Keycorp - KEY STOCK NEWS

KeyBank has announced a strategic affiliation with XUP Payments, enhancing its merchant services with a new digital platform called Key Merchant Services (KMS). This partnership aims to streamline the merchant processing experience, featuring improved onboarding, activation, and service capabilities. The collaboration aligns with KeyBank's strategy of working with fintech providers to deliver innovative solutions. While financial investment terms were undisclosed, this initiative positions KeyBank as the first commercial bank in the U.S. to invest in XUP.

KeyBanc Capital Markets (KBCM) has expanded its Utilities, Power & Renewables Group with the addition of a six-person renewable energy investment banking team, featuring prominent figures such as Julian Bailliet and Timothy Beach. This team is set to enhance KBCM's M&A advisory services within the U.S. renewable sector, building on KeyBank's strong history in financing renewable energy, with over $15 billion deployed since 2010. The move aligns with Key's commitment to lead the transition to a sustainable power system.

KeyCorp (NYSE:KEY) announced the appointment of Joe Skarda as the new president of KeyBank Wealth Management on April 28, 2021. Based in Chicago, Skarda will oversee the bank's wealth management strategy, targeting mass affluent, high net worth, and ultra-high net worth clients. He has nearly 20 years of experience in the sector, previously serving as managing director at JP Morgan Chase. Skarda aims to drive growth through a relationship-focused model and maintain the momentum of existing wealth management operations.

KeyCorp (NYSE: KEY) reported a net income of $591 million, or $0.61 per diluted share for Q1 2021, up from $549 million in Q4 2020 and significantly higher than $118 million in Q1 2020. Strong credit quality and record revenues were highlighted, driven by investment banking and consumer banking growth. The Common Equity Tier 1 ratio stood at 9.8%. The company launched Laurel Road for Doctors, enhancing its digital reach. A $900 million share repurchase program is underway, with $135 million executed in Q1. Overall, KeyCorp is positioned for growth as economic recovery progresses.

On March 30, 2021, Laurel Road, a brand of KeyBank, launched Laurel Road for Doctors, a digital banking platform designed specifically for physicians and dentists. The initiative aims to alleviate financial burdens, such as student debt and work-life balance challenges faced by healthcare professionals, especially post-COVID-19. Key features include a Student Loan Cashback℠ Credit Card, high-yield savings accounts, and personalized financial insights. The platform aligns with a broader strategy to support healthcare professionals, having already serviced over $7 billion in loans since its inception.

Key announced its definitive agreement to acquire AQN Strategies LLC, an analytics consultancy specializing in financial services, on March 2, 2021. AQN's founder, Ben Sabloff, will lead Key's analytics initiatives post-acquisition. This move aligns with Key's strategy to enhance customer engagement through data-driven approaches, expanding its reach while maintaining risk discipline. AQN, established in 2016, has worked with numerous banks and fintechs, offering expertise in credit and payments. Key anticipates leveraging AQN's analytics capabilities to drive customer value and improve experiences.

KeyCorp (NYSE: KEY) will present at the RBC Capital Markets Global Financial Institutions Conference on March 9, 2021, at 10:00 a.m. ET. Chris Gorman, CEO, and Don Kimble, CFO, will discuss the company's performance, strategy, and outlook. A live audio webcast and presentation slides will be accessible on KeyCorp's official website prior to the event. As of December 31, 2020, KeyCorp held approximately $170.3 billion in assets and operates over 1,000 branches in 15 states, offering various financial services.