KeyCorp (KEY) investor relations material

Institutional Bank model and differentiation

• Three businesses span retail and wealth, commercial banking and payments, and the Institutional Bank, which includes equipment finance, real estate and corporate investment banking across eight industry verticals.

• Focused on middle-market companies, financial sponsors and corporates; integrated lending, capital markets and payments support client relationships and high lending monetization.

• Industry groups combine lending, payments and investment banking under full P&Ls; Institutional Bank revenue was cited at $3.4 billion, with an integrated model intended to reduce client friction.

• Commercial lending totals $80 billion against $60 billion of deposits; the Institutional Bank accounts for $60 billion of loans and $40 billion of deposits.

• In the Institutional Bank, just over one-third of revenue is credit revenue, while two-thirds of the return profile comes from fees.

Acquisitions and capability expansion

• Atlantic-Pacific Capital, a 31-year private capital advisor, is being acquired to add fundraising and continuation-vehicle advisory capabilities; continuation vehicles represent close to 10% of private equity exits.

• About 40% of investment banking fees come from private-equity-owned companies; APC capabilities may also serve private credit and institutional real estate clients.

• Clearwater, acquired in early August, has nearly 150 employees across four U.K. offices; integration is on track, with $20 million-$25 million of 2026 investment banking fees expected and about $10 million captured in Q3.

• Clearwater generated joint pitching opportunities and helped win a metals recycling mandate; management cited cross-selling potential from industry overlap.

• Further tuck-in acquisitions remain an option when they strengthen targeted-client capabilities and fit culturally; banker hiring and team additions are also growth levers.

Fee growth and banker productivity

• Middle-market announced M&A activity was down 11% in 2026, while M&A fees rose 15% year to date; management views $1 billion in investment banking and direct-placement fees as a goal, with upside from market recovery.

• New bankers generally need 12-18 months to ramp; productivity has increased somewhat during recent hiring, and prior hires are entering a more mature phase.

• Average productivity has been flat to up, including new bankers; the analyst class will number 80 this year, with campus recruiting continuing through market volatility.

• Investment banking fees compounded at 7%+ over the 16 years through the conference, according to management; the Institutional Bank also held $40 billion of deposits against $60 billion of loans.