Welcome to our dedicated page for Keycorp news (Ticker: KEY), a resource for investors and traders seeking the latest updates and insights on Keycorp stock.
KeyCorp reports developments across its KeyBank banking franchise, KeyBanc Capital Markets, and wealth-management operations. Company news commonly covers deposit, lending, cash management, and investment services for individuals and businesses in its multi-state banking footprint, along with commercial banking coverage for middle-market companies.
Recurring updates include quarterly earnings, net interest income, fee-based businesses such as investment banking, commercial payments, and wealth management, and regional expansion of middle-market teams. News also covers Key Private Bank, customer financial surveys, community partnerships, and capital-markets services including M&A advice, public and private debt and equity, syndications, and derivatives.
KeyBank (NYSE: KEY) announced significant changes to its fee structure aimed at enhancing customer financial management. Starting in late 2022, the bank will eliminate non-sufficient fund fees and reduce overdraft fees to $20 per occurrence. Additionally, a $20 threshold will prevent overdraft charges for negative balances below this limit, and an overdraft fee cap of three per day will be instituted. KeyBank continues to support clients with offerings like the Hassle-Free Account, which has no overdraft fees, and plans to introduce new liquidity options such as early wage access.
KeyCorp (NYSE: KEY) reported a net income of $420 million or $0.45 per diluted common share for Q1 2022, down from $601 million or $0.64 per share in Q4 2021. Loan growth was strong, with average loans up 4% quarter-over-quarter, driven by consumer mortgages and a record $820 million in loan originations from Laurel Road. However, noninterest income fell 25.6% due to adverse market conditions. Credit quality remained robust, with net charge-offs at 0.13% of average loans. KeyCorp emphasizes resilience and continued growth amidst market uncertainties.
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KeyCorp has announced an increase in its prime lending rate from 3.25 percent to 3.50 percent, effective March 17, 2022. This modification reflects the bank's strategic adjustments within the current economic landscape. As of December 31, 2021, KeyCorp had assets totaling approximately $186.3 billion. Under the KeyBank National Association brand, it operates a network of about 1,000 branches and 1,300 ATMs across 15 states, offering various financial services to both individuals and businesses.
D.A. Davidson & Co. has acted as the exclusive advisor for EarnUp's oversubscribed Series C funding round, which attracted strategic investments from LendingTree (NASDAQ:TREE) and KeyBank (NYSE:KEY), as well as from top institutional investors like Bain Capital Ventures. EarnUp, a San Francisco-based platform, automates loan payment scheduling, managing over $10 billion in payments. The funding aims to enhance enterprise products to benefit mortgage companies and borrowers, reflecting EarnUp's commitment to a fair financial system.
KeyBank has joined the RMA Credit Risk Navigator, powered by Automated Financial Systems (AFS), enhancing its risk management capabilities. This partnership allows KeyBank to access a database with nearly 850,000 loans, enabling detailed portfolio benchmarking and peer analytics. According to John Dravenstott, KeyBank's Portfolio Executive, the CRN database provides essential data to inform strategic portfolio decisions. The collaboration aims to strengthen KeyBank's credit risk profile management and improve performance tracking against industry standards.
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Key Family Wealth, part of Key Private Bank, has earned two prestigious accolades at the 2022 Private Asset Management (PAM) Awards. The firm was named the Best Multi-family Office in the $10 billion - $20 billion category, marking its second consecutive win. Additionally, it received the award for Best Fiduciary/Trustee Service, recognizing its excellence in fiduciary and trustee services. Key Family Wealth manages over $19.1 billion in assets under management (AUM) and prides itself on delivering exceptional client service and investment strategies for ultra-high-net-worth families.
Google Cloud, KeyBank, and Deloitte have announced a strategic partnership aimed at enhancing KeyBank's cloud-first banking approach. This partnership will see KeyBank migrate its primary platforms to Google Cloud, aiming for a transformation in client services and operational efficiency by 2025. KeyBank will utilize Google Cloud's AI and data solutions to offer personalized digital banking experiences, including the integration of Contact Center AI to improve client interactions. Deloitte will assist in this migration, unlocking significant business value and growth capabilities.
KeyCorp (NYSE: KEY) reported a net income of $601 million, or $.64 per diluted share, for Q4 2021, a slight decrease from $616 million in Q3 2021. Compared to Q4 2020, the earnings grew from $549 million. Key achieved record revenues in both quarter and year, with strong growth in consumer loans and commercial business. The company returned 75% of net income to shareholders. However, net interest income declined due to reduced reinvestment yields, notably impacted by the exit of the indirect auto loan portfolio.