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.
- 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
- KeyCorp held a conference update on June 11, 2025 with Ken Gavrity, Head of the Commercial Bank, discussing the bank’s strategic outlook and performance enhancements.
- The presentation focused on advancing the commercial banking platform, highlighting growth in middle market clients, commercial payments, and integrated digital solutions.
- Strong macro outlook and loan growth: Executives emphasized a robust performance across retail and commercial segments, noting record investment banking results and incremental loan growth amid geopolitical uncertainties and evolving regulatory policies ( ).
- Focused capital strategy and cost efficiency: The call highlighted strategic steps such as a $1B share repurchase, accelerated balance sheet restructuring bolstered by a Scotiabank investment, and targeted investments in technology and talent to enhance operating leverage ( ).
- Proactive risk management and organic growth: KeyCorp outlined its disciplined approach to credit risk, particularly in its real estate portfolio, while pursuing organic growth through niche acquisitions and ongoing modernization initiatives ( ).
- The 2025 Annual Meeting of Shareholders was held virtually, with formal procedures for voter registration and the presentation of proposals for board elections and other matters.
- Proposals included the election of board directors (all elected with at least 95% support), ratification of Ernst & Young as independent auditor (97% vote), and an advisory vote on executive compensation (received 63% support).
- The company reported strong 2024 performance, highlighted by robust fee-based business growth, a leading capital position, 16% revenue growth in Q1 2025 compared to the prior year, 25% total shareholder return, and a 17% increase in tangible book value per share.
- In Q1 2025, KeyCorp delivered robust earnings with revenue of $1.8 billion (up 16% YoY), net income of $370 million, and EPS of $0.33 from continuing operations .
- Maintained a robust balance sheet with a Common Equity Tier 1 ratio of 11.8% and liquidity exceeding 30% of total assets in cash and cash equivalents, reflecting improved credit quality .
- Reported strong net interest income performance, up 4% QoQ and 25% YoY, with guidance anticipating 20% growth for 2025 .
- Achieved enhanced asset quality with noninterest income growth of 3% YoY and a 9% QoQ improvement in nonperforming loans, alongside a 1% YoY decline in noninterest expense .
- The board approved a $1Bn share repurchase program set to commence in the second half of 2025, underscoring confidence in future performance .
- KeyCorp has authorized a share repurchase program to buy up to $1.0 billion of its common shares, with the execution subject to market conditions and internal liquidity considerations.
- The program is slated to begin in the second half of 2025, and the final number of shares repurchased will depend on factors such as stock price, regulatory requirements, and corporate liquidity.
- The announcement includes forward-looking statements that highlight potential risks and uncertainties affecting actual outcomes.