---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-24-287188"
form_type: "8-K"
ticker: "KEY"
cik: "0000091576"
company_name: "KEYCORP /NEW/"
filed_at: "2024-12-31T23:59:59+00:00"
generated_at: "2026-05-28T22:36:24.926237+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# KeyCorp closes $2B Scotiabank tranche; now 14.9% owned; books $700M securities repositioning loss

## Summary
- Scotiabank completed $2.0B purchase of KeyCorp common stock, now owns 14.9% of outstanding shares.
- KeyCorp sold $3.0B low-yielding securities and terminated ~$3.0B cash flow hedges, expecting Q4 after-tax loss of ~$700M.
- Reinvested proceeds into securities with average yield 5.5% (up from 1.5%) and duration 4 years (down from 8).
- Board expanded to 15; appointed Jacqueline Allard and Somesh Khanna as directors, designated by Scotiabank.
- CEO Christopher Gorman received target equity award of $7.57M under Capital and Earnings Improvement Awards.

## SEC filing metadata
- accession: 0001193125-24-287188
- form_type: 8-K
- ticker: KEY
- cik: 0000091576
- company_name: KEYCORP /NEW/
- filed_at: 2024-12-31T23:59:59+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 8.01, 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/91576/000119312524287188/0001193125-24-287188-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/91576/000119312524287188/d903905d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-24-287188
- JSON: https://secwatch.observer/filing/0001193125-24-287188.json
- Plain text: https://secwatch.observer/filing/0001193125-24-287188.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.