EXHIBIT 12.1

STATEMENT OF RATIO OF EARNINGS TO FIXED CHARGES

Years Ended December 31,

2004

2003

2002

2001

2000

(Dollars in millions)

(A) Excluding interest on deposits:

Earnings:

     Income before income taxes

$

1,231

$

1,123

$

1,554

$

944

$

914

     Fixed charges

481

424

552

1,025

1,387

          Earnings as adjusted

$

1,712

$

1,547

$

2,106

$

1,969

$

2,301

Income before income taxes

     Pretax income from continuing operations, as reported

$

1,192

$

1,112

$

1,555

$

930

$

906

     Share of pretax income (loss) of 50% owned subsidiaries
        not included in above

39

11

(1

)

14

8

          Net income as adjusted

$

1,231

$

1,123

$

1,554

$

944

$

914

Fixed charges:

     Interest on other borrowings

$

315

$

279

$

426

$

881

$

1,268

     Interest on long-term debt including amortization of debt
        issue costs

68

69

71

93

82

     Portion of rents representative of the interest factor in
        long term lease(1)

98

76

55

51

37

Fixed charges

$

481

$

424

$

552

$

1,025

$

1,387

Ratio of earnings to fixed charges

3.56

x

3.65

x

3.82

x

1.92

x

1.66

x

(B) Including interest on deposits:

Earnings:

     Adjusted earnings from (A) above

$

1,712

$

1,547

$

2,106

$

1,969

$

2,301

     Add interest on deposits

512

372

498

856

1,012

          Earnings as adjusted

$

2,224

$

1,919

$

2,604

$

2,825

$

3,313

Fixed charges:

     Fixed charges from (A) above

$

481

$

424

$

552

$

1,025

$

1,387

     Interest on deposits

512

372

498

856

1,012

          Adjusted fixed charges

$

993

$

796

$

1,050

$

1,881

$

2,399

Ratio of adjusted earnings to adjusted fixed charges

2.24

x

2.41

x

2.48

x

1.50

x

1.38

x

(1)

The interest factor on long-term operating leases is estimated using one-third of rental expense. The interest factor on long-term capital leases is equal to the amount recorded as interest expense in the Consolidated Statement of Income.