KeyCorp
KeyCorp is a U.S.-based bank holding company headquartered in Cleveland, Ohio, with KeyBank as its principal banking subsidiary. It provides retail and commercial banking, leasing, investment management, consumer finance, student loan refinancing, mortgage servicing, and investment banking services through two core segments: Consumer Bank and Commercial Bank.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueRetail banking, small business banking, deposits, consumer lending, cards, and wealth services for individuals and smaller clients.
Commercial lending, cash management, capital markets, leasing, and specialized services for middle-market and institutional clients.
Trust, custody, portfolio management, financial planning, and investment management for affluent and institutional clients.
Underwriting, debt placement, brokerage, and advisory services delivered through nonbank subsidiaries.
Commercial mortgage servicing, special servicing, student loan refinancing, and related niche finance products.
Products
Reported · share of revenue- Trust and Investment Services31.9 %
- Investment Banking and Debt Placement31.5 %
- Cards and Payments19.3 %
- Service Charges On Deposit Accounts16.9 %
- Other Noninterest Income0.5 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
Key serves individuals, small businesses, middle-market companies, and larger corporate and institutional clients. The Consumer Bank focuses on households and small businesses across its branch footprint, while the Commercial Bank targets borrowing, cash management, and capital markets needs of middle-market clients. It also serves wealth, trust, retirement, foundation, and endowment clients through investment management and fiduciary services.
Buy checking, savings, cards, mortgages, home equity, and digital banking because Key aims to be their primary bank.
Use deposits, treasury services, lending, and advisory support for day-to-day operating needs.
Buy commercial loans, cash management, leasing, and capital markets solutions for growth and working capital.
Purchase trust, custody, portfolio management, and financial planning services to preserve and grow assets.
Use investment management, custody, and retirement-plan services for asset administration and governance.
Strategy
Key’s strategy is to deepen relationship banking, grow profitably, and remain disciplined on capital and risk. Management is also focused on simplifying the business, expanding targeted client relationships, and building differentiated fee businesses such as investment banking, trust, and investment services.
Primary-bank relationships improve deposit stickiness, cross-sell, and long-term client value.
Fee businesses diversify revenue away from spread income and improve franchise quality.
A simpler operating model should improve execution, efficiency, and risk management.
Strong capital and conservative underwriting support resilience across credit cycles.
Geography
Key’s business is concentrated in the United States, and management states that the majority of revenue comes from U.S.-domiciled customers. The bank operates through 940 full-service branches and 1,120 ATMs across 15 states, with additional offices and digital channels extending reach beyond the branch network. Foreign-country revenue was immaterial in the latest filing, so the company’s performance is primarily driven by U.S. credit, deposit, and regional economic conditions.
Risks
Key’s main risks come from credit exposure, interest-rate sensitivity, deposit competition, and operational/regulatory complexity typical of a large regional bank. The company also has meaningful exposure to commercial real estate, commercial and industrial lending, and third-party/technology dependencies, which can amplify losses or disrupt service if the economy weakens or systems fail.
- Commercial real estate and commercial credit lossesImpact: HighLikelihood: Medium
The loan book is concentrated in C&I, CRE, and commercial leases, so a downturn can raise charge-offs and provisions.
Exposure: Commercial Bank lending and leasing
- Interest-rate and funding riskImpact: HighLikelihood: Medium
Bank earnings depend on spread income, and deposit mix or rate changes can compress margins and liquidity.
Exposure: Net interest income and deposits
- Operational and cyber riskImpact: HighLikelihood: Medium
The bank relies on technology, third parties, and digital channels, making outages or breaches potentially costly.
Exposure - Strategic execution riskImpact: MediumLikelihood: Medium
Expected benefits from simplification, fee growth, and relationship banking may not fully materialize.
Exposure: Corporate strategy and franchise growth
- Regulatory and compliance riskImpact: MediumLikelihood: Low
As a bank holding company, Key faces extensive supervision, capital rules, privacy, and cybersecurity requirements.
Exposure
Accounting
Judgemental itemsProvisioning depends on macro assumptions and portfolio performance, so it can swing earnings materially.
Impact: Loan loss expense and reserve levels
Management notes goodwill is tested against fair value and could be written down if expected cash flows weaken.
Impact: Earnings and reported equity
Capital markets, securities, and derivative positions require valuation estimates that can move with markets.
Impact: Noninterest income and balance sheet values
Investment banking, debt placement, and servicing fees can be lumpy and depend on transaction closings.
Impact: Quarter-to-quarter revenue comparability
Similar listed companies
Publicly listed companies with a comparable business focus.
Fifth Third Bancorp
FITB · State Commercial Banks
Fifth Third Bancorp is a U.S.
U.S. Bancorp
USB · National Commercial Banks
U.S.
Customers Bancorp, Inc.
CUBI · State Commercial Banks
Middlefield Banc Corp
State Commercial Banks
Middlefield Banc Corp is the bank holding company for The Middlefield Banking Company, a community-focused commercial bank serving customers in its primary markets in Ohio.
First Keystone Corp
FKYS · State Commercial Banks
Republic Bancorp, Inc
RBCAA · State Commercial Banks
Last updated: 24/09/2026