EXHIBIT 12(a)

J.P. MORGAN CHASE & CO.
Computation of Ratio of Earnings to Fixed Charges
(in millions, except ratios)

		Nine Months Ended
		September 30, 2001
Excluding Interest on Deposits
Income before Income Taxes and Effect of Accounting Change		$	3,134
Fixed Charges:
	Interest Expense		10,922
	One-Third of Rents, Net of Income from Subleases (a)		169
Total Fixed Charges			11,091
Less: Equity in Undistributed Income of Affiliates			(86	)
Earnings before Taxes, Effect of Accounting Change and Fixed Charges, Excluding Capitalized Interest		$	14,139
Fixed Charges, as Above		$	11,091
Ratio of Earnings to Fixed Charges			1.27
Including Interest on Deposits
Fixed Charges, as Above		$	11,091
Add: Interest on Deposits			6,578
Total Fixed Charges and Interest on Deposits		$	17,669
Earnings before Taxes, Effect of Accounting Change and Fixed Charges, Excluding Capitalized Interest, as Above		$	14,139
Add: Interest on Deposits			6,578
Total Earnings before Taxes, Effect of Accounting Change, Fixed Charges and Interest on Deposits		$	20,717
Ratio of Earnings to Fixed Charges			1.17

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

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