EXHIBIT 12

KEYCORP
COMPUTATION OF CONSOLIDATED RATIO OF EARNINGS TO
COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

(dollars in millions)

(unaudited)

	Year ended December 31,
	2010			2009			2008			2007			2006
Computation of Earnings
Net income (loss) attributable to Key	$	554		$	(1,335	)	$	(1,468	)	$	919		$	1,055
Add: Provision for income taxes		186			(1,035	)		437			277			440
Less: Income (loss) from discontinued operations, net of taxes		(23	)		(48	)		(173	)		(16	)		(127	)
Less: Cumulative effect of accounting change, net of taxes		—			—			—			—			5
Income (loss) before income taxes and cumulative effect of accounting change		763			(2,322	)		(858	)		1,212			1,617
Fixed charges, excluding interest on deposits		244			314			597			835			787
Total earnings for computation, excluding interest on deposits		1,007			(2,008	)		(261	)		2,047			2,404
Interest on deposits		671			1,119			1,468			1,845			1,576
Total earnings for computation, including interest on deposits	$	1,678		$	(889	)	$	1,207		$	3,892		$	3,980
Computation of Fixed Charges
Net rental expense	$	120		$	122		$	111		$	108		$	122
Portion of net rental expense deemed representative of interest	$	18		$	18		$	28		$	30		$	34
Interest on short-term borrowed funds		20			21			187			312			201
Interest on long-term debt		206			275			382			493			552
Total fixed charges, excluding interest on deposits		244			314			597			835			787
Interest on deposits		671			1,119			1,468			1,845			1,576
Total fixed charges, including interest on deposits	$	915		$	1,433		$	2,065		$	2,680		$	2,363
Combined Fixed Charges and Preferred Stock Dividends
Preferred stock dividend requirement on a pre-tax basis	$	164		$	294			42			—			—
Total fixed charges, excluding interest on deposits		244			314		$	597		$	835		$	787
Combined fixed charges and preferred stock dividends, excluding interest on deposits		408			608			639			835			787
Interest on deposits		671			1,119			1,468			1,845			1,576
Combined fixed charges and preferred stock dividends, including interest on deposits	$	1,079		$	1,727		$	2,107		$	2,680		$	2,363
Ratio of Earnings to Fixed Charges
Excluding deposit interest		4.13			(6.39	)		(0.44	)		2.45			3.05
Including deposit interest		1.83			(0.62	)		0.58			1.45			1.68
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
Excluding deposit interest		2.47			(3.30	)		(0.41	)		2.45			3.05
Including deposit interest		1.56			(0.51	)		0.57			1.45			1.68