EXHIBIT 12.1

JPMORGAN CHASE & CO.

Computation of Ratio of Earnings to Fixed Charges

Three months ended March 31, (in millions, except ratios)	2010
Excluding interest on deposits
Income before income tax expense	$	4,537
Fixed charges:
Interest expense		2,291
One-third of rents, net of income from subleases (a)		146
Total fixed charges		2,437
Add: Equity in undistributed loss of affiliates		29
Income before income tax expense and fixed charges, excluding capitalized interest	$	7,003
Fixed charges, as above	$	2,437
Ratio of earnings to fixed charges		2.87
Including interest on deposits
Fixed charges, as above	$	2,437
Add: Interest on deposits		844
Total fixed charges and interest on deposits	$	3,281
Income before income tax expense and fixed charges, excluding capitalized interest, as above	$	7,003
Add: Interest on deposits		844
Total income before income tax expense, fixed charges and interest on deposits	$	7,847
Ratio of earnings to fixed charges		2.39

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