Exhibit 12.2
JPMorgan Chase & Co.

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

Year ended December 31,
(in millions, except ratios)	2008(b)		2007			2006			2005		2004(c)
Excluding interest on deposits
Income from continuing operations before income taxes	$	2,773	$	22,805		$	19,886		$	11,839	$	5,856
Fixed charges:
Interest expense		19,693		23,328			20,823			15,534		9,418
One-third of rents, net of income from subleases(a)		507		400			357			349		334
Total fixed charges		20,200		23,728			21,180			15,883		9,752
Less: Equity in undistributed income of affiliates/Add: Equity in undistributed loss of affiliates		623		(159	)		(152	)		6		149
Income from continuing operations before income taxes and fixed charges, excluding capitalized interest	$	23,596	$	46,374		$	40,914		$	27,728	$	15,757
Fixed charges, as above	$	20,200	$	23,728		$	21,180		$	15,883	$	9,752
Preferred stock dividends (pretax)		803		—			6			18		68
Fixed charges including preferred stock dividends	$	21,003	$	23,728		$	21,186		$	15,901	$	9,820
Ratio of earnings to fixed charges and preferred stock dividend requirements		1.12		1.95			1.93			1.74		1.60
Including interest on deposits
Fixed charges including preferred stock dividends, as above	$	21,003	$	23,728		$	21,186		$	15,901	$	9,820
Add: Interest on deposits		14,546		21,653			17,042			9,986		4,515
Total fixed charges including preferred stock dividends and interest on deposits	$	35,549	$	45,381		$	38,228		$	25,887	$	14,335
Income from continuing operations before income taxes and fixed charges, excluding capitalized interest, as above	$	23,596	$	46,374		$	40,914		$	27,728	$	15,757
Add: Interest on deposits		14,546		21,653			17,042			9,986		4,515
Total income from continuing operations before income taxes, fixed charges and interest on deposits	$	38,142	$	68,027		$	57,956		$	37,714	$	20,272
Ratio of earnings to fixed charges and preferred stock dividend requirements		1.07		1.50			1.52			1.46		1.41

(a)	The proportion deemed representative of the interest factor.
(b)	On September 25, 2008, JPMorgan Chase acquired the banking operations of Washington Mutual Bank. On May 30, 2008, the Bear Stearns merger was consummated. Each of these transactions was accounted for as a purchase and their respective results of operations are included in the Firm’s results from each respective transaction date.
(c)	On July 1, 2004, Bank One Corporation merged with and into JPMorgan Chase. Accordingly, 2004 results include six months of the combined Firm’s results and six months of heritage JPMorgan Chase results.

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