KeyCorp, having struggled to realize benefits from its 1994 merger with Society Corp., announced several restructuring steps Monday, including employee cutbacks exceeding 10% of its 28,000-member work force.

The Cleveland-based company said 2,700 jobs would be eliminated through consolidations of its 12 bank charters into one. Hundreds more would disappear through sales or closings of about 280 branches.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.