EXHIBIT (12)(D)
                            FIRST UNION CORPORATION
                         FIRST FIDELITY BANCORPORATION
                     COMBINED 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....................   $2,218,601    2,087,887    1,795,265      977,302      699,815
Fixed charges, excluding preferred stock dividends
  and capitalized interest..................................    1,281,312      861,573      628,840      591,458      878,337
(A.) Earnings...............................................   $3,499,913    2,949,460    2,424,105    1,568,760    1,578,152
Interest, excluding interest on deposits....................   $1,198,487      746,938      537,964      501,556      803,787
One-third of rents..........................................       67,768       69,164       69,498       68,082       62,941
Preferred stock dividends*..................................       41,447      132,846       66,931       74,860       63,354
Capitalized interest........................................        2,757        1,120          285          381        2,326
(B.) Fixed charges..........................................   $1,310,459      950,068      674,678      644,879      932,408
Consolidated ratios of earnings to fixed charges, excluding
  interest on deposits (A./B.)..............................         2.67X        3.10         3.59         2.43         1.69
INCLUDING INTEREST ON DEPOSITS
Pretax income from continuing operations....................   $2,218,601    2,087,887    1,795,265      977,302      699,815
Fixed charges, excluding preferred stock dividends
  and capitalized interest..................................    4,134,640    2,907,617    2,572,828    3,031,582    4,145,434
(C.) Earnings...............................................   $6,353,241    4,995,504    4,368,093    4,008,884    4,845,249
Interest, including interest on deposits....................   $4,051,815    2,792,982    2,481,952    2,941,680    4,070,885
One-third of rents..........................................       67,768       69,164       69,498       68,082       62,941
Preferred stock dividends*..................................       41,447      132,846       66,931       74,860       63,354
Capitalized interest........................................        2,757        1,120          285          381        2,326
(D.) Fixed charges..........................................   $4,163,787    2,996,112    2,618,666    3,085,003    4,199,506
Consolidated ratios of earnings to fixed charges, including
  interest on deposits (C./D.)..............................         1.53X        1.67         1.67         1.30         1.15

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