JPMorgan Chase & Co. (JPM) 8-K INVESTMENT BANK – weak trading results; strong investment banking fees

EXHIBIT 12.1

JPMORGAN CHASE & CO.

Computation of Ratio of Earnings to Fixed Charges

Six Months Ended June 30, (in millions, except ratios)	2005
Excluding Interest on Deposits
Income before income taxes	$	4,540
Fixed charges:
Interest expense		7,006
One-third of rents, net of income from subleases(a)		182
Total fixed charges		7,188
Add: Equity in undistributed loss of affiliates		71
Earnings before taxes and fixed charges, excluding capitalized interest	$	11,799
Fixed charges, as above	$	7,188
Ratio of earnings to fixed charges		1.64
Including Interest on Deposits
Fixed charges, as above	$	7,188
Add: Interest on deposits		4,349
Total fixed charges and interest on deposits	$	11,537
Earnings before taxes and fixed charges, excluding capitalized interest, as above	$	11,799
Add: Interest on deposits		4,349
Total earnings before taxes, fixed charges and interest on deposits	$	16,148
Ratio of earnings to fixed charges		1.40

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