KeyBank has ‘no interest’ in buying a bank, CEO says

Core Viewpoint - KeyBank CEO Chris Gorman emphasizes alignment with activist investor HoldCo Asset Management on key themes, including a focus on capital return and a moratorium on acquisitions [2][3]. Group 1: Company Strategy - Gorman stated that KeyBank is committed to a "no acquisitions" policy, responding to HoldCo's call for his ouster and their concerns about capital deployment [3][5]. - The bank aims to improve its return on tangible common equity from the current 12.5% to 15% or above by Q4 2027, with long-term targets of 16% to 19% [5]. - KeyBank is investing in technology and personnel while exploring cost-cutting opportunities, particularly in artificial intelligence [4]. Group 2: Market Position - Gorman highlighted that KeyBank is experiencing organic growth of about 5% in the Pacific Northwest, which is higher than the national average growth of 2% to 3% [7]. - The CEO reiterated that KeyBank has no interest in acquiring any depositories, emphasizing a focus on organic growth rather than mergers and acquisitions [6].