Exhibit 12.1

RATIO OF EARNINGS TO FIXED CHARGES AND

RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

	Year Ended December 31,
	2017		2016		2015		2014		2013
	(Dollars in millions)
Net income before income tax expense and cumulative effect of changes in accounting principles	$	16,834	$	11,639	$	9,274	$	11,002	$	25,363
Add:
Total interest expense(1)	53,643		50,786		52,144		55,217		56,234
Interest factor in rental expenses	3		3		2		5		4
Earnings, as adjusted	$	70,480	$	62,428	$	61,420	$	66,224	$	81,601
Fixed charges:
Total interest expense	$	53,643	50,786		52,144		55,217		56,234
Interest factor in rental expenses	3		3		2		5		4
Total fixed charges	$	53,646	$	50,789	$	52,146	$	55,222	$	56,238
Senior preferred stock and preferred stock dividends(2)	33,167		7,437		5,510		19,610		47,591
Total fixed charges including preferred stock dividends	$	86,813	$	58,226	$	57,656	$	74,832	$	103,829
Ratio of earnings to fixed charges(3)	1.31		1.23		1.18		1.20		1.45
Ratio of earnings to combined fixed charges and preferred stock dividends(4)	—		1.07		1.07		—		—

(1) Prior periods data have been revised to conform to the current presentation

(2) Senior preferred stock and preferred stock dividends represent pre-tax earnings required to cover any senior preferred stock and preferred stock dividend requirements computed using our effective tax rate.

(3) Ratio of earnings to fixed charges is computed by dividing earnings, as adjusted by total fixed charges.

(4) Ratio of earnings to combined fixed charges and preferred stock dividends is computed by dividing earnings, as adjusted by total fixed charges including preferred stock dividends. For the ratio to equal 1.00, earnings, as adjusted must increase by $16.3 billion, $8.6 billion and $22.2 billion for the years ended December 31, 2017, 2014, and 2013, respectively.