KeyCorp said Tuesday that it will fire as much as 11% of its work force, or 3,000 employees, by yearend 2000 and sell its credit card operations to improve earnings.
The moves are part of an effort the Cleveland banking company has undertaken in its struggle to match the performance of similar-size institutions. During a conference call, the bank told analysts that a number of cost initiatives were already producing results. For example, revenues from retail operations are on target to meet 8% growth projections this year, and KeyCorp expects 10% growth for the unit next year, it said. The $83 billion-asset company will take a $180 million pretax charge in the fourth quarter, which would be offset by a $190 million gain on the October sale of branch operations on New York's Long Island.