KEYCORP /NEW/ (KEY)

KeyCorp is a bank holding company organized in 1958 under Ohio law and headquartered in Cleveland, Ohio. It is one of the nation's largest bank-based financial services companies, with consolidated total assets of approximately $184.4 billion at December 31, 2025. KeyCorp is the parent of KeyBank National Association, its principal subsidiary, through which most banking services are provided. It has elected to be treated as a financial holding company, which allows broader financial activities such as securities underwriting and dealing, insurance agency and underwriting, and merchant banking.

Through KeyBank and other subsidiaries, the company provides 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. It reports two business segments. The Consumer Bank offers deposit and investment products, personal finance and financial wellness services, lending, student loan refinancing, mortgage and home equity, credit cards, treasury services and business advisory services. It also offers wealth management and investment services to non-profit and high-net-worth clients. The Commercial Bank has two operating segments. The Commercial segment is a full-service commercial banking platform serving the borrowing, cash management and capital markets needs of middle market clients. The Institutional segment provides lending, equipment financing and banking products to large corporate and institutional clients, and is a significant national commercial real estate lender and a third-party master and special servicer of commercial mortgage loans. It includes the KBCM platform, which offers syndicated finance, debt and equity underwriting, fixed income and equity sales and trading, derivatives, foreign exchange, mergers and acquisitions and other advisory services, and public finance. The bank and its trust company subsidiary also provide trust and custody services, financial planning, mutual fund access, treasury services and international banking. Nonbank subsidiaries provide community development financing, securities underwriting, capital markets products, brokerage and merchant services.

Key serves individuals, small businesses, middle market companies, and large corporate and institutional clients. Its investment management clients include corporate and public retirement plans, foundations and endowments, high-net-worth individuals and multi-employer trust funds. Services are delivered through 940 full-service retail branches and 1,120 ATMs in 15 states, as well as other offices, online and mobile banking, and a telephone call center. The Institutional segment operates nationally and has industry coverage in Consumer, Energy, Healthcare, Industrial, Public Sector, Real Estate and Technology. Most revenue comes from customers in the United States, and foreign revenue is immaterial.

Key competes with bank holding companies, commercial banks, savings associations, credit unions, mortgage banking and finance companies, mutual funds, insurance companies, investment managers, private credit funds, investment banks, broker-dealers and financial technology companies. Some competitors are larger or face fewer regulatory constraints. The company says it competes through quality products, innovative services, competitive pricing, technology investment and talent. It had 17,883 full-time and part-time employees at December 31, 2025. Its executive offices are at 127 Public Square, Cleveland, Ohio. The Federal Reserve regulates it as a holding company, and the OCC regulates its national bank subsidiaries. It falls within the least restrictive category (Category IV) of the federal tailoring rules for large banking organizations.