EXHIBIT 12(a)

J.P. MORGAN CHASE & CO.

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

		Three Months Ended
		March 31, 2003
Excluding Interest on Deposits
Income before income taxes		$	2,122
Fixed charges:
	Interest Expense		1,980
	One-third of rents, net of income from subleases(a)		84
Total fixed charges			2,064
Less: Equity loss in undistributed income of affiliates			8
Earnings before taxes and fixed charges, excluding capitalized interest		$	4,194
Fixed charges, as above		$	2,064
Ratio of earnings to fixed charges			2.03
Including Interest on Deposits
Fixed charges, as above		$	2,064
Add: Interest on deposits			1,068
Total fixed charges and interest on deposits		$	3,132
Earnings before taxes and fixed charges, excluding capitalized interest, as above		$	4,194
Add: Interest on deposits			1,068
Total earnings before taxes, fixed charges and interest on deposits		$	5,262
Ratio of earnings to fixed charges			1.68

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

74