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 .
- 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.
- 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.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Christopher M. Gorman ExecutiveBoard | Chairman, CEO, and President | Supervisory Board of The Clearing House, Board member of the Bank Policy Institute, Chairman of the Ohio Business Roundtable, Board member of the Greater Cleveland Partnership, University Hospital Health System, and the Cleveland Museum of Art | Joined KeyCorp in 1998, became CEO in 2020, led the integration of First Niagara Financial Group, oversees a $40 billion community benefits plan. | View Report → |
Allyson M. Kidik Executive | Chief Risk Review Officer and General Auditor | None | Joined KeyCorp in 2015, became Chief Risk Review Officer in 2022, previously Senior Deputy General Auditor. | |
Amy G. Brady Executive | Chief Information Officer | Director of DuPont de Nemours, Inc. | Joined KeyCorp in 2012, oversees technology and operations, strengthened cyber and fraud prevention. | |
Angela G. Mago Executive | Chief Human Resources Officer | None | Executive officer since 2016, previously Head of Commercial Bank, led risk-weighted assets reduction and business reorganization. | |
Clark H.I. Khayat Executive | Chief Financial Officer | None | Joined KeyCorp in 2012, became CFO in 2023, previously Chief Strategy Officer, led acquisitions like Laurel Road, Cain Brothers, and Pacific Crest. | |
Darrin L. Benhart Executive | Chief Risk Officer | None | Joined KeyCorp in 2022, became Chief Risk Officer in 2024, previously with the OCC for 30 years. | |
Kenneth C. Gavrity Executive | Head of Commercial Banking | None | Executive officer since 2021, previously Head of Enterprise Payments, advocates for middle-market businesses. | |
Stacy L. Gilbert Executive | Chief Accounting Officer | None | Joined KeyCorp in 2002, became CAO in 2024, previously Corporate Controller. | |
Trina M. Evans Executive | Director of Corporate Center | None | Executive officer since 2013, previously Chief Administrative Officer for Key Community Bank. | |
Alexander M. Cutler Board | Independent Lead Director | Board member of DuPont de Nemours, Inc., Musical Arts Association, United Way of Greater Cleveland | Director since 2000, former CEO of Eaton Corporation, extensive corporate governance experience. | |
Barbara R. Snyder Board | Director | President of the Association of American Universities, Director at The Progressive Corporation | Director since 2010, oversees compensation and governance strategies at KeyCorp. | |
Carlton L. Highsmith Board | Director | Vice Chairman of the board of trustees of Quinnipiac University, Trustee of the Yale New Haven Health System, Chairman of the Connecticut Center for Arts & Technology, Board Chair of the Connecticut Community Outreach Revitalization Program | Director since 2016, founder of The Specialized Packaging Group, extensive experience in packaging industry. | |
David K. Wilson Board | Director | Member of the board of directors of KeyBank National Association | Director since 2014, former Senior Deputy Comptroller and Chief National Bank Examiner at OCC, expertise in regulatory and risk strategy. | |
Devina A. Rankin Board | Director | None | Director since 2020, CFO of Waste Management, Inc., extensive finance experience. | |
Elizabeth R. Gile Board | Director | Trustee and Secretary of the board of the Brooklyn Botanic Garden | Director since 2010, retired from Deutsche Bank AG, extensive experience in credit risk and capital markets. | |
H. James Dallas Board | Director | Director of Centene Corporation, Grady Memorial Hospital Corporation | Director since 2005, former CIO at Medtronic and Georgia-Pacific, expertise in IT and risk management. | |
Jacqueline Allard Board | Director | Group Head of Global Wealth Management Division at Scotiabank | Director since 2024, extensive experience in wealth management and consumer lending. | |
Richard J. Hipple Board | Director | Board member of Luxfer Holdings PLC, Barnes Group Inc., Trustee of the Cleveland Institute of Music | Director since 2012, former CEO of Materion Corporation, extensive experience in global commerce and corporate governance. | |
Richard J. Tobin Board | Director | President and CEO of Dover Corporation, Director of National Association of Manufacturers, Director of Shedd Aquarium | Director since 2021, extensive experience in international management and corporate leadership. | |
Robin N. Hayes Board | Director | Member of the Board of Governors of the International Air Transport Association, Chair of the board of Airlines for America, Director of Make-A-Wish Connecticut | Director since 2020, former CEO of JetBlue Airways, expertise in aviation operations and customer service. | |
Ruth Ann M. Gillis Board | Director | Board member of Voya Financial Inc., Snap-on Incorporated | Director since 2009, former EVP and CAO of Exelon Corporation, extensive finance and risk management experience. | |
Somesh Khanna Board | Director | Co-Executive Chairman of Apexon, Inc. | Director since 2024, extensive experience in digital strategy and financial services. | |
Todd J. Vasos Board | Director | CEO and Director of Dollar General Corporation, Vice Chair of the Retail Industry Leaders Association | Director since 2020, extensive retail leadership experience. |
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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?
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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?
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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?
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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?
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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?
Research analysts who have asked questions during KEYCORP /NEW/ earnings calls.
Ebrahim Poonawala
Bank of America Securities
4 questions for KEY
Manan Gosalia
Morgan Stanley
4 questions for KEY
John Pancari
Evercore ISI
3 questions for KEY
Bill Carcache
Wolfe Research, LLC
2 questions for KEY
Brian Foran
Truist Financial
2 questions for KEY
Erika Najarian
UBS
2 questions for KEY
Matthew O'Connor
Deutsche Bank
2 questions for KEY
Michael Mayo
Wells Fargo
2 questions for KEY
Christopher McGratty
Keefe, Bruyette & Woods
1 question for KEY
Gerard Cassidy
RBC Capital Markets
1 question for KEY
Ken Usdin
Autonomous Research
1 question for KEY
L. Erika Penala
UBS
1 question for KEY
Matt O'Connor
Deutsche Bank
1 question for KEY
Mike Mayo
Wells Fargo
1 question for KEY
Nathan Stein
Deutsche Bank
1 question for KEY
Peter Winter
D.A. Davidson
1 question for KEY
R. Scott Siefers
Piper Sandler Companies
1 question for KEY
Ryan Nash
Goldman Sachs & Co.
1 question for KEY
Thomas Leddy
RBC Capital Markets
1 question for KEY
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
GradFin | 2022 | KeyCorp acquired GradFin on May 2, 2022 in a business combination valued at $72 million ($62 million in cash and $10 million in contingent consideration) with $58 million in goodwill and $12 million in intangible assets; the deal supports the Laurel Road platform targeting healthcare professionals, and the valuation was finalized as of September 30, 2022. |
XUP Payments | 2021 | KeyBank’s acquisition of XUP Payments occurred on November 19, 2021 and was recognized as a business combination with $20.6 million in goodwill and no separately identified intangible assets, with valuation finalized on March 31, 2022. |
Recent press releases and 8-K filings for KEY.
- The 16th annual private SaaS survey reports ARR growth accelerating from 15% in 2024 to 20% in 2025, marking the first uptick after three years of declines.
- Gross retention is set to approach 90% and net retention remains above 100% following a drop to 86% in 2023.
- AI adoption is a key catalyst: over 50% of companies plan to boost AI spending by more than 21%, and 67% are monetizing AI via subscription models.
- EBITDA margins have improved since 2022 and are projected to breach profitability by 2026 as firms balance growth with efficiency.
- Key consumer deposit base of $88 billion provides low-cost, high-liquidity funding well below company average, fueling commercial lending growth.
- Wealth management reaches a record $68 billion in assets under management, with 50,000 mass-affluent households adding $6 billion (~$125,000 per household) through the Key Private Client initiative.
- Capital priorities remain focused on maintaining the dividend and growing share repurchases, targeting at least $100 million in Q4 buybacks and increasing quarterly repurchases throughout 2026.
- M&A strategy de-emphasizes depository deals in favor of bolt-on transactions (e.g., Cain Brothers, Pacific Crest), requiring high strategic and financial returns to avoid tangible book value dilution.
- Consumer lending mix evolving as residential mortgage runoff continues; management sees multi-year growth potential in the HELOC business given elevated home-equity levels among key demographics.
- KeyCorp’s consumer bank serves over 2 million households with $80 billion of low-cost deposits and contributes $1 billion in annual fee income, supported by super-prime credit (average FICO 790) and relationship deposits costing well below the company average.
- The wealth business manages a record $68 billion in assets, with 50,000 mass-affluent households adding $6 billion (~$125,000 each) and Q3 2025 marking the third consecutive record month of managed-money production.
- Relationship households now account for 80% of consumer deposits (up from ~70% pre-COVID); 22% of these relationships have been acquired since 2020, skew younger and drive double the household growth rate in Western markets versus Eastern.
- Capital ratios stand at CET1 11.8% and marked capital 10.3%, with a minimum $100 million share buyback committed for Q4 2025 and potential for increased repurchases in 2026, while maintaining the dividend.
- The $18 billion “NDFI” portfolio comprises $7 billion of specialty finance (one loss in 20 years), $6 billion of 97% investment-grade REIT loans (40% LTV), $3 billion of insurance/finance relationships, and $1 billion unitranche JV, growing $0.7 billion year-to-date.
- EPS of $0.41, up 37% year-over-year; revenue (TE) of $1.895B, up 17% YoY
- Net interest income (TE) of $1.193B, up 24% YoY; NIM of 2.75%, up 9 bps QoQ
- Average loans of $106.2B and average deposits of $150.4B, with commercial loan growth YTD +5% and client deposits up 2% YoY
- Credit metrics remained strong: NCOs/average loans 42 bps, NPA ratio 0.63%, provision for credit losses $107 M
- EPS of $0.41 and ROA >1%, with pre-provision net revenue up $33 M (5% Q/Q) and adjusted revenues +17% Y/Y, marking the sixth straight quarter of PPNR improvement.
- Net interest margin reached 2.75%, achieving the year-end target one quarter early; Q4 NIM is expected in the 2.75%–2.80% range.
- CET1 ratio ~12% at quarter end; average loans rose $5 B Q/Q and average deposits +2% with deposit costs down 2 bps to 1.97%.
- Fee income increased high-single digits Y/Y; investment banking & debt placement fees were $184 M (+8% Y/Y), and the bank raised $50 B in capital, retaining 15% on its balance sheet.
- 2025 guidance: full-year NII growth ~22%, Q4 exit NII +13%+, fees up 5–6%, expense growth ~4%, GAAP tax rate ~21%, aiming for record revenue and >100 bps fee-based operating leverage.
- KeyBanc Capital Markets (KBCM), the corporate and investment banking arm of KeyCorp, closed a $75 million credit facility to fund Lightshift Energy’s expanding East Coast battery storage projects.
- The flexible financing package includes both a term loan and construction-to-term loan options to support the developer’s growing project pipeline.
- Net income from continuing operations attributable to common shareholders of $454 million, or $0.41 per diluted common share.
- Total revenue of $1.9 billion, up 17% year-over-year on an adjusted basis; net interest income rose 4% sequentially and net interest margin expanded 9 bps to 2.75%.
- Average deposits increased 2% quarter-over-quarter while total deposit costs declined 2 bps to 1.97%.
- Credit metrics improved: nonperforming assets decreased 6% sequentially; net charge-offs remained stable at 42 bps.
- Revenue of $1.9 billion, up 17% year-over-year, with positive operating leverage on both total and adjusted fee basis.
- Q3 net income from continuing operations of $454 million, or $0.41 per diluted share, compared to $387 million ($0.35) in Q2 2025.
- Net interest margin widened to 2.75% (+9 bps q/q), net interest income rose 4% q/q, while average deposits grew 2% and deposit costs fell 2 bps to 1.97%.
- Asset quality improved, with nonperforming assets down 6% q/q and net charge-offs stable at 42 bps; AUM reached a record $68 billion, up 11% year-over-year.
- Tangible book value per share increased 4% sequentially and 14% year-over-year, reflecting continued investments and business momentum.
- 1H25 diluted EPS of $0.69 (+47% YoY), taxable-equivalent net interest income of $2.255 B (+26% YoY) and noninterest income of $1.358 B (+7% YoY), driving total revenue of $3.613 B (+18% YoY).
- A $185 B asset, $147 B deposit franchise funding $106 B in loans, underpinned by a 11.7% CET1 ratio, with sticky, granular deposits and strong capital positions.
- Continued growth in fee-based businesses: AUM of $64 B, +7% noninterest income growth and +5% commercial loan growth YTD, supported by diversified wealth, capital markets, payments and CRE platforms.
- Updated 2025 outlook: average loans up ~5%+, net interest margin targeting ~2.75% in 4Q25, adjusted noninterest income up 3–5%, and a $1 B share repurchase authorization.
- Prime lending rate cut to 7.25% from 7.50%, effective September 18, 2025
- Holds ~$185 billion in assets as of June 30, 2025
- Operates in 15 states via approximately 1,000 branches and 1,200 ATMs