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.
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.
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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.
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Key Family Wealth has been honored as the "Best Multi-family Office" in the $10 billion to $20 billion category at the 2021 Private Asset Management (PAM) Awards. This recognition marks the second consecutive year Key Family Wealth has received this prestigious award.
The PAM Awards evaluate firms based on qualitative and quantitative performance indicators, showcasing Key Family Wealth's commitment to exceptional client service and strategic wealth management for ultra-high-net-worth families.
KeyCorp (NYSE: KEY) is set to announce its first quarter 2021 earnings on April 20, 2021, before the market opens. A conference call will follow at 10:00 a.m. ET to discuss financial results, strategy, and outlook. As of December 31, 2020, KeyCorp reported assets of approximately $170.3 billion. The bank operates over 1,000 branches and 1,400 ATMs across 15 states, providing a range of financial services to individuals and businesses. For more information, visit www.key.com.