KEY, $1.8 billion raised by KeyCorp in Teir 1 common equity

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Banking company are certainly in the news these days, and KeyCorp is right there at the top of the leader board posting a narrower Q2 loss, but falling short of the streets expectations.  Keycorp is continuing to build up cash reserves to cover

The Cleveland based bank said its loss was $390 million (68 cents a share), this quarter, comparing with a $1.13 billion, or $2.70 per share, a year ago.

KeyCorp CEO Henry Meyer III issued the following statement.

"Our results continue to reflect the weak economic environment and the aggressive steps we’ve taken to address credit quality strengthen our capital position and control costs as we manage through this difficult credit cycle," Meyer said.

More than $1.8 billion was raised in the second quarter, this was in new Tier 1 common equity (required by the U.S. Treasury), to serve as a buffer in case of economic woes.

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