Exhibit 12.1

JPMorgan Chase & Co.

Computation of Ratio of Earnings to Fixed Charges

Year ended December 31, (in millions, except ratios)	2007			2006			2005		2004(b)		2003(b)
Excluding interest on deposits
Income from continuing operations before income taxes	$	22,805		$	19,886		$	11,839	$	5,856	$	9,773
Fixed charges:
Interest expense		23,328			20,823			15,534		9,418		7,475
One-third of rents, net of income from subleases(a)		400			357			349		334		318
Total fixed charges		23,728			21,180			15,883		9,752		7,793
Less: Equity in undistributed income of affiliates/Add: Equity in undistributed loss of affiliates		(159	)		(152	)		6		149		(102	)
Income from continuing operations before income taxes and fixed charges, excluding capitalized interest	$	46,374		$	40,914		$	27,728	$	15,757	$	17,464
Fixed charges, as above	$	23,728		$	21,180		$	15,883	$	9,752	$	7,793
Ratio of earnings to fixed charges		1.95			1.93			1.75		1.62		2.24
Including interest on deposits
Fixed charges, as above	$	23,728		$	21,180		$	15,883	$	9,752	$	7,793
Add: Interest on deposits		21,653			17,042			9,986		4,515		3,526
Total fixed charges and interest on deposits	$	45,381		$	38,222		$	25,869	$	14,267	$	11,319
Income from continuing operations before income taxes and fixed charges, excluding capitalized interest, as above	$	46,374		$	40,914		$	27,728	$	15,757	$	17,464
Add: Interest on deposits		21,653			17,042			9,986		4,515		3,526
Total Income from continuing operations before income taxes, fixed charges and interest on deposits	$	68,027		$	57,956		$	37,714	$	20,272	$	20,990
Ratio of earnings to fixed charges		1.50			1.52			1.46		1.42		1.85

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

(b) 2004 results include six months of the combined Firm’s results and six months of heritage JPMorgan Chase results. 2003 reflects the results of heritage JPMorgan Chase only.

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