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                                                                     EXHIBIT 15 

                          ACKNOWLEDGMENT LETTER OF INDEPENDENT AUDITORS 

Shareholders and Board of Directors 
KeyCorp 

We are aware of the incorporation by reference in the following KeyCorp
Registration Statements of our review report, dated April 20, 1995, relating to
the unaudited consolidated interim financial statements of KeyCorp, included in
the Quarterly Report on Form 10-Q for the period ended March 31, 1995.

             Form S-3 No. 33-5064 
             Form S-3 No. 33-10634 
             Form S-3 No. 33-39733 
             Form S-3 No. 33-39734 
             Form S-3 No. 33-51652 
             Form S-3 No. 33-53643 
             Form S-3 No. 33-56879 
             Form S-3 No. 33-58405 

             Form S-4 No. 33-31569 
             Form S-4 No. 33-44657 
             Form S-4 No. 33-51717 
             Form S-4 No. 33-55573 
             Form S-4 No. 33-57329 

             Form S-8 No. 2-67589 
             Form S-8 No. 2-96769 
             Form S-8 No. 2-97452 
             Form S-8 No. 33-21643 
             Form S-8 No. 33-42691 
             Form S-8 No. 33-45518 
             Form S-8 No. 33-46278 
             Form S-8 No. 33-52293 
             Form S-8 No. 33-54819 
             Form S-8 No. 33-56745 
             Form S-8 No. 33-56881 
             Form S-8 No. 33-57408 

             Form S-8 No. 33-31569 (Post-Effective Amendment No. 1 to Form S-4) 
             Form S-8 No. 33-31569 (Post-Effective Amendment No. 2 to Form S-4) 
             Form S-8 No. 33-31569 (Post-Effective Amendment No. 3 to Form S-4) 
             Form S-8 No. 33-44657 (Post-Effective Amendment No. 1 to Form S-4) 
             Form S-8 No. 33-51717 (Post-Effective Amendment No. 1 to Form S-4) 

Pursuant to Rule 436(c) of the Securities Act of 1933, our report is not a part
of the Registration Statements prepared or certified by accountants within the
meaning of Section 7 or 11 of the Securities Act of 1933.

                                                /s/ Ernst & Young LLP

Cleveland, Ohio 
May 15, 1995