KeyCorp (NYSE: KEY) generated net income from continuing operations attributable to common shareholders of $221 million in the second quarter, down from $243 million a year earlier.
Earnings per share for the period totaled 23 cents, down from 26 cents in the second quarter of 2011.
During the quarter, Key completed an acquisition of 37 HSBC locations in the Buffalo and Rochester markets. The banking company announced plans today to cut $150 million to $200 million in expenses by December 2013.
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Key, based in Cleveland, has more than 1,000 branches in 14 states and assets of more than $87 billion.
KeyBank is number two in the Syracuse–area deposit market with 28 branch offices, more than $1.7 billion in deposits, and a market share of more than 16 percent. In the Utica–Rome area, Key has two branches, more than $64.4 million in deposits, and a deposit market share of more than 1.7 percent, according to the latest statistics from the Federal Deposit Insurance Corp.
Contact Tampone at ktampone@cnybj.com
