Exhibit 12.2
JPMorgan Chase & Co.

Computation of ratio of earnings to fixed charges
and preferred stock dividend requirements

Year ended December 31, 2004 (in millions, except ratios)
Excluding interest on deposits
Income before income taxes	$	6,194
Fixed charges:
Interest expense		9,234
One-third of rents, net of income from subleases(a)		343
Total fixed charges		9,577
Add: equity in undistributed loss of affiliates		44
Earnings before taxes and fixed charges, excluding capitalized interest	$	15,815
Fixed charges, as above	$	9,577
Preferred stock dividends (pre-tax)		72
Fixed charges including preferred stock dividends	$	9,649
Ratio of earnings to fixed charges and preferred stock dividend requirements		1.64
Including interest on deposits
Fixed charges including preferred stock dividends, as above	$	9,649
Add: interest on deposits		4,600
Total fixed charges including preferred stock dividends and interest on deposits	$	14,249
Earnings before taxes and fixed charges, excluding capitalized interest, as above	$	15,815
Add: interest on deposits		4,600
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.

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