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,
	2007			2006			2005			2004			2003
Computation of Earnings
Net income	$	919		$	1,055		$	1,129		$	954		$	903
Add: Provision for income taxes		280			450			436			405			320
Less: (Loss) income from discontinued operations, net of taxes		(22	)		(143	)		39			47			31
Less: Cumulative effect of accounting changes, net of taxes		—			5			—			—			—
Income before income taxes and cumulative effect of accounting changes		1,221			1,643			1,526			1,312			1,192
Fixed charges, excluding interest on deposits		1,060			1,023			790			497			492
Total earnings for computation, excluding interest on deposits		2,281			2,666			2,316			1,809			1,684
Interest on deposits		1,845			1,576			976			640			703
Total earnings for computation, including interest on deposits	$	4,126		$	4,242		$	3,292		$	2,449		$	2,387
Computation of Fixed Charges
Net rental expense	$	108		$	123		$	150		$	126		$	127
Portion of net rental expense deemed representative of interest	$	30		$	34		$	39		$	31		$	30
Interest on short-term borrowed funds		312			201			153			64			110
Interest on long-term debt		718			788			598			402			352
Total fixed charges, excluding interest on deposits		1,060			1,023			790			497			492
Interest on deposits		1,845			1,576			976			640			703
Total fixed charges, including interest on deposits	$	2,905		$	2,599		$	1,766		$	1,137		$	1,195
Combined Fixed Charges and Preferred Stock Dividends
Preferred stock dividend requirement on a pre-tax basis		—			—			—			—			—
Total fixed charges, excluding interest on deposits	$	1,060		$	1,023		$	790		$	497		$	492
Combined fixed charges and preferred stock dividends, excluding interest on deposits		1,060			1,023			790			497			492
Interest on deposits		1,845			1,576			976			640			703
Combined fixed charges and preferred stock dividends, including interest on deposits	$	2,905		$	2,599		$	1,766		$	1,137		$	1,195
Ratio of Earnings to Fixed Charges
Excluding deposit interest		2.15	x		2.61	x		2.93	x		3.64	x		3.42	x
Including deposit interest		1.42	x		1.63	x		1.86	x		2.15	x		2.00	x
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
Excluding deposit interest		2.15	x		2.61	x		2.93	x		3.64	x		3.42	x
Including deposit interest		1.42	x		1.63	x		1.86	x		2.15	x		2.00	x