KeyCorp National Banking Chief To Retire

KeyCorp, a large US Midwest regional bank that last month raised $1.65 billion to combat mounting loan losses and litigation problems, says Thomas Bunn, a vice chairman overseeing its national banking operations, will retire at the end of February 2009,

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KeyCorp, a large US Midwest regional bank that last month raised $1.65 billion to combat mounting loan losses and litigation problems, says Thomas Bunn, a vice chairman overseeing its national banking operations, will retire at the end of February 2009, Reuters reports.

Bunn will retire at age 55 to focus on board commitments and personal affairs. He joined the bank in 2002 after 23 years at Bank of America Corp, and took his current position in 2005. KeyCorp will consider internal and external candidates as replacements.

Last month, KeyCorp raised $1.65 billion of capital and halved its dividend after losing a federal tax case over leases. It also decided to boost loan reserves by about $600 million in the second quarter.

KeyCorp has about $101 billion of assets and operates roughly 985 branches, including many in New York and the Pacific Northwest.

Shares of KeyCorp rose 3.2% to $10.92 in morning trading on the New York Stock Exchange. They have fallen by more than two-thirds from their 52-week high of $37.09 set last 18 July.

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