Keycorp Stock Price, News & Analysis

KeyCorp (NYSE: KEY) has appointed Robert Weiss as Head of Key Family Wealth to lead their ultra-high net worth client segment. Based in New York City, Weiss brings over 20 years of senior leadership experience in wealth management and will report to Key Wealth President Joe Skarda.

Weiss joins from First Republic (now part of J.P. Morgan Wealth Management), where he served as Regional Business Leader across NY, NJ, and CT. His previous roles include establishing SunTrust's Northeast Private Wealth Division and serving as Global Head of Advice Lab at J.P. Morgan.

Key Family Wealth, the multi-family office division of Key Private Bank, manages approximately $23 billion in AUM and is one of the largest multi-family offices in the country. KeyCorp, with assets of approximately $190 billion as of September 30, 2024, operates through approximately 1,000 branches and 1,200 ATMs across 15 states.

Way Finders has received a $10,000 grant from KeyBank Foundation to implement its Ready to Work: My Story, My Goals program in Hamden County, MA. The program provides a six-week employment readiness course with in-class instruction and one-to-one support for up to 15 low- to moderate-income residents.

The initiative targets Holyoke and Springfield's underserved neighborhoods, where 35% to 80% of residents identify as people of color and/or Latino/Latina. Participants will receive assistance in resume writing, digital literacy skills, job search strategies, and access to employment resources.

This grant is part of KeyBank's broader $40 billion commitment established in 2017 for lending and investments across its national footprint, supporting affordable housing, community development, and philanthropic efforts focused on education and workforce development.

KeyBank's Delavan-Grider Farmers Market in East Buffalo has completed its third successful season, showing significant growth since its 2022 launch. Initially established as a bi-weekly market following a tragic incident at a local supermarket, it expanded to weekly operations in 2023. The market now serves 3-4 times more people than when it began.

The partnership between KeyBank, Buffalo GoGreen, and The Delavan-Grider Community Center has proven successful in addressing food insecurity in the area. As the market enters its fourth year, partners are focusing on deepening community connections, improving access for nearby residents, and engaging with the neighborhood's growing immigrant population. Future plans include incorporating diverse produce options and providing recipe cards to better serve the community.

KeyCorp (NYSE: KEY) has announced the completion of Scotiabank's strategic minority investment, with Scotiabank purchasing approximately $2.0 billion worth of KeyCorp's common stock. Following this transaction, which received Federal Reserve approval on December 12, 2024, Scotiabank now owns approximately 14.9% of KeyCorp's common stock. This investment fulfills the agreement previously announced on August 12, 2024.

KeyBank Foundation has announced a $50,000 donation to the McMahon Ryan Child Advocacy Center in Syracuse, supporting their efforts to prevent and intervene in child abuse. The center, established in 2002, provides comprehensive legal, medical, psychological, and social services to child abuse victims under one roof. The facility currently serves over 1,000 victims annually, utilizing a streamlined approach that partners with law enforcement, medical professionals, prosecutors, and other specialists.

The center's model allows children to tell their stories once to trained forensic interviewers, reducing trauma while preserving evidence. This donation is part of KeyBank's broader community investment in Central New York, where they have invested more than $725.3 million since 2017 in various community development projects.

KeyCorp (NYSE: KEY) has announced a reduction in its prime lending rate from 7.75% to 7.50%, effective December 19, 2024. The change applies to KeyCorp and its banking affiliates. The company, headquartered in Cleveland, Ohio, operates with assets of approximately $190 billion as of September 30, 2024. KeyBank National Association serves individuals and businesses across 15 states through approximately 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.

KeyBank Foundation has announced a $300,000 investment in a new workforce training program at Action for a Better Community (ABC) in Rochester. The Energy Conservation Training Program will prepare workers for careers in home weatherization, home repair/maintenance, and energy conservation measures installation.

The program combines paid classroom instruction with hands-on field learning, providing participants with nationally certified energy conservation skills in high-demand occupations. The initiative aims to benefit both workers and property owners by improving home living conditions, reducing energy costs, and extending housing stock life. Since 2017, KeyBank has invested over $1 billion in the Rochester market, supporting affordable housing, community development, small business lending, and philanthropy.

KeyBank has granted $225,000 to NeighborWorks Salt Lake (NWSL) to support their CareerWorks program, which provides healthcare career training to lower-income diverse community members. The program, initiated during the Covid pandemic, offers training in phlebotomy, certified nursing assistant, and medical translation, maintaining a 95% completion rate.

The initiative aims to create medical career readiness employment opportunities while diversifying the healthcare workforce. NWSL, a 47-year-old nonprofit organization, focuses on strengthening communities through housing, resident leadership, and economic development opportunities. KeyBank, with assets of approximately $190 billion as of September 30, 2024, operates across 15 states through approximately 1,000 branches and 1,200 ATMs.

KeyCorp (NYSE: KEY) announced receiving all required regulatory approvals for Scotiabank's strategic minority investment. The Federal Reserve approved Scotiabank's remaining approximately 10% investment, expected to close in 2024. The initial 4.9% investment was completed on August 30, 2024. KeyCorp's CEO Chris Gorman expressed satisfaction with the approval, noting meaningful results from the first investment tranche and highlighting that the completed transaction will create additional growth capacity and enable further investments across the franchise.