KeyCorp employs 13.5% fewer people in consumer finance than it did at this time last year.
But KeyCorp, like many other mortgage lenders, is facing sharply declining financial results from residential mortgage lending.
Most analysts think investors should stand pat on KeyCorp, with 15 of 24 analysts rating it hold.
Most analysts think investors should stand pat on KeyCorp, with 14 of 23 analysts rating it hold.
"Champion no longer fits with our longer-term strategic priorities, " said Henry L. Meyer III , KeyCorp's chief executive.
Although KeyCorp reported profit of 24 cents a year ago, the consensus estimate calls for earnings per share of 21 cents.
KeyCorp (KEY) reports its fourth quarter earnings on Thursday, January 24, 2013.
Nine years ago, when it bought Champion, KeyCorp said it was going to close branches and focus on "higher growth" businesses like mortgages and auto financing.
KeyCorp has struggled over the years to capture the same growth as some of its peers in the Midwest banking market, though it is more spread out than most.
Analysts are expecting KeyCorp to report earnings of 22 cents per share, up 4.8% from a year ago when it reported earnings of 21 cents per share.
However, Jackson resigned recently from her directorship at KeyCorp.
KeyCorp 's (nyse: KEY - news - people ) profits per share are expected to fall 48%, and Fifth Third Bancorp 's (nasdaq: FITB - news - people ) by 25%.
Among the largest underlying components of KBE, in trading today East West Bancorp, Inc ( NASD: EWBC) is down about 0.5%, KeyCorp ( NYSE: KEY) is trading flat, and Comerica, Inc. ( NYSE: CMA) is lower by about 1.3%.
Among the largest underlying components of KBE, in trading today Regions Financial Corp ( NYSE: RF) is up about 1.7%, U.S. Bancorp ( NYSE: USB) is up about 0.3%, and KeyCorp ( NYSE: KEY) is higher by about 0.3%.
Among the largest underlying components of KBE, in trading today U.S. Bancorp ( NYSE: USB) is off about 0.5%, TCF Financial Corp. ( NYSE: TCB) is down about 1%, and KeyCorp ( NYSE: KEY) is lower by about 0.5%.
Among the largest underlying components of KBE, in trading today East West Bancorp, Inc ( NASD: EWBC) is up about 0.1%, Fifth Third Bancorp ( NASD: FITB) is down about 0.1%, and KeyCorp ( NYSE: KEY) is up by about 0.5%.
Earlier this week, Cleveland-based KeyCorp (nyse: KEY - news - people ) said it had hired UBS (nyse: UBS - news - people ) to help it explore the sale of its Champion Mortgage subprime lending division.
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