KeyCorp sells $7B low-yield securities, expects $700M after-tax loss in Q3 2024

KEYCORP /NEW/

Sold ~$7.0B of low-yielding investment securities in a strategic repositioning.
Expected after-tax loss of ~$700M in Q3 2024 from the sale.
Sold securities had weighted average book yield of ~2.3% and average duration of ~6 years.
Net proceeds likely to be reinvested in higher-yielding assets to improve income.

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