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, 2002
Excluding Interest on Deposits
Income before income taxes		$	3,106
Fixed charges:
	Interest expense		6,478
	One-third of rents, net of income from subleases (a)		214
Total fixed charges			6,692
Less: Equity in undistributed income of affiliates			(73	)
Earnings before taxes and fixed charges, excluding capitalized interest		$	9,725
Fixed charges, as above		$	6,692
Ratio of earnings to fixed charges			1.45
Including Interest on Deposits
Fixed charges, as above		$	6,692
Add: Interest on deposits			4,077
Total fixed charges and interest on deposits		$	10,769
Earnings before taxes and fixed charges, excluding capitalized interest, as above		$	9,725
Add: Interest on deposits			4,077
Total earnings before taxes, fixed charges and interest on deposits		$	13,802
Ratio of earnings to fixed charges			1.28

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

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