KeyCorp is a financial services company that was founded in 1839 in Cleveland, Ohio. It was originally known as the Key Bank of Cleveland.
KeyCorp is the largest bank in the Midwest and has a significant presence in the Northeast and other parts of the country. The company has over 1,000 branches and a network of over 13,000 ATMs.
KeyCorp's history dates back to the 19th century, making it one of the oldest banks in the United States. It has undergone significant changes and expansions over the years, including mergers and acquisitions.
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KeyCorp Overview
KeyCorp is a for-profit corporation that has been in operation since 1825. It is the parent company of KeyBank, a regional US bank with its headquarters in Cleveland, Ohio.
KeyCorp operates in a variety of states, with offices in 39 states and more than 15 states with KeyBank branches. KeyBank has over 1000 branches and more than 40,000 ATMs across the US.
KeyCorp's subsidiary, KeyBank, is a significant player in the US banking industry, ranking 449th on the Fortune 500 list in 2022 based on its 2021 revenue. KeyBank's revenue reached $7.272 billion in 2021.
KeyBank's financial performance is substantial, with a net income of $1.917 billion in 2021. The bank's economic benefit was $2.333 billion in 2021.
KeyCorp Market
KeyCorp Market is a significant player in the US banking industry.
KeyCorp is one of the 25 largest banks in the US, with a market capitalization of over $20 billion.
The company operates more than 1,000 branches across 15 states in the Midwest and New England regions.
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Деятельность
KeyCorp's activity is heavily focused on lending, with around two-thirds of its assets consisting of issued loans, totaling $101 billion out of $170 billion. These loans are primarily commercial, making up $72 billion compared to $29 billion in consumer loans.
The company's liabilities are largely made up of accepted deposits, accounting for $135 billion of its pассивов. This significant portion of deposits underscores the bank's reliance on customer funds to fuel its operations.
KeyCorp's net interest income reached $4.03 billion, resulting from a $4.69 billion income and a $0.65 billion expense. This substantial net interest income highlights the bank's ability to generate revenue from its lending activities.
A notable aspect of KeyCorp's business is the significant contribution of non-interest income to its revenue, accounting for 38% of its total income. This non-interest income includes fees from services such as brokerage, trust, and investment services, as well as credit card and deposit account maintenance.
KeyCorp Competitors
KeyCorp competes with some of the biggest names in the banking industry.
US Bancorp is one of KeyCorp's main competitors, offering a wide range of financial services to its customers.
PNC Bank is another major player in the market, known for its strong presence in the Midwest region.
Capital One is also a significant competitor, with a strong focus on credit cards and personal loans.
KeyCorp's competitors include:
- US Bancorp
- PNC Bank
- Capital One
Frequently Asked Questions
What is the difference between KeyCorp and KeyBank?
KeyCorp is the parent company of KeyBank, and KeyBank is its primary subsidiary. Think of KeyCorp as the umbrella company that oversees KeyBank's operations.
Is KeyBank being bought out?
KeyBank is not being bought out, but rather a Canadian lender is purchasing a significant stake in KeyCorp's common stock. The deal is expected to be completed in the first quarter of 2025, pending regulatory approval.
Who is the CEO of KeyCorp?
The CEO of KeyCorp is Christopher M. Gorman, who also serves as the company's Chairman. He leads one of the largest bank-based financial services companies in the US.
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