KeyCorp, headquartered in Cleveland, Ohio, is one of the nation's largest bank-based financial services companies. It operates as a bank holding company (BHC) under the Bank Holding Company Act (BHCA). KeyCorp provides a wide range of retail and commercial banking, commercial leasing, investment management, consumer finance, student loan refinancing, commercial mortgage servicing and special servicing, and investment banking products and services to individual, corporate, and institutional clients. The company operates primarily through two business segments: Consumer Bank and Commercial Bank.

• Employees: 17,333 (as of December 31, 2023)
• Geographic Footprint: 15 states
• Headquarters: Cleveland, Ohio
• Founded: 1958
• Number of locations/facilities: 959 full-service retail banking branches and a network of 1,217 ATMs
• Revenue: $6.4 billion (FY2023)
• Key Subsidiaries/Brands: KeyBank National Association, Laurel Road

• CEO: Christopher M. Gorman
• CFO: Clark H. Khayat
• Chief Risk Officer: Darrin L. Benhart
• Other Key Executives: Amy G. Brady (Chief Information Officer), Trina M. Evans (Director of Corporate Center), Kenneth C. Gavrity (Head of Commercial Bank), Allyson M. Kidik (Chief Risk Review Officer and General Auditor), Angela G. Mago (Chief Human Resources Officer), Mark W. Midkiff (Chief Risk Officer), Andrew J. Paine III (Head of Institutional Bank), Douglas M. Schosser (Chief Accounting Officer), Jaime Warder (Head of Digital Banking), James L. Waters (General Counsel and Secretary)

The executive officers are subject to annual election at the annual organizational meeting of the Board held each May.

• Annual Revenue: $6.4 billion (FY2023)
• Net Income: $967 million (FY2023)
• Total Assets: $188.3 billion (as of December 31, 2023)
• Number of Employees: 17,333 (as of December 31, 2023)
• Key Financial Highlights: Net interest income (TE) for 2023 was $3.9 billion, and the net interest margin was 2.17%. Net income attributable to Key of $248 million in 2023.

KeyCorp offers a wide array of products and services through its Consumer and Commercial Bank segments:

• Consumer Bank: Deposit and investment products, personal finance and financial wellness services, lending, student loan refinancing, mortgage and home equity, credit card, treasury services, and business advisory services. Wealth management and investment services are also offered.
• Commercial Bank: Lending, equipment financing, and banking products and services to large corporate and institutional clients. KBCM platform provides capital markets products and services including syndicated finance, debt and equity capital markets, derivatives, foreign exchange, financial advisory, and public finance.

KeyCorp operates through two main business segments:

• Consumer Bank: Serves individuals and small businesses through a 15-state branch network and Laurel Road digital brand.
• Commercial Bank: Provides services to middle market, large corporate, and institutional clients, including commercial real estate lending and capital markets products through KBCM.

KeyCorp's strategy focuses on enhancing long-term shareholder value through:

• Growing profitability and efficiency.
• Expanding targeted client relationships.
• Managing risk and rewards effectively.
• Maintaining financial strength.
• Engaging a diverse and talented workforce.

Key's strategic initiatives include focusing on client relationships, simplifying business processes, and managing capital effectively. The company is committed to adapting its products and services to meet evolving industry standards and consumer preferences.

KeyCorp operates in the highly competitive financial services industry, facing competition from BHCs, commercial banks, savings associations, credit unions, mortgage banking companies, finance companies, mutual funds, insurance companies, investment management firms, investment banking firms, broker-dealers, and other local, regional, national, and global institutions. The industry is also experiencing increased concentration due to mergers and acquisitions. Technological advancements have lowered barriers to entry, enabling more nonbank companies to provide financial services. KeyCorp competes by offering quality products and innovative services at competitive prices and maintaining offerings that meet customer preferences and industry standards.

• Credit Risk: Exposure to commercial and industrial loans, commercial real estate loans, and commercial leases; risk of defaults by loan clients and counterparties; potential inadequacy of loan loss allowances; and adverse impacts from declining asset prices and geopolitical destabilization.
• Compliance Risk: Extensive government regulation, supervision, and tax legislation; complex and evolving laws regarding privacy and cybersecurity; and changes in accounting policies and standards.
• Operational Risk: Variety of operational risks, including cyberattacks, technology failures, reliance on third parties, claims and litigation, and natural disasters.
• Liquidity Risk: Capital and liquidity requirements imposed by banking regulations; potential disruptions from federal actions to ensure financial stability; reliance on subsidiary dividends; and credit rating downgrades.
• Market Risk: Worsening economic conditions; interest rate risk; and dependence on economic conditions in specific geographic regions and market segments.