EXHIBIT 12.1

JPMORGAN CHASE & CO.

Computation of Ratio of Earnings to Fixed Charges

Three Months Ended March 31, (in millions, except ratios)	2005
Excluding Interest on Deposits
Income before income taxes	$	3,283
Fixed charges:
Interest expense		3,422
One-third of rents, net of income from subleases (a)		89
Total fixed charges		3,511
Add: Equity in undistributed loss of affiliates		34
Earnings before taxes and fixed charges, excluding capitalized interest	$	6,828
Fixed charges, as above	$	3,511
Ratio of earnings to fixed charges		1.94
Including Interest on Deposits
Fixed charges, as above	$	3,511
Add: Interest on deposits		1,985
Total fixed charges and interest on deposits	$	5,496
Earnings before taxes and fixed charges, excluding capitalized interest, as above	$	6,828
Add: Interest on deposits		1,985
Total earnings before taxes, fixed charges and interest on deposits	$	8,813
Ratio of earnings to fixed charges		1.60

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