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,
	2011		2010		2009		2008			2007
Computation of Earnings
Net income (loss) attributable to Key	$	920	$	554	$	(1,335)	$	(1,468)		$	919
Add: Provision for income taxes		369		186		(1,035)		437			277
Less: Income (loss) from discontinued operations, net of taxes		(44)		(23)		(48)		(173	)		(16)
Income (loss) before income taxes and
cumulative effect of accounting change		1,333		763		(2,322)		(858)			1,212
Fixed charges, excluding interest on deposits		248		244		314		597			835
Total earnings for computation,
excluding interest on deposits		1,581		1,007		(2,008)		(261)			2,047
Interest on deposits		390		671		1,119		1,468			1,845
Total earnings for computation,
including interest on deposits	$	1,971	$	1,678	$	(889)	$	1,207		$	3,892
Computation of Fixed Charges
Net rental expense	$	106	$	120	$	122	$	111		$	108
Portion of net rental expense deemed
representative of interest	$	16	$	18	$	18	$	28		$	30
Interest on short-term borrowed funds		16		20		21		187			312
Interest on long-term debt		216		206		275		382			493
Total fixed charges, excluding interest on deposits		248		244		314		597			835
Interest on deposits		390		671		1,119		1,468			1,845
Total fixed charges, including interest on deposits	$	638	$	915	$	1,433	$	2,065		$	2,680
Combined Fixed Charges and Preferred Stock Dividends
Preferred stock dividend requirement on a pre-tax basis	$	107	$	164	$	294	$	42			—
Total fixed charges, excluding interest on deposits		248		244		314		597		$	835
Combined fixed charges and preferred stock
dividends, excluding interest on deposits		355		408		608		639			835
Interest on deposits		390		671		1,119		1,468			1,845
Combined fixed charges and preferred stock
dividends, including interest on deposits	$	745	$	1,079	$	1,727	$	2,107		$	2,680
Ratio of Earnings to Fixed Charges
Excluding deposit interest		6.37		4.13		(6.39)		(.44)			2.45
Including deposit interest		3.09		1.83		(.62)		.58			1.45
Ratio of Earnings to Combined Fixed Charges and
Preferred Stock Dividends
Excluding deposit interest		4.45		2.47		(3.30)		(.41)			2.45
Including deposit interest		2.65		1.56		(.51)		.57			1.45