| Year Ended December 31, | ||||||||||||||||||||
| 2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||
| (dollars are in millions) | ||||||||||||||||||||
|
Ratios excluding interest on deposits:
|
||||||||||||||||||||
|
Income (loss) from continuing operations
|
$ | 1,558 | $ | (189 | ) | $ | (1,733 | ) | $ | 105 | $ | 1,017 | ||||||||
|
Income tax (benefit) expense
|
742 | (110 | ) | (943 | ) | (19 | ) | 516 | ||||||||||||
|
Less: Undistributed equity earnings
|
28 | 28 | 35 | - | 34 | |||||||||||||||
|
Fixed charges:
|
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|
Interest on:
|
||||||||||||||||||||
|
Borrowed funds
|
81 | 74 | 283 | 357 | 300 | |||||||||||||||
|
Long-term debt
|
605 | 782 | 985 | 1,443 | 1,457 | |||||||||||||||
|
One third of rents, net of income from subleases
|
29 | 24 | 24 | 29 | 25 | |||||||||||||||
|
Total fixed charges, excluding interest on deposits
|
715 | 880 | 1,292 | 1,829 | 1,782 | |||||||||||||||
|
(Loss) earnings from continuing operations before taxes and
fixed charges, net of undistributed equity earnings
|
$ | 2,987 | $ | 553 | $ | (1,419 | ) | $ | 1,915 | $ | 3,281 | |||||||||
|
Ratio of (loss) earnings to fixed charges
|
4.18 | .63 | (1.10 | ) | 1.05 | 1.84 | ||||||||||||||
|
Total preferred stock dividend
factor(1)
|
$ | 109 | $ | 115 | $ | 125 | $ | 88 | $ | 132 | ||||||||||
|
Fixed charges, including the preferred stock dividend factor
|
$ | 824 | $ | 995 | $ | 1,417 | $ | 1,917 | $ | 1,914 | ||||||||||
|
Ratio of (loss) earnings from continuing operations to combined
fixed charges and preferred stock dividends
|
3.63 | .56 | (1.00 | ) | 1.00 | 1.71 | ||||||||||||||
|
Ratios including interest on deposits:
|
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|
Total fixed charges, excluding interest on deposits
|
$ | 715 | $ | 880 | $ | 1,292 | $ | 1,829 | $ | 1,782 | ||||||||||
|
Add: Interest on deposits
|
580 | 989 | 2,419 | 3,833 | 3,109 | |||||||||||||||
|
Total fixed charges, including interest on deposits
|
$ | 1,295 | $ | 1,869 | $ | 3,711 | $ | 5,662 | $ | 4,891 | ||||||||||
|
(Loss) earnings from continuing operations before taxes and
fixed charges, net of undistributed equity earnings
|
$ | 2,987 | $ | 553 | $ | (1,419 | ) | $ | 1,915 | $ | 3,281 | |||||||||
|
Add: Interest on deposits
|
580 | 989 | 2,419 | 3,833 | 3,109 | |||||||||||||||
|
Total
|
$ | 3,567 | $ | 1,542 | $ | 1,000 | $ | 5,748 | $ | 6,390 | ||||||||||
|
Ratio of earnings to fixed charges
|
2.75 | .83 | .27 | 1.02 | 1.31 | |||||||||||||||
|
Fixed charges, including the preferred stock dividend factor
|
$ | 824 | $ | 995 | $ | 1,417 | $ | 1,917 | $ | 1,914 | ||||||||||
|
Add: Interest on deposits
|
580 | 989 | 2,419 | 3,833 | 3,109 | |||||||||||||||
|
Fixed charges, including the preferred stock dividend factor and
interest on deposits
|
$ | 1,404 | $ | 1,984 | $ | 3,836 | $ | 5,750 | $ | 5,023 | ||||||||||
|
Ratio of earnings from continuing operations to combined fixed
charges and preferred stock dividends
|
2.54 | .78 | .26 | 1.00 | 1.27 | |||||||||||||||
| (1) | Preferred stock dividends grossed up to their pretax equivalents. |