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    KeyCorp (KEY)

    Board Change

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    KeyCorp, established in 1958 and based in Cleveland, Ohio, is a prominent bank-based financial services company in the United States, with consolidated total assets of approximately $188.3 billion as of December 31, 2023. The company operates mainly through its principal subsidiary, KeyBank National Association, offering a broad spectrum of financial services to individual, corporate, and institutional clients through its two primary business segments: Consumer Bank and Commercial Bank . The Consumer Bank segment provides a variety of products and services, including deposit and investment products, personal finance, lending, and wealth management . The Commercial Bank segment caters to the financial needs of middle market and large corporate clients, offering lending, equipment financing, and commercial real estate services .

    1. Commercial Bank - Focuses on meeting the borrowing, cash management, and capital markets needs of middle market clients, and provides lending, equipment financing, and banking products to large corporate and institutional clients. It is a significant national commercial real estate lender and third-party servicer of commercial mortgage loans.
    2. Consumer Bank - Offers deposit and investment products, personal finance and financial wellness services, lending, mortgage and home equity, student loan refinancing, credit card services, and business advisory services. It also provides wealth management and investment services to institutional, non-profit, and high-net-worth clients.
    NamePositionStart DateShort Bio
    Victor B. AlexanderHead of Consumer BankJanuary 2020Victor B. Alexander has been KeyCorp's Head of Consumer Bank and an executive officer since January 2020. Previously, he was the Head of Home Lending and Treasurer .
    Darrin L. BenhartChief Risk OfficerJanuary 1, 2024Darrin L. Benhart became the Chief Risk Officer on January 1, 2024. He was previously Deputy Chief Risk Officer and Head of Enterprise Risk Management .
    Amy G. BradyChief Information OfficerMay 2012Amy G. Brady has been the Chief Information Officer at KeyCorp since May 2012 and has served as an executive officer since joining the company .
    Trina M. EvansDirector of Corporate CenterAugust 2012Trina M. Evans has been the Director of Corporate Center since August 2012 and became an executive officer in March 2013 .
    Kenneth C. GavrityHead of Commercial BankNovember 2023Kenneth C. Gavrity has been serving as the Head of Commercial Bank since November 2023. He was previously the Head of Enterprise Payments .
    Christopher M. GormanChairman, CEO, and PresidentMay 1, 2020Christopher M. Gorman has been the Chairman, CEO, and President since May 1, 2020. He joined KeyCorp in 1998 and has held various leadership roles .
    Clark H.I. KhayatChief Financial OfficerMarch 16, 2023Clark H.I. Khayat has been the Chief Financial Officer since March 16, 2023. He rejoined KeyCorp as Chief Strategy Officer in 2018 .
    Allyson M. KidikChief Risk Review Officer and General AuditorJuly 2022Allyson M. Kidik has been the Chief Risk Review Officer and General Auditor since July 2022. She was previously Senior Deputy General Auditor .
    Angela G. MagoChief Human Resources OfficerNovember 2023Angela G. Mago has been the Chief Human Resources Officer since November 2023. She was previously the Head of Commercial Bank .
    Andrew J. Paine IIIHead of Institutional Bank2019Andrew J. Paine III has been the Head of Institutional Bank since 2019 and has been President of KeyBanc Capital Markets Inc. since 2013 .
    Douglas M. SchosserChief Accounting OfficerMay 2015Douglas M. Schosser has been the Chief Accounting Officer since May 2015 .
    Jaime WarderHead of Digital BankingJanuary 2019Jaime Warder has been the Head of Digital Banking since January 2019 and became an executive officer in May 2021 .
    James L. WatersGeneral Counsel and SecretaryJuly 2021James L. Waters became the General Counsel and Secretary in July 2021. He was previously General Counsel and Corporate Secretary of Cullen/Frost Bankers, Inc. .
    Stacy L. GilbertChief Accounting OfficerMarch 2024Stacy L. Gilbert serves as the Chief Accounting Officer at KeyCorp since at least March 2024, as indicated by her signing various SEC filings in that capacity .
    1. Given your guidance for low to mid-single digits expense growth in 2025, can you provide more clarity on the specific drivers of these expense increases and how you plan to manage expenses while investing in growth initiatives, especially considering the non-recurring expenses expected in the fourth quarter?

    2. You anticipate over 20% net interest income improvement next year, with half depending on the completion of your securities portfolio repositioning pending regulatory approval. Can you elaborate on the risks associated with obtaining this approval and what contingencies you have if the repositioning cannot be executed as planned?

    3. With the significant capital raised from Scotiabank’s investment and your CET1 ratio increasing to around 12% on a pro forma basis, how do you plan to deploy this additional capital strategically? Specifically, how are you evaluating potential bank M&A opportunities amid industry consolidation, and what criteria must be met for you to pursue an acquisition?

    4. Despite your assertion that non-performing loans are peaking and expected to remain flat going forward, there was a recent increase attributed to broad-based factors. Can you provide more detail on the specific sectors or credits contributing to this increase, and what proactive measures are you taking to mitigate further credit deterioration?

    5. Considering that increased capital markets activity and private credit are disintermediating traditional bank lending and impacting loan growth, how is KeyCorp adapting its business model to address this competitive pressure, and what strategies are in place to ensure sustainable loan growth in this environment?

    Program DetailsProgram 1
    Approval DateN/A
    End Date/DurationQ3 2021 - Q3 2023
    Total additional amount$1.5 billion
    Remaining authorization amount$0
    DetailsThe program was part of KeyCorp's comprehensive capital plan to return capital to shareholders and manage capital levels. It expired on September 30, 2023. During 2023, KeyCorp repurchased $38 million of shares in the open market and $34 million related to equity compensation programs.
    YearAmount Due (Millions)Debt TypeInterest Rate (%)% of Total Debt
    2028162Trust Preferred Securities6.3330.9% = (162 / 18,036) * 100
    202991Trust Preferred Securities6.8750.5% = (91 / 18,036) * 100
    2029117Trust Preferred Securities7.7500.6% = (117 / 18,036) * 100
    20348Trust Preferred Securities7.2650.0% = (8 / 18,036) * 100
    20348Trust Preferred Securities7.2650.0% = (8 / 18,036) * 100
    203522Trust Preferred Securities6.7630.1% = (22 / 18,036) * 100
    203619Trust Preferred Securities6.7970.1% = (19 / 18,036) * 100
    203722Trust Preferred Securities6.5180.1% = (22 / 18,036) * 100

    Competitors mentioned in the company's latest 10K filing.

    • National and super-regional banks
    • Smaller community banks within the various geographic regions
    • Savings associations
    • Credit unions
    • Mortgage banking companies
    • Finance companies
    • Mutual funds
    • Insurance companies
    • Investment management firms
    • Investment banking firms
    • Broker-dealers
    • Other local, regional, national, and global financial services firms
    • Nonbanks, including large technology companies
    NameStart DateEnd DateReason for Change
    Ernst & Young LLP1994 PresentCurrent auditor

    Recent developments and announcements about KEY.

    Corporate Leadership

      Board Change

      ·
      Dec 31, 2024, 10:33 PM

      Jacqueline Allard and Somesh Khanna have been appointed to the Board of Directors of KeyCorp, effective December 27, 2024. The board size has been increased to fifteen members. Ms. Allard will serve on the Technology Committee, and Mr. Khanna will serve on the Risk Committee.