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)	2009			2008(c)		2007			2006			2005
Excluding interest on deposits
Income from continuing operations before income taxes	$	16,067		$	2,773	$	22,805		$	19,886		$	11,839
Fixed charges:
Interest expense		10,372			19,693		23,328			20,823			15,534
One-third of rents, net of income from subleases(a)		569			507		400			357			349
Total fixed charges		10,941			20,200		23,728			21,180			15,883
Less: Equity in undistributed income of affiliates/Add: Equity in undistributed loss of affiliates		(21	)		623		(159	)		(152	)		6
Income from continuing operations before income taxes and fixed charges, excluding capitalized interest	$	26,987		$	23,596	$	46,374		$	40,914		$	27,728
Fixed charges, as above	$	10,941		$	20,200	$	23,728		$	21,180		$	15,883
Preferred stock dividends (pretax)		3,435	(b)		803		—			6			18
Fixed charges including preferred stock dividends	$	14,376		$	21,003	$	23,728		$	21,186		$	15,901
Ratio of earnings to fixed charges and preferred stock dividend requirements		1.88			1.12		1.95			1.93			1.74
Including interest on deposits
Fixed charges including preferred stock dividends, as above	$	14,376		$	21,003	$	23,728		$	21,186		$	15,901
Add: Interest on deposits		4,826			14,546		21,653			17,042			9,986
Total fixed charges including preferred stock dividends and interest on deposits	$	19,202		$	35,549	$	45,381		$	38,228		$	25,887
Income from continuing operations before income taxes and fixed charges, excluding capitalized interest, as above	$	26,987		$	23,596	$	46,374		$	40,914		$	27,728
Add: Interest on deposits		4,826			14,546		21,653			17,042			9,986
Total income from continuing operations before income taxes, fixed charges and interest on deposits	$	31,813		$	38,142	$	68,027		$	57,956		$	37,714
Ratio of earnings to fixed charges and preferred stock dividend requirements		1.66			1.07		1.50			1.52			1.46

(a)	The proportion deemed representative of the interest factor.
(b)	Includes a one-time $1.6 billion pretax payment of TARP preferred dividends
(c)	On September 25, 2008, JPMorgan Chase acquired the banking operations of Washington Mutual Bank. On May 30, 2008, JPMorgan Chase merged with The Bear Stearns Companies Inc. 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.

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