EXHIBIT 12

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

	Nine Months Ended
	September 30,
	2011		2010
	(dollars are in millions)
Ratios excluding interest on deposits:
Income from continuing operations	$	451	$	912
Income tax expense		249		464
Less: Undistributed equity earnings		-		20
Fixed charges:
Interest on:
Borrowed funds		31		62
Long-term debt		445		336
Others		97		-
One third of rents, net of income from subleases		23		21
Total fixed charges, excluding interest on deposits		596		419
Income from continuing operations before taxes and fixed charges, net of undistributed equity earnings	$	1,296	$	1,775
Ratio of earnings from continuing operations to fixed charges		2.17		4.24
Total preferred stock dividend factor(1)	$	104	$	85
Fixed charges, including the preferred stock dividend factor	$	700	$	504
Ratio of earnings from continuing operations to combined fixed charges and preferred stock dividends		1.85		3.52
Ratios including interest on deposits:
Total fixed charges, excluding interest on deposits	$	596	$	419
Add: Interest on deposits		171		202
Total fixed charges, including interest on deposits	$	767	$	621
Earnings from continuing operations before taxes and fixed charges, net of undistributed equity earnings	$	1,296	$	1,775
Add: Interest on deposits		171		202
Total	$	1,467	$	1,977
Ratio of earnings from continuing operations to fixed charges		1.91		3.18
Fixed charges, including the preferred stock dividend factor	$	700	$	504
Add: Interest on deposits		171		202
Fixed charges, including the preferred stock dividend factor and interest on deposits	$	871	$	706
Ratio of earnings from continuing operations to combined fixed charges and preferred stock dividends		1.68		2.80

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