KEYCORP /NEW/ — Director's Dealing 2005

Mar 14, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: KEYCORP /NEW/ (KEY)
CIK: 0000091576
Period of Report: 2005-03-11

Reporting Person: BUNN THOMAS W (SEVP)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-03-11	Common Shares	M	5907	$32.82	Acquired	63346	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-03-11	Phantom Shares	$0	A	17375	Acquired	2008-03-11	Common Shares (17375)	Direct
2005-03-11	Phantom Shares	$32.82	M	5907	Acquired	2005-03-11	Common Shares (5907)	Direct
2005-03-11	Phantom Shares	$32.82	F	2773	Disposed	2005-03-11	Common Shares (2773)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	5448	Indirect

Footnotes

F1: As of December 31, 2004.

F2: Under Automatic Deferral Plan, a portion of compensation is deferred over three year period and paid in treasury shares or transferred to Deferred Compensation Plan.

F3: Conversion to common shares is on a one-to-one basis.