EXHIBIT 12.1
JPMORGAN CHASE & CO.
Computation of Ratio of Earnings to Fixed Charges
| Six months ended June 30, (in millions, except ratios) | 2009 | |||
Excluding interest on deposits | ||||
| Income before income tax expense | $ | 7,128 | ||
| Fixed charges: | ||||
| Interest expense | 5,587 | |||
One-third of rents, net of income from subleases(a) | 286 | |||
| Total fixed charges | 5,873 | |||
| Less: Equity in undistributed income of affiliates | (2 | ) | ||
| Income before income tax expense and fixed charges, excluding capitalized interest | $ | 12,999 | ||
| Fixed charges, as above | $ | 5,873 | ||
| Ratio of earnings to fixed charges | 2.21 | |||
Including interest on deposits | ||||
| Fixed charges, as above | $ | 5,873 | ||
| Add: Interest on deposits | 2,851 | |||
| Total fixed charges and interest on deposits | $ | 8,724 | ||
| Income before income tax expense and fixed charges, excluding capitalized interest, as above | $ | 12,999 | ||
| Add: Interest on deposits | 2,851 | |||
| Total income before income tax expense, fixed charges and interest on deposits | $ | 15,850 | ||
| Ratio of earnings to fixed charges | 1.82 | |||
| (a) | The proportion deemed representative of the interest factor. |