EXHIBIT 12.2

JPMORGAN CHASE & CO.

Computation of Ratio of Earnings to Fixed Charges
and Preferred Stock Dividend Requirements

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
Preferred stock dividends (pre-tax)		6
Fixed charges including preferred stock dividends	$	4,673
Ratio of earnings to fixed charges and preferred stock dividend requirements		1.99
Including Interest on Deposits
Fixed charges including preferred stock dividends, as above	$	4,673
Add:   Interest on deposits		3,738
Total fixed charges including preferred stock dividends and interest on deposits	$	8,411
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 and preferred stock dividend requirements		1.55

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