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 announced its record graduation of 4,513 clients from the Secured Credit Card program in May 2021, doubling last year's figures. This initiative aims to assist clients in building or rebuilding their credit scores, especially for the 2,974 clients who initially had no FICO score. Clients improved their scores by an average of 78 points in six months. KeyBank plans to enhance access with a digital application process, emphasizing their commitment to financial wellness for communities affected by the pandemic.
KeyCorp (NYSE:KEY) has announced the appointment of James L. Waters as General Counsel and Corporate Secretary, effective July 6, 2021. Waters, with over 20 years of experience in corporate law focused on finance, previously served as General Counsel at Cullen/Frost Bankers, Inc., and as a partner at Haynes and Boone, LLP. His expertise in legal matters is expected to support Key's growth strategy, as highlighted by Chris Gorman, Chairman and CEO. KeyCorp, headquartered in Cleveland, has approximately $176.2 billion in assets as of March 31, 2021.
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KeyCorp (NYSE: KEY) plans to announce its second quarter 2021 earnings on July 20, 2021, prior to market opening. A conference call will follow at 10:00 a.m. ET to discuss financial results, strategy, and future outlook. As of March 31, 2021, KeyCorp reported assets totaling approximately $176.2 billion. KeyCorp provides a range of financial services to individuals and businesses across 15 states through over 1,000 branches and 1,400 ATMs.
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.
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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.