EXHIBIT 12.1

JPMORGAN CHASE & CO.

Computation of Ratio of Earnings to Fixed Charges

Nine months ended September 30, (in millions, except ratios)	2010
Excluding interest on deposits
Income before income tax expense	$	17,847
Fixed charges:
Interest expense		6,698
One-third of rents, net of income from subleases (a)		437
Total fixed charges		7,135
Add: Equity in undistributed loss of affiliates		98
Income before income tax expense and fixed charges, excluding capitalized interest	$	25,080
Fixed charges, as above	$	7,135
Ratio of earnings to fixed charges		3.52
Including interest on deposits
Fixed charges, as above	$	7,135
Add: Interest on deposits		2,573
Total fixed charges and interest on deposits	$	9,708
Income before income tax expense and fixed charges, excluding capitalized interest, as above	$	25,080
Add: Interest on deposits		2,573
Total income before income tax expense, fixed charges and interest on deposits	$	27,653
Ratio of earnings to fixed charges		2.85

(a) The proportion deemed representative of the interest factor.