Though KeyCorp's newest restructuring plan cuts deeper and aims higher than its previous attempts to spark profit growth, it was the company's willingness to look outside for help that led some to believe this time may be different.

The Cleveland banking company said Thursday it would cut 2,300 jobs, or nearly 10% of its work force, during the next 15 months, the largest such cutback plan announced by a major banking company this year. KeyCorp will record $198 million of charges in the third quarter. It is the company's most ambitious plan to improve profitability and, ultimately, is expected to save the company $360 million a year in expenses.

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