidated ratios of earnings to
 fixed charges, excluding interest on
 deposits (A./B.)                                   3.42X            3.15       2.09        1.52        1.28        1.49


INCLUDING INTEREST ON DEPOSITS:

Pretax income from continuing operations        $342,460        1,220,781    581,203     419,801     327,360     441,663
Fixed charges, excluding preferred stock
 dividends and capitalized interest              451,764        1,853,282  2,088,829   2,796,546   3,135,764   2,728,753

(C.) Earnings                                   $794,224        3,074,063  2,670,032   3,216,347   3,463,124   3,170,416

Interest, including interest on
 deposits                                       $436,003        1,790,439  2,020,968   2,742,996   3,094,334   2,703,623
One-third of rents                                12,672           50,561     51,570      46,505      33,040      24,787
Preferred stock dividends                          8,515           37,182     48,270      41,615      42,258       1,723
Capitalized interest                                 142              285        381       2,326       3,144       2,507

(D.) Fixed charges                              $457,632        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.)                                   1.74X            1.64       1.26        1.14        1.09        1.16