EXHIBIT 12.1

JPMORGAN CHASE & CO.

Computation of Ratio of Earnings to Fixed Charges

Three months ended March 31, (in millions, except ratios)	2006
Excluding Interest on Deposits
Income before income taxes	$	4,653
Fixed charges:
Interest expense		4,576
One-third of rents, net of income from subleases (a)		91
Total fixed charges		4,667
Less:   Equity in undistributed income of affiliates		(43	)
Earnings before taxes and fixed charges, excluding capitalized interest	$	9,277
Fixed charges, as above	$	4,667
Ratio of earnings to fixed charges		1.99
Including Interest on Deposits
Fixed charges, as above	$	4,667
Add:   Interest on deposits		3,738
Total fixed charges and interest on deposits	$	8,405
Earnings before taxes and fixed charges, excluding capitalized interest, as above	$	9,277
Add:   Interest on deposits		3,738
Total earnings before taxes, fixed charges and interest on deposits	$	13,015
Ratio of earnings to fixed charges		1.55

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