EXHIBIT 12.1
J.P. MORGAN CHASE & CO.
Computation of Ratio of Earnings to Fixed Charges
| Year ended December 31, (in millions, except ratios) | 2003 | |||
Excluding Interest on Deposits | ||||
| Income before income taxes | $ | 10,028 | ||
| Fixed charges: | ||||
| Interest expense | 7,503 | |||
One-third of rents, net of income from subleases(a) | 318 | |||
| Total fixed charges | 7,821 | |||
| Less: Equity in undistributed income of affiliates | (102 | ) | ||
| Earnings before taxes and fixed charges, excluding capitalized interest | $ | 17,747 | ||
| Fixed charges, as above | $ | 7,821 | ||
| Ratio of earnings to fixed charges | 2.27 | |||
Including Interest on Deposits | ||||
| Fixed charges, as above | $ | 7,821 | ||
| Add: Interest on deposits | 3,604 | |||
| Total fixed charges and interest on deposits | $ | 11,425 | ||
| Earnings before taxes and fixed charges, excluding capitalized interest, as above | $ | 17,747 | ||
| Add: Interest on deposits | 3,604 | |||
| Total earnings before taxes, fixed charges and interest on deposits | $ | 21,351 | ||
| Ratio of earnings to fixed charges | 1.87 | |||
| (a) | The proportion deemed representative of the interest factor. |
