Exhibit 12.2



COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

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Mellon Financial Corporation(and its subsidiaries)



|                                                                                                                                                                    |  | Quarter ended                |      | Six months ended
|------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ---------------------------- | ---- | ----------------
|                                                                                                                                                                    |  | June 30,2003                 |      | March 31,2003   
|                                                                                                                                                                    |  | (dollar amounts in millions)
|Income from continuing operations before provision for income taxes (a)                                                                                             |  | $                            | 252  |                 
|Fixed charges: interest expense (excluding interest on deposits), one-third of rental expense net of income from subleases, and
amortization of debt issuance costs |  |                              | 80   |                 
|                                                                                                                                                                    |  |                              |      |                 
|Total earnings (as defined), excluding interest on deposits                                                                                                         |  |                              | 332  |                 
|Interest on deposits                                                                                                                                                |  |                              | 31   |                 
|                                                                                                                                                                    |  |                              |      |                 
|Total earnings (as defined)                                                                                                                                         |  | $                            | 363  |                 
|                                                                                                                                                                    |  |                              |      |                 
|Ratio of earnings (as defined) to fixed charges:                                                                                                                    |  |                              |      |                 
|Excluding interest on deposits                                                                                                                                      |  |                              | 4.13 |                 
|Including interest on deposits                                                                                                                                      |  |                              | 3.27 |                 
|                                                                                                                                                                    |  |                              |      |                 

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|(a) |  | Amounts for the first quarter and first six months of 2003 are before the cumulative effect of a change in accounting principle, as disclosed further on page 11.
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