Exhibit - 21.1

MELLON FINANCIAL CORPORATION

PRIMARY SUBSIDIARIES OF THE CORPORATION (a)

DEC. 31, 2003

Mellon Trust of New England, National Association — Incorporation: United States

The Boston Company, Inc. — State of Incorporation: Massachusetts

Mellon Consultants, Inc. — State of Incorporation: New York

Mellon Bank, N.A. — Incorporation: United States

• Cornice Holding Company, Inc. — State of Incorporation: Colorado

• Founders Asset Management LLC — State of Organization: Colorado

• The Dreyfus Corporation — State of Incorporation: New York

Mellon 1^st Business Bank, National Association — Incorporation: United States

Mellon United National Bank — Incorporation: United States

MBC Investments Corporation — State of Incorporation: Delaware

• Neptune LLC — State of Organization: Delaware

• Mellon Europe Ltd. — Incorporation: England

• Mellon Global Investments Limited — Incorporation: England

• Newton Management Limited — Incorporation: England

• Newton Investment Management Limited — Incorporation: England

Mellon Human Resources & Investor Solutions Inc. — State of Incorporation: Pennsylvania

• Mellon Investor Services LLC — State of Organization: New Jersey

• Mellon HR Solutions LLC — State of Organization: Pennsylvania

Fixed Income (DE) Trust — State of Organization: Delaware

• Fixed Income (MA) Trust — State of Organization: Massachusetts

• Standish Mellon Asset Management Company LLC — State of Organization: Delaware

(a) This listing includes all significant subsidiaries as defined in Rule 1-02(w) of Regulation S-X, as well as other selected subsidiaries.