KEYCORP /NEW/ — Director's Dealing 2007

Jan 26, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: KEYCORP /NEW/ (KEY)
CIK: 0000091576
Period of Report: 2007-01-25

Reporting Person: STEVENS THOMAS G (Director, Vice Chair and CAO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-01-25	Common Shares	M	50000	$30.75	Acquired	130618	Direct
2007-01-25	Common Shares	F	43453	$37.92	Disposed	87165	Direct
2007-01-25	Common Shares	M	50000	$21.25	Acquired	137165	Direct
2007-01-25	Common Shares	F	34384	$37.92	Disposed	102781	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-01-25	Option to buy	$30.75	M	50000	Disposed	2009-01-13	Common shares (50000)	Direct
2007-01-25	Option to buy	$21.25	M	50000	Disposed	2010-01-18	Common Shares (50000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	15968	Indirect

Footnotes

F1: As of September 30, 2006.

F2: Options vest in three annual installments.