Exhibit 12.1
J.P. Morgan Chase & Co.

Computation of ratio of earnings to fixed charges

Year ended December 31, (in millions, except ratios)	2003
Excluding interest on deposits
Income before income taxes	$	10,028
Fixed charges:
Interest expense		7,503
One-third of rents, net of income from subleases(a)		318
Total fixed charges		7,821
Less: equity in undistributed income of affiliates		(102	)
Earnings before taxes and fixed charges, excluding capitalized interest	$	17,747
Fixed charges, as above	$	7,821
Ratio of earnings to fixed charges		2.27
Including interest on deposits
Fixed charges, as above	$	7,821
Add: interest on deposits		3,604
Total fixed charges and interest on deposits	$	11,425
Earnings before taxes and fixed charges, excluding capitalized interest, as above	$	17,747
Add: interest on deposits		3,604
Total earnings before taxes, fixed charges and interest on deposits	$	21,351
Ratio of earnings to fixed charges		1.87

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

146