EXHIBIT 12.1

JPMORGAN CHASE & CO.

Computation of Ratio of Earnings to Fixed Charges

Nine months ended September 30, (in millions, except ratios)	2012
Excluding interest on deposits
Income before income tax expense	$	21,967
Fixed charges:
Interest expense		6,556
One-third of rents, net of income from subleases (a)		416
Total fixed charges		6,972
Add: Equity in undistributed loss of affiliates		111
Income before income tax expense and fixed charges, excluding capitalized interest	$	29,050
Fixed charges, as above	$	6,972
Ratio of earnings to fixed charges		4.17
Including interest on deposits
Fixed charges, as above	$	6,972
Add: Interest on deposits		2,085
Total fixed charges and interest on deposits	$	9,057
Income before income tax expense and fixed charges, excluding capitalized interest, as above	$	29,050
Add: Interest on deposits		2,085
Total income before income tax expense, fixed charges and interest on deposits	$	31,135
Ratio of earnings to fixed charges		3.44

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