Exhibit 12.2



COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES



Mellon Financial Corporation

(and its subsidiaries)



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|------------------------------------------------------------------------------------------------------------------------------------------------------------------ |  | ------------- | ---- | ----------------- | - | ------------- |  | ------------- | ---- | ------------- | - | ----- |  | - | -----
|                                                                                                                                                                   |  | Quarter ended |      | Nine months ended
|(dollar amounts in millions)                                                                                                                                       |  | Sept. 30,2004 |      | June 30,2004      |   | Sept. 30,2003 |  | Sept. 30,2004 |      | Sept. 30,2003
|Income from continuing operations before provision for income taxes (a)                                                                                            |  | $             | 251  |                   | $ | 261           |  | $             | 221  |               | $ | 873   |  | $ | 718  
|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   |                   |   | 69            |  |               | 75   |               |   | 211   |  |   | 232  
|Total earnings (as defined), excluding interest on deposits                                                                                                        |  |               | 322  |                   |   | 330           |  |               | 296  |               |   | 1,084 |  |   | 950  
|Interest on deposits                                                                                                                                               |  |               | 35   |                   |   | 26            |  |               | 24   |               |   | 85    |  |   | 89   
|Total earnings (as defined)                                                                                                                                        |  | $             | 357  |                   | $ | 356           |  | $             | 320  |               | $ | 1,169 |  | $ | 1,039
|Ratio of earnings (as defined) to fixed charges:                                                                                                                   |  |               |      |                   |   |               |  |               |      |               |   |       |  |   |      
|Excluding interest on deposits                                                                                                                                     |  |               | 4.58 |                   |   | 4.75          |  |               | 3.95 |               |   | 5.14  |  |   | 4.09 
|Including interest on deposits                                                                                                                                     |  |               | 3.40 |                   |   | 3.75          |  |               | 3.21 |               |   | 3.96  |  |   | 3.23 

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