<DOCUMENT>
<TYPE>EX-11
<SEQUENCE>2
<FILENAME>y49235ex11.txt
<DESCRIPTION>COMPUTATION OF EARNINGS PER COMMON SHARE
<TEXT>

<PAGE>   1
                                   EXHIBIT 11

                             J.P. MORGAN CHASE & CO.
                    COMPUTATION OF EARNINGS PER COMMON SHARE

For a discussion of the computation of basic and diluted earnings per common
share, see Note 17 of JPMorgan Chase's 2000 Annual Report.

<TABLE>
<CAPTION>
(in millions, except per share amounts)                         THREE MONTHS ENDED
                                                                      MARCH 31,
                                                              -----------------------
                                                                 2001          2000
-------------------------------------------------------------------------------------
<S>                                                           <C>           <C>
BASIC EARNINGS PER SHARE
------------------------
Earnings:
Net Income                                                    $   1,199     $   1,988
Less: Preferred Stock Dividends                                      21            25
                                                              ---------     ---------
Net Income Applicable to Common Stock                         $   1,178     $   1,963
                                                              =========     =========
Shares:
Basic Average Common Shares Outstanding                         1,966.6       1,853.0
Net Income per Share (a)                                      $    0.60     $    1.06
                                                              =========     =========

DILUTED EARNINGS PER SHARE
--------------------------
Earnings:
Net Income Applicable to Common Stock                         $   1,178     $   1,963
                                                              =========     =========
Shares:
Basic Average Common Shares Outstanding                         1,966.6       1,853.0
Additional Shares Issuable upon Exercise of Stock Options
  for Dilutive Effect                                              65.6          92.1
                                                              ---------     ---------
Average Common Shares Outstanding Assuming Dilution             2,032.2       1,945.1
Net Income per Share (a)                                      $    0.58     $    1.01
                                                              =========     =========
</TABLE>

(a) Basic and diluted earnings per share have been reduced by $(0.01) in the
    first quarter of 2001 due to the impact of the adoption of SFAS 133 relating
    to the accounting for derivative instruments and hedging activities.



                                      -52-
</TEXT>
</DOCUMENT>
