One year after establishing a section 20 subsidiary, KeyCorp is struggling to gain credibility in the securities business.

During the past 12 months, it has added 25 employees to Key Capital Markets Inc., bringing its payroll to 105. It has bought one of Cleveland's largest investment banks, Carleton, McCreary, Holmes & Co., into its fold. And it has rolled out a partnership with boutique firm SPP Hambro to offer private placements.

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