Exhibit 12-a

                     MORGAN STANLEY DEAN WITTER & CO.

                    Ratio of Earnings to Fixed Charges
                           (Dollars in millions)




                                               (Unaudited)
                                           Three Months Ended
                                        -------------------------
                                        February 28, February 28,                Fiscal Year
                                            1999         1998           1998        1997      1996
                                        ------------ ------------     --------    --------  --------
                                                                             
Ratio of Earnings to Fixed Charges

Earnings:
   Income before income taxes(l)           1,672        1,132          $5,385      $4,274     $3,117
   Add:    Fixed charges, net              2,906        3,168          13,614      10,898      9,026
                                          ------       ------         -------     -------    -------
     Income before income taxes and 
       fixed charges, net                  4,578        4,300         $18,999     $15,172    $12,143
                                          ======       ======         =======     =======    =======
Fixed charges:
   Total interest expense                  2,877        3,145         $13,514     $10,806     $8,934
   Interest factor in rents                   29           23             100          92         92
                                          ------       ------         -------     -------    -------
         Total fixed charges               2,906        3,168         $13,614     $10,898     $9,026
                                          ======       ======         =======     =======    =======
Ratio of earnings to fixed charges           1.6          1.4             1.4         1.4        1.3

(1) 1998 Income before income taxes does not include a cumulative effect of
    accounting change.



"Earnings" consist of income before income taxes and fixed charges. "Fixed
charges" consist of interest costs, including interest on deposits, and that
portion of rent expense estimated to be representative of the interest factor.