Layoffs Looming at Key? (Updated)

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Update: Unfortunately, we were right on this one. It happened, right on the date we originally reported it might. The Plain Dealer had the details Wednesday on the 64 tech jobs that were cut.

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KeyCorp is a longtime Cleveland institution with a lengthy track record of repping the 216 and giving back.

But according to a source claiming to be close to the situation, the bank is readying to cut loose 50 percent of its information technology staff. The subsequent slack would be contracted to Cognizant, a Fortune 500 firm that outsources work to India. The carnage is supposedly happening around May 25.

KeyCorp representatives contacted by Scene denied that such a move is imminent.

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