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


                                             THREE
                                             MONTHS
                                             ENDED
                                           MARCH 31,                       YEARS ENDED DECEMBER 31,
(DOLLARS IN THOUSANDS)                        1996         1995         1994         1993         1992         1991
                                                                                           
EXCLUDING INTEREST ON DEPOSITS:
Pretax income from continuing
  operations............................   $  375,911    2,218,601    2,087,887    1,795,265      977,302      699,815
Fixed charges, excluding preferred stock
  dividends and capitalized interest....      401,341    1,281,312      861,573      628,840      591,458      878,337
(A.) Earnings...........................   $  777,252    3,499,913    2,949,460    2,424,105    1,568,760    1,578,152
Interest, excluding interest on
  deposits..............................   $  382,038    1,198,487      746,938      537,964      501,556      803,787
One-third of rents......................       17,166       67,768       69,164       69,498       68,082       62,941
Preferred stock dividends*..............        6,037       41,447      132,846       66,931       74,860       63,354
Capitalized interest....................        1,350        2,757        1,120          285          381        2,326
(B.) Fixed charges......................   $  406,591    1,310,459      950,068      674,678      644,879      932,408
Consolidated ratios of earnings to fixed
  charges, excluding interest on
  deposits (A./B.)......................         1.91X        2.67         3.10         3.59         2.43         1.69
INCLUDING INTEREST ON DEPOSITS:
Pretax income from continuing
  operations............................   $  375,911    2,218,601    2,087,887    1,795,265      977,302      699,815
Fixed charges, excluding preferred stock
  dividends and capitalized interest....    1,146,721    4,134,640    2,907,617    2,572,828    3,031,582    4,145,434
(C.) Earnings...........................   $1,522,632    6,353,241    4,995,504    4,368,093    4,008,884    4,845,249
Interest, including interest on
  deposits..............................   $1,127,418    4,051,815    2,792,982    2,481,952    2,941,680    4,070,885
One-third of rents......................       17,166       67,768       69,164       69,498       68,082       62,941
Preferred stock dividends*..............        6,037       41,447      132,846       66,931       74,860       63,354
Capitalized interest....................        1,350        2,757        1,120          285          381        2,326
(D.) Fixed charges......................   $1,151,971    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.)...................         1.32X        1.53         1.67         1.67         1.30         1.15

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