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)	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
Preferred stock dividends (pre-tax)		76
Fixed charges including preferred stock dividends	$	7,897
Ratio of earnings to fixed charges and preferred stock dividend requirements		2.25
Including interest on deposits
Fixed charges including preferred stock dividends, as above	$	7,897
Add: interest on deposits		3,604
Total fixed charges including preferred stock dividends and interest on deposits	$	11,501
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 and preferred stock dividend requirements		1.86

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

147