EXHIBIT 12.1

JPMORGAN CHASE & CO.

Computation of Ratio of Earnings to Fixed Charges

Year ended December 31, (in millions, except ratios)	2011
Excluding interest on deposits
Income before income tax expense	$	26,749
Fixed charges:
Interest expense		9,749
One-third of rents, net of income from subleases (a)		562
Total fixed charges		10,311
Add:  Equity in undistributed loss of affiliates		59
Income before income tax expense and fixed charges, excluding capitalized interest	$	37,119
Fixed charges, as above	$	10,311
Ratio of earnings to fixed charges		3.60
Including interest on deposits
Fixed charges, as above	$	10,311
Add:  Interest on deposits		3,855
Total fixed charges and interest on deposits	$	14,166
Income before income tax expense and fixed charges, excluding capitalized interest, as above	$	37,119
Add:  Interest on deposits		3,855
Total income before income tax expense, fixed charges and interest on deposits	$	40,974
Ratio of earnings to fixed charges		2.89

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