EX-12.1 2 a4q14erfexhibit121.htm RATIO OF EARNINGS TO FIXED CHARGES - 4Q14 4Q14 ERF Exhibit 12.1


EXHIBIT 12.1
JPMorgan Chase & Co.
Computation of Ratio of Earnings to Fixed Charges
 
Year ended December 31, (in millions, except ratios)
2014

Excluding interest on deposits
 
Income before income tax expense
$
29,792

Fixed charges:
 
Interest expense
6,264

One-third of rents, net of income from subleases (a)
624

Total fixed charges
6,888

Add: Equity in undistributed loss of affiliates
1,026

Income before income tax expense and fixed charges, excluding capitalized interest
$
37,706

Fixed charges, as above
$
6,888

Ratio of earnings to fixed charges
5.47

Including interest on deposits
 
Fixed charges, as above
$
6,888

Add: Interest on deposits
1,633

Total fixed charges and interest on deposits
$
8,521

Income before income tax expense and fixed charges, excluding capitalized interest, as above
$
37,706

Add: Interest on deposits
1,633

Total income before income tax expense, fixed charges and interest on deposits
$
39,339

Ratio of earnings to fixed charges
4.62



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