Every material Form 8-K KeyCorp filed with the SEC in 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
On December 27, 2024, Scotiabank completed its final purchase of KeyCorp common stock for approximately $2.0 billion, bringing its stake to approximately 14.9%. KeyCorp also expanded its board to fifteen directors, adding Jacqueline Allard and Somesh Khanna at Scotiabank's designation, and granted performance-based equity awards to executives. Before the closing, KeyCorp repositioned its securities portfolio, with an expected after-tax loss of approximately $700 million in the fourth quarter of 2024, which weighs on near-term results.
Scotiabank invested approximately $2.0 billion in the Second Closing on December 27, 2024, owning approximately 14.9% of KeyCorp common stock.
Jacqueline Allard and Somesh Khanna joined the board effective December 27, 2024, with terms expiring at the 2025 annual meeting; the board size increased to fifteen.
Securities repositioning sold an additional $3.0 billion of low-yielding securities and terminated about $3.0 billion of cash flow hedges, with an expected after-tax loss of approximately $700 million in Q4 2024.
Executive Capital and Earnings Improvement Awards, granted December 30, 2024, vest in January 2027 based on regulatory capital and cumulative EPS goals; CEO Christopher M. Gorman's target value is $7,570,295.
KeyCorp reported a third-quarter 2024 net loss from continuing operations attributable to common shareholders of $447 million, or $0.47 per diluted share, after $737 million in after-tax charges tied to a securities portfolio repositioning. Excluding those charges, adjusted net income was $290 million, or $0.30 per diluted share, up from $237 million, or $0.25, in the second quarter, though total revenue fell to $695 million from $1.5 billion. The company received an initial $821 million tranche of its Scotiabank strategic investment, and expects the final tranche in the first quarter of 2025, subject to Federal Reserve approval.
Net loss of $447 million, or $0.47 per diluted share, versus net income of $266 million in the third quarter of 2023
Adjusted net income of $290 million, or $0.30 per diluted share, excluding $737 million in after-tax charges
Net interest income rose 7% quarter-over-quarter to $964 million; total revenue (TE) was $695 million versus $1,526 million in the second quarter
Received initial $821 million Scotiabank investment tranche; Common Equity Tier 1 ratio was 10.8%
KeyCorp entered an Investment Agreement with The Bank of Nova Scotia to sell common shares in two closings at a fixed price of $17.17 per share, for approximately $2.8 billion in aggregate consideration. After the second closing, the Bank of Nova Scotia would hold about 14.9% of KeyCorp's outstanding common shares and would be entitled to designate two board representatives.
Fixed price of $17.17 per share; aggregate consideration of approximately $2.8 billion
First closing gives the purchaser 4.90% of outstanding shares; second closing, subject to bank regulatory approvals, brings it to 14.90%
Two board designees upon the second closing; standstill limits the purchaser to 19.99% ownership
Purchaser's shares are locked up for one year after the second closing; shares issued under Section 4(a)(2) exemption
KeyCorp reported second-quarter 2024 net income from continuing operations attributable to common shareholders of $237 million, or $.25 per diluted share, up from $183 million, or $.20, in the first quarter but down from $250 million, or $.27, a year earlier. Total revenue on a taxable-equivalent basis was $1,526 million, down 0.5% from the prior quarter and 4.3% from a year earlier, while noninterest expense fell 5.6% from the first quarter to $1,079 million. For shareholders, earnings improved sequentially but remain below last year's level.
Net income of $237 million, or $.25 per diluted share, versus $183 million ($.20) in Q1 2024 and $250 million ($.27) in Q2 2023.
Total revenue (TE) of $1,526 million, compared with $1,533 million in Q1 2024 and $1,595 million in Q2 2023.
Noninterest expense of $1,079 million, down from $1,143 million in Q1 2024.
Net loan charge-offs were 0.34% of average total loans; the Common Equity Tier 1 ratio was an estimated 10.5% at June 30, 2024.
KeyCorp reported first quarter 2024 net income from continuing operations attributable to common shareholders of $183 million, or $0.20 per diluted share, up sharply from $30 million, or $0.03, in the fourth quarter of 2023 but down from $275 million, or $0.30, in the first quarter of 2023. Total revenue of $1.53 billion fell 10.6% from a year earlier, while noninterest expense also declined, so the quarter improved on the prior quarter but remained weaker than a year ago.
Net income of $183 million, or $0.20 per diluted share, versus $275 million, or $0.30, in Q1 2023 and $30 million, or $0.03, in Q4 2023
Total revenue of $1.53 billion, down 10.6% from $1.71 billion in Q1 2023 and down 0.3% from Q4 2023
Net interest income of $886 million, down 19.9% from a year earlier; noninterest income of $647 million, up 6.4%
FDIC special assessment charges reduced first quarter earnings by $22 million, or $0.02 per diluted share, after tax
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.
Only material 8-Ks get a brief: results, deals, executive changes, restructuring, impairments, delisting notices, restatements, cybersecurity incidents and other disclosed events. Routine filings (vote results, exhibits only) are skipped. Every KeyCorp filing is on SEC EDGAR ↗. 8-K briefs of other companies →