Exhibit 12.1

UNIONBANCAL CORPORATION AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES REQUIREMENTS

	For the Years Ended December 31,										For the Six Months Ended June 30,
(in millions, except ratios)	1998		1999		2000		2001		2002		2002		2003
EXCLUDING INTEREST ON DEPOSITS
Income before income taxes and effect of accounting changes	$	672	$	656	$	661	$	715	$	775	$	368	$	417
Fixed Charges:
Interest expense, excluding interest on deposits	212		228		252		156		58		32		21
One third of rents, net income from subleases (A)	13		12		12		10		12		5		5
Total fixed charges	225		240		264		166		70		37		26
Earnings before taxes, fixed charges, and effect of accounting changes, excluding capitalized interest	$	897	$	896	$	925	$	881	$	845	$	405	$	443
Ratio of earnings to fixed charges requirements	3.99		3.73		3.50		5.31		12.07		10.95		17.04
INCLUDING INTEREST ON DEPOSITS
Fixed charges	$	225	$	240	$	264	$	166	$	70	$	37	$	26
Add: Interest on deposits	555		518		665		515		236		128		88
Total fixed charges including interest on deposits	$	780	$	758	$	929	$	681	$	306	$	165	$	114
Earnings before taxes, fixed charges, and effect of accounting accounting changes, excluding capitalized interest, as above	$	897	$	806	$	925	$	881	$	845	$	405	$	443
Add: Interest on deposits	555		518		665		515		236		128		88
Total earnings before taxes, fixed charges, effect of accounting changes, and interest on deposits	$	1,452	$	1,414	$	1,590	$	1,396	$	1,081	$	533	$	531
Ratio of earnings to fixed charges requirements	1.86		1.87		1.71		2.05		3.53		3.23		4.66

(A)  The proportion deemed representative of the interest factor.