KEYCORP LOWERS ITS PRIME LENDING RATE TO 7.75 PERCENT

KeyCorp (NYSE: KEY) has announced a reduction in its prime lending rate from 8.00% to 7.75%, effective November 8, 2024.

Rhea-AI Summary

KeyCorp (NYSE: KEY) has announced a reduction in its prime lending rate from 8.00% to 7.75%, effective November 8, 2024. The company, headquartered in Cleveland, Ohio, manages assets of approximately $190 billion as of September 30, 2024. KeyCorp operates through KeyBank National Association across 15 states with roughly 1,000 branches and 1,200 ATMs, providing deposit, lending, cash management, and investment services. Additionally, through KeyBanc Capital Markets, the company offers corporate and investment banking products to middle market companies.

Positive

• Prime lending rate reduction indicates potential for increased borrowing activity
• Strong asset base of $190 billion
• Extensive network of 1,000 branches and 1,200 ATMs across 15 states

Negative

• Lower prime rate may compress net interest margins

Argus Session date unavailable

-0.99% session move Open Argus

Details

News Market Reaction – KEY

The recorded move for KEY in the trading session of this news was -0.99%.

Data tracked by StockTitan Argus. Session date unavailable.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

CLEVELAND, Nov. 7, 2024 /PRNewswire/ -- KeyCorp (NYSE: KEY) and its banking affiliates have lowered their prime lending rate to 7.75 percent from 8.00 percent, effective tomorrow, Nov. 8, 2024.

About KeyCorp
KeyCorp'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 investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 1,000 branches and approximately 1,200 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank is Member FDIC. 

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/keycorp-lowers-its-prime-lending-rate-to-7-75-percent-302299355.html

SOURCE KeyCorp

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is KeyCorp's new prime lending rate in November 2024?

KeyCorp (NYSE: KEY) has lowered its prime lending rate to 7.75% from 8.00%, effective November 8, 2024.

How many branches and ATMs does KeyCorp operate in 2024?

KeyCorp operates approximately 1,000 branches and 1,200 ATMs across 15 states.

What was KeyCorp's total asset value as of September 30, 2024?

KeyCorp reported total assets of approximately $190 billion as of September 30, 2024.

When will KeyCorp's new prime lending rate take effect?

KeyCorp's new prime lending rate of 7.75% will take effect on November 8, 2024.