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


                                              SIX
                                             MONTHS
                                             ENDED
                                            JUNE 30,                       YEARS ENDED DECEMBER 31,
(DOLLARS IN THOUSANDS)                        1994         1993         1992         1991         1990         1989
                                                                                           
EXCLUDING INTEREST ON DEPOSITS:
Pretax income from continuing
  operations............................   $  691,303    1,220,781      581,203      419,801      327,360      441,663
Fixed charges, excluding preferred stock
  dividends and capitalized interest....      298,981      530,024      473,158      705,944      990,476      890,543
(A.) Earnings...........................   $  990,284    1,750,805    1,054,361    1,125,745    1,317,836    1,332,206
Interest, excluding interest on
  deposits..............................   $  268,050      467,181      405,297      652,393      949,046      865,413
One-third of rents......................       24,619       50,561       51,570       46,505       33,040       24,787
Preferred stock dividends...............       18,238       37,182       48,270       41,615       42,258        1,723
Capitalized interest....................          386          285          381        2,326        3,144        2,507
(B.) Fixed charges......................   $  311,293      555,209      505,518      742,839    1,027,488      894,430
Consolidated ratios of earnings to fixed
  charges, excluding interest on
  deposits (A./B.)......................         3.18X        3.15         2.09         1.52         1.28         1.49
INCLUDING INTEREST ON DEPOSITS:
Pretax income from continuing
  operations............................   $  691,303    1,220,781      581,203      419,801      327,360      441,663
Fixed charges, excluding preferred stock
  dividends and capitalized interest....      950,847    1,853,282    2,088,829    2,796,546    3,135,764    2,728,753
(C.) Earnings...........................   $1,642,150    3,074,063    2,670,032    3,216,347    3,463,124    3,170,416
Interest, including interest on
  deposits..............................   $  919,916    1,790,439    2,020,968    2,742,996    3,094,334    2,703,623
One-third of rents......................       24,619       50,561       51,570       46,505       33,040       24,787
Preferred stock dividends...............       18,238       37,182       48,270       41,615       42,258        1,723
Capitalized interest....................          386          285          381        2,326        3,144        2,507
(D.) Fixed charges......................   $  963,159    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.)......................         1.70X        1.64         1.26         1.14         1.09         1.16