In a move that some analysts are calling a demotion for chief financial officer James W. Wert, Keycorp said Monday it will split his duties in two. Mr. Wert will become chief investment officer - responsible for investment management and corporate securities trading - while the bank conducts a nationwide search for a new CFO.

The change is part of the formation of a new five-man senior management group that will report to president Robert W. Gillespie starting on Sept. 1, when he adds the title of chief executive. He will succeed Victor J. Riley Jr., who will remain chairman.

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