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, 2003
			2003			2002			2001			2000			1999
Computation of Earnings
Net income			$	903		$	976		$	132		$	1,002		$	1,107
Add: Provision for income taxes				339			336			102			515			577
Less: Cumulative effect of accounting changes, net of tax				—			—			(25	)		—			—
		Income before income taxes and cumulative effect of accounting changes		1,242			1,312			259			1,517			1,684
Fixed charges, excluding interest on deposits				573			747			1,367			1,820			1,649
		Total earnings for computation, excluding interest on deposits		1,815			2,059			1,626			3,337			3,333
Interest on deposits				703			897			1,478			1,768			1,305
		Total earnings for computation, including interest on deposits	$	2,518		$	2,956		$	3,104		$	5,105		$	4,638
Computation of Fixed Charges
Net rental expense			$	131		$	142		$	145		$	146		$	173
Portion of net rental expense deemed representative of interest			$	31		$	27		$	43		$	41		$	46
Interest on short-term borrowed funds				110			169			500			715			646
Interest on long-term debt, including capital securities				432			551			824			1,064			957
		Total fixed charges, excluding interest on deposits		573			747			1,367			1,820			1,649
Interest on deposits				703			897			1,478			1,768			1,305
		Total fixed charges, including interest on deposits	$	1,276		$	1,644		$	2,845		$	3,588		$	2,954
Combined Fixed Charges and Preferred Stock Dividends
Preferred stock dividend requirement on a pre-tax basis				—			—			—			—			—
Total fixed charges, excluding interest on deposits			$	573		$	747		$	1,367		$	1,820		$	1,649
	Combined fixed charges and preferred stock dividends, excluding interest on deposits			573			747			1,367			1,820			1,649
Interest on deposits				703			897			1,478			1,768			1,305
	Combined fixed charges and preferred stock dividends, including interest on deposits		$	1,276		$	1,644		$	2,845		$	3,588		$	2,954
Ratio of Earnings to Fixed Charges
Excluding deposit interest				3.17	x		2.76	x		1.19	x		1.83	x		2.02	x
Including deposit interest				1.97	x		1.80	x		1.09	x		1.42	x		1.57	x
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
Excluding deposit interest				3.17	x		2.76	x		1.19	x		1.83	x		2.02	x
Including deposit interest				1.97	x		1.80	x		1.09	x		1.42	x		1.57	x