Exhibit 12.1



COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES



|                                                                                         |              |               |               |                  |              |      |              |   |              |  |   |      |  |   |     
|---------------------------------------------------------------------------------------- | ------------ | ------------- | ------------- | ---------------- | ------------ | ---- | ------------ | - | ------------ |  | - | ---- |  | - | ----
|Mellon Financial Corporation (Parent Corporation)(a) (dollar amounts in millions)        |              | Quarter ended |               | Six months ended
|                                                                                         | June 30,2004 |               | March 31,2004 |                  | June 30,2003 |      | June 30,2004 |   | June 30,2003
|Income before income taxes and equity in undistributed net income (loss) of subsidiaries |              | $             | 197           |                  | $            | 16   |              | $ | 133          |  | $ | 213  |  | $ | 282 
|Fixed charges: interest expense and amortization of debt issuance costs                  |              |               | 39            |                  |              | 38   |              |   | 40           |  |   | 77   |  |   | 82  
|                                                                                         |              |               |               |                  |              |      |              |   |              |  |   |      |  |   |     
|Total earnings (as defined)                                                              |              | $             | 236           |                  | $            | 54   |              | $ | 173          |  | $ | 290  |  | $ | 364 
|                                                                                         |              |               |               |                  |              |      |              |   |              |  |   |      |  |   |     
|Ratio of earnings (as defined) to fixed charges                                          |              |               | 6.16          |                  |              | 1.42 |              |   | 4.38         |  |   | 3.79 |  |   | 4.45



|(a) | The parent corporation ratios include the accounts of Mellon Financial Corporation (the Corporation); Mellon
Funding Corporation, a wholly owned subsidiary of the Corporation that functions as a financing entity for the Corporation and its subsidiaries by issuing commercial paper and other debt guaranteed by the Corporation; and MIPA, LLC, a single member
limited liability company wholly owned by the Corporation, created to hold and administer corporate owned life insurance. Because these ratios exclude from earnings the equity in undistributed net income (loss) of subsidiaries, these ratios vary
with the payment of dividends by such subsidiaries.
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