EXHIBIT 12

HSBC USA INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND

EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

	Three Months Ended March 31,
	2013		2012
	(dollars are in millions)
Ratios excluding interest on deposits:
Income from continuing operations	$	183	$	80
Income tax expense	104		18
Less: Undistributed equity earnings	—		—
Fixed charges:
Interest on:
Borrowed funds	9		9
Long-term debt	167		154
Others	16		12
One third of rents, net of income from subleases	9		8
Total fixed charges, excluding interest on deposits	201		183
Earnings from continuing operations before taxes and fixed charges, net of undistributed equity earnings	488		281
Ratio of earnings to fixed charges	2.43		1.54
Total preferred stock dividend factor(1)	$	25	$	25
Fixed charges, including the preferred stock dividend factor	$	226	$	208
Ratio of earnings from continuing operations to combined fixed charges and preferred stock dividends	2.16		1.35
Ratios including interest on deposits:
Total fixed charges, excluding interest on deposits	$	201	$	183
Add: Interest on deposits	43		76
Total fixed charges, including interest on deposits	$	244	$	259
Earnings from continuing operations before taxes and fixed charges, net of undistributed equity earnings	$	488	$	281
Add: Interest on deposits	43		76
Total	$	531	$	357
Ratio of earnings to fixed charges	2.18		1.38
Fixed charges, including the preferred stock dividend factor	$	226	$	208
Add: Interest on deposits	43		76
Fixed charges, including the preferred stock dividend factor and interest on deposits	$	269	$	284
Ratio of earnings from continuing operations to combined fixed charges and preferred stock dividends	1.97		1.26

(1) Preferred stock dividends grossed up to their pretax equivalents.