KEYCORP LOWERS ITS PRIME LENDING RATE TO 7.75 PERCENT
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
News Market Reaction
On the day this news was published, KEY declined 0.99%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
About KeyCorp
KeyCorp's roots trace back nearly 200 years to
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
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SOURCE KeyCorp
FAQ
What is KeyCorp's new prime lending rate in November 2024?
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