EXHIBIT 12.1

JPMorgan Chase & Co.

Computation of Ratio of Earnings to Fixed Charges

Year ended December 31, (in millions, except ratios)	2015
Excluding interest on deposits
Income before income tax expense	$	30,702
Fixed charges:
Interest expense	6,211
One-third of rents, net of income from subleases (a)	535
Total fixed charges	6,746
Add: Equity in undistributed loss of affiliates	406
Income before income tax expense and fixed charges, excluding capitalized interest	$	37,854
Fixed charges, as above	$	6,746
Ratio of earnings to fixed charges	5.61
Including interest on deposits
Fixed charges, as above	$	6,746
Add: Interest on deposits	1,252
Total fixed charges and interest on deposits	$	7,998
Income before income tax expense and fixed charges, excluding capitalized interest, as above	$	37,854
Add: Interest on deposits	1,252
Total income before income tax expense, fixed charges and interest on deposits	$	39,106
Ratio of earnings to fixed charges	4.89

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