EXHIBIT 12

HSBC USA INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND TO
COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

	Six Months Ended June 30,
	2011		2010
	(dollars are in millions)
Ratios excluding interest on deposits:
Income from continuing operations	$	561	$	845
Income tax expense		286		439
Less: Undistributed equity earnings		-		5
Fixed charges:
Interest on:
Borrowed funds		21		43
Long-term debt		319		288
Others		85		-
One third of rents, net of income from subleases		15		14
Total fixed charges, excluding interest on deposits		440		345
Income from continuing operations before taxes and fixed charges, net of undistributed equity earnings	$	1,287	$	1,624
Ratio of earnings from continuing operations to fixed charges		2.93		4.71
Total preferred stock dividend factor(1)	$	57	$	55
Fixed charges, including the preferred stock dividend factor	$	497	$	400
Ratio of earnings from continuing operations to combined fixed charges and preferred stock dividends		2.59		4.06
Ratios including interest on deposits:
Total fixed charges, excluding interest on deposits	$	440	$	345
Add: Interest on deposits		226		314
Total fixed charges, including interest on deposits	$	666	$	659
Earnings from continuing operations before taxes and fixed charges, net of undistributed equity earnings	$	1,287	$	1,624
Add: Interest on deposits		226		314
Total	$	1,513	$	1,938
Ratio of earnings from continuing operations to fixed charges		2.27		2.94
Fixed charges, including the preferred stock dividend factor	$	497	$	400
Add: Interest on deposits		226		314
Fixed charges, including the preferred stock dividend factor and interest on deposits	$	723	$	714
Ratio of earnings from continuing operations to combined fixed charges and preferred stock dividends		2.09		2.71

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