Exhibit 12.1

Ratio of Earnings to Fixed Charges

We present below our ratio of earnings to fixed charges, which is computed by dividing earnings, which is the sum of profit (loss) before income taxes and fixed charges, by fixed charges. Fixed charges represent interest expense, amortization of debt issuance costs, and an appropriate portion of rentals representative of the interest factor.

	Three Months
	Ended March 31,		Year Ended December 31,
	2011		2010		2009		2008			2007		2006
			(Dollars in millions)
Profit (Loss) Before Income Taxes	$	9,829	$	70,766	$	34,813		($36,043	)	$	127,394	$	80,450
Add Fixed Charges:
Interest Expense(1)		7,774		25,914		21,050		38,998			56,643		62,867
Amortization of Debt Issuance Costs		92		643		1,164		1,227			1,218		352
Appropriate Portion of Rentals Representative of the Interest Factor(2)		3,971		16,793		16,853		15,687			11,036		11,090
Total Fixed Charges		11,837		43,450		39,067		55,912			68,897		74,309
Earnings		21,666		114,116		73,880		19,869			196,291		154,759
Ratio of Earnings to Fixed Charges(3)		1.8		2.6		1.9		—			2.8		2.1

(1)	Includes interest expenses on short-term borrowings including bank call loans, securities lending, and repurchase agreements which generally have a corresponding asset that generates interest income that substantially offsets or exceeds the aforementioned interest expense.
(2)	The percent of rent included in the computation is a reasonable approximation of the interest factor.
(3)	Due to the Company’s pre-tax loss in the year ended December 31, 2008 the ratio coverage was less than 1:1 in this period. The Company would have needed to generate additional earnings of $36 million to achieve a coverage of 1:1.

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