JPMorgan Chase & Co. (JPM) 8-K Results of Operations and Financial Condition

EXHIBIT 12.1

JPMORGAN CHASE & CO.

Computation of Ratio of Earnings to Fixed Charges

Nine months ended September 30, (in millions, except ratios)	2007
Excluding Interest on Deposits
Income before income taxes	$	18,683
Fixed charges:
Interest expense		17,610
One-third of rents, net of income from subleases(a)		303
Total fixed charges		17,913
Less: Equity in undistributed income of affiliates		(121	)
Income before income taxes and fixed charges, excluding capitalized interest	$	36,475
Fixed charges, as above	$	17,913
Ratio of earnings to fixed charges		2.04
Including Interest on Deposits
Fixed charges, as above	$	17,913
Add: Interest on deposits		15,975
Total fixed charges and interest on deposits	$	33,888
Income before income taxes and fixed charges, excluding capitalized interest, as above	$	36,475
Add: Interest on deposits		15,975
Total income before income taxes, fixed charges and interest on deposits	$	52,450
Ratio of earnings to fixed charges		1.55

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