8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): December 5, 2016

(Exact Name of Registrant as Specified in Charter)

001-11302

(Commission File Number)

OHIO	34-6542451
(State or other jurisdiction of incorporation)	(I.R.S. Employer Identification No.)

127 Public Square

Cleveland, Ohio 44114-1306

(Address of principal executive offices and zip code)

(216) 689-3000

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 8.01 Other Events

KeyCorp is filing this Current Report on Form 8-K to update its computation of consolidated ratio of earnings to combined fixed charges and preferred stock dividends to include computations for each of the nine-month periods ended September 30, 2016 and 2015.

The statement of computation of consolidated ratio of earnings to combined fixed charges and preferred stock dividends filed as Exhibit 12 to this Current Report on Form 8-K is hereby incorporated by reference into KeyCorp’s Registration Statement on Form S-3 (File No. 333-196641).

Item 9.01 Exhibits

Exhibit Number	Description
12	Computation of Consolidated Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	KeyCorp
Date: December 5, 2016
	By:	/s/ Douglas M. Schosser
		Douglas M. Schosser
		Chief Accounting Officer

EX-12

Exhibit 12

KEYCORP

COMPUTATION OF CONSOLIDATED RATIO OF EARNINGS TO

COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

(dollars in millions)

(unaudited)

	Nine months ended September 30,				Year ended December 31,
	2016		2015		2015		2014			2013		2012		2011
Computation of Earnings
Net income (loss) attributable to Key	$	562	$	690	$	916	$	900		$	910	$	858	$	920
Add: Provision for income taxes		141		230		303		326			271		231		364
Less: Income (loss) from discontinued operations, net of taxes		5		5		1		(39	)		40		23		(35	)
Income (loss) before income taxes and cumulative effect of accounting change		698		915		1,218		1,265			1,141		1,066		1,319
Fixed charges, excluding interest on deposits		174		136		185		160			154		200		248
Total earnings for computation, excluding interest on deposits		872		1,051		1,403		1,425			1,295		1,266		1,567
Interest on deposits		114		79		105		117			158		257		390
Total earnings for computation, including interest on deposits	$	986	$	1,130	$	1,508	$	1,542		$	1,453	$	1,523	$	1,957
Computation of Fixed Charges
Net rental expense	$	80	$	78	$	104	$	104		$	111	$	109	$	106
Portion of net rental expense deemed representative of interest	$	12	$	12	$	16	$	16		$	17	$	16	$	16
Interest on short-term borrowed funds		7		6		9		11			10		11		16
Interest on long-term debt		155		118		160		133			127		173		216
Total fixed charges, excluding interest on deposits		174		136		185		160			154		200		248
Interest on deposits		114		79		105		117			158		257		390
Total fixed charges, including interest on deposits	$	288	$	215	$	290	$	277		$	312	$	457	$	638
Combined Fixed Charges and Preferred Stock Dividends
Preferred stock dividend requirement on a pre-tax basis	$	17	$	17	$	23	$	22		$	23	$	22	$	107
Total fixed charges, excluding interest on deposits		174		136		185		160			154		200		248
Combined fixed charges and preferred stock dividends, excluding interest on deposits		191		153		208		182			177		222		355
Interest on deposits		114		79		105		117			158		257		390
Combined fixed charges and preferred stock dividends, including interest on deposits	$	305	$	232	$	313	$	299		$	335	$	479	$	745
Ratio of Earnings to Fixed Charges
Excluding deposit interest		5.01		7.73		7.58		8.91			8.41		6.33		6.32
Including deposit interest		3.42		5.26		5.20		5.57			4.66		3.33		3.07
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
Excluding deposit interest		4.57		6.87		6.75		7.83			7.32		5.70		4.41
Including deposit interest		3.23		4.87		4.82		5.16			4.34		3.18		2.63