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


                                              NINE
                                             MONTHS
                                              ENDED
                                          SEPTEMBER 30,                      YEARS ENDED DECEMBER 31,
(DOLLARS IN THOUSANDS)                        1994           1993         1992         1991         1990         1989
                                                                                             
EXCLUDING INTEREST ON DEPOSITS:
Pretax income from continuing
  operations...........................    $ 1,063,202     1,220,781      581,203      419,801      327,360      441,663
Fixed charges, excluding preferred
  stock dividends and capitalized
  interest.............................        478,032       530,024      473,158      705,944      990,476      890,543
(A.) Earnings..........................    $ 1,541,234     1,750,805    1,054,361    1,125,745    1,317,836    1,332,206
Interest, excluding interest on
  deposits.............................    $   430,490       467,181      405,297      652,393      949,046      865,413
One-third of rents.....................         37,682        50,561       51,570       46,505       33,040       24,787
Preferred stock dividends..............         28,382        37,182       48,270       41,615       42,258        1,723
Capitalized interest...................            783           285          381        2,326        3,144        2,507
(B.) Fixed charges.....................    $   497,337       555,209      505,518      742,839    1,027,488      894,430
Consolidated ratios of earnings to
  fixed charges, excluding interest on
  deposits (A./B.).....................           3.10X         3.15         2.09         1.52         1.28         1.49
INCLUDING INTEREST ON DEPOSITS:
Pretax income from continuing
  operations...........................    $ 1,063,202     1,220,781      581,203      419,801      327,360      441,663
Fixed charges, excluding preferred
  stock dividends and capitalized
  interest.............................      1,498,316     1,853,282    2,088,829    2,796,546    3,135,764    2,728,753
(C.) Earnings..........................    $ 2,561,518     3,074,063    2,670,032    3,216,347    3,463,124    3,170,416
Interest, including interest on
  deposits.............................    $ 1,450,774     1,790,439    2,020,968    2,742,996    3,094,334    2,703,623
One-third of rents.....................         37,682        50,561       51,570       46,505       33,040       24,787
Preferred stock dividends..............         28,382        37,182       48,270       41,615       42,258        1,723
Capitalized interest...................            783           285          381        2,326        3,144        2,507
(D.) Fixed charges.....................    $ 1,517,621     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.).....................           1.69X         1.64         1.26         1.14         1.09         1.16