secwatch.observer — SEC 8-K summary
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Issuer:     KEYCORP /NEW/ (KEY)
CIK:        0000091576
Form:       8-K
Filed at:   2024-01-18T23:59:59+00:00
Accession:  0000091576-24-000013
Event type: earnings
Sentiment:  negative
Materiality: 0.80
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

KeyCorp Q4 net income $30M (EPS $0.03) includes $209M charges; revenue down 19% YoY
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- Net income of $30M ($0.03 diluted EPS) vs $356M ($0.38) in Q4 2022; includes $209M in after-tax charges (FDIC assessment, efficiency costs, pension settlement).
- Total revenue (TE) $1,538M, down 19% YoY; net interest income (TE) $928M, NIM 2.07% vs 2.73% in Q4 2022.
- Noninterest expense $1,372M, up 18.7% YoY driven by $190M FDIC special assessment and $67M efficiency-related expenses.
- Average loans $113.9B, down 3.2% YoY; average deposits $145.1B, nearly flat. CET1 ratio 10.0% (estimated), above target.
- Declared Q1 2024 dividend of $0.205 per common share; exceeded full-year balance sheet optimization goal of $14B risk-weighted asset reduction.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/91576/000009157624000013/0000091576-24-000013-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/91576/000009157624000013/key-20240118.htm
  HTML page:      https://secwatch.observer/filing/0000091576-24-000013

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