Exhibit 12.1



COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES



---



Mellon
Financial Corporation(Parent Corporation)(a)



|                                                                                         |  | Quarter ended                |      | Six months ended
|---------------------------------------------------------------------------------------- |  | ---------------------------- | ---- | ----------------
|                                                                                         |  | June 30,2003                 |      | March 31,2003   
|                                                                                         |  | (dollar amounts in millions)
|Income before income taxes and equity in undistributed net income (loss) of subsidiaries |  | $                            | 133  |                 
|Fixed charges: interest expense and amortization of debt issuance costs                  |  |                              | 40   |                 
|                                                                                         |  |                              |      |                 
|Total earnings (as defined)                                                              |  | $                            | 173  |                 
|                                                                                         |  |                              |      |                 
|Ratio of earnings (as defined) to fixed charges                                          |  |                              | 4.38 |                 
|                                                                                         |  |                              |      |                 

---

|(a) |  | The parent Corporation ratios include the accounts of Mellon Financial Corporation (the Corporation); Mellon Funding Corporation, a wholly owned subsidiary of the
Corporation that functions as a financing entity for the Corporation and its subsidiaries by issuing commercial paper and other debt guaranteed by the Corporation; Mellon Capital I and Mellon Capital II, special-purpose statutory trusts formed by
the Corporation that exist solely to issue capital securities; and MIPA, LLC, a single member limited liability company wholly owned by the Corporation, created to hold and administer corporate owned life insurance. Because these ratios exclude from
earnings the equity in undistributed net income (loss) of subsidiaries, these ratios vary with the payment of dividends by such subsidiaries.
|--- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------