<PAGE> 1
EXHIBIT 12
Computation of Ratio of Earnings to Fixed Charges
J.P. Morgan & Co. Incorporated
Consolidated
<TABLE>
<CAPTION>
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Nine Months
Dollars in millions 2000
------------------------------------------------------------------------------
<S> <C>
Earnings:
Net income $ 1 684
Add: income taxes 829
Less: equity in undistributed income
of all affiliates accounted for by
the equity method 84
Add: fixed charges, excluding interest
on deposits 6 859
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Earnings available for fixed charges,
excluding interest on deposits 9 288
Add: interest on deposits 1 614
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Earnings available for fixed charges,
including interest on deposits 10 902
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Fixed charges:
Interest expense, excluding interest on
deposits 6 833
Interest factor in net rental expense 26
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Total fixed charges, excluding interest
on deposits 6 859
Add: interest on deposits 1 614
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Total fixed charges, including interest
on deposits 8 473
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Ratio of earnings to fixed charges:
Excluding interest on deposits 1.35
Including interest on deposits 1.29
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</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 Nine Months
2000
--------------------------------------------------------------------------------
<S> <C>
Earnings:
Net income $ 1 684
Add: income taxes 829
Less: equity in undistributed income
of all affiliates accounted for by
the equity method 84
Add: fixed charges, excluding interest
on deposits, and preferred stock
dividends 6 903
--------------------------------------------------------------------------------
Earnings available for fixed charges,
excluding interest on deposits 9 332
Add: interest on deposits 1 614
--------------------------------------------------------------------------------
Earnings available for fixed charges,
including interest on deposits 10 946
--------------------------------------------------------------------------------
Fixed charges:
Interest expense, excluding interest on
deposits 6 833
Interest factor in net rental expense 26
Preferred stock dividends 44
--------------------------------------------------------------------------------
Total fixed charges, excluding interest
on deposits 6 903
Add: interest on deposits 1 614
--------------------------------------------------------------------------------
Total fixed charges, including interest
on deposits 8 517
--------------------------------------------------------------------------------
Ratio of earnings to fixed charges:
Excluding interest on deposits 1.35
Including interest on deposits 1.29
--------------------------------------------------------------------------------
</TABLE>
