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CORESTATES FINANCIAL CORP AND SUBSIDIARIES
 
EXHIBIT 11
 
STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

<TABLE>
<CAPTION>
                                                             Three Months Ended    Twelve Months Ended                  
                                                                 December 31,          December 31,                          
                                                            --------------------  ----------------------                
                                                              1995       1994        1995        1994                    
                                                            ---------  ---------  ----------  ----------                
<S>                                                         <C>        <C>        <C>         <C>                       
(A)    Income before cumulative effect of a change                                                                      
          in accounting principle.................          $136,954   $111,475    $452,237   $248,792                 
                                                                                                                       
                                                                                                                       
       Cumulative effect of a change in                                                                                    
          accounting principle....................                                              (3,430)                
                                                            --------   --------    --------  ---------                 
                                                                                                                       
(B)    Net Income.................................          $136,954   $111,475    $452,237   $245,362                 
                                                            ========   ========    ========   ========                 
                                                                                                                       
EARNINGS PER SHARE                                                                                                     
                                                                                                                       
Based on average common shares outstandings                                                                             
-------------------------------------------                                                                            
(C)    Average shares outstanding.................           138,468    142,252     140,600    142,498                 
                                                            ========   ========    ========   ========                 
                                                                                                                       
(A/C)  Income before cumulative effect of a                                                                            
          change in accounting principle..........          $   0.99   $   0.78    $   3.22   $   1.75                 
                                                            ========   ========    ========   ========                 
                                                                                                                       
(B/C)  Net Income.................................          $   0.99   $   0.78    $   3.22   $   1.73                 
                                                            ========   ========    ========   ========                 
                                                                                                                       
Based on average common and common                                                                                     
----------------------------------                                                                                     
equivalent shares outstandings                                                                                         
------------------------------                                                                                         
                                                                                                                       
Primary:                                                                                                               
--------                                                                                                               
(D)    Average common equivalent shares...........             1,441        922       1,336      1,207                 
                                                            ========   ========    ========   ========                 
(E)    Average common and common                                                                                       
          equivalent shares (C + D)...............           139,909    143,174     141,936    143,705                 
                                                            ========   ========    ========   ========                 
                                                                                                                       
(A/E)  Income before cumulative effect of a                                                                            
          change in accounting principle (1)......          $   0.98   $   0.78    $   3.19   $   1.73                 
                                                            ========   ========    ========   ========                 
(B/E)  Net Income (1).............................          $   0.98   $   0.78    $   3.19   $   1.71                 
                                                            ========   ========    ========   ========                  
                                                                                                                       
Fully diluted:                                                                                                         
--------------                                                                                                         
(F)    Average common equivalent shares...........             1,449        906       1,696      1,240                 
                                                            ========   ========    ========   ========                 
(G)    Average common and common                                                                                       
          equivalent shares (C + F)...............           139,917    143,158     142,296    143,738                 
                                                            ========   ========    ========   ========                 
                                                                                                                       
(I)    Interest expense on Subordinated                                                                                
          convertible debentures, net of tax......                     $    384               $  1,821                 
                                                                       ========               ========                 
                                                                                                                       
((A+I)/G) Income before cumulative effect of a                                                                         
          change in accounting principle (1)......          $   0.98   $   0.78    $   3.18   $   1.74                 
                                                            ========   ========    ========   ========                 
((B+I)/G) Net Income (1)..........................          $   0.98   $   0.78    $   3.18   $   1.72                 
                                                            ========   ========    ========   ========                  
</TABLE>
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(1)  Dilution is less than 3%.