EXHIBIT 12.2

JPMORGAN CHASE & CO.

Computation of Ratio of Earnings to Fixed Charges
and Preferred Stock Dividend Requirements

Year Ended December 31, (in millions, except ratios)	2004
Excluding Interest on Deposits
Income before income taxes	$	6,194
Fixed charges:
Interest expense		8,800
One-third of rents, net of income from subleases (a)		343
Total fixed charges		9,143
Add: Equity in undistributed loss of affiliates		44
Earnings before taxes and fixed charges, excluding capitalized interest	$	15,381
Fixed charges, as above	$	9,143
Preferred stock dividends (pre-tax)		72
Fixed charges including preferred stock dividends	$	9,215
Ratio of earnings to fixed charges and preferred stock dividend requirements		1.67
Including Interest on Deposits
Fixed charges including preferred stock dividends, as above	$	9,215
Add: Interest on deposits		5,034
Total fixed charges including preferred stock dividends and interest on deposits	$	14,249
Earnings before taxes and fixed charges, excluding capitalized interest, as above	$	15,381
Add: Interest on deposits		5,034
Total earnings before taxes, fixed charges and interest on deposits	$	20,415
Ratio of earnings to fixed charges and preferred stock dividend requirements		1.43

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