**EXHIBIT 12.1**

 

**Ratiosof Earnings to Fixed Charges – Continuing Operations**

 

The Company’s consolidatedratios of earnings to fixed charges – continuing operations for each of theperiods indicated are set fourth below:

 
|                                                                                                            |   | **Year Ended December 31,** |   |
|-----------------------------------------------------------------------------------------------------------------|--------|-----------------------------|--------|
| **(Dollars in millions)**                                                                                       |   | **2002**                    |   | **2001** |   | **2000** |   |
|                                                                                                            |   |                        |   |   |   |   |   |
| Income from continuing  operations before income taxes                                                          |   | $                           | 786    |   | $ | 668 |   | $ | 424 |   |
|                                                                                                            |   |                        |   |   |   |   |   |
| Combined fixed charges:                                                                                         |   |                        |   |   |   |   |   |
| Interest expense of deposits                                                                                    |   | 288                         |   | 442 |   | 500 |   |
| Interest expense on senior  bank notes                                                                          |   | 5                           |   | 10 |   | 12 |   |
| Interest expense on  subordinated bank notes                                                                    |   | 14                          |   | 14 |   | 3 |   |
| Interest expense on  guaranteed preferred beneficial interest in Company’s junior subordinated  debentures |   | 18                          |   | 18 |   | 18 |   |
| Appropriate portion (1/3) of  rent expense                                                                      |   | 8                           |   | 9 |   | 6 |   |
| Total combined fixed charges                                                                                    |   | $                           | 333    |   | $ | 493 |   | $ | 539 |   |
|                                                                                                            |   |                        |   |   |   |   |   |
| Total combined fixed charges  (excluding interest expense on deposits)                                          |   | $                           | 45     |   | $ | 51 |   | $ | 39 |   |
|                                                                                                            |   |                        |   |   |   |   |   |
| Earnings before income taxes  and fixed charges                                                                 |   | $                           | 1,119  |   | $ | 1,161 |   | $ | 963 |   |
|                                                                                                            |   |                        |   |   |   |   |   |
| Ratio of earnings to fixed  charges (including interest expense on deposits)                                    |   | 3.36                        | x      | 2.36 | x | 1.78 | x |
|                                                                                                            |   |                        |   |   |   |   |   |
| Ratio of earnings to fixed  charges (excluding interest expense on deposits)                                    |   | 18.37                       | x      | 14.22 | x | 11.68 | x |

 

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