Shareholders' Equity

9 Months Ended

Sep. 30, 2013

Equity [Abstract]

Shareholders' Equity

17. Shareholders’ Equity

Comprehensive Capital Plan

As previously reported and as authorized by Key’s Board of Directors and pursuant to our 2013 capital plan submitted to and not objected to by the Federal Reserve, we have authority to repurchase up to $426 million of our Common Shares in the open market or through privately negotiated transactions. Our Board of Directors at its September meeting approved the use of the cash portion of the net after-tax gain from the sale of Victory for additional Common Share repurchases, and we have received no objection from the Federal Reserve to use the cash portion of the net after-tax gain for this purpose. Common Share repurchases under the current authorization are expected to be executed through the first quarter of 2014. During the third quarter of 2013, we completed $198 million of Common Share repurchases on the open market under our 2013 capital plan. This amount included repurchases related to the cash portion of the net after-tax gain from the sale of Victory.

Consistent with the 2013 capital plan, the Board declared a quarterly dividend of $.055 per Common Share for the third quarter of 2013.