EXHIBIT 12

HSBC USA INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

	Year Ended December 31,
	2017			2016		2015		2014			2013
	(dollars are in millions)
Ratios excluding interest on deposits:
Net income (loss)	$	(179	)	$	129	$	330	$	354		$	(338	)
Income tax expense (benefit)	1,228			89		230		(56		)	156
Fixed charges:
Interest on:
Short-term borrowings	124			79		46		36			27
Long-term debt	998			864		709		650			661
Others(1)	25			15		16		(88		)	66
One third of rents, net of income from subleases	31			27		28		31			33
Total fixed charges, excluding interest on deposits	1,178			985		799		629			787
Earnings before taxes and fixed charges, excluding interest on deposits	$	2,227		$	1,203	$	1,359	$	927		$	605
Ratio of earnings to fixed charges, excluding interest on deposits	1.89			1.22		1.70		1.47			.77
Ratios including interest on deposits:
Total fixed charges, excluding interest on deposits	$	1,178		$	985	$	799	$	629		$	787
Add: Interest on deposits	703			468		260		145			184
Total fixed charges, including interest on deposits	1,881			1,453		1,059		774			971
Earnings before taxes and fixed charges, excluding interest on deposits	2,227			1,203		1,359		927			605
Add: Interest on deposits	703			468		260		145			184
Earnings before taxes and fixed charges, including interest on deposits	$	2,930		$	1,671	$	1,619	$	1,072		$	789
Ratio of earnings to fixed charges, including interest on deposits	1.56			1.15		1.53		1.39			.81

⁽¹⁾  During 2014,we concluded certain state and local tax audits resulting in the settlement of significant uncertain tax positions covering a number of years. As a result, we released tax reserves previously maintained in relation to the periods and issues under review. In addition, we released our accrued interest associated with the tax reserves released which resulted in a $120 million benefit to interest expense in 2014.