Exhibit 12.2



COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES



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Mellon Financial Corporation (and its subsidiaries)



|                                                                                                                                                                    |  | Quarter ended               
|------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ----------------------------
|                                                                                                                                                                    |  | March 31,2003               
|                                                                                                                                                                    |  | (dollar amounts in millions)
|Income from continuing operations before provision for income taxes and impact of
accounting change                                                                 |  | $                           
|Fixed charges: interest expense (excluding interest on deposits), one-third of rental
expense net of income from subleases, and amortization of debt issuance costs |  |                             
|                                                                                                                                                                    |  |                             
|Total earnings (as defined), excluding interest on deposits                                                                                                         |  |                             
|Interest on deposits                                                                                                                                                |  |                             
|                                                                                                                                                                    |  |                             
|Total earnings (as defined)                                                                                                                                         |  | $                           
|                                                                                                                                                                    |  |                             
|Ratio of earnings (as defined) to fixed charges:                                                                                                                    |  |                             
|Excluding interest on deposits                                                                                                                                      |  |                             
|Including interest on deposits                                                                                                                                      |  |                             
|                                                                                                                                                                    |  |