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)                                            1995         1994         1993         1992         1991
                                                                                                     
EXCLUDING INTEREST ON DEPOSITS
Pretax income from continuing operations....................   $1,558,664    1,415,456    1,220,781      581,203      419,801
Fixed charges, excluding preferred stock dividends
  and capitalized interest..................................    1,084,561      705,306      530,024      473,158      705,944
(A.) Earnings...............................................   $2,643,225    2,120,762    1,750,805    1,054,361    1,125,745
Interest, excluding interest on deposits....................    1,032,363      619,698      467,181      405,297      652,393
One-third of rents..........................................       48,413       50,280       50,561       51,570       46,505
Preferred stock dividends*..................................       10,814      102,036       37,182       48,270       41,615
Capitalized interest........................................        2,757        1,120          285          381        2,326
(B.) Fixed charges..........................................   $1,094,347      773,134      555,209      505,518      742,839
Consolidated ratios of earnings to fixed charges, excluding
  interest on deposits (A./B.)..............................         2.42X        2.74         3.15         2.09         1.52
INCLUDING INTEREST ON DEPOSITS
Pretax income from continuing operations....................   $1,558,664    1,415,456    1,220,781      581,203      419,801
Fixed charges, excluding preferred stock dividends
  and capitalized interest..................................    3,163,252    2,146,554    1,853,282    2,088,829    2,796,546
(C.) Earnings...............................................   $4,721,916    3,562,010    3,074,063    2,670,032    3,216,347
Interest, including interest on deposits....................   $3,111,054    2,060,946    1,790,439    2,020,968    2,742,996
One-third of rents..........................................       48,413       50,280       50,561       51,570       46,505
Preferred stock dividends*..................................       10,814      102,036       37,182       48,270       41,615
Capitalized interest........................................        2,757        1,120          285          381        2,326
(D.) Fixed charges..........................................   $3,173,038    2,214,382    1,878,467    2,121,189    2,833,442
Consolidated ratios of earnings to fixed charges, including
  interest on deposits (C./D.)..............................         1.49X        1.61         1.64         1.26         1.14

 
* Includes redemption premium of $41,355,000 in 1994.