WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

  

<ARTICLE> 9
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31,
1997 INCLUDED IN THE FORM 10-K.
</LEGEND>
<MULTIPLIER> 1,000,000
<CURRENCY> U.S.DOLLARS
       
                             
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-START>                             JAN-01-1997
<PERIOD-END>                               DEC-31-1997
<EXCHANGE-RATE>                                      1
<CASH>                                           1,758
<INT-BEARING-DEPOSITS>                           2,132
<FED-FUNDS-SOLD>                                39,002
<TRADING-ASSETS>                               111,854
<INVESTMENTS-HELD-FOR-SALE>                     23,402
<INVESTMENTS-CARRYING>                               0
<INVESTMENTS-MARKET>                                 0
<LOANS>                                         31,578
<ALLOWANCE>                                        546
<TOTAL-ASSETS>                                 262,159
<DEPOSITS>                                      58,879
<SHORT-TERM>                                    81,602
<LIABILITIES-OTHER>                             87,285
<LONG-TERM>                                     22,989
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                        694
<COMMON>                                           502
<OTHER-SE>                                      10,208
<TOTAL-LIABILITIES-AND-EQUITY>                 262,159
<INTEREST-LOAN>                                  2,029
<INTEREST-INVEST>                                1,557
<INTEREST-OTHER>                                 8,767
<INTEREST-TOTAL>                                12,353
<INTEREST-DEPOSIT>                               2,753
<INTEREST-EXPENSE>                              10,481
<INTEREST-INCOME-NET>                            1,872
<LOAN-LOSSES>                                        0
<SECURITIES-GAINS>                                 383
<EXPENSE-OTHER>                                  5,066
<INCOME-PRETAX>                                  2,154
<INCOME-PRE-EXTRAORDINARY>                       1,465
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                     1,465
<EPS-PRIMARY>                                        0<F1>
<EPS-DILUTED>                                        0<F1>
<YIELD-ACTUAL>                                     .98
<LOANS-NON>                                        113<F2>
<LOANS-PAST>                                         0
<LOANS-TROUBLED>                                     0
<LOANS-PROBLEM>                                      0
<ALLOWANCE-OPEN>                                 1,116
<CHARGE-OFFS>                                       79
<RECOVERIES>                                        45
<ALLOWANCE-CLOSE>                                1,081
<ALLOWANCE-DOMESTIC>                                58
<ALLOWANCE-FOREIGN>                                228
<ALLOWANCE-UNALLOCATED>                            795
        

<F1>On December 31, 1997, J.P. Morgan adopted Statement of Financial Accounting
    Standards (SFAS) No. 128, Earnings per Share (EPS). SFAS 128 supersedes
    Accounting Principles Board Opinion No. 15 and related pronouncements and
    replaces the computations of primary and fully diluted EPS with basic and
    diluted EPS, respectively. Basic EPS was $7.71, $8.11, and $6.70 for the
    years ended December 31, 1997, 1996, and 1995, respectively. Diluted EPS was
    $7.17, $7.63, and $6.42 for the years ended December 31, 1997, 1996, and
    1995, respectively.

<F2>Nonperforming assets (which includes nonperforming loans) were $659 
    at December 31, 1997.