<TABLE>
<CAPTION>
==============================================================================================================================
EXHIBIT 12.1
THE CHARLES SCHWAB CORPORATION
Computation of Ratio of Earnings to Fixed Charges
(Dollar amounts in thousands, unaudited)
Year Ended December 31,
1999 1998 1997 1996 1995
------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Earnings before taxes on income $1,098,915 $ 677,638 $ 530,906 $ 463,336 $183,692
------------------------------------------------------------------------------------------------------------------------------
Fixed charges
Interest expense - customer 805,991 687,776 580,611 451,009 396,493
Interest expense - other 92,228 86,222 86,734 70,724 51,069
Interest portion of rental expense 53,731 41,257 36,180 31,629 37,936
------------------------------------------------------------------------------------------------------------------------------
Total fixed charges (A) 951,950 815,255 703,525 553,362 485,498
------------------------------------------------------------------------------------------------------------------------------
Earnings before taxes on income and fixed charges (B) $2,050,865 $1,492,893 $1,234,431 $1,016,698 $669,190
==============================================================================================================================
Ratio of earnings to fixed charges (B) divided by (A)* 2.2 1.8 1.8 1.8 1.4
==============================================================================================================================
All periods have been restated to reflect the merger of The Charles Schwab Corporation with U.S. Trust Corporation.
* The ratio of earnings to fixed charges is calculated in accordance with SEC requirements. For such purposes, "earnings"
consist of earnings before taxes on income and fixed charges. "Fixed charges" consist of interest expense incurred
on brokerage customer cash balances, deposits from banking customers, long-term debt, stock-lending and short-term
borrowings, as well as one-third of rental expense, which is estimated to be representative of the interest factor.
==============================================================================================================================
</TABLE>
