KeyCorp: Creating value, but for whom?

The Enquirer - KeyCorp selling Gradison parent: "KeyCorp has agreed to sell the McDonald Investments brokerage network, including its Gradison McDonald operations in Cincinnati, to UBS Financial Services for $280 million.
The Cleveland-based parent of Key Bank said Wednesday that its other operations, which include retail banking, KeyBanc Capital Markets investment banking and other businesses, aren't part of the deal. It's expected to close in the first quarter of 2007.
McDonald has 51 offices in 14 states, and 25 of the offices and about 70 percent of its clients are in Ohio. Key paid $580 million for McDonald, including the investment banking business it's keeping, in 1998. McDonald acquired Cincinnati-based Gradison Securities in 1991."