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,
	2008			2007			2006			2005			2004
Computation of Earnings
Net (loss) income	$	(1,468	)	$	919		$	1,055		$	1,129		$	954
Add: Provision for income taxes		334			280			450			436			405
Less: (Loss) income from discontinued operations, net of taxes		—			(22	)		(143	)		39			47
Less: Cumulative effect of accounting change, net of taxes		—			—			5			—			—
(Loss) income before income taxes and cumulative effect of accounting change		(1,134	)		1,221			1,643			1,526			1,312
Fixed charges, excluding interest on deposits		781			1,060			1,023			790			497
Total earnings for computation, excluding interest on deposits		(353	)		2,281			2,666			2,316			1,809
Interest on deposits		1,468			1,845			1,576			976			640
Total earnings for computation, including interest on deposits	$	1,115		$	4,126		$	4,242		$	3,292		$	2,449
Computation of Fixed Charges
Net rental expense	$	112		$	108		$	123		$	150		$	126
Portion of net rental expense deemed representative of interest	$	29		$	30		$	34		$	39		$	31
Interest on short-term borrowed funds		188			312			201			153			64
Interest on long-term debt		564			718			788			598			402
Total fixed charges, excluding interest on deposits		781			1,060			1,023			790			497
Interest on deposits		1,468			1,845			1,576			976			640
Total fixed charges, including interest on deposits	$	2,249		$	2,905		$	2,599		$	1,766		$	1,137
Combined Fixed Charges and Preferred Stock Dividends
Preferred stock dividend requirement on a pre-tax basis	$	42			—			—			—			—
Total fixed charges, excluding interest on deposits		781		$	1,060		$	1,023		$	790		$	497
Combined fixed charges and preferred stock dividends, excluding interest on deposits		823			1,060			1,023			790			497
Interest on deposits		1,468			1,845			1,576			976			640
Combined fixed charges and preferred stock dividends, including interest on deposits	$	2,291		$	2,905		$	2,599		$	1,766		$	1,137
Ratio of Earnings to Fixed Charges
Excluding deposit interest		(.45)	x		2.15	x		2.61	x		2.93	x		3.64
Including deposit interest		.50	x		1.42	x		1.63	x		1.86	x		2.15
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
Excluding deposit interest		(.43)	x		2.15	x		2.61	x		2.93	x		3.64
Including deposit interest		.49	x		1.42	x		1.63	x		1.86	x		2.15