Exhibit 12.2
J.P. Morgan Chase & Co.

Computation of ratio of earnings to fixed charges
and preferred stock dividend requirements

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
Preferred stock dividends			66
Fixed charges including preferred stock dividends		$	13,670
Ratio of earnings to fixed charges and preferred stock dividend requirements			1.18
Including interest on deposits
Fixed charges including preferred stock dividends, as above		$	13,670
Add: interest on deposits			7,998
Total fixed charges including preferred stock dividends and interest on deposits		$	21,668
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 and preferred stock dividend requirements			1.11

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

118