Exhibit 12.2



COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES



|                                                                                                                                                                   |               |               |              |  |               |      |  |   |     
|------------------------------------------------------------------------------------------------------------------------------------------------------------------ | ------------- | ------------- | ------------ |  | ------------- | ---- |  | - | ----
|Mellon Financial Corporation (and its subsidiaries) (dollar amounts in millions)                                                                                   |               | Quarter ended
|                                                                                                                                                                   | March 31,2004 |               | Dec. 31,2003 |  | March 31,2003
|Income from continuing operations before provision for income taxes(a)                                                                                             |               | $             | 361          |  | $             | 270  |  | $ | 245 
|Fixed charges: interest expense (excluding interest on deposits), one-third of rental expense net of income from subleases and amortization of
debt issuance costs |               |               | 71           |  |               | 61   |  |   | 77  
|                                                                                                                                                                   |               |               |              |  |               |      |  |   |     
|Total earnings (as defined), excluding interest on deposits                                                                                                        |               |               | 432          |  |               | 331  |  |   | 322 
|Interest on deposits                                                                                                                                               |               |               | 24           |  |               | 25   |  |   | 34  
|                                                                                                                                                                   |               |               |              |  |               |      |  |   |     
|Total earnings (as defined)                                                                                                                                        |               | $             | 456          |  | $             | 356  |  | $ | 356 
|                                                                                                                                                                   |               |               |              |  |               |      |  |   |     
|Ratio of earnings (as defined) to fixed charges:                                                                                                                   |               |               |              |  |               |      |  |   |     
|Excluding interest on deposits                                                                                                                                     |               |               | 6.09         |  |               | 5.41 |  |   | 4.19
|Including interest on deposits                                                                                                                                     |               |               | 4.78         |  |               | 4.15 |  |   | 3.21
|                                                                                                                                                                   |               |               |              |  |               |      |  |   |     



|(a) | Amounts for the first quarter of 2003 are before the
cumulative effect of a change in accounting principle, as disclosed further on page 10.
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