Exhibit 12.1
J.P. Morgan Chase & Co.

Computation of ratio of earnings to fixed charges

Year ended December 31, (in millions, except ratios)		2001
Excluding interest on deposits
Income before income taxes and effect of accounting change		$	2,566
Fixed charges:
	Interest expense		13,381
	One-third of rents, net of income from subleases(a)		223
Total fixed charges			13,604
Less: equity in undistributed income of affiliates			(89	)
Earnings before taxes, effect of accounting change and fixed charges, excluding capitalized interest		$	16,081
Fixed charges, as above		$	13,604
Ratio of earnings to fixed charges			1.18
Including interest on deposits
Fixed charges, as above		$	13,604
Add: interest on deposits			7,998
Total fixed charges and interest on deposits		$	21,602
Earnings before taxes, effect of accounting change and fixed charges, excluding capitalized interest, as above		$	16,081
Add: interest on deposits			7,998
Total earnings before taxes, effect of accounting change, fixed charges and interest on deposits		$	24,079
Ratio of earnings to fixed charges			1.11

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

117