KeyCorp (KEY), which is still seeing expenses eat up more than two-thirds of its revenues, will slash costs and close branches in an effort to lower its efficiency ratio.

As it reported second-quarter results on Thursday, the Cleveland company announced plans to cut between $150 million to $200 million in expenses by the end of 2013 and close up to 5% of its more than 1000 branches. Key said it expects to see the full impact of these cuts in 2014.

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