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)		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			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.

137