EXHIBIT 12.1

JPMORGAN CHASE & CO.

Computation of Ratio of Earnings to Fixed Charges

Nine months ended September 30, (in millions, except ratios)	2009
Excluding interest on deposits
Income before income tax expense and extraordinary gain	$	12,191
Fixed charges:
Interest expense		8,024
One-third of rents, net of income from subleases (a)		428
Total fixed charges		8,452
Less: Equity in undistributed income of affiliates		(24	)
Income before income tax expense and extraordinary gain and fixed charges, excluding capitalized interest	$	20,619
Fixed charges, as above	$	8,452
Ratio of earnings to fixed charges		2.44
Including interest on deposits
Fixed charges, as above	$	8,452
Add: Interest on deposits		3,937
Total fixed charges and interest on deposits	$	12,389
Income before income tax expense and extraordinary gain and fixed charges, excluding capitalized interest, as above	$	20,619
Add: Interest on deposits		3,937
Total income before income tax expense and extraordinary gain, fixed charges and interest on deposits	$	24,556
Ratio of earnings to fixed charges		1.98

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