-
KeyCorp (KEY) in Cleveland has agreed to sell its investment management and broker-dealer units.
February 21 -
KeyCorp's decision to sell Victory Management puzzled some, who asked why jettison a fee-based business and whether it might buy or sell some branches.
February 21 -
KeyCorp returns to the M&A trail for first time in years in agreeing to buy 37 branches in western New York. The seller, First Niagara, is still trying to digest what it already has in the works.
January 12 -
KeyCorp (KEY) posted double-digit growth in its commercial and industrial loan portfolio and its earnings rose in the first quarter.
April 18
Beth Mooney tried to resolve a lingering mystery Thursday: why, in these days of tight margins and iffy loan demand, would her bank sell a fee machine?
Mooney, the chairman and CEO of KeyCorp (KEY), and other executives took several questions from analysts about their decision to sell Victory Capital Management this year.
Victory, which mainly serves institutional investors, did not fit with Keycorp's focus on building strong relationships with consumers, Mooney said.
"There was not a lot of linkage to what we are doing in terms of assets under management in our private bank," she said on the $89.2 billion-asset company's conference call about first-quarter results.
KeyCorp has worked hard to make sure other units at the bank fit within its "relationship strategy" and to bring "our corporate and community bank closer together," Mooney said. KeyCorp has no plans to sell other units, but she stopped short of ruling out the possibility when asked by an analyst if she would jettison another unit in the next 18 months.
"We are looking forward to completing the transaction and developing and growing the businesses we have," Mooney replied.
The announcement in February of the agreement to sell
Victory's sale is expected to be completed in the third quarter.
KeyCorp's management also gave an update on the integration of the
"There are some things we can learn from that team that we are building into our product offerings around investments," Hartmann said.
On Thursday