EXHIBIT 12.1

JPMORGAN CHASE & CO.

Computation of Ratio of Earnings to Fixed Charges

Six months ended June 30, (in millions, except ratios)	2012
Excluding interest on deposits
Income before income tax expense	$	13,981
Fixed charges:
Interest expense		4,529
One-third of rents, net of income from subleases (a)		279
Total fixed charges		4,808
Add:  Equity in undistributed loss of affiliates		44
Income before income tax expense and fixed charges, excluding capitalized interest	$	18,833
Fixed charges, as above	$	4,808
Ratio of earnings to fixed charges		3.92
Including interest on deposits
Fixed charges, as above	$	4,808
Add:   Interest on deposits		1,459
Total fixed charges and interest on deposits	$	6,267
Income before income tax expense and fixed charges, excluding capitalized interest, as above	$	18,833
Add:   Interest on deposits		1,459
Total income before income tax expense, fixed charges and interest on deposits	$	20,292
Ratio of earnings to fixed charges		3.24

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