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

Year ended December 31, (in millions, except ratios)	2010
Excluding interest on deposits
Income before income tax expense	$	24,859
Fixed charges:
Interest expense		9,357
One-third of rents, net of income from subleases(a)		578
Total fixed charges		9,935
Add: Equity in undistributed loss of affiliates		127
Income before income tax expense and fixed charges, excluding capitalized interest	$	34,921
Fixed charges, as above	$	9,935
Ratio of earnings to fixed charges		3.51
Including interest on deposits
Fixed charges, as above	$	9,935
Add: Interest on deposits		3,424
Total fixed charges and interest on deposits	$	13,359
Income before income tax expense and fixed charges, excluding capitalized interest, as above	$	34,921
Add: Interest on deposits		3,424
Total income before income tax expense, fixed charges and interest on deposits	$	38,345
Ratio of earnings to fixed charges		2.87

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