JPMorgan Chase & Co. (JPM) 8-K Jpmorgan Chase and Bank One Report 2004 Second Quarter Results

EXHIBIT 12.2

J.P. MORGAN CHASE & CO.

Computation of Ratio of Earnings to Fixed Charges
and Preferred Stock Dividend Requirements

Six Months Ended June 30, (in millions, except ratios)	2004
Excluding Interest on Deposits
Income before income taxes	$	1,828
Fixed charges:
Interest expense		3,654
One-third of rents, net of income from subleases(a)		151
Total fixed charges		3,805
Less: Equity in undistributed income of affiliates		(78	)
Earnings before taxes and fixed charges, excluding capitalized interest	$	5,555
Fixed charges, as above	$	3,805
Preferred stock dividends (pre-tax)		34
Fixed charges including preferred stock dividends	$	3,839
Ratio of earnings to fixed charges and preferred stock dividend requirements		1.45
Including Interest on Deposits
Fixed charges including preferred stock dividends, as above	$	3,839
Add: Interest on deposits		1,622
Total fixed charges including preferred stock dividends and interest on deposits	$	5,461
Earnings before taxes and fixed charges, excluding capitalized interest, as above	$	5,555
Add: Interest on deposits		1,622
Total earnings before taxes, fixed charges and interest on deposits	$	7,177
Ratio of earnings to fixed charges and preferred stock dividend requirements		1.31

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