COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDEND REQUIREMENTS
Year Ended December 31, (in millions, except ratios) 1997 --------------------------------------------------------------------------------------------------- EXCLUDING INTEREST ON DEPOSITS Income before income taxes $ 5,910 --------------------------------------------------------------------------------------------------- Fixed charges: Interest expense 7,037 One third of rents, net of income from subleases(a) 109 --------------------------------------------------------------------------------------------------- Total fixed charges 7,146 --------------------------------------------------------------------------------------------------- Less: Equity in undistributed income of affiliates (67) --------------------------------------------------------------------------------------------------- Earnings before taxes and fixed charges, excluding capitalized interest $ 12,989 --------------------------------------------------------------------------------------------------- Fixed charges, as above $ 7,146 --------------------------------------------------------------------------------------------------- Preferred stock dividends 182 --------------------------------------------------------------------------------------------------- Fixed charges including preferred stock dividends $ 7,328 --------------------------------------------------------------------------------------------------- Ratio of earnings to fixed charges and preferred stock dividend requirements 1.77 ---------------------------------------------------------------------------------------------------
INCLUDING INTEREST ON DEPOSITS Fixed charges including preferred stock dividends, as above $ 7,328 Add: Interest on deposits 6,561 --------------------------------------------------------------------------------------------------- Total fixed charges including preferred stock dividends and interest on deposits $ 13,889 --------------------------------------------------------------------------------------------------- Earnings before taxes and fixed charges, excluding capitalized interest, as above $ 12,989 Add: Interest on deposits 6,561 --------------------------------------------------------------------------------------------------- Total earnings before taxes, fixed charges and interest on deposits $ 19,550 --------------------------------------------------------------------------------------------------- Ratio of earnings to fixed charges and preferred stock dividend requirements 1.41 ---------------------------------------------------------------------------------------------------
(a) The proportion deemed representative of the interest factor.