KeyCorp to Cut 2,700 Jobs in Restructuring
KeyCorp, moving to consolidate its operations from a 12-bank network into a single nationwide bank, said it planned to take a $100-million charge and eliminate 2,700 jobs, or about 10% of its work force. The Cleveland-based company, which currently operates 12 banks in 14 states, also said that as part of the restructuring, it planned to sell more than 140 of its branch offices. Those to be sold, known as KeyCenters, are primarily in rural areas, and their sale will leave the bank with about 1,000 branch offices. KeyCorp’s stock rose $2.375 to $51.25 on the New York Stock Exchange.
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