EXHIBIT 12.1
JPMorgan Chase & Co.
Computation of Ratio of Earnings to Fixed Charges
| Nine Months ended September 30, (in millions, except ratios) | 2017 | ||
| Excluding interest on deposits | |||
| Income before income tax expense | $ | 27,646 | |
| Fixed charges: | |||
| Interest expense | 8,360 | ||
One-third of rents, net of income from subleases (a) | 398 | ||
| Total fixed charges | 8,758 | ||
| Add: Equity in undistributed income of affiliates | 597 | ||
| Income before income tax expense and fixed charges, excluding capitalized interest | $ | 37,001 | |
| Fixed charges, as above | $ | 8,758 | |
| Ratio of earnings to fixed charges | 4.22 | ||
| Including interest on deposits | |||
| Fixed charges, as above | $ | 8,758 | |
| Add: Interest on deposits | 1,949 | ||
| Total fixed charges and interest on deposits | $ | 10,707 | |
| Income before income tax expense and fixed charges, excluding capitalized interest, as above | $ | 37,001 | |
| Add: Interest on deposits | 1,949 | ||
| Total income before income tax expense, fixed charges and interest on deposits | $ | 38,950 | |
| Ratio of earnings to fixed charges | 3.64 | ||
| (a) | The proportion deemed representative of the interest factor. |