Exhibit 12.2

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

Mellon Financial Corporation (and its subsidiaries)

	Quarter ended						Six months ended
	June 30, 2003		March 31, 2003		June 30, 2002		June 30, 2003		June 30, 2002
	(dollar amounts in millions)
Income from continuing operations before provision for income taxes (a)	$	252	$	246	$	155	$	498	$	478
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		77		88		157		174
Total earnings (as defined), excluding interest on deposits		332		323		243		655		652
Interest on deposits		31		34		48		65		91
Total earnings (as defined)	$	363	$	357	$	291	$	720	$	743
Ratio of earnings (as defined) to fixed charges:
Excluding interest on deposits		4.13		4.20		2.76		4.16		3.75
Including interest on deposits		3.27		3.22		2.14		3.24		2.80

(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.