CLEVELAND, Jan. 6, 2025 /PRNewswire/ -- KeyCorp (NYSE: KEY) announced that Robert Weiss has joined the company as Head of Key Family Wealth where he will collaborate across the enterprise to grow the ultra-high net worth client segment. He is based in New York City and reports to Key Wealth President Joe Skarda."Robert is a proven leader in the wealth management industry," said Skarda. "He brings a high level of expertise, values and client dedication aligned with our approach and overall strategy. I am con ...

Core Viewpoint - KeyCorp has completed a strategic minority investment from Scotiabank, which is expected to enhance its capital ratios and support future growth initiatives [1][2][6]. Investment Details - Scotiabank invested $0.8 billion for a 4.9% stake in KeyCorp, completing a total investment of $2 billion for a nearly 14.9% equity stake [1][9]. - The total expected investment of $2.8 billion will increase KeyCorp's CET1 capital ratio by 195 basis points to 12.4% and tangible book value per share by 10% by June 30, 2024 [2]. Financial Strategy - KeyCorp sold its low-yielding available-for-sale (AFS) investment securities portfolio worth almost $7 billion, incurring an after-tax loss of $737 million in Q3 [3]. - The company plans to reinvest the proceeds from the divestiture into higher-yielding, more liquid securities, which is projected to generate nearly $400 million in additional net interest income (NII) in 2025 and 2026 [10]. Market Performance - Year-to-date, KeyCorp's shares have increased by 19.4%, underperforming the industry growth of 23.7% [5]. - The company's NII declined by 13.6% in 2023, with a net interest margin (NIM) contraction of 46 basis points to 2.17% [12]. Future Outlook - With anticipated interest rate cuts in 2025, KeyCorp's NII and NIM are expected to receive support, despite challenges from sluggish loan demand and rising funding costs [12]. - The strategic partnership with Scotiabank may lead to future collaborations to enhance client services [9].

About this content About Emily Jarvie Emily began her career as a political journalist for Australian Community Media in Hobart, Tasmania. After she relocated to Toronto, Canada, she reported on business, legal, and scientific developments in the emerging psychedelics sector before joining Proactive in 2022. She brings a strong journalism background with her work featured in newspapers, magazines, and digital publications across Australia, Europe, and North America, including The Examiner, The Advocate, ...

CLEVELAND, Dec. 27, 2024 /PRNewswire/ -- KeyCorp (NYSE: KEY) today announced that The Bank of Nova Scotia ("Scotiabank") has completed its purchase of KeyCorp's common stock with an investment of approximately $2.0 billion, as expected.  With this investment, Scotiabank (TSX: BNS) (NYSE: BNS) now owns approximately 14.9% of KeyCorp's common stock. The parties received Federal Reserve approval for the transaction on December 12, 2024. This purchase completes Scotiabank's strategic minority investment in KeyC ...

CLEVELAND, Dec. 18, 2024 /PRNewswire/ -- KeyCorp (NYSE: KEY) and its banking affiliates have lowered their prime lending rate to 7.50 percent from 7.75 percent, effective tomorrow, Dec. 19, 2024. About KeyCorpKeyCorp's roots trace back nearly 200 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation's largest bank-based financial services companies, with assets of approximately $190 billion at September 30, 2024.   Key provides deposit, lending, cash management, and investmen ...

CLEVELAND, Dec. 13, 2024 /PRNewswire/ -- KeyCorp (NYSE: KEY) announced today that all required regulatory approvals have been received for completion of The Bank of Nova Scotia's ("Scotiabank") strategic minority investment in Key as announced on August 12, 2024.   The Board of Governors of the Federal Reserve System (the "Federal Reserve") approved the approximately 10% remaining investment by Scotiabank, which is expected to close in 2024.  The initial investment of 4.9% was completed on August 30, 2024. ...

CLEVELAND, Nov. 22, 2024 /PRNewswire/ -- KeyCorp (NYSE: KEY) announced today that Chris Gorman, Chairman and Chief Executive Officer, will speak at the Goldman Sachs Financial Services Conference on Tuesday, December 10, 2024, at 11:20 a.m. ET in New York City.KeyCorp plans to review its performance, strategy, and outlook, and the discussion may include forward-looking statements and other material information. The live audio webcast of the conference call will be available at www.key.com/ir. If you are una ...

Shares of KeyCorp (NYSE: KEY ) have been an excellent performer over the past year, adding 55%, thanks to solid underwriting, a significant equity investment, and more recently hopes for an easier regulatory environment. I have viewed KEY as one of the moreOver fifteen years of experience making contrarian bets based on my macro view and stock-specific turnaround stories to garner outsized returns with a favorable risk/reward profile. If you want me to cover a specific stock or have a question for an articl ...

CLEVELAND, Nov. 19, 2024 /PRNewswire/ -- KeyBank (NYSE: KEY) announced an expansion of its commercial banking business in Chicago and Southern California to serve more middle market clients with their differentiated platform – which includes a full range of commercial lending and capital markets capabilities as well as payments solutions designed specifically for the segment."Chicago and Southern California are two of the largest concentrations of middle market businesses in the country, where our unique pl ...

Poll also found many are preparing for growth, including hiringCLEVELAND, Nov. 14, 2024 /PRNewswire/ -- With the election now behind us, many business owners are planning for 2025. A recent KeyBank Small Business Flash Poll found 61% of respondents indicated they were likely to seek clarity and hold off on major business decisions until after the election, while only 12% said the election would have no impact on their 2025 planning. The poll also found business owners anticipate policy shifts will most affe ...