EXHIBIT 12.2

J.P. MORGAN CHASE & CO.

Computation of Ratio of Earnings to Fixed Charges
and Preferred Stock Dividend Requirements
(in millions, except ratios)

		Full Year
		2002
Excluding Interest on Deposits
Income before income taxes		$	2,519
Fixed charges:
	Interest expense		8,505
	One-third of rents, net of income from subleases (a)		293
Total fixed charges			8,798
Less: Equity in undistributed income of affiliates			(85	)
Earnings before taxes and fixed charges, excluding capitalized interest		$	11,232
Fixed charges, as above		$	8,798
Preferred stock dividends (pre-tax)			77
Fixed charges including preferred stock dividends		$	8,875
Ratio of earnings to fixed charges and preferred stock dividend requirements			1.27
Including Interest on Deposits
Fixed charges including preferred stock dividends, as above		$	8,875
Add: Interest on deposits			5,253
Total fixed charges including preferred stock dividends and interest on deposits		$	14,128
Earnings before taxes and fixed charges, excluding capitalized interest, as above		$	11,232
Add: Interest on deposits			5,253
Total earnings before taxes, fixed charges and interest on deposits		$	16,485
Ratio of earnings to fixed charges and preferred stock dividend requirements			1.17

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