<PAGE> 1
EXHIBIT 12
Computation of Ratio of Earnings to Fixed Charges
J.P. Morgan & Co. Incorporated
Consolidated
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
Six Months
Dollars in millions 2000
--------------------------------------------------------------------------------
Earnings:
<S> <C>
Net income $1 170
Add: income taxes 630
Less: equity in undistributed income
of all affiliates accounted for by
the equity method 61
Add: fixed charges, excluding interest
on deposits 4 360
--------------------------------------------------------------------------------
Earnings available for fixed charges,
excluding interest on deposits 6 099
Add: interest on deposits 1 099
--------------------------------------------------------------------------------
Earnings available for fixed charges,
including interest on deposits 7 198
--------------------------------------------------------------------------------
Fixed charges:
Interest expense, excluding interest on
deposits 4 344
Interest factor in net rental expense 16
--------------------------------------------------------------------------------
Total fixed charges, excluding interest
on deposits 4 360
Add: interest on deposits 1 099
--------------------------------------------------------------------------------
Total fixed charges, including interest
on deposits 5 459
--------------------------------------------------------------------------------
Ratio of earnings to fixed charges:
Excluding interest on deposits 1.40
Including interest on deposits 1.32
--------------------------------------------------------------------------------
</TABLE>
<PAGE> 2
EXHIBIT 12
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock
Dividends
J.P. Morgan & Co. Incorporated
Consolidated
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
Dollars in millions Six Months
2000
--------------------------------------------------------------------------------
Earnings:
<S> <C>
Net income $ 1 170
Add: income taxes 630
Less: equity in undistributed income
of all affiliates accounted for by
the equity method 61
Add: fixed charges, excluding interest
on deposits, and preferred stock
dividends 4 389
--------------------------------------------------------------------------------
Earnings available for fixed charges,
excluding interest on deposits 6 128
Add: interest on deposits 1 099
--------------------------------------------------------------------------------
Earnings available for fixed charges,
including interest on deposits 7 227
--------------------------------------------------------------------------------
Fixed charges:
Interest expense, excluding interest on
deposits 4 344
Interest factor in net rental expense 16
Preferred stock dividends 29
--------------------------------------------------------------------------------
Total fixed charges, excluding interest
on deposits 4 389
Add: interest on deposits 1 099
--------------------------------------------------------------------------------
Total fixed charges, including interest
on deposits 5 488
--------------------------------------------------------------------------------
Ratio of earnings to fixed charges:
Excluding interest on deposits 1.40
Including interest on deposits 1.32
--------------------------------------------------------------------------------
</TABLE>
