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 Exhibit 12.1: Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividend Requirements
                          (dollars in thousands) (unaudited)

 
  
For the Three Months
 
  
Ended March 31,
 
  
2004
2003
Including Interest on Deposits
 
 
 
Earnings:
 
 
 
Income before income taxes
 
$
803,258
 
$
676,853
 
Fixed charges
   
371,274
   
392,798
 
Interest capitalized during period, net of amortization of previously capitalized interest
   
(4,722
)
 
(3,377
)
   
 
 
Earnings, for computation purposes
 
$
1,169,810
 
$
1,066,274
 
   
 
 
Fixed Charges and Preferred Stock Dividend Requirements:
   
 
    
 
  
Interest on deposits, short-term borrowings, and long-term debt and bank notes,
  expensed or capitalized
  
$
370,337
 
$
392,046
 
Portion of rents representative of the interest factor
   
937
   
752
 
   
 
 
Fixed charges
   
371,274
   
392,798
 
Preferred stock dividend requirements
   
5,434
   
5,502
 
   
 
 
Fixed charges and preferred stock dividend requirements, including interest
  on deposits, for computation purposes
  
$
376,708
 
$
398,300
 
   
 
 
Ratio of earnings to combined fixed charges and preferred stock dividend requirements,
   including interest on deposits
   
3.11
   
2.68
 
 
    
 
    
 
  
Excluding Interest on Deposits
   
 
    
 
  
Earnings:
   
 
    
 
  
Income before income taxes
 
$
803,258
 
$
676,853
 
Fixed charges
   
125,275
   
99,936
 
Interest capitalized during period, net of amortization of previously capitalized interest
   
(4,727
)
 
(3,382
)
   
 
 
Earnings, for computation purposes
 
$
923,806
 
$
773,407
 
   
 
 
Fixed Charges and Preferred Stock Dividend Requirements:
   
 
    
 
  
Interest on short-term borrowings and long-term debt and bank notes,
  expensed or capitalized
  
$
124,338
 
$
99,184
 
Portion of rents representative of the interest factor
   
937
   
752
 
   
 
 
Fixed charges
   
125,275
   
99,936
 
Preferred stock dividend requirements
   
5,434
   
5,502
 
   
 
 
Fixed charges and preferred stock dividend requirements, excluding interest
  on deposits, for computation purposes
  
$
130,709
 
$
105,438
 
   
 
 
Ratio of earnings to combined fixed charges and preferred stock dividend requirements,
  excluding interest on deposits
    
7.07
   
7.34
 
 
The ratio of earnings to combined fixed charges and preferred stock dividend requirements is computed by dividing (i) income before income taxes and fixed charges less interest capitalized during such period, net of amortization of previously capitalized interest, by (ii) fixed charges and preferred stock dividend requirements. Fixed charges consist of interest, expensed or capitalized, on borrowings (including or excluding deposits, as applicable), and the portion of rental expense which is deemed representative of interest. The preferred stock dividend requirements represent the pre-tax earnings which would have been required to cover such dividend requirements on the Corporation's Preferred Stock outstanding.