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EXHIBIT 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
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MELLON FINANCIAL CORPORATION (parent corporation) (a)
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Quarter ended Nine months ended
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Sept. 30, June 30, Sept. 30, Sept. 30, Sept. 30,
(dollar amounts in millions) 2000 2000 1999 2000 1999
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<S> <C> <C> <C> <C> <C>
Income before income taxes and equity in undistributed
net income (loss) of subsidiaries $402 $268 $193 $ 833 $542
Fixed charges: interest expense, trust-preferred securities
expense and amortization of debt issuance costs 60 59 56 177 165
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Total earnings (as defined) $462 $327 $249 $1,010 $707
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Ratio of earnings (as defined) to fixed charges 7.64 5.58 4.44 5.70 4.28
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(a) The parent Corporation ratios include the accounts of Mellon Financial
Corporation (the "Corporation") and 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, and Mellon Capital I and Mellon
Capital II, special-purpose business trusts formed by the Corporation, that
exist solely to issue capital securities. 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.
