EXHIBIT 12

STATE STREET CORPORATION

Ratio of Earnings to Fixed Charges

	Nine Months Ended September 30, 2003		Years Ended December 31,
(Dollars in millions)			2002			2001		2000		1999		1998
(A) Excluding interest on deposits:
Earnings:
Income before income taxes	$	435	$	1,554		$	944	$	914	$	974	$	662
Fixed charges		283		506			983		1,360		954		856
Earnings as adjusted	$	718	$	2,060		$	1,927	$	2,274	$	1,928	$	1,518
Income before income taxes:
Pretax income from continuing operations as     reported	$	434	$	1,555		$	930	$	906	$	968	$	657
Share of pretax income (loss) of 50% owned     subsidiaries not included in above		1		(1	)		14		8		6		5
Net income as adjusted	$	435	$	1,554		$	944	$	914	$	974	$	662
Fixed charges:
Interest on other borrowings	$	217	$	426		$	881	$	1,268	$	874	$	770
Interest on long-term debt including     amortization of debt issue costs		56		71			93		82		70		66
Portion of rents representative of the interest     factor in long term lease		10		9			9		10		10		20
Fixed charges	$	283	$	506		$	983	$	1,360	$	954	$	856
Ratio of earnings to fixed charges		2.53x		4.07x			1.96x		1.67x		2.02x		1.77x
(B) Including interest on deposits:
Adjusted earnings from (A) above	$	718	$	2,060		$	1,927	$	2,274	$	1,928	$	1,518
Add interest on deposits		289		498			856		1,012		712		656
Earnings as adjusted	$	1,007	$	2,558		$	2,783	$	3,286	$	2,640	$	2,174
Fixed charges:
Fixed charges from (A) above	$	283	$	506		$	983	$	1,360	$	954	$	856
Interest on deposits		289		498			856		1,012		712		656
Adjusted fixed charges	$	572	$	1,004		$	1,839	$	2,372	$	1,666	$	1,512
Adjusted earnings to adjusted fixed charges		1.76x		2.55x			1.51x		1.39x		1.58x		1.44x

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