Exhibit 12.1

State Street Corporation

R A T I O  O F  E A R N I N G S  T O  F I X E D  C H A R G E S

(Dollars in millions) Years Ended December 31,		2002			2001			2000			1999			1998			1997
(A) Excluding interest on deposits:
Earnings:
Income before income taxes	$	1,555		$	944		$	914		$	974		$	662		$	568
Fixed charges		506			983			1,360			954			856			613
Earnings as adjusted	$	2,061		$	1,927		$	2,274		$	1,928		$	1,518		$	1,181
Income before income taxes
Pretax income from continuing operations as reported	$	1,556		$	930		$	906		$	968		$	657		$	564
Share of pretax income of 50% owned subsidiaries not
included in above		(1	)		14			8			6			5			4
Net income as adjusted	$	1,555		$	944		$	914		$	974		$	662		$	568
Fixed charges:
Interest on other borrowings	$	426		$	881		$	1,268		$	874		$	770		$	548
Interest on long-term debt including amortization of
debt issue costs		71			93			82			70			66			55
Portion of rents representative of the interest factor in
long term lease		9			9			10			10			20			10
Fixed charges	$	506		$	983		$	1,360		$	954		$	856		$	613
Ratio of earnings to fixed charges		4.07	x		1.96	x		1.67	x		2.02	x		1.77	x		1.93	x
(B) Including interest on deposits:
Adjusted earnings from (A) above	$	2,061		$	1,927		$	2,274		$	1,928		$	1,518		$	1,181
Add interest on deposits		498			856			1,012			712			656			512
Earnings as adjusted	$	2,559		$	2,783		$	3,286		$	2,640		$	2,174		$	1,693
Fixed Charges:
Fixed charges from (A) above	$	506		$	983		$	1,360		$	954		$	856		$	613
Interest on deposits		498			856			1,012			712			656			512
Adjusted fixed charges	$	1,004		$	1,839		$	2,372		$	1,666		$	1,512		$	1,125
Adjusted earnings to adjusted fixed charges		2.55	x		1.51	x		1.39	x		1.58	x		1.44	x		1.50	x