EXHIBIT 12(a)

J.P. MORGAN CHASE & CO.

Computation of Ratio of Earnings to Fixed Charges
(in millions, except ratios)

		Six Months Ended
		June 30, 2002
Excluding Interest on Deposits
Income before income taxes		$	3,046
Fixed charges:
	Interest expense		4,320
	One-third of rents, net of income from subleases (a)		126
Total fixed charges			4,446
Less: Equity in undistributed income of affiliates			(50	)
Earnings before taxes and fixed charges, excluding capitalized interest		$	7,442
Fixed charges, as above		$	4,446
Ratio of earnings to fixed charges			1.67
Including Interest on Deposits
Fixed charges, as above		$	4,446
Add: Interest on deposits			2,655
Total fixed charges and interest on deposits		$	7,101
Earnings before taxes and fixed charges, excluding capitalized interest, as above		$	7,442
Add: Interest on deposits			2,655
Total earnings before taxes, fixed charges and interest on deposits		$	10,097
Ratio of earnings to fixed charges			1.42

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

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