Exhibit 12.2
JPMorgan Chase & Co.

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

Year ended December 31, 2005 (in millions, except ratios)
Excluding interest on deposits
Income before income taxes	$	12,215
Fixed charges:
Interest expense		15,074
One-third of rents, net of income from subleases(a)		359
Total fixed charges		15,433
Add: equity in undistributed loss of affiliates		107
Earnings before taxes and fixed charges, excluding capitalized interest	$	27,755
Fixed charges, as above	$	15,433
Preferred stock dividends (pre-tax)		19
Fixed charges including preferred stock dividends	$	15,452
Ratio of earnings to fixed charges and preferred stock dividend requirements		1.80
Including interest on deposits
Fixed charges including preferred stock dividends, as above	$	15,452
Add: interest on deposits		10,295
Total fixed charges including preferred stock dividends and interest on deposits	$	25,747
Earnings before taxes and fixed charges, excluding capitalized interest, as above	$	27,755
Add: interest on deposits		10,295
Total earnings before taxes, fixed charges and interest on deposits	$	38,050
Ratio of earnings to fixed charges and preferred stock dividend requirements		1.48

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

151