EXHIBIT 12.1
JPMorgan Chase & Co.
Computation of Ratio of Earnings to Fixed Charges
| Six Months ended June 30, (in millions, except ratios) | 2016 | ||
| Excluding interest on deposits | |||
| Income before income tax expense | $ | 16,918 | |
| Fixed charges: | |||
| Interest expense | 3,997 | ||
One-third of rents, net of income from subleases (a) | 269 | ||
| Total fixed charges | 4,266 | ||
| Less: Equity in undistributed income of affiliates | (36 | ) | |
| Income before income tax expense and fixed charges, excluding capitalized interest | $ | 21,148 | |
| Fixed charges, as above | $ | 4,266 | |
| Ratio of earnings to fixed charges | 4.96 | ||
| Including interest on deposits | |||
| Fixed charges, as above | $ | 4,266 | |
| Add: Interest on deposits | 641 | ||
| Total fixed charges and interest on deposits | $ | 4,907 | |
| Income before income tax expense and fixed charges, excluding capitalized interest, as above | $ | 21,148 | |
| Add: Interest on deposits | 641 | ||
| Total income before income tax expense, fixed charges and interest on deposits | $ | 21,789 | |
| Ratio of earnings to fixed charges | 4.44 | ||
| (a) | The proportion deemed representative of the interest factor. |