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.