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)	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
Preferred stock dividends (pre-tax)		899
Fixed charges including preferred stock dividends	$	11,210
Ratio of earnings to fixed charges and preferred stock dividend requirements		3.31
Including interest on deposits
Fixed charges including preferred stock dividends, as above	$	11,210
Add:  Interest on deposits		3,855
Total fixed charges including preferred stock dividends and interest on deposits	$	15,065
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 and preferred stock dividend requirements		2.72

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