Exhibit 12.2



COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES



|                                                                                                                                                                   |              |               |               |                  |              |      |              |   |              |  |   |      |  |   |     
|------------------------------------------------------------------------------------------------------------------------------------------------------------------ | ------------ | ------------- | ------------- | ---------------- | ------------ | ---- | ------------ | - | ------------ |  | - | ---- |  | - | ----
|Mellon Financial Corporation (and its subsidiaries) (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 from continuing operations before provision for income taxes(a)                                                                                             |              | $             | 261           |                  | $            | 361  |              | $ | 252          |  | $ | 622  |  | $ | 497 
|Fixed charges: interest expense (excluding interest on deposits), one-third of rental expense net of income from subleases and amortization of
debt issuance costs |              |               | 69            |                  |              | 71   |              |   | 80           |  |   | 140  |  |   | 157 
|                                                                                                                                                                   |              |               |               |                  |              |      |              |   |              |  |   |      |  |   |     
|Total earnings (as defined), excluding interest on deposits                                                                                                        |              |               | 330           |                  |              | 432  |              |   | 332          |  |   | 762  |  |   | 654 
|Interest on deposits                                                                                                                                               |              |               | 26            |                  |              | 24   |              |   | 31           |  |   | 50   |  |   | 65  
|                                                                                                                                                                   |              |               |               |                  |              |      |              |   |              |  |   |      |  |   |     
|Total earnings (as defined)                                                                                                                                        |              | $             | 356           |                  | $            | 456  |              | $ | 363          |  | $ | 812  |  | $ | 719 
|                                                                                                                                                                   |              |               |               |                  |              |      |              |   |              |  |   |      |  |   |     
|Ratio of earnings (as defined) to fixed charges:                                                                                                                   |              |               |               |                  |              |      |              |   |              |  |   |      |  |   |     
|Excluding interest on deposits                                                                                                                                     |              |               | 4.75          |                  |              | 6.09 |              |   | 4.13         |  |   | 5.42 |  |   | 4.16
|Including interest on deposits                                                                                                                                     |              |               | 3.75          |                  |              | 4.78 |              |   | 3.27         |  |   | 4.26 |  |   | 3.24



|(a) | Amounts for the first six months of 2003 are before the cumulative effect of a change in accounting principle, as disclosed
further on page 9.
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