Keycorp Stock Price, News & Analysis

KeyCorp (NYSE:KEY) has announced the retirement of CFO Donald R. Kimble, effective May 1, 2023. Clark H.I. Khayat, the current Chief Strategy Officer, will succeed him. Kimble is praised for his leadership and strategic contributions to the company. Khayat, who joined KeyCorp in 2012, has a strong background in corporate strategy, leading successful initiatives in digital and fintech partnerships, and overseeing acquisitions. KeyCorp, headquartered in Cleveland, boasts approximately $190.1 billion in assets and a substantial national banking presence.

KeyCorp (NYSE: KEY) announced that CEO Chris Gorman and CFO Don Kimble will present at the Goldman Sachs U.S. Financial Services Conference on December 6, 2022, at 1:40 p.m. ET in New York City. The presentation will cover the company's performance, strategy, and outlook. Interested parties can access the live audio webcast and presentation materials on KeyCorp's investor relations website. As of September 30, 2022, KeyCorp had approximately $190.1 billion in assets and operates around 1,000 branches nationwide.

KeyCorp has announced an increase in its prime lending rate from 6.25% to 7.00%, effective November 3, 2022. This change reflects adjustments in market conditions and may impact borrowers and investors.

As of September 30, 2022, KeyCorp holds approximately $190.1 billion in assets and offers a wide range of financial services through its KeyBank and KeyBanc Capital Markets divisions across 15 states.

KeyCorp reported a net income of $513 million for Q3 2022, translating to $0.55 per diluted share, a slight rise from the previous quarter but a decline from a year ago. Revenue increased 5% quarter-over-quarter to $1.886 billion, driven by loan growth in commercial and consumer sectors. Credit quality remains strong, with net charge-offs at low levels. However, noninterest income dropped 14.3% year-over-year, primarily due to declines in investment banking and consumer mortgage income. The Common Equity Tier 1 ratio stood at 9.1%.

KeyBank introduces Key Coverage Zone to help clients avoid overdraft fees for amounts of $20 or less. Effective September 16, 2022, the changes also eliminate non-sufficient funds fees and lower overdraft fees to $20. Overdraft transactions are capped at three daily, and transfers from eligible credit products now incur no fees. These updates reflect KeyBank's commitment to enhancing customer experience and financial flexibility.

KeyCorp (NYSE: KEY) has canceled its presentation and webcast at the Barclays Global Financial Services Conference scheduled for September 12, 2022, at 2:00 PM ET, due to illness related to COVID-19. Additionally, all associated in-person investor meetings are also canceled. KeyCorp, headquartered in Cleveland, Ohio, is one of the largest bank-based financial services companies in the U.S., with assets of approximately $187.0 billion as of June 30, 2022. The company serves customers in 15 states through KeyBank National Association.