Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2024 | Apr. 29, 2024 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 001-11302 | |
Entity Registrant Name | KeyCorp | |
Entity Incorporation, State or Country Code | OH | |
Entity Tax Identification Number | 34-6542451 | |
Entity Address, Address Line One | 127 Public Square, | |
Entity Address, City or Town | Cleveland, | |
Entity Address, State or Province | OH | |
Entity Address, Postal Zip Code | 44114-1306 | |
City Area Code | 216 | |
Local Phone Number | 689-3000 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 942,860,462 | |
Entity Central Index Key | 0000091576 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Common Shares | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Common Shares, $1 par value | |
Trading Symbol | KEY | |
Security Exchange Name | NYSE | |
Series E Preferred Stock | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Perpetual Non-Cumulative Preferred Stock, Series E) | |
Trading Symbol | KEY PrI | |
Security Exchange Name | NYSE | |
Series F Preferred Stock | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Cumulative Preferred Stock, Series F) | |
Trading Symbol | KEY PrJ | |
Security Exchange Name | NYSE | |
Series G Preferred Stock | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Cumulative Preferred Stock, Series G) | |
Trading Symbol | KEY PrK | |
Security Exchange Name | NYSE | |
Series H Preferred Stock | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Cumulative Preferred Stock, Series H) | |
Trading Symbol | KEY PrL | |
Security Exchange Name | NYSE |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | |
ASSETS | |||
Cash and due from banks | $ 1,247 | $ 941 | |
Short-term investments | 13,205 | 10,817 | |
Trading account assets | 1,171 | 1,142 | |
Securities available for sale | 37,298 | 37,185 | |
Held-to-maturity securities (fair value: $7,680 and $8,056) | 8,272 | 8,575 | |
Other investments | 1,247 | 1,244 | |
Loans, net of unearned income of $323 and $356 | 109,885 | 112,606 | |
Less: Allowance for loan and lease losses | (1,542) | (1,508) | |
Net loans | 108,343 | 111,098 | |
Loans held for sale | [1] | 228 | 483 |
Premises and equipment | 650 | 661 | |
Goodwill | 2,752 | 2,752 | |
Other intangible assets | 48 | 55 | |
Corporate-owned life insurance | 4,392 | 4,383 | |
Accrued income and other assets | 8,314 | 8,601 | |
Discontinued assets | 318 | 344 | |
Total assets | 187,485 | 188,281 | |
Deposits in domestic offices: | |||
Interest-bearing deposits | 114,593 | 114,859 | |
Noninterest-bearing deposits | 29,638 | 30,728 | |
Total deposits | 144,231 | 145,587 | |
Federal funds purchased and securities sold under repurchase agreements | 27 | 38 | |
Bank notes and other short-term borrowings | 2,896 | 3,053 | |
Accrued expense and other liabilities | 5,008 | 5,412 | |
Long-term debt | 20,776 | 19,554 | |
Total liabilities | 172,938 | 173,644 | |
EQUITY | |||
Preferred stock | 2,500 | 2,500 | |
Common Shares, $1 par value; authorized 2,100,000,000 shares; issued 1,256,702,081 shares | 1,257 | 1,257 | |
Capital surplus | 6,164 | 6,281 | |
Retained earnings | 15,662 | 15,672 | |
Treasury stock, at cost (313,926,505 and 320,138,094 shares) | (5,722) | (5,844) | |
Accumulated other comprehensive income (loss) | (5,314) | (5,229) | |
Total equity | 14,547 | 14,637 | |
Total liabilities and equity | $ 187,485 | $ 188,281 | |
[1] Total loans held for sale include real estate — residential mortgage loans held for sale at fair value of $73 million at March 31, 2024, and $51 million at December 31, 2023. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Held-to-maturity securities fair value | $ 7,680 | $ 8,056 |
Financing receivable, unearned income | $ 323 | $ 356 |
Common shares, par value (in usd per share) | $ 1 | $ 1 |
Common shares, shares authorized (in shares) | 2,100,000,000 | 2,100,000,000 |
Common shares, shares issued (in shares) | 1,256,702,081 | 1,256,702,081 |
Treasury stock, shares (in shares) | 313,926,505 | 320,138,094 |
Residential Mortgage | ||
Loans held for sale | $ 73 | $ 51 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
INTEREST INCOME | |||
Loans | $ 1,538 | $ 1,476 | |
Loans held for sale | 14 | 13 | |
Securities available for sale | 232 | 194 | |
Held-to-maturity securities | 75 | 74 | |
Trading account assets | 14 | 12 | |
Short-term investments | 142 | 42 | |
Other investments | 17 | 13 | |
Total interest income | 2,032 | 1,824 | |
INTEREST EXPENSE | |||
Deposits | 782 | 350 | |
Federal funds purchased and securities sold under repurchase agreements | 1 | 22 | |
Bank notes and other short-term borrowings | 46 | 78 | |
Long-term debt | 328 | 275 | |
Total interest expense | 1,157 | 725 | |
NET INTEREST INCOME | 875 | 1,099 | |
Provision for credit losses | 101 | 139 | |
Net interest income after provision for credit losses | 774 | 960 | |
NONINTEREST INCOME | |||
Trust and investment services income | 136 | 128 | |
Investment banking and debt placement fees | 170 | 145 | |
Cards and payments income | 77 | 81 | |
Service charges on deposit accounts | 63 | 67 | |
Corporate services income | 69 | 76 | |
Commercial mortgage servicing fees | 56 | 46 | |
Corporate-owned life insurance income | 32 | 29 | |
Consumer mortgage income | 14 | 11 | |
Operating lease income and other leasing gains | 24 | 25 | |
Other income | 6 | 0 | |
Total noninterest income | 647 | 608 | |
NONINTEREST EXPENSE | |||
Personnel | 674 | 701 | |
Net occupancy | 67 | 70 | |
Computer processing | 102 | 92 | |
Business services and professional fees | 41 | 45 | |
Equipment | 20 | 22 | |
Operating lease expense | 17 | 20 | |
Marketing | 19 | 21 | |
Other expense | 203 | 205 | |
Total noninterest expense | 1,143 | 1,176 | |
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 278 | 392 | |
Income taxes | 59 | 81 | |
INCOME (LOSS) FROM CONTINUING OPERATIONS | 219 | 311 | |
Income (loss) from discontinued operations | 0 | 1 | |
NET INCOME (LOSS) | 219 | 312 | |
Less: Net income (loss) attributable to noncontrolling interests | 0 | 0 | |
NET INCOME (LOSS) ATTRIBUTABLE TO KEY | 219 | 312 | |
Income (loss) from continuing operations attributable to Key common shareholders | 183 | 275 | |
Net income (loss) attributable to Key common shareholders | $ 183 | $ 276 | |
Per Common Share: | |||
Income (loss) from continuing operations attributable to Key common shareholders (in usd per share) | $ 0.20 | $ 0.30 | |
Income (loss) from discontinued operations, net of taxes (in usd per share) | 0 | 0 | |
Net income (loss) attributable to Key common shareholders (in usd per share) | [1] | 0.20 | 0.30 |
Per Common Share — assuming dilution: | |||
Income (loss) from continuing operations attributable to Key common shareholders (in usd per share) | 0.20 | 0.30 | |
Income (loss) from discontinued operations, net of taxes (in usd per share) | 0 | 0 | |
Net income (loss) attributable to Key common shareholders (in usd per share) | [1] | $ 0.20 | $ 0.30 |
Weighted-average Common Shares outstanding (in shares) | 929,692 | 926,490 | |
Effect of Common Share options and other stock awards (in shares) | 7,319 | 7,314 | |
Weighted-average Common Shares and potential Common Shares outstanding (in shares) | [2] | 937,011 | 933,804 |
[1] EPS may not foot due to rounding. Assumes conversion of Common Share options and other stock awards and/or convertible preferred stock, as applicable. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net income (loss) | $ 219 | $ 312 |
Other comprehensive income (loss), net of tax: | ||
Net unrealized gains (losses) on securities available for sale, net of income taxes of $47 and $(181) | (151) | 575 |
Net unrealized gains (losses) on derivative financial instruments, net of income taxes of $(20) and $(77) | 65 | 245 |
Net pension and postretirement benefit costs, net of income taxes of $0 and $0 | 1 | 1 |
Total other comprehensive income (loss), net of tax | (85) | 821 |
Comprehensive income (loss) attributable to Key | $ 134 | $ 1,133 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net unrealized gains (losses) on securities available for sale, tax | $ 47 | $ (181) |
Net unrealized gains (losses) on derivative financial instruments, tax | (20) | (77) |
Net pension and postretirement benefit costs, tax | $ 0 | $ 0 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Millions | Total | Series D Preferred Stock | Series E Preferred Stock | Series F Preferred Stock | Series G Preferred Stock | Series H Preferred Stock | Preferred Stock | Common Shares | Capital Surplus | Retained Earnings | Retained Earnings Series D Preferred Stock | Retained Earnings Series E Preferred Stock | Retained Earnings Series F Preferred Stock | Retained Earnings Series G Preferred Stock | Retained Earnings Series H Preferred Stock | Treasury Stock, at Cost | Accumulated Other Comprehensive Income (Loss) |
Beginning balance, Preferred Shares (in shares) at Dec. 31, 2022 | 1,996,000 | ||||||||||||||||
Beginning balance, Common Shares (in shares) at Dec. 31, 2022 | 933,325,000 | ||||||||||||||||
Beginning balance at Dec. 31, 2022 | $ 13,454 | $ 2,500 | $ 1,257 | $ 6,286 | $ 15,616 | $ (5,910) | $ (6,295) | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||
Net income (loss) | 312 | 312 | |||||||||||||||
Other comprehensive income (loss) | 821 | 821 | |||||||||||||||
Deferred compensation | (6) | (6) | |||||||||||||||
Cash dividends declared | |||||||||||||||||
Cash dividends declared on common shares | (192) | (192) | |||||||||||||||
Cash dividends declared on preferred stock | $ (7) | $ (8) | $ (6) | $ (6) | $ (9) | $ (7) | $ (8) | $ (6) | $ (6) | $ (9) | |||||||
Open market Common Share repurchases (in shares) | (2,550,000) | ||||||||||||||||
Open market Common Share repurchases | (38) | (38) | |||||||||||||||
Employee equity compensation program Common Share repurchases (in shares) | (1,783,000) | ||||||||||||||||
Employee equity compensation program Common Share repurchases | (34) | (34) | |||||||||||||||
Common shares reissued (returned) for stock options and other employee benefit plans (in shares) | 6,237,000 | ||||||||||||||||
Common shares reissued (returned) for stock options and other employee benefit plans | 41 | (73) | 114 | ||||||||||||||
Ending balance, Preferred Shares (in shares) at Mar. 31, 2023 | 1,996,000 | ||||||||||||||||
Ending balance, Common Shares (in shares) at Mar. 31, 2023 | 935,229,000 | ||||||||||||||||
Ending balance at Mar. 31, 2023 | 14,322 | $ 2,500 | $ 1,257 | 6,207 | 15,700 | (5,868) | (5,474) | ||||||||||
Beginning balance, Preferred Shares (in shares) at Dec. 31, 2023 | 1,996,000 | ||||||||||||||||
Beginning balance, Common Shares (in shares) at Dec. 31, 2023 | 936,564,000 | ||||||||||||||||
Beginning balance at Dec. 31, 2023 | 14,637 | $ 2,500 | $ 1,257 | 6,281 | 15,672 | (5,844) | (5,229) | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||
Net income (loss) | 219 | 219 | |||||||||||||||
Other comprehensive income (loss) | (85) | (85) | |||||||||||||||
Deferred compensation | (4) | (4) | |||||||||||||||
Cash dividends declared | |||||||||||||||||
Cash dividends declared on common shares | (193) | (193) | |||||||||||||||
Cash dividends declared on preferred stock | $ (7) | $ (8) | $ (6) | $ (6) | $ (9) | $ (7) | $ (8) | $ (6) | $ (6) | $ (9) | |||||||
Employee equity compensation program Common Share repurchases (in shares) | (1,859,000) | ||||||||||||||||
Employee equity compensation program Common Share repurchases | (26) | (26) | |||||||||||||||
Common shares reissued (returned) for stock options and other employee benefit plans (in shares) | 8,071,000 | ||||||||||||||||
Common shares reissued (returned) for stock options and other employee benefit plans | 35 | (113) | 148 | ||||||||||||||
Ending balance, Preferred Shares (in shares) at Mar. 31, 2024 | 21,000 | 500,000 | 425,000 | 450,000 | 600,000 | 1,996,000 | |||||||||||
Ending balance, Common Shares (in shares) at Mar. 31, 2024 | 942,776,000 | ||||||||||||||||
Ending balance at Mar. 31, 2024 | $ 14,547 | $ 2,500 | $ 1,257 | $ 6,164 | $ 15,662 | $ (5,722) | $ (5,314) |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash dividends declared on Common Shares (in usd per share) | $ 0.205 | $ 0.205 |
Series D Preferred Stock | ||
Cash dividends declared on Preferred Stock (in usd per share) | 12.50 | 12.50 |
Series E Preferred Stock | ||
Cash dividends declared on Preferred Stock (in usd per share) | 0.382813 | 0.382813 |
Series F Preferred Stock | ||
Cash dividends declared on Preferred Stock (in usd per share) | 0.353125 | 0.353125 |
Series G Preferred Stock | ||
Cash dividends declared on Preferred Stock (in usd per share) | 0.351563 | 0.351563 |
Series H Preferred Stock | ||
Cash dividends declared on Preferred Stock (in usd per share) | $ 0.387500 | $ 0.387500 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
OPERATING ACTIVITIES | ||
Net income (loss) | $ 219 | $ 312 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
Provision for credit losses | 101 | 139 |
Depreciation, amortization, and accretion, net | 24 | 41 |
Increase in cash surrender value of corporate-owned life insurance | (28) | (26) |
Stock-based compensation expense | 26 | 34 |
Deferred income taxes (benefit) | 3 | 75 |
Proceeds from sales of loans held for sale | 1,920 | 1,534 |
Originations of loans held for sale, net of repayments | (1,742) | (1,779) |
Net losses (gains) on sales of loans held for sale | (28) | (15) |
Net losses (gains) on leased equipment | (6) | (1) |
Net securities and other investments losses (gains) | 3 | 0 |
Net losses (gains) on sales of fixed assets | 0 | 12 |
Net change in: | ||
Trading account assets | (29) | (289) |
Accrued income and other assets | 287 | 691 |
Accrued expense and other liabilities | (404) | (260) |
Other operating activities, net | 13 | 250 |
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | 359 | 718 |
INVESTING ACTIVITIES | ||
Net decrease (increase) in short-term investments, excluding acquisitions | (2,388) | (5,978) |
Purchases of securities available for sale | (1,465) | (200) |
Proceeds from sales of securities available for sale | 637 | 0 |
Proceeds from prepayments and maturities of securities available for sale | 515 | 563 |
Proceeds from prepayments and maturities of held-to-maturity securities | 306 | 333 |
Purchases of held-to-maturity securities | 0 | (1,179) |
Net decrease (increase) in other investments | (4) | (286) |
Net decrease (increase) in loans, excluding acquisitions, sales and transfers | 2,613 | (613) |
Proceeds from sales of portfolio loans | 151 | 25 |
Proceeds from corporate-owned life insurance | 20 | 22 |
Purchases of premises, equipment, and software | (12) | (24) |
Proceeds from sales of premises and equipment | 1 | 1 |
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | 374 | (7,336) |
FINANCING ACTIVITIES | ||
Net increase (decrease) in deposits | (1,356) | 1,553 |
Net increase (decrease) in short-term borrowings | (168) | 1,972 |
Net proceeds from issuance of long-term debt | 1,350 | 4,490 |
Payments on long-term debt | (1) | (1,201) |
Open market common share repurchases | 0 | (38) |
Employee equity compensation program Common Share repurchases | (26) | (34) |
Net proceeds from reissuance of Common Shares | 3 | 1 |
Cash dividends paid | (229) | (228) |
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | (427) | 6,515 |
NET INCREASE (DECREASE) IN CASH AND DUE FROM BANKS | 306 | (103) |
CASH AND DUE FROM BANKS AT BEGINNING OF PERIOD | 941 | 887 |
CASH AND DUE FROM BANKS AT END OF PERIOD | 1,247 | 784 |
Additional disclosures relative to cash flows: | ||
Interest paid | 990 | 426 |
Income taxes paid (refunded) | 20 | 46 |
Noncash items: | ||
Reduction of secured borrowing and related collateral | 1 | 2 |
Loans transferred to portfolio from held for sale | 105 | 17 |
Loans transferred to held for sale from portfolio | 0 | 4 |
Loans transferred to OREO | 2 | 3 |
CMBS risk retentions | 0 | 52 |
ABS risk retentions | $ 0 | $ 8 |
Basis of Presentation and Accou
Basis of Presentation and Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Accounting Policies | 1. Basis of Presentation and Accounting Policies The consolidated financial statements include the accounts of KeyCorp and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. Some previously reported amounts have been reclassified in the statements of cash flows from “other operating activities, net” to either the net change in “accrued income and other assets” or “accrued expense and other liabilities” to align with updated presentation. The consolidated financial statements include any voting rights entities in which we have a controlling financial interest. In accordance with the applicable accounting guidance for consolidations, we consolidate a VIE if we have: (i) a variable interest in the entity; (ii) the power to direct activities of the VIE that most significantly affect the entity’s economic performance; and (iii) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE (i.e., we are considered to be the primary beneficiary). Variable interests can include equity interests, subordinated debt, derivative contracts, leases, service agreements, guarantees, standby letters of credit, loan commitments, and other contracts, agreements, and financial instruments. See Note 11 (“Variable Interest Entities”) for information on our involvement with VIEs. We use the equity method to account for unconsolidated investments in voting rights entities or VIEs if we have significant influence over the entity’s operating and financing decisions (usually defined as a voting or economic interest of 20% to 50%, but not controlling). Unconsolidated investments in voting rights entities or VIEs in which we have a voting or economic interest of less than 20% are carried at the cost measurement alternative or at fair value. Investments held by our registered broker-dealer and investment company subsidiaries (principal investing entities and Real Estate Capital line of business) are carried at fair value. The unaudited consolidated interim financial statements reflect all adjustments of a normal recurring nature and disclosures that are necessary for a fair presentation of the results for the interim periods presented. The results of operations for the interim period are not necessarily indicative of the results of operations to be expected for the full year. The interim financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in our 2023 Form 10-K. In preparing these financial statements, subsequent events were evaluated through the time the financial statements were issued. Financial statements are considered issued when they are widely distributed to all shareholders and other financial statement users or filed with the SEC. Accounting Guidance Adopted in 2024 Standard Date of Adoption Description Effect on Financial Statements or ASU 2022-03, Fair Value Measurement - January 1, 2024 Early adoption is The amendments clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and is not considered in measuring fair value. Entities cannot, as a separate unit of account, recognize and measure a contractual sale restriction. The amendments require disclosures for equity securities subject to contractual restrictions including; the fair value of equity securities subject to contractual sale restrictions reflected in the balance sheet, the nature and remaining duration of the restriction(s) and the circumstances that could cause a lapse in the restriction(s). The guidance should be applied prospectively with any adjustments from the adoption of the amendments recognized in earnings and disclosed on the date of adoption. The guidance did not have any impact on Key’s financial condition or results of operations. |
Earnings Per Common Share
Earnings Per Common Share | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | 2. Earnings Per Common Share Basic earnings per share is the amount of earnings (adjusted for dividends declared on our preferred stock) available to each Common Share outstanding during the reporting periods. Diluted earnings per share is the amount of earnings available to each Common Share outstanding during the reporting periods adjusted to include the effects of potentially dilutive Common Shares. Potentially dilutive Common Shares include stock options and other stock-based awards. Potentially dilutive Common Shares are excluded from the computation of diluted earnings per share in the periods where the effect would be antidilutive. Our basic and diluted earnings per Common Share are calculated as follows: Three months ended March 31, Dollars in millions, except per share amounts 2024 2023 EARNINGS Income (loss) from continuing operations $ 219 $ 311 Less: Net income (loss) attributable to noncontrolling interests — — Income (loss) from continuing operations attributable to Key 219 311 Less: Dividends on Preferred Stock 36 36 Income (loss) from continuing operations attributable to Key common shareholders 183 275 Income (loss) from discontinued operations, net of taxes — 1 Net income (loss) attributable to Key common shareholders $ 183 $ 276 WEIGHTED-AVERAGE COMMON SHARES Weighted-average Common Shares outstanding (000) 929,692 926,490 Effect of Common Share options and other stock awards 7,319 7,314 Weighted-average Common Shares and potential Common Shares outstanding (000) (a) 937,011 933,804 EARNINGS PER COMMON SHARE Income (loss) from continuing operations attributable to Key common shareholders $ .20 $ .30 Income (loss) from discontinued operations, net of taxes — — Net income (loss) attributable to Key common shareholders (b) .20 .30 Income (loss) from continuing operations attributable to Key common shareholders — assuming dilution $ .20 $ .30 Income (loss) from discontinued operations, net of taxes — assuming dilution — — Net income (loss) attributable to Key common shareholders — assuming dilution (b) .20 .30 (a) Assumes conversion of Common Share options and other stock awards and/or convertible preferred stock, as applicable. (b) EPS may not foot due to rounding. |
Loan Portfolio
Loan Portfolio | 3 Months Ended |
Mar. 31, 2024 | |
Loans Receivables [Abstract] | |
Loan Portfolio | 3. Loan Portfolio Loan Portfolio by Portfolio Segment and Financing Receivable (a) Dollars in millions March 31, 2024 December 31, 2023 Commercial and industrial (b) $ 54,793 $ 55,815 Commercial real estate: Commercial mortgage 14,540 15,187 Construction 3,013 3,066 Total commercial real estate loans 17,553 18,253 Commercial lease financing (c) 3,305 3,523 Total commercial loans 75,651 77,591 Residential — prime loans: Real estate — residential mortgage 20,704 20,958 Home equity loans 6,905 7,139 Total residential — prime loans 27,609 28,097 Other consumer loans 5,690 5,916 Credit cards 935 1,002 Total consumer loans 34,234 35,015 Total loans (d) $ 109,885 $ 112,606 (a) Accrued interest of $508 million and $522 million at March 31, 2024, and December 31, 2023, respectively, presented in "Accrued income and other assets" on the Consolidated Balance Sheets is excluded from the amortized cost basis disclosed in this table. (b) Loan balances include $214 million and $207 million of commercial credit card balances at March 31, 2024, and December 31, 2023, respectively. (c) Commercial and industrial includes receivables held as collateral for a secured borrowing of $349 million at March 31, 2024. Commercial lease financing includes receivables held as collateral for a secured borrowing of $6 million and $7 million at March 31, 2024, and December 31, 2023, respectively. Principal reductions are based on the cash payments received from these related receivables. Additional information pertaining to this secured borrowing is included in Note 20 (“Long-Term Debt”) beginning on page 165 of our 2023 Form 10-K. (d) |
Asset Quality
Asset Quality | 3 Months Ended |
Mar. 31, 2024 | |
Credit Loss [Abstract] | |
Asset Quality | 4. Asset Quality ALLL We estimate the appropriate level of the ALLL on at least a quarterly basis. The methodology is described in Note 1 ("Summary of Significant Accounting Policies") under the heading "Allowance for Loan and Lease Losses" beginning on page 109 of our 2023 Form 10-K. The ALLL at March 31, 2024, represents our current estimate of lifetime credit losses inherent in the loan portfolio at that date. The changes in the ALLL by loan category for the periods indicated are as follows: Three months ended March 31, 2024: Dollars in millions December 31, 2023 Provision Charge-offs Recoveries March 31, 2024 Commercial and Industrial $ 556 $ 151 $ (62) $ 8 $ 653 Commercial real estate: Real estate — commercial mortgage 419 (25) (5) — 389 Real estate — construction 52 9 — — 61 Total commercial real estate loans 471 (16) (5) — 450 Commercial lease financing 33 (7) — 2 28 Total commercial loans 1,060 128 (67) 10 1,131 Real estate — residential mortgage 162 (42) (1) 2 121 Home equity loans 86 (7) (1) 1 79 Other consumer loans 122 25 (16) 2 133 Credit cards 78 11 (12) 1 78 Total consumer loans 448 (13) (30) 6 411 Total ALLL — continuing operations 1,508 115 (a) (97) 16 1,542 Discontinued operations 16 — (1) — 15 Total ALLL — including discontinued operations $ 1,524 $ 115 $ (98) $ 16 $ 1,557 (a) Excludes a credit for losses on lending-related commitments of $14 million. Three months ended March 31, 2023: Dollars in millions December 31, 2022 Provision Charge-offs Recoveries March 31, 2023 Commercial and Industrial $ 601 $ 31 $ (35) $ 8 $ 605 Commercial real estate: Real estate — commercial mortgage 203 20 (5) — 218 Real estate — construction 28 — — — 28 Total commercial real estate loans 231 20 (5) — 246 Commercial lease financing 32 (1) 1 1 33 Total commercial loans 864 50 (39) 9 884 Real estate — residential mortgage 196 15 — 1 212 Home equity loans 98 (2) (1) 1 96 Other consumer loans 113 12 (11) 3 117 Credit cards 66 13 (9) 1 71 Total consumer loans 473 38 (21) 6 496 Total ALLL — continuing operations 1,337 88 (a) (60) 15 1,380 Discontinued operations 21 (1) (1) — 19 Total ALLL — including discontinued operations $ 1,358 $ 87 $ (61) $ 15 $ 1,399 (a) Excludes a provision for losses on lending-related commitments of $51 million. As described in Note 1 ("Summary of Significant Accounting Policies"), under the heading “Allowance for Loan and Lease Losses” beginning on page 109 of our 2023 Form 10-K, we estimate the ALLL using relevant available information, from internal and external sources, relating to past events, current economic and portfolio conditions, and reasonable and supportable forecasts. In our estimation of expected credit losses, we use a two year reasonable and supportable period across all products. Following this two year period in which supportable forecasts can be generated, for all modeled loan portfolios, we revert expected credit losses to a level that is consistent with our historical information by reverting the macroeconomic variables (model inputs) to their long run average. We revert to historical loss rates for less complex estimation methods for smaller portfolios. A 20-year fixed length look back period is used to calculate the long run average of the macroeconomic variables. A four quarter reversion period is used where the macroeconomic variables linearly revert to their long run average following the two year reasonable and supportable period. We develop our reasonable and supportable forecasts using relevant data including, but not limited to, changes in economic output, unemployment rates, property values, and other factors associated with the credit losses on financial assets. Some macroeconomic variables apply to all portfolio segments, while others are more portfolio specific. The following table discloses key macroeconomic variables for each loan portfolio. Segment Portfolio Key Macroeconomic Variables (a) Commercial Commercial and industrial BBB corporate bond rate (spread), fixed investment, business bankruptcies, GDP, industrial production, unemployment rate, and Producer Price Index Commercial real estate Property & real estate price indices, unemployment rate, business bankruptcies, GDP, and SOFR Commercial lease financing BBB corporate bond rate (spread), GDP, and unemployment rate Consumer Real estate — residential mortgage GDP, home price index, unemployment rate, and 30 year mortgage rate Home equity Home price index, unemployment rate, and 30 year mortgage rate Other consumer Unemployment rate and U.S. household income Credit cards Unemployment rate and U.S. household income Discontinued operations Unemployment rate (a) Variables include all transformations and interactions with other risk drivers. Additionally, variables may have varying impacts at different points in the economic cycle. In addition to macroeconomic drivers, portfolio attributes such as remaining term, outstanding balance, risk ratings, utilization, FICO, LTV, and delinquency also drive ALLL changes. Our ALLL models were designed to capture the correlation between economic and portfolio changes. As such, evaluating shifts in individual portfolio attributes and macroeconomic variables in isolation may not be indicative of past or future performance. Economic Outlook As of March 31, 2024, economic uncertainty remains elevated. Unemployment rates remain at relatively low levels, but job growth is moderating. Inflation, in the United States, is more persistent than anticipated, but has eased as the restrictive monetary policy and higher interest rates have made an impact. Commercial real estate values remain under pressure, with office being the most vulnerable asset class. We utilized the Moody’s February 2024 Consensus forecast as our baseline forecast to estimate our expected credit losses as of March 31, 2024. We determined such forecast to be a reasonable view of the outlook for the economy given all available information at quarter end. The baseline scenario reflects remaining weaknesses and the economy is expected to slow down through 2024. U.S. GDP is expected to grow at an annual rate of approximately 2.0% and 1.6% for 2024 and 2025, respectively, down from 2.5% in 2023. The national unemployment rate is expected to reach 4.3% by the fourth quarter of 2024; forecasted values remain at or above 4% through 2025. The U.S. Consumer Price Index annualized rate is forecasted at 2.7% for 2024 and expected to return to the Fed’s 2% target in 2025. The national home price index is expected to remain generally stable over 2024, while the commercial real estate price index is forecasted to drop approximately 6% in 2024. To the extent we identified credit risk considerations that were not captured by the third-party economic forecast, we addressed the risk through management’s qualitative adjustments to the ALLL. As a result of the current economic uncertainty, our future loss estimates may vary considerably from our March 31, 2024 assumptions. Commercial Loan Portfolio The ALLL from continuing operations for the commercial segment increased by $71 million, or 6.7%, fro m December 31, 2023. The overall increase in the commercial allowance is driven by fluctuations in portfolio activity, partly offset by economic changes and t he impact of balance sheet optimization efforts. The reserve levels continue to reflect portfolio migration, considering the extended period of higher interest rates and the current inflationary environment. The increase in reserves from the previous quarter is concentrated in the commercial and industrial portfolio, reflecting downgrades and higher criticized levels. The increase is offset by decreasing reserves for the commercial real estate portfolio, driven by changes in the property price index economic projections. Consumer Loan Portfolio The ALLL from continuing operations for the consumer segment decreased by $37 million, or 8.3%, from December 31, 2023 . The overall decrease in the consumer allowance was driven by improvement in the economic forecast, partly offset by credit quality normalization post-pandemic. Reserve movements largely reflect favorable changes in the economic outlook quarter-over-quarter for home prices. Credit Risk Profile The prevalent risk characteristic for both commercial and consumer loans is the risk of loss arising from an obligor’s inability or failure to meet contractual payment or performance terms. Evaluation of this risk is stratified and monitored by the loan risk rating grades assigned for the commercial loan portfolios and the refreshed FICO score assigned for the consumer loan portfolios. The internal risk grades assigned to loans follow our definitions of Pass and Criticized, which are consistent with published definitions of regulatory risk classifications. Loans with a pass rating represent those loans not classified on our rating scale for credits, as minimal credit risk has been identified. Criticized loans are those loans that either have a potential weakness deserving management's close attention or have a well-defined weakness that may put full collection of contractual cash flows at risk. Borrower FICO scores provide information about the credit quality of our consumer loan portfolio as they provide an indication as to the likelihood that a debtor will repay its debts. The scores are obtained from a nationally recognized consumer rating agency and are presented in the tables below at the dates indicated. Most extensions of credit are subject to loan grading or scoring. Loan grades are assigned at the time of origination, verified by credit risk management, and periodically re-evaluated thereafter. This risk rating methodology blends our judgment with quantitative modeling. Commercial loans generally are assigned two internal risk ratings. The first rating reflects the probability that the borrower will default on an obligation; the second rating reflects expected recovery rates on the credit facility. Default probability is determined based on, among other factors, the financial strength of the borrower, an assessment of the borrower’s management, the borrower’s competitive position within its industry sector, and our view of industry risk in the context of the general economic outlook. Types of exposure, transaction structure, and collateral, including credit risk mitigants, affect the expected recovery assessment. Commercial Credit Exposure Credit Risk Profile by Creditworthiness Category and Vintage (a)(b) As of March 31, 2024 Term Loans Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Loans Amortized Cost Basis Amortized Cost Basis by Origination Year and Internal Risk Rating Dollars in millions 2024 2023 2022 2021 2020 Prior Total Commercial and Industrial Risk Rating: Pass $ 1,131 $ 3,722 $ 9,183 $ 5,411 $ 2,329 $ 5,282 $ 23,724 $ 127 $ 50,909 Criticized (Accruing) 39 221 639 517 304 376 1,409 19 3,524 Criticized (Nonaccruing) — 19 68 65 2 94 112 — 360 Total commercial and industrial 1,170 3,962 9,890 5,993 2,635 5,752 25,245 146 54,793 Current period gross write-offs — 4 10 24 — 1 23 — 62 Real estate — commercial mortgage Risk Rating: Pass 85 792 3,470 2,729 711 3,715 927 48 12,477 Criticized (Accruing) 3 65 796 476 70 521 16 3 1,950 Criticized (Nonaccruing) — — 3 29 3 47 31 — 113 Total real estate — commercial mortgage 88 857 4,269 3,234 784 4,283 974 51 14,540 Current period gross write-offs — — — — — 4 1 — 5 Real estate — construction Risk Rating: Pass 8 508 1,156 812 93 103 22 2 2,704 Criticized (Accruing) — 10 87 65 73 74 — — 309 Criticized (Nonaccruing) — — — — — — — — — Total real estate — construction 8 518 1,243 877 166 177 22 2 3,013 Current period gross write-offs — — — — — — — — — Commercial lease financing Risk Rating: Pass 52 550 749 491 318 1,027 — — 3,187 Criticized (Accruing) — 30 47 8 13 19 — — 117 Criticized (Nonaccruing) — — — — — 1 — — 1 Total commercial lease financing 52 580 796 499 331 1,047 — 3,305 Current period gross write-offs — — — — — — — — — Total commercial loans $ 1,318 $ 5,917 $ 16,198 $ 10,603 $ 3,916 $ 11,259 $ 26,241 $ 199 $ 75,651 Total commercial loan current period gross write-offs $ — $ 4 $ 10 $ 24 $ — $ 5 $ 24 $ — $ 67 As of December 31, 2023 Term Loans Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Loans Amortized Cost Basis Amortized Cost Basis by Origination Year and Internal Risk Rating Dollars in millions 2023 2022 2021 2020 2019 Prior Total Commercial and Industrial Risk Rating: Pass $ 4,020 $ 10,145 $ 6,141 $ 2,539 $ 2,064 $ 3,534 $ 24,395 $ 123 $ 52,961 Criticized (Accruing) 84 361 427 233 127 170 1,140 15 2,557 Criticized (Nonaccruing) 14 49 50 2 28 70 84 — 297 Total commercial and industrial 4,118 10,555 6,618 2,774 2,219 3,774 25,619 138 55,815 Current period gross write-offs 1 7 35 8 11 21 105 — 188 Real estate — commercial mortgage Risk Rating: Pass 1,084 3,664 2,922 804 1,545 2,507 1,017 66 13,609 Criticized (Accruing) 6 646 411 15 186 193 20 1 1,478 Criticized (Nonaccruing) — — 1 3 7 55 34 — 100 Total real estate — commercial mortgage 1,090 4,310 3,334 822 1,738 2,755 1,071 67 15,187 Current period gross write-offs — 1 1 11 2 21 3 — 39 Real estate — construction Risk Rating: Pass 401 1,185 912 157 62 48 31 8 2,804 Criticized (Accruing) 10 40 60 64 41 47 — — 262 Criticized (Nonaccruing) — — — — — — — — — Total real estate — construction 411 1,225 972 221 103 95 31 8 3,066 Current period gross write-offs — — — — — — — — — Commercial lease financing Risk Rating: Pass 520 878 575 352 307 808 — — 3,440 Criticized (Accruing) 11 30 9 9 8 16 — — 83 Criticized (Nonaccruing) — — — — — — — — — Total commercial lease financing 531 908 584 361 315 824 — — 3,523 Current period gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Total commercial loans $ 6,150 $ 16,998 $ 11,508 $ 4,178 $ 4,375 $ 7,448 $ 26,721 $ 213 $ 77,591 Total commercial loan current period gross write-offs $ 1 $ 8 $ 36 $ 19 $ 13 $ 42 $ 108 $ — $ 227 (a) Accrued intere st of $368 million a nd $383 million as of March 31, 2024, and December 31, 2023, respectively, presented in Other Assets on the Consolidated Balance Sheets, was excluded from the amortized cost basis disclosed in these tables. (b) Gross write-off information is presented on a year-to-date basis for the three months ended March 31, 2024 and the twelve months ended December 31, 2023. Consumer Credit Exposure Credit Risk Profile by FICO Score and Vintage (a)(b) As of March 31, 2024 Term Loans Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Loans Amortized Cost Basis Amortized Cost Basis by Origination Year and FICO Score Dollars in millions 2024 2023 2022 2021 2020 Prior Total Real estate — residential mortgage FICO Score: 750 and above $ 13 $ 708 $ 5,958 $ 7,553 $ 2,380 $ 1,661 $ — $ — $ 18,273 660 to 749 9 138 685 736 222 313 — — 2,103 Less than 660 — 16 65 57 21 146 — — 305 No Score — 2 1 1 1 17 1 — 23 Total real estate — residential mortgage 22 864 6,709 8,347 2,624 2,137 1 — 20,704 Current period gross write-offs 1 — — — — — — — 1 Home equity loans FICO Score: 750 and above 8 36 154 842 673 813 1,973 310 4,809 660 to 749 3 23 61 216 143 219 840 101 1,606 Less than 660 — 4 14 39 27 93 279 28 484 No Score — — — — — 2 4 — 6 Total home equity loans 11 63 229 1,097 843 1,127 3,096 439 6,905 Current period gross write-offs — — — — — 1 — — 1 Other consumer loans FICO Score: 750 and above 18 179 1,268 1,345 632 306 87 — 3,835 660 to 749 11 137 333 322 154 134 189 — 1,280 Less than 660 1 26 64 64 31 32 56 — 274 No Score 6 24 30 17 8 20 196 — 301 Total consumer direct loans 36 366 1,695 1,748 825 492 528 — 5,690 Current period gross write-offs — 1 4 3 2 2 4 — 16 Credit cards FICO Score: 750 and above — — — — — — 442 — 442 660 to 749 — — — — — — 381 — 381 Less than 660 — — — — — — 111 — 111 No Score — — — — — — 1 — 1 Total credit cards — — — — — — 935 — 935 Current period gross write-offs — — — — — — 12 — 12 Total consumer loans $ 69 $ 1,293 $ 8,633 $ 11,192 $ 4,292 $ 3,756 $ 4,560 $ 439 $ 34,234 Total consumer loan current period gross write-offs $ 1 $ 1 $ 4 $ 3 $ 2 $ 3 $ 16 $ — $ 30 As of December 31, 2023 Term Loans Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Loans Amortized Cost Basis Amortized Cost Basis by Origination Year and FICO Score Dollars in millions 2023 2022 2021 2020 2019 Prior Total Real estate — residential mortgage FICO Score: 750 and above $ 680 $ 5,992 $ 7,785 $ 2,392 $ 586 $ 923 $ — $ — $ 18,358 660 to 749 180 739 780 248 90 240 — — 2,277 Less than 660 15 58 56 22 17 130 — — 298 No Score 2 1 1 1 — 18 2 — 25 Total real estate — residential mortgage 877 6,790 8,622 2,663 693 1,311 2 — 20,958 Current period gross write-offs — — — — — 1 — — 1 Home equity loans FICO Score: 750 and above — 85 1,575 435 114 378 2,034 331 4,952 660 to 749 24 65 229 152 66 164 886 107 1,693 Less than 660 3 13 38 27 17 77 281 31 487 No Score 2 — — — — 1 4 — 7 Total home equity loans 29 163 1,842 614 197 620 3,205 469 7,139 Current period gross write-offs (1) — — — — 2 — 1 2 Other consumer loans FICO Score: 750 and above 185 1,187 1,455 660 277 112 97 — 3,973 660 to 749 150 365 342 171 83 60 199 — 1,370 Less than 660 24 64 65 32 17 16 57 — 275 No Score 30 33 17 11 10 12 185 — 298 Total consumer direct loans 389 1,649 1,879 874 387 200 538 — 5,916 Current period gross write-offs 1 12 10 6 5 3 14 — 51 Credit cards FICO Score: 750 and above — — — — — — 489 — 489 660 to 749 — — — — — — 400 — 400 Less than 660 — — — — — — 112 — 112 No Score — — — — — — 1 — 1 Total credit cards — — — — — — 1,002 — 1,002 Current period gross write-offs — — — — — — 37 — 37 Total consumer loans $ 1,295 $ 8,602 $ 12,343 $ 4,151 $ 1,277 $ 2,131 $ 4,747 $ 469 $ 35,015 Total consumer current period gross write-offs $ — $ 12 $ 10 $ 6 $ 5 $ 6 $ 51 $ 1 $ 91 (a) Accrued intere st of $140 million and $139 million as of March 31, 2024, and December 31, 2023, respectively, presented in Other Assets on the Consolidated Balance Sheets, was excluded from the amortized cost basis disclosed in this table. (b) Gross write-off information is presented on a year-to-date basis for the three months ended March 31, 2024 and the twelve months ended December 31, 2023. Nonperforming and Past Due Loans Our policies for determining past due loans, placing loans on nonaccrual, applying payments on nonaccrual loans, and resuming accrual of interest for our commercial and consumer loan portfolios are disclosed in Note 1 (“Summary of Significant Accounting Policies”) under the heading “Nonperforming Loans” beginning on page 108 of our 2023 Form 10-K. The following aging analysis of past due and current loans as of March 31, 2024, and December 31, 2023, provides further information regarding Key’s credit exposure. Aging Analysis of Loan Portfolio (a) As of March 31, 2024 Current (b) 30-59 Days Past Due (b) 60-89 Days Past Due (b) 90 and Greater Days Past Due (b) Non-performing Total Past Due and Non-performing Loans (b) Total Loans (c) Dollars in millions LOAN TYPE Commercial and industrial $ 54,247 $ 54 $ 50 $ 82 $ 360 $ 546 $ 54,793 Commercial real estate: Commercial mortgage 14,355 34 26 12 113 185 14,540 Construction 3,012 1 — — — 1 3,013 Total commercial real estate loans 17,367 35 26 12 113 186 17,553 Commercial lease financing 3,303 — — 1 1 2 3,305 Total commercial loans $ 74,917 $ 89 $ 76 $ 95 $ 474 $ 734 $ 75,651 Real estate — residential mortgage $ 20,610 $ 9 $ 6 $ — $ 79 $ 94 $ 20,704 Home equity loans 6,776 24 6 4 95 129 6,905 Other consumer loans 5,655 14 8 9 4 35 5,690 Credit cards 908 5 5 11 6 27 935 Total consumer loans $ 33,949 $ 52 $ 25 $ 24 $ 184 $ 285 $ 34,234 Total loans $ 108,866 $ 141 $ 101 $ 119 $ 658 $ 1,019 $ 109,885 (a) Amounts in table represent amortized cost and exclude loans held for sale. (b) Accrued inter est of $508 million p resented in “Accrued income and other assets” on the Consolidated Balance Sheets is excluded from the amortized cost basis disclosed in this table. (c) Net of unearned income, net of deferred fees and costs, and unamortized discounts and premiums. As of December 31, 2023 Current (b) 30-59 Days Past Due (b) 60-89 Days Past Due (b) 90 and Greater Days Past Due (b) Non-performing Loans Total Past Due and Non-performing Loans (b) Total Loans (c) Dollars in millions LOAN TYPE Commercial and industrial $ 55,354 $ 62 $ 30 $ 72 $ 297 $ 461 $ 55,815 Commercial real estate: Commercial mortgage 15,049 25 3 10 100 138 15,187 Construction 3,065 1 — — — 1 3,066 Total commercial real estate loans 18,114 26 3 10 100 139 18,253 Commercial lease financing 3,520 2 1 — — 3 3,523 Total commercial loans $ 76,988 $ 90 $ 34 $ 82 $ 397 $ 603 $ 77,591 Real estate — residential mortgage $ 20,863 $ 17 $ 7 $ — $ 71 $ 95 $ 20,958 Home equity loans 7,001 27 10 4 97 138 7,139 Other consumer loans 5,877 16 10 9 4 39 5,916 Credit cards 974 6 5 12 5 28 1,002 Total consumer loans $ 34,715 $ 66 $ 32 $ 25 $ 177 $ 300 $ 35,015 Total loans $ 111,703 $ 156 $ 66 $ 107 $ 574 $ 903 $ 112,606 (a) Amounts in table represent amortized cost and exclude loans held for sale. (b) Accrued interest of $522 million presented in “Accrued income and other assets” on the Consolidated Balance Sheets is excluded from the amortized cost basis disclosed in this table. (c) Net of unearned income, net of deferred fees and costs, and unamortized discounts and premiums. At March 31, 2024, the approximate carrying amount of our commercial nonperforming loans outstanding represented 80% of their original contractual amount owed, total nonperforming loans outstanding represented 84% of their original contractual amount owed, and nonperforming assets in total were carried at 87% of their original contractual amount owed. Nonperforming loans reduced expected interest income by $13 million for the three months ended March 31, 2024, an d $8 million for the three months ended March 31, 2023. The amortized cost basis of nonperforming loans on nonaccrual status for which there is no related allowance for credit losses was $245 million at March 31, 2024 and $301 million at December 31, 2023. As of March 31, 2024, 48% of our nonperforming loans were contractually current versus 51% as of December 31, 2023. Collateral-dependent Financial Assets We classify financial assets as collateral-dependent when our borrower is experiencing financial difficulty, and we expect repayment to be provided substantially through the operation or sale of the collateral. Our commercial loans have collateral that includes cash, accounts receivable, inventory, commercial machinery, commercial properties, commercial real estate construction projects, enterprise value, and stock or ownership interests in the borrowing entity. When appropriate we also consider the enterprise value of the borrower as a repayment source for collateral-dependent loans. Our consumer loans have collateral that includes residential real estate, automobiles, boats, and RVs. At March 31, 2024 and March 31, 2023, the recorded investment of consumer residential mortgage and home equity loans in the process of foreclosure was approximately $133 million and $156 million, respectively. There were no significant changes in the extent to which collateral secures our collateral-dependent financial assets during the three months ended March 31, 2024 . Loan Modifications Made to Borrowers Experiencing Financial Difficulty The ALLL for loans modified for borrowers experiencing financial difficulty is determined based on Key’s ALLL policy as described within Note 1 (“Summary of Significant Accounting Policies”) of our 2023 Form 10-K. Modifications for Borrowers Experiencing Financial Difficulty Our strategy in working with commercial borrowers is to allow them time to improve their financial position through loan modification. Commercial borrowers that are rated substandard or worse in accordance with the regulatory definition, or that cannot otherwise restructure at market terms and conditions, are considered to be experiencing financial difficulty. A modification of a loan is subject to the normal underwriting standards and processes for other similar credit extensions, both new and existing. The modified loan is evaluated to determine if it is a new loan or a continuation of the prior loan. Consumer loans in which a borrower requires a modification as a result of negative changes to their financial condition or to avoid default, generally indicate the borrower is experiencing financial difficulty. The primary modifications made to consumer loans are amortization, maturity date and interest rate changes. Consumer borrowers identified as experiencing financial difficulty are generally unable to refinance their loans through our normal origination channel or through other independent sources. The following tables show the amortized cost basis at the end of the noted reporting periods of the loans modified to borrowers experiencing financial difficulty within the past 12 months or since the adoption of ASU 2022-02 for the reporting period in 2023. The tables do not include those modifications that only resulted in an insignificant payment delay. The tables do not include consumer loans that are still within a trial modification period. Trial modifications may be done for consumer borrowers where a trial payment plan period is offered in advance of a permanent loan modification. As of March 31, 2024, there were 79 loans totaling $11 million in a trial modification period. As of March 31, 2023, there were 136 loans totaling $17 million in a trial modification period. Commitments outstanding to lend additional funds to borrowers experiencing financial difficulty whose loans were modified were $48 million and $23 million at March 31, 2024 and March 31, 2023, respectively. As of March 31, 2024 Interest Rate Reduction Term Extension Other Combination Total Dollars in millions Amortized Cost Basis Amortized Cost Basis Amortized Cost Basis Amortized Cost Basis Amortized Cost Basis % of Total Loan Type LOAN TYPE Commercial and Industrial $ — $ 173 $ 48 $ 33 $ 254 0.46 % Commercial real estate: Commercial mortgage 28 22 1 — 51 0.35 Construction — 19 — — 19 0.63 Total commercial real estate loans 28 41 1 — 70 0.40 Commercial lease financing — — — — — — Total commercial loans $ 28 $ 214 $ 49 $ 33 $ 324 0.43 % Real estate — residential mortgage 1 — — 12 13 0.06 Home equity loans 2 1 1 7 11 0.16 Other consumer loans — 1 — 2 3 0.05 Credit cards — — — 4 4 0.43 Total consumer loans 3 2 1 25 31 0.09 Total loans $ 31 $ 216 $ 50 $ 58 $ 355 0.32 % As of March 31, 2023 Interest Rate Reduction Term Extension Other Combination Total Dollars in millions Amortized Cost Basis Amortized Cost Basis Amortized Cost Basis Amortized Cost Basis Amortized Cost Basis % of Total Loan Type LOAN TYPE Commercial and Industrial $ — $ 79 $ 1 $ 4 $ 84 0.14 % Commercial real estate: Commercial mortgage — 4 — — 4 0.02 Construction — — — — — — Total commercial real estate loans — 4 — — 4 0.02 Commercial lease financing — — — — — — Total commercial loans $ — $ 83 $ 1 $ 4 $ 88 0.11 % Real estate — residential mortgage — — — 1 1 — Home equity loans — — — 2 2 0.03 Other consumer loans — — — 1 1 0.02 Credit cards — — — 1 1 0.10 Total consumer loans — — — 5 5 0.01 Total loans $ — $ 83 $ 1 $ 9 $ 93 0.08 % Combination modifications consist primarily of loans modified with both an interest rate reduction and a term extension. Financial Effects of Modifications to Borrowers Experiencing Financial Difficulty The following table summarizes the financial impacts of loan modifications made to specific loans for the noted periods. Three months ended March 31, 2024 Weighted-average Interest Rate Change Weighted-average Term Extension (in years) LOAN TYPE Commercial and Industrial (6.40) % 0.33 Commercial mortgage (1.91) % 0.39 Construction — % 1.00 Real estate — residential mortgage (1.53) % 7.62 Home equity loans (2.78) % 5.74 Other consumer loans (1.43) % 0.70 Credit cards (14.11) % 0.25 Three months ended March 31, 2023 Weighted-average Interest Rate Change Weighted-average Term Extension (in years) LOAN TYPE Commercial and Industrial — % 1.03 Commercial mortgage — % 1.42 Real estate — residential mortgage (1.33) % 6.68 Home equity loans (3.72) % 2.90 Amortized Cost Basis of Modified Loans That Subsequently Defaulted There were $51 million of Commercial and Industrial loans that were modified for borrowers experiencing financial difficulty that received term extension and other modifications and subsequently defaulted during the three-month period ended March 31, 2024. There were $4 million of Commercial and Industrial loans that were modified for borrowers experiencing financial difficulty that received term extension and other modifications and subsequently defaulted during the three-month period ended March 31, 2023. Key closely monitors the performance of loans that are modified for borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table depicts the performance of loans that have been modified for borrowers experiencing financial difficulty within the past 12 months. As of March 31, 2024 Current 30-89 90 and Total Dollars in millions LOAN TYPE Commercial and Industrial $ 184 $ 16 $ 54 $ 254 Commercial real estate Commercial mortgage 29 22 — 51 Construction 19 — — 19 Total commercial real estate loans 232 38 54 324 Commercial lease financing — — — — Total commercial loans 232 38 54 324 Real estate — residential mortgage 11 2 — 13 Home equity loans 9 1 1 11 Other consumer loans 3 — — 3 Credit cards 4 — — 4 Total consumer loans $ 27 $ 3 $ 1 $ 31 Total loans $ 259 $ 41 $ 55 $ 355 The following table depicts the performance of loans that have been modified for borrowers experiencing financial difficulty since the adoption of ASU 2022-02 on January 1, 2023 through March 31, 2023. As of March 31, 2023 Current 30-89 90 and Total Dollars in millions LOAN TYPE Commercial and Industrial $ 80 $ 3 $ 1 $ 84 Commercial real estate Commercial mortgage 4 — — 4 Construction — — — — Total commercial real estate loans 84 3 1 88 Commercial lease financing — — — — Total commercial loans 84 3 1 88 Real estate — residential mortgage 1 — — 1 Home equity loans 2 — — 2 Other consumer loans 1 — — 1 Credit cards 1 — — 1 Total consumer loans $ 5 $ — $ — $ 5 Total loans $ 89 $ 3 $ 1 $ 93 Liability for Credit Losses on Off Balance Sheet Exposures The liability for credit losses on off balance sheet exposure is included in “accrued expense and other liabilities” on the balance sheet. This includes credit risk for recourse associated with loans sold under the Fannie Mae Delegated Underwriting and Servicing program and credit losses inherent in unfunded lending-related commitments, such as letters of credit and unfunded loan commitments, and certain financial guarantees. Changes in the liability for credit losses for off balance sheet exposures are summarized as follows: Three months ended March 31, Dollars in millions 2024 2023 Balance at beginning of period $ 296 $ 225 Provision (credit) for losses on off balance sheet exposures (14) 51 Other (1) — Balance at end of period $ 281 $ 276 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 5. Fair Value Measurements In accordance with GAAP, Key measures certain assets and liabilities at fair value. Fair value is defined as the price to sell an asset or transfer a liability in an orderly transaction between market participants in the principal market of the asset or liability. Additional information regarding our accounting policies for determining fair value is provided in Note 6 (“Fair Value Measurements”) and Note 1 (“Summary of Significant Accounting Policies”) under the heading “Fair Value Measurements” of our 2023 Form 10-K. Assets and Liabilities Measured at Fair Value on a Recurring Basis Certain assets and liabilities are measured at fair value on a recurring basis in accordance with GAAP. For more information on the valuation techniques used to measure classes of assets and liabilities reported at fair value on a recurring basis as well as the classification of each in the valuation hierarchy, refer to Note 6 (“Fair Value Measurements” in our 2023 Form 10-K. The following tables present these assets and liabilities at March 31, 2024, and December 31, 2023. March 31, 2024 December 31, 2023 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Dollars in millions ASSETS MEASURED ON A RECURRING BASIS Trading account assets: U.S. Treasury, agencies and corporations $ — $ 771 $ — $ 771 $ — $ 685 $ — $ 685 States and political subdivisions — 103 — 103 — 93 — 93 Other mortgage-backed securities — 284 — 284 — 340 — 340 Other securities — 10 — 10 — 21 — 21 Total trading account securities — 1,168 — 1,168 — 1,139 — 1,139 Commercial loans — 3 — 3 — 3 — 3 Total trading account assets — 1,171 — 1,171 — 1,142 — 1,142 Securities available for sale: U.S. Treasury, agencies and corporations — 9,142 — 9,142 — 9,026 — 9,026 Agency residential collateralized mortgage obligations — 15,716 — 15,716 — 15,478 — 15,478 Agency residential mortgage-backed securities — 3,451 — 3,451 — 3,589 — 3,589 Agency commercial mortgage-backed securities — 8,989 — 8,989 — 9,092 — 9,092 Other securities — — — — — — — — Total securities available for sale — 37,298 — 37,298 — 37,185 — 37,185 Other investments: Principal investments: Direct — — — — — — — — Indirect (measured at NAV) (a) — — — 17 — — — 17 Total principal investments — — — 17 — — — 17 Equity investments: Direct — — 2 2 — — 2 2 Direct (measured at NAV) (a) — — — 41 — — — 40 Indirect (measured at NAV) (a) — — — 4 — — — 4 Total equity investments — — 2 47 — — 2 46 Total other investments — — 2 64 — — 2 63 Loans, net of unearned income (residential) — — 9 9 — — 9 9 Loans held for sale (residential) — 73 — 73 — 51 — 51 Derivative assets: Interest rate — 122 — 122 — 175 (2) 173 Foreign exchange 77 15 — 92 74 15 — 89 Commodity — 709 — 709 — 721 — 721 Credit — — — — — — — — Other — 4 1 5 — 14 2 16 Derivative assets 77 850 1 928 74 925 — 999 Netting adjustments (b) — — — (723) — — — (818) Total derivative assets 77 850 1 205 74 925 — 181 Total assets on a recurring basis at fair value $ 77 $ 39,392 $ 12 $ 38,820 $ 74 $ 39,303 $ 11 $ 38,631 LIABILITIES MEASURED ON A RECURRING BASIS Bank notes and other short-term borrowings: Short positions $ 21 $ 625 $ — $ 646 $ 30 $ 774 $ — $ 804 Derivative liabilities: Interest rate — 1,122 — 1,122 — 985 — 985 Foreign exchange 60 14 — 74 58 15 — 73 Commodity — 686 — 686 — 698 — 698 Credit — 1 — 1 — 1 — 1 Other — 4 — 4 — 20 — 20 Derivative liabilities 60 1,827 — 1,887 58 1,719 — 1,777 Netting adjustments (b) — — — (495) — — — (473) Total derivative liabilities 60 1,827 — 1,392 58 1,719 — 1,304 Total liabilities on a recurring basis at fair value $ 81 $ 2,452 $ — $ 2,038 $ 88 $ 2,493 $ — $ 2,108 (a) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet. (b) Netting adjustments represent the amounts recorded to convert our derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. The net basis takes into account the impact of bilateral collateral and master netting agreements that allow us to settle all derivative contracts with a single counterparty on a net basis and to offset the net derivative position with the related cash collateral. Total derivative assets and liabilities include these netting adjustments. The following table presents the fair value of our direct and indirect principal investments and related unfunded commitments at March 31, 2024, as well as financial support provided for the three months ended March 31, 2024, and March 31, 2023. Financial support provided Three months ended March 31, March 31, 2024 2024 2023 Dollars in millions Fair Value Unfunded Funded Funded Other Funded Funded Other INVESTMENT TYPE Direct investments $ — $ — $ — $ — $ — $ — Indirect investments (measured at NAV) (a) 17 1 — — — — Total $ 17 $ 1 $ — $ — $ — $ — (a) Our indirect investments consist of buyout funds, venture capital funds, and fund of funds. These investments are generally not redeemable. Instead, distributions are received through the liquidation of the underlying investments of the fund. An investment in any one of these funds typically can be sold only with the approval of the fund’s general partners. At March 31, 2024, no significant liquidation of the underlying investments has been communicated to Key. The purpose of funding our capital commitments to these investments is to allow the funds to make additional follow-on investments and pay fund expenses until the fund dissolves. We, and all other investors in the fund, are obligated to fund the full amount of our respective capital commitments to the fund based on our and their respective ownership percentages, as noted in the applicable Limited Partnership Agreement. Changes in Level 3 Fair Value Measurements The following table shows the components of the change in the fair values of our Level 3 financial instruments measured at fair value on a recurring basis for the three months ended March 31, 2024, and March 31, 2023. Dollars in millions Beginning of Period Balance Gains (Losses) Included in Other Comprehensive Income Gains (Losses) Included in Earnings Purchases Sales Settlements Transfers Other Transfers into Level 3 Transfers out of Level 3 End of Period Balance Unrealized Gains (Losses) Included in Earnings Three months ended March 31, 2024 Other investments Equity investments Direct (a) 2 — — — — — — — — 2 — Loans, net of unearned income (residential) 9 — — — — — — — — 9 — Derivative instruments (b) Interest rate (2) — (4) (c) 1 — — — 2 (d) 3 (d) — — Credit — — — (c) — — — — — — — — Other (e) 2 — — (c) — — — (1) — — 1 — Dollars in millions Beginning of Period Balance Gains (Losses) Included in Other Comprehensive Income Gains (Losses) Included in Earnings Purchases Sales Settlements Transfers Other Transfers into Level 3 Transfers out of Level 3 End of Period Balance Unrealized Gains (Losses) Included in Earnings Three months ended March 31, 2023 Other investments Principal investments Direct (a) $ 1 $ — $ — $ — $ — $ — $ — $ — $ — $ 1 $ — Equity investments Direct (a) 2 — — — — — — — 2 — Loans, net of unearned income (residential) 9 — — — — — — — — 9 — Derivative instruments (b) Interest rate 2 — 6 (c) 18 (1) — — (8) (d) (4) (d) 13 — Credit (2) — 1 (c) — — — — — — (1) — Other (e) — — — (c) — — — 1 — — 1 — (a) Realized and unrealized gains and losses on principal investments and other equity investments are reported in “other income” on the income statement. (b) Amounts represent Level 3 derivative assets less Level 3 derivative liabilities. (c) Realized and unrealized gains and losses on derivative instruments are reported in “corporate services income” and “other income” on the income statement. (d) Certain instruments previously classified as Level 2 were transferred to Level 3 because Level 3 unobservable inputs became significant. Certain derivatives previously classified as Level 3 were transferred to Level 2 because Level 3 unobservable inputs became less significant. (e) Amounts represent Level 3 interest rate lock commitments. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis Certain assets and liabilities are measured at fair value on a nonrecurring basis in accordance with GAAP. The adjustments to fair value generally result from the application of accounting guidance that requires assets and liabilities to be recorded at the lower of cost or fair value, or assessed for impairment. For more information on the valuation techniques used to measure classes of assets and liabilities measured at fair value on a nonrecurring basis, refer to Note 6 (“Fair Value Measurements”) in our 2023 Form 10-K. There were no liabilities measured at fair value on a nonrecurring basis at March 31, 2024, and December 31, 2023. The following table presents our assets measured at fair value on a nonrecurring basis at March 31, 2024, and December 31, 2023: March 31, 2024 December 31, 2023 Dollars in millions Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total ASSETS MEASURED ON A NONRECURRING BASIS Collateral-dependent loans $ — $ — $ 207 $ 207 $ — $ — $ 104 $ 104 Accrued income and other assets — — 25 25 — — 29 29 Total assets on a nonrecurring basis at fair value $ — $ — $ 232 $ 232 $ — $ — $ 133 $ 133 We have other investments in equity securities that do not have readily determinable fair values and do not qualify for the practical expedient to measure the investment using a net asset value per share. We have elected to measure these securities at cost less impairment plus or minus adjustments due to observable orderly transactions. Impairment is recorded when there is evidence that the expected fair value of the investment has declined to below the recorded cost. At each reporting period, we assess if these investments continue to qualify for this measurement alternative. At March 31, 2024, and December 31, 2023, the carrying amount of equity investments under this method was $359 million and $339 million, respectively. No adjustments or impairments were recorded for the three months ended March 31, 2024. Quantitative Information about Level 3 Fair Value Measurements The range and weighted-average of the significant unobservable inputs used to fair value our material Level 3 recurring and nonrecurring assets at March 31, 2024, and December 31, 2023, along with the valuation techniques used, are shown in the following table: Level 3 Asset (Liability) Valuation Technique Significant Unobservable Input Range (Weighted-Average) (a), (b) Dollars in millions March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 Recurring Loans, net of unearned income (residential) $ 9 $ 9 Market comparable pricing Comparability factor 62.67 - 89.60% (70.84%) 62.67-89.60% (70.83%) Derivative instruments: Interest rate — 2 Discounted cash flows Probability of default .02 - 100% (6.90%) .02 - 100% (5.30%) Loss given default 0 - 1 (.500) 0 - 1 (.477) Insignificant level 3 assets, net of liabilities (c) 3 4 Nonrecurring Collateral-dependent loans 207 104 Fair value of collateral Credit and liquidity discount 0 - 90.00% (16.00%) 0 - 10.00% (5.00%) Accrued income and other assets: OREO and other Level 3 assets (d) 16 21 Appraised value Appraised value N/M N/M (a) The weighted average of significant unobservable inputs is calculated using a weighting relative to fair value. (b) For significant unobservable inputs with no range, a single figure is reported to denote the single quantitative factor used. (c) Represents the aggregate amount of Level 3 assets and liabilities measured at fair value on a recurring basis that are individually and in the aggregate insignificant. The amount includes certain equity investments and certain financial derivative assets and liabilities. (d) Excludes $9 million and $8 million pertaining to mortgage servicing assets measured at fair value as of March 31, 2024 and December 31, 2023, respectively. Refer to Note 8 (“Mortgage Servicing Assets”) for significant unobservable inputs pertaining to these assets. Fair Value Disclosures of Financial Instruments The Levels in the fair value hierarchy ascribed to our financial instruments and the related carrying amounts at March 31, 2024, and December 31, 2023, are shown in the following tables. Assets and liabilities are further arranged by measurement category. March 31, 2024 Fair Value Dollars in millions Carrying Amount Level 1 Level 2 Level 3 Measured at NAV Netting Adjustment Total ASSETS (by measurement category) Fair value - net income Trading account assets (b) $ 1,171 $ — $ 1,171 $ — $ — $ — $ 1,171 Other investments (b) 1,247 — — 1,186 61 — 1,247 Loans, net of unearned income (residential) (d) 9 — — 9 — — 9 Loans held for sale (residential) (b) 73 — 73 — — — 73 Derivative assets - trading (b) 205 77 842 1 — (715) (f) 205 Fair value - OCI Securities available for sale (b) 37,298 — 37,298 — — — 37,298 Derivative assets - hedging (b)(g) — — 8 — — (8) (f) — Amortized cost Held-to-maturity securities (c) 8,272 — 7,680 — — — 7,680 Loans, net of unearned income (d) 108,334 — — 103,566 — — 103,566 Loans held for sale (b) 155 — — 155 — — 155 Other Cash and other short-term investments (a) 14,452 14,452 — — — — 14,452 LIABILITIES (by measurement category) Fair value - net income Derivative liabilities - trading (b) $ 1,392 $ 60 $ 1,824 $ — $ — $ (492) (f) $ 1,392 Fair value - OCI Derivative liabilities - hedging (b)(g) — — 3 — — (3) (f) — Amortized cost Time deposits (e) 15,075 — 15,259 — — — 15,259 Short-term borrowings (a) 2,923 21 2,902 — — — 2,923 Long-term debt (e) 20,776 12,192 8,041 — — — 20,233 Other Deposits with no stated maturity (a) 129,156 — 129,156 — — — 129,156 December 31, 2023 Fair Value Dollars in millions Carrying Amount Level 1 Level 2 Level 3 Measured at NAV Netting Adjustment Total ASSETS (by measurement category) Fair value - net income Trading account assets (b) $ 1,142 $ — $ 1,142 $ — $ — $ — $ 1,142 Other investments (b) 1,244 — — 1,183 61 — 1,244 Loans, net of unearned income (residential) (d) 9 — — 9 — — 9 Loans held for sale (residential) (b) 51 — 51 — — — 51 Derivative assets - trading (b) 168 $ 74 886 — — (792) (f) 168 Fair value - OCI Securities available for sale (b) 37,185 — 37,185 — — — 37,185 Derivative assets - hedging (b)(g) 13 — 39 — — (26) (f) 13 Amortized cost Held-to-maturity securities (c) 8,575 — 8,056 — — — 8,056 Loans, net of unearned income (d) 111,089 — — 105,950 — — 105,950 Loans held for sale (b) 432 — — 432 — — 432 Other Cash and other short-term investments (a) 11,758 11,758 — — — — 11,758 LIABILITIES (by measurement category) Fair value - net income Derivative liabilities - trading (b) $ 1,304 $ 58 $ 1,707 $ — $ — $ (461) (f) $ 1,304 Fair value - OCI Derivative liabilities - hedging (b)(g) — — 12 — — (12) (f) — Amortized cost Time deposits (e) 14,776 — 14,911 — — — 14,911 Short-term borrowings (a) 3,091 30 3,061 — — — 3,091 Long-term debt (e) 19,554 11,288 7,720 — — — 19,008 Other Deposits with no stated maturity (a) 130,811 — 130,811 — — — 130,811 Valuation Methods and Assumptions (a) Fair value equals or approximates carrying amount. The fair value of deposits with no stated maturity does not take into consideration the value ascribed to core deposit intangibles. (b) Information pertaining to our methodology for measuring the fair values of these assets and liabilities is included in the sections entitled “Qualitative Disclosures of Valuation Techniques” and “Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis” within our 2023 Form 10-K Note 6 (“Fair Value Measurements”). Investments accounted for under the cost method (or cost less impairment adjusted for observable price changes for certain equity investments) are classified as Level 3 assets. These investments are not actively traded in an open market as sales for these types of investments are rare. The carrying amount of the investments carried at cost are adjusted for declines in value if they are considered to be other-than-temporary (or due to observable orderly transactions of the same issuer for equity investments eligible for the cost less impairment measurement alternative). These adjustments are included in “other income” on the income statement. (c) Fair values of held-to-maturity securities are determined by using models that are based on security-specific details, as well as relevant industry and economic factors. The most significant of these inputs are quoted market prices, interest rate spreads on relevant benchmark securities, and certain prepayment assumptions. We review the valuations derived from the models to ensure that they are reasonable and consistent with the values placed on similar securities traded in the secondary markets. (d) The fair value of loans is based on the present value of the expected cash flows. The projected cash flows are based on the contractual terms of the loans, adjusted for prepayments and use of a discount rate based on the relative risk of the cash flows, taking into account the loan type, maturity of the loan, liquidity risk, servicing costs, and a required return on debt and capital. In addition, an incremental liquidity discount is applied to certain loans, using historical sales of loans during periods of similar economic conditions as a benchmark. The fair value of loans includes lease financing receivables at their aggregate carrying amount, which is equivalent to their fair value. (e) Fair values of time deposits and long-term debt classified as Level 2 are based on discounted cash flows utilizing relevant market inputs. (f) Netting adjustments represent the amounts recorded to convert our derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. The net basis takes into account the impact of bilateral collateral and master netting agreements that allow us to settle all derivative contracts with a single counterparty on a net basis and to offset the net derivative position with the related cash collateral. Total derivative assets and liabilities include these netting adjustments. (g) Derivative assets-hedging and derivative liabilities-hedging includes both cash flow and fair value hedges. Additional information regarding our accounting policies for cash flow and fair value hedges is provided in Note 1 (“Summary of Significant Accounting Policies”) under the heading “Derivatives and Hedging” beginning on page 112 of our 2023 Form 10-K. Discontinued assets — education lending business . Our discontinued assets include government-guaranteed and private education loans originated through our education lending business that was discontinued in September 2009. This portfolio consists of loans recorded at carrying value with appropriate valuation reserves. All of these loans were excluded from the table above as follows: • Loans at carrying value, net of allowance, of $313 million ($235 million at fair value) at March 31, 2024, and $339 million ($264 million at fair value) at December 31, 2023. These loans and securities are classified as Level 3 because we rely on unobservable inputs when determining fair value since observable market data is not available. |
Securities
Securities | 3 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | 6. Securities The amortized cost, unrealized gains and losses, and approximate fair value of our securities available for sale and held-to-maturity securities are presented in the following tables. Gross unrealized gains and losses represent the difference between the amortized cost and the fair value of securities on the balance sheet as of the dates indicated. Accordingly, the amount of these gains and losses may change in the future as market conditions change. March 31, 2024 December 31, 2023 Dollars in millions Amortized Cost (a) Gross Unrealized Gains Gross Unrealized Losses Fair Value Amortized Cost (b) Gross Unrealized Gains Gross Unrealized Losses Fair Value SECURITIES AVAILABLE FOR SALE U.S. Treasury, agencies, and corporations $ 9,354 $ 1 $ 213 $ 9,142 $ 9,300 $ 6 $ 280 $ 9,026 Agency residential collateralized mortgage obligations 19,285 6 3,575 15,716 18,911 4 3,437 15,478 Agency residential mortgage-backed securities 4,090 — 639 3,451 4,189 — 600 3,589 Agency commercial mortgage-backed securities 10,276 — 1,287 8,989 10,295 — 1,203 9,092 Total securities available for sale $ 43,005 $ 7 $ 5,714 $ 37,298 $ 42,695 $ 10 $ 5,520 $ 37,185 HELD-TO-MATURITY SECURITIES Agency residential collateralized mortgage obligations $ 5,025 $ 2 $ 341 $ 4,686 $ 5,170 $ 9 $ 283 $ 4,896 Agency residential mortgage-backed securities 162 — 17 145 165 — 13 152 Agency commercial mortgage-backed securities 2,448 — 216 2,232 2,473 1 204 2,270 Asset-backed securities (c) 611 — 19 592 738 — 29 709 Other securities 26 — 1 25 29 — — 29 Total held-to-maturity securities $ 8,272 $ 2 594 $ 7,680 $ 8,575 $ 10 $ 529 $ 8,056 (a) Amortized cost amounts exclude accrued interes t receivable which is recorded within Other Assets on the balance sheet. At March 31, 2024, accrued interest receivable on available for sale securities and held-to-maturity securities totaled $69 million and $24 million , respectively. (b) Amortized cost amounts exclude accrued interes t receivable which is recorded within Other Assets on the balance sheet. At December 31, 2023, accrued interest receivable on available for sale securities and held-to-maturity securities totaled $64 million and $25 million , respectively. (c) Consists primarily of $606 million of securities as of March 31, 2024, and $731 million of securities as of December 31, 2023, related to the purchase of senior notes from a securitization collateralized by sold indirect auto loans. The following table summarizes securities in an unrealized loss position for which an allowance for credit losses has not been recorded as of March 31, 2024, and December 31, 2023. Duration of Unrealized Loss Position Less than 12 Months 12 Months or Longer Total Dollars in millions Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses March 31, 2024 Securities available for sale: U.S Treasury, agencies, and corporations $ 960 $ 5 $ 7,939 $ 208 $ 8,899 $ 213 Agency residential collateralized mortgage obligations 200 1 14,471 3,574 14,671 3,575 Agency residential mortgage-backed securities — — 3,448 639 3,448 639 Agency commercial mortgage-backed securities 836 62 8,153 1,225 8,989 1,287 Held-to-maturity securities: Agency residential collateralized mortgage obligations 716 16 3,563 325 4,279 341 Agency residential mortgage-backed securities — — 145 17 145 17 Agency commercial mortgage-backed securities 23 — 2,162 216 2,185 216 Asset-backed securities — — 592 19 592 19 Other securities 10 — 10 1 20 1 Total securities in an unrealized loss position $ 2,745 $ 84 $ 40,483 $ 6,224 $ 43,228 $ 6,308 December 31, 2023 Securities available for sale: U.S. Treasury, agencies, and corporations $ — $ — $ 8,532 $ 280 $ 8,532 $ 280 Agency residential collateralized mortgage obligations — — 14,979 3,437 14,979 3,437 Agency residential mortgage-backed securities 24 — 3,562 600 3,586 600 Agency commercial mortgage-backed securities 891 49 8,201 1,154 9,092 1,203 Held-to-maturity securities: Agency residential collateralized mortgage obligations 1,123 30 3,070 253 4,193 283 Agency residential mortgage-backed securities — — 152 13 152 13 Agency commercial mortgage-backed securities — — 2,199 204 2,199 204 Asset-backed securities — — 709 29 709 29 Other securities 17 — (a) 12 — 29 — Total securities in an unrealized loss position $ 2,055 $ 79 $ 41,416 $ 5,970 $ 43,471 $ 6,049 (a) At December 31, 2023, gross unrealized losses totaled less than $1 million for other securities held-to-maturity with a loss duration of less than 12 months. Based on our evaluation at March 31, 2024, an allowance for credit losses has not been recorded nor have unrealized losses been recognized into income. The issuers of the securities are of high credit quality and have a history of no credit losses, management does not intend to sell, and it is likely that management will not be required to sell the securities prior to their anticipated recovery, and the decline in fair value is largely attributed to changes in interest rates and other market conditions. The issuers continue to make timely principal and interest payments. During the three months ended March 31, 2024 , we recognized no gross realized gains and $2.8 million in gross realized losses from the sale of securities available for sale. For the three months ended March 31, 2023, we had no realized gains or losses from the sale of securities available for sale. At March 31, 2024, securities available for sale and held-to-maturity securities totaling $23.8 billion we re pledged to secure securities sold under repurchase agreements, to secure public and trust deposits, to facilitate access to secured funding, and for other purposes required or permitted by law. The following table shows our securities by remaining maturity at March 31, 2024. CMOs, other mortgage-backed securities, and asset-backed securities in the available for sale portfolio and held-to-maturity portfolio are presented based on their expected average lives. The remaining securities, in both the available-for-sale and held-to-maturity portfolios, are presented based on their remaining contractual maturity. Actual maturities may differ from expected or contractual maturities since borrowers have the right to prepay obligations with or without prepayment penalties. March 31, 2024 Securities Available for Sale Held to Maturity Securities Dollars in millions Amortized Cost Fair Value Amortized Cost Fair Value Due in one year or less $ 7,707 $ 7,539 $ 624 $ 604 Due after one through five years 9,648 8,923 4,164 3,916 Due after five through ten years 18,828 15,614 2,382 2,145 Due after ten years 6,822 5,222 1,102 1,015 Total $ 43,005 $ 37,298 $ 8,272 $ 7,680 |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activities | 7. Derivatives and Hedging Activities We are a party to various derivative instruments, mainly through our subsidiary, KeyBank. The primary derivatives that we use are interest rate swaps, caps, floors, forwards, and futures; foreign exchange contracts; commodity derivatives; and credit derivatives. Generally, these instruments help us manage exposure to interest rate risk, mitigate the credit risk inherent in our loan portfolio, hedge against changes in foreign currency exchange rates, and facilitate client financing and hedging needs. At March 31, 2024, after taking into account the effects of bilateral collateral and master netting agreements, we had less than $1 million of derivative assets and less than $1 million of derivative liabilities that relate to contracts designated as hedging instruments. As a result of bilateral collateral and master netting agreements, which are applied at the counterparty level, we could have derivative contracts with negative fair values included in derivative assets and contracts with positive fair values included in derivative liabilities related to counterparties with which we have both hedging and trading derivatives. As of the same date, after taking into account the effects of bilateral collateral and master netting agreements and a reserve for potential future losses, we had derivative assets of $205 million and derivative liabilities of $1.4 billion that were not designated as hedging instruments. These positions are primarily comprised of derivative contracts entered into for client accommodation purposes. Additional information regarding our accounting policies for derivatives is provided in Note 1 (“Summary of Significant Accounting Policies”) under the heading “Derivatives and Hedging” beginning on page 112 of our 2023 Form 10-K. Our derivative strategies and related risk management objectives are described in Note 8 (“Derivatives and Hedging Activities”) beginning on page 142 of our 2023 Form 10-K. Fair Values, Volume of Activity, and Gain/Loss Information Related to Derivative Instruments The following table summarizes the fair values of our derivative instruments on a gross and net basis as of March 31, 2024, and December 31, 2023. Total derivative assets and liabilities are adjusted to take into account the impact of legally enforceable master netting agreements that allow us to settle all derivative contracts with a single counterparty on a net basis and to offset the net derivative position with the related cash collateral. Securities collateral related to legally enforceable master netting agreements is not offset on the balance sheet. Our derivative instruments are included in “accrued income and other assets” or “accrued expenses and other liabilities” on the Consolidated Balance Sheets, as follows: March 31, 2024 December 31, 2023 Fair Value (a) Fair Value (a) Dollars in millions Notional Derivative Assets Derivative Liabilities Notional Amount Derivative Assets Derivative Liabilities Derivatives designated as hedging instruments: Interest rate $ 41,472 $ 8 $ 3 $ 44,621 $ 39 $ 12 Derivatives not designated as hedging instruments: Interest rate 74,930 114 1,119 78,051 134 973 Foreign exchange 6,356 92 74 6,034 89 73 Commodity 11,247 709 686 11,611 721 698 Credit 113 — 1 121 — 1 Other (b) 1,539 5 4 2,683 16 20 Total derivatives not designated as hedging instruments: 94,185 920 1,884 98,500 960 1,765 Netting adjustments (c) — (723) (495) — (818) (473) Net derivatives in the balance sheet 135,657 205 1,392 143,121 181 1,304 Other collateral (d) — (12) (3) — (1) (18) Net derivative amounts $ 135,657 $ 193 $ 1,389 $ 143,121 $ 180 $ 1,286 (a) We take into account bilateral collateral and master netting agreements that allow us to settle all derivative contracts held with a single counterparty on a net basis, and to offset the net derivative position with the related cash collateral when recognizing derivative assets and liabilities. As a result, we could have derivative contracts with negative fair values included in derivative assets and contracts with positive fair values included in derivative liabilities. (b) Other derivatives include interest rate lock commitments related to our residential and commercial banking activities, forward sale commitments related to our residential mortgage banking activities, forward purchase and sales contracts consisting of contractual commitments associated with “to be announced” securities and when-issued securities, and other customized derivative contracts. (c) Netting adjustments represent the amounts recorded to convert our derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. As of March 31, 2024, excess collateral that has not been offset against net derivative instrument positions totaled $185 million of cash collateral and $291 million of securities collateral posted as well as $14 million of cash collateral and $108 million of securities collateral held. As of December 31, 2023, excess collateral that has not been offset against net derivative instrument positions totaled $161 million of cash collateral and $269 million of securities collateral posted as well as $16 million of cash collateral and $212 million of securities collateral held. (d) Other collateral represents the amount that cannot be used to offset our derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. The other collateral consists of securities and is exchanged under bilateral collateral and master netting agreements that allow us to offset the net derivative position with the related collateral. The application of the other collateral cannot reduce the net derivative position below zero. Therefore, excess other collateral, if any, is not reflected above. Fair value hedges. During the three months ended March 31, 2024, we did not exclude any portion of fair value hedging instruments from the assessment of hedge effectiveness. The following tables summarize the amounts that were recorded on the balance sheet as of March 31, 2024, and December 31, 2023, related to cumulative basis adjustments for fair value hedges. March 31, 2024 Dollars in millions Balance sheet line item in which the hedge item is included Carrying amount of hedged item (a) Hedge accounting basis adjustment (b) Interest rate contracts Long-term debt $ 10,738 $ (566) Interest rate contracts Securities Available for Sale (c) 9,369 20 December 31, 2023 Balance sheet line item in which the hedge item is included Carrying amount of hedged item (a) Hedge accounting basis adjustment (b) Interest rate contracts Long-term debt $ 9,919 $ (437) Interest rate contracts Securities Available for Sale (c) 8,655 (152) (a) The carrying amount represents the portion of the asset or liability designated as the hedged item. (b) Basis adjustments related to de-designated hedged items that no longer qualify as fair value hedges reduced the hedge accounting basis adjustm en t by $5 million a nd $5 million at March 31, 2024, and December 31, 2023, respectively. (c) Certain amounts are designed as fair value hedges under the portfolio layer method. The carrying amount represents the amortized costs basis of the prepayable financial assets used to designate hedging relationships in which the hedged item is the l ast layer expected to be remaining at the end of the relationship. At March 31, 2024, and December 31, 2023, the amortized costs of the closed portfolios in these hedging relationships was $12.6 billion and $12.8 billion, respectively, of which $7.2 billion were designated in a portfolio layer hedging relationship for both period ends. At March 31, 2024, and December 31, 2023, the cumulative basis adjustments associated with these amounts totaled $1 million and $(147) million, respectively. Cash flow hedges. During the three-month period ended March 31, 2024, we did not exclude any portion of cash flow hedging instruments from the assessment of hedge effectiveness. Considering the interest rates, yield curves, and notional amounts as of March 31, 2024, we expect to reclassify an estimated $438 million of after-tax net losses on derivative instruments designated as cash flow hedges from AOCI to income during the next 12 months. In addition, we expect to reclassify approximately $114 million of net losses related to terminated cash flow hedges from AOCI to income during the next 12 months. These reclassified amounts could differ from actual amounts recognized due to changes in interest rates, hedge de-designations and the addition of other hedges subsequent to March 31, 2024. As of March 31, 2024, the maximum length of time over which we hedge forecasted transactions is 3.79 years. The following tables summarize the effect of fair value and cash flow hedge accounting on the income statement for the three-month periods ended March 31, 2024, and March 31, 2023. Location and amount of net gains (losses) recognized in income on fair value and cash flow hedging relationships Dollars in millions Interest expense – long-term debt Interest income – loans Interest Income - securities Investment banking and debt placement fees Three months ended March 31, 2024 Total amounts presented in the consolidated statement of income $ (328) $ 1,538 $ 232 $ 170 Net gains (losses) on fair value hedging relationships Interest contracts Recognized on hedged items $ 128 $ — $ (151) $ — Recognized on derivatives designated as hedging instruments (200) — 182 — Net income (expense) recognized on fair value hedges $ (72) $ — $ 31 $ — Net gain (loss) on cash flow hedging relationships Interest contracts Realized gains (losses) (pre-tax) reclassified from AOCI into net income $ — $ (216) $ — $ 1 Net income (expense) recognized on cash flow hedges $ — $ (216) $ — $ 1 Three months ended March 31, 2023 Total amounts presented in the consolidated statement of income $ (275) $ 1,476 $ 194 $ 145 Net gains (losses) on fair value hedging relationships Interest contracts Recognized on hedged items $ (155) $ — $ 6 $ — Recognized on derivatives designated as hedging instruments 108 — (2) — Net income (expense) recognized on fair value hedges $ (47) $ — $ 4 $ — Net gain (loss) on cash flow hedging relationships Interest contracts Realized gains (losses) (pre-tax) reclassified from AOCI into net income $ (1) $ (215) $ — $ — Net income (expense) recognized on cash flow hedges $ (1) $ (215) $ — $ — The following tables summarize the pre-tax net gains (losses) on our cash flow hedges for the three-month periods ended March 31, 2024, and March 31, 2023, and where they are recorded on the income statement. The table includes net gains (losses) recognized in OCI during the period and net gains (losses) reclassified from OCI into income during the current period. Dollars in millions Net Gains (Losses) Recognized in OCI Income Statement Location of Net Gains (Losses) Reclassified From OCI Into Income Net Gains (Losses) Reclassified From OCI Into Income Three months ended March 31, 2024 Cash Flow Hedges Interest rate $ (283) Interest income — Loans $ (216) Interest rate 1 Interest expense — Long-term debt — Interest rate 1 Investment banking and debt placement fees 1 Total $ (281) $ (215) Three months ended March 31, 2023 Cash Flow Hedges Interest rate $ 109 Interest income — Loans $ (215) Interest rate (1) Interest expense — Long-term debt (1) Interest rate (1) Investment banking and debt placement fees — Total $ (107) $ (216) Nonhedging instruments The following table summarizes the pre-tax net gains (losses) on our derivatives that are not designated as hedging instruments for the three-month periods ended March 31, 2024, and March 31, 2023, and where they are recorded on the income statement. Three months ended March 31, 2024 Three months ended March 31, 2023 Dollars in millions Corporate services income Consumer mortgage income Other income Total Corporate services income Consumer mortgage income Other income Total NET GAINS (LOSSES) Interest rate $ 10 $ — $ — $ 10 $ 12 $ — $ (2) $ 10 Foreign exchange 12 — — 12 13 — — 13 Commodity 3 — — 3 7 — — 7 Credit — — (11) (11) — — (14) (14) Other — 3 3 6 — 1 (2) (1) Total net gains (losses) $ 25 $ 3 $ (8) $ 20 $ 32 $ 1 $ (18) $ 15 Counterparty Credit Risk We hold collateral in the form of cas h and highly rated securities issued by the U.S. Treasury, government-sponsored enterprises, or GNMA . Cash collateral of $360 million was netted against derivative assets on the balance sheet at March 31, 2024, compared to $408 million of cash collateral netted against derivative assets at December 31, 2023. The cash collateral netted against derivative liabilities totaled $132 million at March 31, 2024, and $64 million at December 31, 2023. Our means of mitigating and managing exposure to credit risk on derivative contracts is described in Note 8 (“Derivatives and Hedging Activities”) beginning on page 142 of our 2023 Form 10-K under the heading “Counterparty Credit Risk.” The following table summarizes the fair value of our derivative assets by type at the dates indicated. These assets represent our net exposure to potential loss after taking into account the effects of bilateral collateral and master netting agreements and other means used to mitigate risk. Dollars in millions March 31, 2024 December 31, 2023 Interest rate $ 81 $ 123 Foreign exchange 46 42 Commodity 433 409 Credit — — Other 5 15 Derivative assets before collateral 565 589 Plus(Less): Related collateral (360) (408) Total derivative assets $ 205 $ 181 We enter into derivative transactions with two primary groups: broker-dealers and banks, and clients. Given that these groups have different economic characteristics, we have different methods for managing counterparty credit exposure and credit risk. We enter into transactions with broker-dealers and banks for various risk management purposes. These types of transactions are primarily high dollar volume. We enter into bilateral collateral and master netting agreements with these counterparties. We clear certain types of derivative transactions with these counterparties, whereby central clearing organizations become the counterparties to our derivative contracts. In addition, we enter into derivative contracts through swa p execution facilities. Swap clearing and swap execution facilities reduce our exposure to counterparty credit risk. At March 31, 2024, we had gross exposure of $489 million to broker-dealers and banks. We had net exposure of $11 million after the application of master netting agreements and cash collateral, where such qualifying agreements exist. We had net exposure of $8 million after considering $3 million of additional collateral held in the form of securities. We enter into transactions using master netting agreements with clients to accommodate their business needs. In most cases, we mitigate our credit exposure by cross-collateralizing these transactions to the underlying loan collateral. For transactions that are not clearable, we mitigate our market risk by buying and selling U.S. Treasuries and Eurodollar futures or entering into offsetting positions. Due to the cross-collateralization to the underlying loan, we typically do not exchange cash or marketable securities collateral in connection with these transactions. To address the risk of default associated with these contracts, we have established a CVA reserve (included in “accrued income and other assets”) in the amount of $5 million at March 31, 2024. The CVA is calculated from potential future exposures, expected recovery rates, and market-implied probabilities of default. At March 31, 2024, we had gross exposure of $219 million to client counterparties and other entities that are not broker-dealers or banks for derivatives that have associated master netting agreements. We had net exposure of $194 million o n our derivatives with these counterparties after the application of master netting agreements, collateral, an d the related reserve. Credit Derivatives We are a buyer and, under limited circumstances, may be a seller of credit protection through the credit derivative market. We purchase credit derivatives to manage the credit risk associated with specific commercial lending and swap obligations as well as exposures to debt securities. Our credit derivative portfolio was in a net liability position o f $1 million a s of March 31, 2024, and $1 million as of December 31, 2023. Our credit derivative portfolio consists of traded credit default swap indices and risk participation agreements. Additional descriptions of our credit derivatives are provided in Note 8 (“Derivatives and Hedging Activities”) beginning on page 142 of our 2023 Form 10-K under the heading “Credit Derivatives.” The following table provides information on the types of credit derivatives sold by us and held on the balance sheet at March 31, 2024, and December 31, 2023. The notional amount represents the amount that the seller could be required to pay. The payment/performance risk shown in the table represents a weighted average of the default probabilities for all reference entities in the respective portfolios. These default probabilities are implied from observed credit indices in the credit default swap market, which are mapped to reference entities based on Key’s internal risk rating. March 31, 2024 December 31, 2023 Dollars in millions Notional Average Term (Years) Payment / Performance Risk Notional Amount Average Term (Years) Payment / Performance Risk Other $ 2 11.10 3.87 % $ 4 10.69 4.86 % Total credit derivatives sold $ 2 — — $ 4 — — Credit Risk Contingent Features We have entered into certain derivative contracts that require us to post collateral to the counterparties when these contracts are in a net liability position. The amount of collateral to be posted is based on the amount of the net liability and thresholds generally related to our long-term senior unsecured credit ratings with Moody’s and S&P. Collateral requirements also are based on minimum transfer amounts, which are specific to each Credit Support Annex (a component of the ISDA Master Agreement) that we have signed with the counterparties. In a limited number of instances, counterparties have the right to terminate their ISDA Master Agreements with us if our ratings fall below a certain lev el, usually investment-grade level (i.e., “Baa3” for Moody’s and “BBB-” for S&P). At March 31, 2024, KeyBank’s rating was “Baa1” with Moody’s and “BBB+” with S&P, and KeyCorp’s rating was “Baa2” with Moody’s and “BBB” with S&P. Refer to the table below for the aggregate fair value of all derivative contracts with credit risk contingent features held by KeyBank that were in a net liability position. Dollars in millions March 31, 2024 December 31, 2023 Net derivative liabilities with credit-risk contingent features $ (104) $ (45) Collateral posted 90 42 As of March 31, 2024, and December 31, 2023, th e fair value of additional collateral that could be required to be posted as a result of the credit risk related contingent features being triggered was immaterial to Key’s consolidated financial statements. |
Mortgage Servicing Assets
Mortgage Servicing Assets | 3 Months Ended |
Mar. 31, 2024 | |
Servicing Asset [Abstract] | |
Mortgage Servicing Assets | 8. Mortgage Servicing Assets We originate and periodically sell commercial and residential mortgage loans but continue to service those loans for the buyers. We also may purchase the right to service commercial mortgage loans from other lenders. We record a servicing asset if we purchase or retain the right to service loans in exchange for servicing fees that exceed the going market servicing rate and are considered more than adequate compensation for servicing. Additional information pertaining to the accounting for mortgage and other servicing assets is included in Note 1 (“Summary of Significant Accounting Policies”) under the heading “Servicing Assets” beginning on page 114 of our 2023 Form 10-K. Commercial Changes in the carrying amount of commercial mortgage servicing assets are summarized as follows: Three months ended March 31, Dollars in millions 2024 2023 Balance at beginning of period $ 638 $ 653 Servicing retained from loan sales 18 9 Purchases 6 4 Amortization (31) (32) Temporary (impairments) recoveries — — Balance at end of period $ 631 $ 634 Fair value at end of period $ 846 $ 981 The fair value of commercial mortgage servicing assets is determined by calculating the present value of future cash flows associated with servicing the loans. This calculation uses a number of assumptions that are based on current market conditions. The range and weighted average of the significant unobservable inputs used to determine the fair value of our commercial mortgage servicing assets at March 31, 2024, and March 31, 2023, along with the valuation techniques, are shown in the following table: March 31, 2024 March 31, 2023 Valuation Technique Significant Unobservable Input Range Weighted Average Range Weighted Average Discounted cash flow Expected defaults 1.00 % 2.00 % 1.01 % 0.96 % 2.00 % 1.06 % Residual cash flows discount rate 7.41 % 10.65 % 10.28 % 8.57 % 10.03 % 9.49 % Escrow earn rate 5.00 % 5.09 % 5.00 % 4.94 % 4.95 % 4.94 % Loan assumption rate — % 2.16 % 1.97 % — % 1.40 % 1.14 % If these economic assumptions change or prove incorrect, the fair value of commercial mortgage servicing assets may also change. Expected credit losses, escrow earning rates, and discount rates are critical to the valuation of commercial mortgage servicing assets. Estimates of these assumptions are based on how a market participant would view the respective rates, and reflect historical data associated with the commercial mortgage loans, industry trends, and other considerations. Actual rates may differ from those estimated due to changes in a variety of economic factors. A decrease in the value assigned to the escrow earning rates would cause a decrease in the fair value of our commercial mortgage servicing assets. An increase in the assumed default rates of commercial mortgage loans or an increase in the assigned discount rates would cause a decrease in the fair value of our commercial mortgage servicing assets. Prepayment activity on commercial serviced loans does not significantly affect the valuation of our commercial mortgage servicing assets. Unlike residential mortgages, commercial mortgages experience significantly lower prepayments due to certain contractual restrictions affecting the borrower’s ability to prepay the mortgage. The amortization of commercial servicing assets is determined in proportion to, and over the period of, the estimated net servicing income. The amortization of commercial servicing assets for each period, as shown in the table at the beginning of this note, is recorded as a reduction to contractual fee income. The contractual fee income from servicing commercial mortgage loans totaled $87 million for the three-month period ended March 31, 2024, and $78 million for the three-month period ended March 31, 2023. This fee income was offset by $31 million of amortization for the three-month period ended March 31, 2024, and $32 million for the three-month period ended March 31, 2023. Both the contractual fee income and the amortization are recorded, net, in “commercial mortgage servicing fees” on the income statement. Residential Changes in the carrying amount of residential mortgage servicing assets are summarized as follows: Three months ended March 31, Dollars in millions 2024 2023 Balance at beginning of period $ 108 $ 106 Servicing retained from loan sales 2 1 Purchases — — Amortization (2) (2) Temporary (impairments) recoveries (a) — — Balance at end of period $ 108 $ 105 Fair value at end of period $ 133 $ 129 (a) A temporary impairment of less than $1 million was recorded for the three months ended March 31, 2024. The fair value of mortgage servicing assets is determined by calculating the present value of future cash flows associated with servicing the loans. This calculation uses a number of assumptions that are based on current market conditions. The range and weighted-average of the significant unobservable inputs used to fair value our mortgage servicing assets at March 31, 2024, and March 31, 2023, along with the valuation techniques, are shown in the following table: March 31, 2024 March 31, 2023 Valuation Technique Significant Unobservable Input Range Weighted Average Range Weighted Average Discounted cash flow Prepayment speed 6.29 % 43.74 % 7.68 % 6.41 % 40.74 % 7.30 % Discount rate 6.50 % 8.75 % 6.59 % 7.50 % 8.50 % 7.54 % Servicing cost $ 70.00 $ 3,582 $ 74.91 $ 62.00 $ 8,075 $ 67.36 If these economic assumptions change or prove incorrect, the fair value of residential mortgage servicing assets may also change. Prepayment speed, discount rates, and servicing cost are critical to the valuation of residential mortgage servicing assets. Estimates of these assumptions are based on how a market participant would view the respective rates and reflect historical data associated with the residential mortgage loans, industry trends, and other considerations. Actual rates may differ from those estimated due to changes in a variety of economic factors. An increase in the prepayment speed would cause a decrease in the fair value of our residential mortgage servicing assets. An increase in the assigned discount rates and servicing cost assumptions would cause a decrease in the fair value of our residential mortgage servicing assets. The amortization of residential servicing assets for March 31, 2024, as shown in the table above, is recorded as a reduction to contractual fee income. The contractual fee income from servicing residential mortgage loans totaled $9 million for the three-month period ended March 31, 2024, and $9 million for the three-month period ended March 31, 2023. This fee income was offset by $2 million of amortization for the three-month period ended March 31, 2024, and $2 million for the three-month period ended March 31, 2023. Both the contractual fee income and the amortization are recorded, net, in “consumer mortgage income” on the income statement. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Leases | 9. Leases As a lessee, we enter into leases of land, buildings, and equipment. Our real estate leases primarily relate to bank branches and office space. The leases of equipment principally relate to technology assets for data processing and data storage. As a lessor, we primarily provide financing through our equipment leasing business. For more information on our leasing activity, see Note 10 (“Leases”) beginning on page 150 of our 2023 Form 10-K. Lessor Equipment Leasing Leases may have fixed or floating rate terms. Variable payments are based on an index or other specified rate and are included in rental payments. Certain leases contain an option to extend the lease term or the option to terminate at the discretion of the lessee. Under certain conditions, lease agreements may also contain the option for a lessee to purchase the underlying asset. Interest income from sales-type and direct financing leases is recognized in "interest income — loans" on the income statement. Income related to operating leases is recognized in “operating lease income and other leasing gains” on the income statement. The components of equipment leasing income are summarized in the table below: Three months ended March 31, Dollars in millions 2024 2023 Sales-type and direct financing leases Interest income on lease receivable $ 18 $ 19 Interest income related to accretion of unguaranteed residual asset 3 3 Interest income on deferred fees and costs 5 — Total sales-type and direct financing lease income $ 26 $ 22 Operating leases Operating lease income related to lease payments $ 18 $ 24 Other operating leasing gains 6 1 Total operating lease income and other leasing gains 24 25 Total lease income $ 50 $ 47 |
Leases | 9. Leases As a lessee, we enter into leases of land, buildings, and equipment. Our real estate leases primarily relate to bank branches and office space. The leases of equipment principally relate to technology assets for data processing and data storage. As a lessor, we primarily provide financing through our equipment leasing business. For more information on our leasing activity, see Note 10 (“Leases”) beginning on page 150 of our 2023 Form 10-K. Lessor Equipment Leasing Leases may have fixed or floating rate terms. Variable payments are based on an index or other specified rate and are included in rental payments. Certain leases contain an option to extend the lease term or the option to terminate at the discretion of the lessee. Under certain conditions, lease agreements may also contain the option for a lessee to purchase the underlying asset. Interest income from sales-type and direct financing leases is recognized in "interest income — loans" on the income statement. Income related to operating leases is recognized in “operating lease income and other leasing gains” on the income statement. The components of equipment leasing income are summarized in the table below: Three months ended March 31, Dollars in millions 2024 2023 Sales-type and direct financing leases Interest income on lease receivable $ 18 $ 19 Interest income related to accretion of unguaranteed residual asset 3 3 Interest income on deferred fees and costs 5 — Total sales-type and direct financing lease income $ 26 $ 22 Operating leases Operating lease income related to lease payments $ 18 $ 24 Other operating leasing gains 6 1 Total operating lease income and other leasing gains 24 25 Total lease income $ 50 $ 47 |
Leases | 9. Leases As a lessee, we enter into leases of land, buildings, and equipment. Our real estate leases primarily relate to bank branches and office space. The leases of equipment principally relate to technology assets for data processing and data storage. As a lessor, we primarily provide financing through our equipment leasing business. For more information on our leasing activity, see Note 10 (“Leases”) beginning on page 150 of our 2023 Form 10-K. Lessor Equipment Leasing Leases may have fixed or floating rate terms. Variable payments are based on an index or other specified rate and are included in rental payments. Certain leases contain an option to extend the lease term or the option to terminate at the discretion of the lessee. Under certain conditions, lease agreements may also contain the option for a lessee to purchase the underlying asset. Interest income from sales-type and direct financing leases is recognized in "interest income — loans" on the income statement. Income related to operating leases is recognized in “operating lease income and other leasing gains” on the income statement. The components of equipment leasing income are summarized in the table below: Three months ended March 31, Dollars in millions 2024 2023 Sales-type and direct financing leases Interest income on lease receivable $ 18 $ 19 Interest income related to accretion of unguaranteed residual asset 3 3 Interest income on deferred fees and costs 5 — Total sales-type and direct financing lease income $ 26 $ 22 Operating leases Operating lease income related to lease payments $ 18 $ 24 Other operating leasing gains 6 1 Total operating lease income and other leasing gains 24 25 Total lease income $ 50 $ 47 |
Leases | 9. Leases As a lessee, we enter into leases of land, buildings, and equipment. Our real estate leases primarily relate to bank branches and office space. The leases of equipment principally relate to technology assets for data processing and data storage. As a lessor, we primarily provide financing through our equipment leasing business. For more information on our leasing activity, see Note 10 (“Leases”) beginning on page 150 of our 2023 Form 10-K. Lessor Equipment Leasing Leases may have fixed or floating rate terms. Variable payments are based on an index or other specified rate and are included in rental payments. Certain leases contain an option to extend the lease term or the option to terminate at the discretion of the lessee. Under certain conditions, lease agreements may also contain the option for a lessee to purchase the underlying asset. Interest income from sales-type and direct financing leases is recognized in "interest income — loans" on the income statement. Income related to operating leases is recognized in “operating lease income and other leasing gains” on the income statement. The components of equipment leasing income are summarized in the table below: Three months ended March 31, Dollars in millions 2024 2023 Sales-type and direct financing leases Interest income on lease receivable $ 18 $ 19 Interest income related to accretion of unguaranteed residual asset 3 3 Interest income on deferred fees and costs 5 — Total sales-type and direct financing lease income $ 26 $ 22 Operating leases Operating lease income related to lease payments $ 18 $ 24 Other operating leasing gains 6 1 Total operating lease income and other leasing gains 24 25 Total lease income $ 50 $ 47 |
Leases | 9. Leases As a lessee, we enter into leases of land, buildings, and equipment. Our real estate leases primarily relate to bank branches and office space. The leases of equipment principally relate to technology assets for data processing and data storage. As a lessor, we primarily provide financing through our equipment leasing business. For more information on our leasing activity, see Note 10 (“Leases”) beginning on page 150 of our 2023 Form 10-K. Lessor Equipment Leasing Leases may have fixed or floating rate terms. Variable payments are based on an index or other specified rate and are included in rental payments. Certain leases contain an option to extend the lease term or the option to terminate at the discretion of the lessee. Under certain conditions, lease agreements may also contain the option for a lessee to purchase the underlying asset. Interest income from sales-type and direct financing leases is recognized in "interest income — loans" on the income statement. Income related to operating leases is recognized in “operating lease income and other leasing gains” on the income statement. The components of equipment leasing income are summarized in the table below: Three months ended March 31, Dollars in millions 2024 2023 Sales-type and direct financing leases Interest income on lease receivable $ 18 $ 19 Interest income related to accretion of unguaranteed residual asset 3 3 Interest income on deferred fees and costs 5 — Total sales-type and direct financing lease income $ 26 $ 22 Operating leases Operating lease income related to lease payments $ 18 $ 24 Other operating leasing gains 6 1 Total operating lease income and other leasing gains 24 25 Total lease income $ 50 $ 47 |
Goodwill
Goodwill | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | 10. Goodwill Our annual goodwill impairment testing is performed as of October 1 each year, or more frequently as events occur or circumstances change that would more-likely-than-not reduce the fair value of a reporting unit below its carrying amount. A quantitative or qualitative testing approach may be used. Additional information pertaining to our accounting policy for goodwill and other intangible assets is summarized in Note 1 (“Summary of Significant Accounting Policies”) under the heading “Goodwill and Other Intangible Assets” beginning on page 114 of our 2023 Form 10-K. During the first quarter, Key realigned its real estate capital business from its Commercial Bank reporting unit to its Institutional Bank reporting unit. The move was done to align product-based teams to the client-facing businesses they serve with the goal of reducing overhead and complexity and creating a better client experience. This reorganization was identified as a triggering event. As a result, interim goodwill impairment tests were performed during the first quarter reflecting the reporting units both immediately before and immediately after the realignment, neither of which resulted in impairment. The results of the impairment test reflecting the realignment indicated the fair value of each of the three reporting units, Consumer Bank, Commercial Bank, and Institutional Bank, exceeded their respective carrying values by more than 10%. Additionally, we monitored events and circumstances through March 31, 2024, including macroeconomic factors, industry and banking sector events, Key specific performance indicators, and the sensitivity of the interim quantitative test results to changes in assumptions through March 31, 2024. Based on these considerations, we concluded it was not more-likely-than-not that the fair value of one or more of the reporting units was below its respective carrying value as of March 31, 2024 The reporting units at which goodwill is tested for impairment are the Consumer Bank, Commercial Bank and Institutional Bank reporting units. As the Commercial Bank and Institutional Bank reporting units are aggregated within Key’s overall Commercial Bank reporting segment, the realignment of real estate capital did not have an impact on our reportable segments, however, goodwill was reallocated from the Commercial Bank reporting unit to the Institutional Bank reporting unit. As of March 31, 2024, the Commercial Bank and Institutional Bank reporting units were allocated goodwill of $218 million and $715 million, respectively. The carrying amount of goodwill by reporting segment are presented in the following table: Dollars in millions Consumer Bank Commercial Bank Total BALANCE AT MARCH 31, 2023 $ 1,819 $ 933 $ 2,753 BALANCE AT DECEMBER 31, 2023 $ 1,819 $ 933 $ 2,752 BALANCE AT MARCH 31, 2024 $ 1,819 $ 933 $ 2,752 |
Variable Interest Entities
Variable Interest Entities | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | 11. Variable Interest Entities Our significant VIEs are summarized below. Additional information pertaining to the criteria used in determining if an entity is a VIE is included in Note 13 (“Variable Interest Entities”) beginning on page 154 of our 2023 Form 10-K. LIHTC and NMTC investments. We had $2.2 billion and $2.3 billion of investments in LIHTC operating partnerships at March 31, 2024, and December 31, 2023, respectively. These investments are recorded in “accrued income and other assets” on our Consolidated Balance Sheets. We do not have any loss reserves recorded related to these investments because we believe the likelihood of any loss to be remote. For all legally binding, unfunded equity commitments, we increase our recognized investment and recognize a liability. As of March 31, 2024, and December 31, 2023, we had liabilities of $1.2 billion and $1.4 billion, respectively, related to investments in qualified affordable housing projects, which are recorded in “accrued expenses and other liabilities” on our Consolidated Balance Sheets. We continue to invest in these LIHTC operating partnerships. The assets and liabilities presented in the table below convey the size of KCDC’s direct and indirect investments at March 31, 2024, and December 31, 2023. As these investments represent unconsolidated VIEs, the assets and liabilities of the investments themselves are not recorded on our Consolidated Balance Sheets. Additional information pertaining to our LIHTC investments is included in Note 13 (“Variable Interest Entities”) beginning on page 154 of our 2023 Form 10-K. Unconsolidated VIEs Dollars in millions Total Assets Total Liabilities Maximum Exposure to Loss March 31, 2024 LIHTC investments $ 8,880 $ 3,841 $ 2,623 December 31, 2023 LIHTC investments $ 8,904 $ 3,848 $ 2,768 We had $30 million and $25 million in NMTC investments at March 31, 2024 and December 31, 2023, respectively. These investments are recorded in “accrued income and other assets” on our Consolidated Balance Sheets . We amortize our LIHTC and NMTC investments over the period that we expect to receive the tax benefits. During the three months ended March 31, 2024, we recognized $55 million of amortization, $54 million of tax credits and $13 million of other tax benefits associated with these investments within “income taxes” on our income statement. During the three months ended March 31, 2023, we recognized $53 million of amortization, $51 million of tax credits and $45 million of other tax benefits associated with these investments within “income taxes” on our income statement. Principal investments. Our maximum exposure to loss associated with indirect principal investments consists of the investments’ fair value plus any unfunded equity commitments. The fair value of our indirect principal investments totaled $17 million at both March 31, 2024 and December 31, 2023. These investments are recorded in “other investments” on our Consolidated Balance Sheets. The table below reflects the size of the private equity funds in which we were invested as well as our maximum exposure to loss in connection with these investments at March 31, 2024, and December 31, 2023. Unconsolidated VIEs Dollars in millions Total Assets Total Liabilities Maximum Exposure to Loss March 31, 2024 Indirect investments $ 2,625 $ 91 $ 18 December 31, 2023 Indirect investments $ 2,741 $ 91 $ 18 Through our principal investing entities, we have formed and funded operating entities that provide management and other related services to our investment company funds, which directly invest in portfolio companies. These entities had no assets at March 31, 2024, and December 31, 2023, that can be used to settle the entities’ obligations. The entities had no liabilities at March 31, 2024, and December 31, 2023, and other equity investors have no recourse to our general credit. Additional information on our indirect and direct principal investments is provided in Note 6 (“Fair Value Measurements”) beginning on page 130 and in Note 13 (“Variable Interest Entities “) beginning on page 154 of our 2023 Form 10-K. Other unconsolidated VIEs. We are involved with other various entities in the normal course of business which we have determined to be VIEs. We have determined that we are not the primary beneficiary of these VIEs because we do not have the power to direct the activities that most significantly impact their economic performance or hold a variable interest that could potentially be significant. The table below shows our assets and liabilities associated with these unconsolidated VIEs at March 31, 2024, and December 31, 2023. These assets are recorded in “accrued income and other assets,” “other investments,” “securities available for sale,” “held-to-maturity securities,” and “loans, net of unearned income” on our Consolidated Balance Sheets. Of the total balance as of March 31, 2024, $606 million related to the purchase of senior notes from a securitization collateralized by sold indirect auto loans. Additional information pertaining to our other unconsolidated VIEs is included in Note 13 (“Variable Interest Entities“) under the heading “Other unconsolidated VIEs” on page 156 of our 2023 Form 10-K. Other unconsolidated VIEs Dollars in millions Total Assets Total Liabilities March 31, 2024 Other unconsolidated VIEs $ 1,032 $ 1 December 31, 2023 Other unconsolidated VIEs $ 1,149 $ 1 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 12. Income Taxes Income Tax Provision In accordance with the applicable accounting guidance, the principal method established for computing the provision for income taxes in interim periods requires us to make our best estimate of the effective tax rate expected to be applicable for the full year. This estimated effective tax rate is then applied to interim consolidated pre-tax operating income to determine the interim provision for income taxes. The effective tax rate, which is the provision for income taxes as a percentage of income before income taxes, was 21.3% for the first quarter of 2024 and 20.7% for the first quarter of 2023. The effective tax rates are less than our combined federal and state statutory tax rate of 23.9%, primarily due to income from investments in tax-advantaged assets such as corporate-owned life insurance and tax credits associated with low-income housing investments. Deferred Taxes At March 31, 2024, we had a net deferred tax asset of $1.8 billion, compared to a net deferred tax asset of $1.8 billion at December 31, 2023, which are included in “accrued income and other assets” on the balance sheet. The deferred tax asset is primarily related to market fluctuations in the investment security portfolio accounted for in other comprehensive income. To determine the amount of deferred tax assets that are more likely than not to be realized, and therefore recorded, we conduct a quarterly assessment of all available evidence. This evidence includes, but is not limited to, taxable income in prior periods, projected future taxable income, and projected future reversals of deferred tax items. These assessments involve a degree of subjectivity and may undergo change. Based on these criteria, we had a valuation allowance of $12 million at March 31, 2024, and $12 million at December 31, 2023. The valuation allowance is associated with federal and state capital loss carryforwards. Unrecognized Tax Benefits At March 31, 2024, Key’s unrecognized tax benefits were $45 million. As permitted under the applicable accounting guidance for income taxes, it is our policy to recognize interest and penalties related to unrecognized tax benefits in “income tax expense.” Pre-1988 Bank Reserves Acquired in a Business Combination Retained earnings of KeyBank included approximately $92 million of allocated bad debt deductions for which no income taxes have been recorded. Under current federal law, these reserves are subject to recapture into taxable income if KeyBank, or any successor, fails to maintain its bank status under the Internal Revenue Code or makes non-dividend distributions or distributions greater than its accumulated earnings and profits. No deferred tax liability has been established as these events are not expected to occur in the foreseeable future. |
Acquisitions and Discontinued O
Acquisitions and Discontinued Operations | 3 Months Ended |
Mar. 31, 2024 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Acquisitions and Discontinued Operations | 13. Acquisitions and Discontinued Operations Discontinued operations Discontinued operations primarily includes our government-guaranteed and private education lending business. At March 31, 2024, and December 31, 2023, approximately $313 million and $434 million, respectively, of education loans are included in discontinued assets on the Consolidated Balance Sheets. Net interest income after provision for credit losses for this business is not material and is included in income (loss) from discontinued operations, net of taxes on the Consolidated Statements of Income. |
Securities Financing Activities
Securities Financing Activities | 3 Months Ended |
Mar. 31, 2024 | |
Banking and Thrift, Other Disclosure [Abstract] | |
Securities Financing Activities | 14. Securities Financing Activities Additional information regarding our securities financing activities, including risk management activities, is provided in Note 1 (“Summary of Significant Accounting Policies”) beginning on page 107 of our 2023 Form 10-K and Note 16 (“Securities Financing Activities”) beginning on page 159 of our 2023 Form 10-K. The following table summarizes our securities financing agreements at March 31, 2024, and December 31, 2023: March 31, 2024 December 31, 2023 Dollars in millions Gross Amount Presented in Balance Sheet Netting Adjustments (a) Collateral (b) Net Amounts Gross Amount Presented in Balance Sheet Netting Adjustments (a) Collateral (b) Net Amounts Offsetting of financial assets: Reverse repurchase agreements $ — $ — $ — $ — $ 7 $ (7) $ — $ — Securities borrowed — — — — — — — — Total $ — $ — $ — $ — $ 7 $ (7) $ — $ — Offsetting of financial liabilities: Repurchase agreements (c) $ 27 $ — $ (27) $ — $ 38 $ (7) $ (31) $ — Total $ 27 $ — $ (27) $ — $ 38 $ (7) $ (31) $ — (a) Netting adjustments take into account the impact of master netting agreements that allow us to settle with a single counterparty on a net basis. (b) These adjustments take into account the impact of bilateral collateral agreements that allow us to offset the net positions with the related collateral. The application of collateral cannot reduce the net position below zero. Therefore, excess collateral, if any, is not reflected above. (c) Repurchase agreements are collateralized by mortgage-backed securities and U.S. Treasuries and are contracted on an overnight or continuous basis. As of March 31, 2024, assets pledged as collateral against repurchase agreements totaled $27 million. Assets pledged as collateral are reported in “securities available for sale” and “held-to-maturity securities” on the Consolidated Balance Sheets. At March 31, 2024, the liabilities associated with collateral pledged were solely comprised of customer sweep financing activity and had a carrying value of $27 million. The collateral pledged under customer sweep repurchase agreements is posted to a third-party custodian and cannot be sold or repledged by the secured party. The risk related to a decline in the market value of collateral pledged is minimal given the collateral's high credit quality and the overnight duration of the repurchase agreements. |
Employee Benefits
Employee Benefits | 3 Months Ended |
Mar. 31, 2024 | |
Retirement Benefits [Abstract] | |
Employee Benefits | 15. Employee Benefits Pension Plans The components of net pension cost (benefit) for all funded and unfunded plans are recorded in Other expense and are summarized in the following table. For more information on our Pension Plans and Other Postretirement Benefit Plans, see Note 18 (“Employee Benefits”) beginning on page 162 of our 2023 Form 10-K. Three months ended March 31, Dollars in millions 2024 2023 Interest cost on PBO $ 10 $ 11 Expected return on plan assets (10) (11) Amortization of losses 3 3 Settlement loss — — Net pension cost $ 3 $ 3 |
Trust Preferred Securities Issu
Trust Preferred Securities Issued by Unconsolidated Subsidiaries | 3 Months Ended |
Mar. 31, 2024 | |
Banking and Thrift, Other Disclosure [Abstract] | |
Trust Preferred Securities Issued by Unconsolidated Subsidiaries | 16. Trust Preferred Securities Issued by Unconsolidated Subsidiaries We own the outstanding common stock of business trusts formed by us that issued corporation-obligated, mandatorily redeemable, trust preferred securities. The trusts used the proceeds from the issuance of their trust preferred securities and common stock to buy debentures issued by KeyCorp. These debentures are the trusts’ only assets; the interest payments from the debentures finance the distributions paid on the mandatorily redeemable trust preferred securities. The outstanding common stock of these business trusts is recorded in Other investments on the Consolidated Balance Sheets. We unconditionally guarantee the following payments or distributions on behalf of the trusts: • required distributions on the trust preferred securities; • the redemption price when a capital security is redeemed; and • the amounts due if a trust is liquidated or terminated. The Regulatory Capital Rules require us to treat our mandatorily redeemable trust preferred securities as Tier 2 capital. The trust preferred securities, common stock, and related debentures are summarized as follows: Dollars in millions Trust Preferred Securities, Net of Discount (a) Common Stock Principal Amount of Debentures, Net of Discount (b) Interest Rate of Trust Preferred Securities and Debentures (c) Maturity of Trust Preferred Securities and Debentures March 31, 2024 KeyCorp Capital I $ 156 $ 6 $ 162 6.396 % 2028 KeyCorp Capital II 85 4 89 6.875 2029 KeyCorp Capital III 111 4 115 7.750 2029 HNC Statutory Trust III 21 1 22 7.040 2035 HNC Statutory Trust IV 18 1 19 6.932 2037 Willow Grove Statutory Trust I 20 1 21 6.956 2036 Westbank Capital Trust II 8 — 8 7.822 2034 Westbank Capital Trust III 8 — 8 7.822 2034 Total $ 427 $ 17 $ 444 6.979 % — December 31, 2023 $ 431 $ 17 $ 448 6.981 % — (a) The trust preferred securities must be redeemed when the related debentures mature, or earlier if provided in the governing indenture. Each issue of trust preferred securities carries an interest rate identical to that of the related debenture. Certain trust preferred securities include basis adjustments related to fair value hedges totaling $11 million at March 31, 2024, and $15 million at December 31, 2023. See Note 7 (“Derivatives and Hedging Activities”) for an explanation of fair value hedges. (b) We have the right to redeem these debentures. If the debentures purchased by KeyCorp Capital I, HNC Statutory Trust III, Willow Grove Statutory Trust I, HNC Statutory Trust IV, Westbank Capital Trust II, or Westbank Capital Trust III are redeemed before they mature, the redemption price will be the principal amount, plus any accrued but unpaid interest. If the debentures purchased by KeyCorp Capital II or KeyCorp Capital III are redeemed before they mature, the redemption price will be the greater of: (i) the principal amount, plus any accrued but unpaid interest, or (ii) the sum of the present values of principal and interest payments discounted at the Treasury Rate (as defined in the applicable indenture), plus 20 basis points for KeyCorp Capital II or 25 basis points for KeyCorp Capital III, or 50 basis points in the case of redemption upon either a tax or a capital treatment event for either KeyCorp Capital II or KeyCorp Capital III, plus any accrued but unpaid interest. (c) The interest rates for the trust preferred securities issued by KeyCorp Capital II and KeyCorp Capital III are fixed. The trust preferred securities issued by KeyCorp Capital I, HNC Statutory Trust III, HNC Statutory Trust IV, Willow Grove Statutory Trust I, Westbank Capital Trust II, and Westbank Capital Trust III have a floating interest rate, based on three-month CME term SOFR plus 26.161 basis points, that reprices quarterly. The total interest rates are weighted-average rates. |
Contingent Liabilities and Guar
Contingent Liabilities and Guarantees | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingent Liabilities and Guarantees | 17. Contingent Liabilities and Guarantees Legal Proceedings Litigation. From time to time, in the ordinary course of business, we and our subsidiaries are subject to various litigation, investigations, and administrative proceedings. Private, civil litigation may range from individual actions involving a single plaintiff to putative class action lawsuits with potentially thousands of class members. Investigations may involve both formal and informal proceedings, by both government agencies and self-regulatory bodies. These matters may involve claims for substantial monetary relief. At times, these matters may present novel claims or legal theories. Due to the complex nature of these various other matters, it may be years before some matters are resolved. While it is impossible to ascertain the ultimate resolution or range of financial liability, based on information presently known to us, we do not believe there is any matter to which we are a party, or involving any of our properties that, individually or in the aggregate, would reasonably be expected to have a material adverse effect on our financial condition. We continually monitor and reassess the potential materiality of these litigation matters. We note, however, that in light of the inherent uncertainty in legal proceedings there can be no assurance that the ultimate resolution will not exceed established reserves. As a result, the outcome of a particular matter, or a combination of matters, may be material to our results of operations for a particular period, depending upon the size of the loss or our income for that particular period. Gurevitch Litigation. On August 4, 2023, a putative class action, Gurevitch v. KeyCorp et al. , was filed against KeyCorp and certain of its current and former executives in the United States District Court for the Northern District of Ohio, asserting claims for violation of certain federal securities laws. The named plaintiff sought to represent a nationwide class of individuals who purchased or acquired KeyCorp securities from February 2020 to June 2023 and who were allegedly harmed by certain disclosures relating to KeyCorp’s liquidity, operations, and prospects. In March 2024, the lead plaintiff voluntarily dismissed the lawsuit without prejudice. Derivative Litigation. In November and December 2023, purported shareholders of KeyCorp filed two shareholder derivative lawsuits in the United States District Court for the Northern District of Ohio, which lawsuits were subsequently consolidated into a single derivative action titled Bushanky v. Gorman, et al . The lawsuits asserted that various officers and directors violated their duties to KeyCorp by virtue of the matters alleged in the Gurevitch litigation described above. The lawsuits were purportedly brought on behalf of KeyCorp and sought relief on KeyCorp’s behalf and for its benefit. On March 27, 2024, the parties filed a stipulation seeking to dismiss the consolidated derivative action without prejudice. The court approved the dismissal of the consolidated derivative action without prejudice on April 8, 2024. Guarantees We are a guarantor in various agreements with third parties. The following table shows the types of guarantees that we had outstanding at March 31, 2024. Information pertaining to the basis for determining the liabilities recorded in connection with these guarantees is included in Note 1 (“Summary of Significant Accounting Policies”) under the heading “Contingencies and Guarantees” beginning on page 115 of our 2023 Form 10-K. March 31, 2024 Maximum Potential Undiscounted Future Payments Liability Recorded Dollars in millions Financial guarantees: Standby letters of credit $ 4,311 $ 80 Recourse agreement with FNMA 7,648 90 Residential mortgage reserve 3,343 10 Written put options (a) 3,212 140 Total $ 18,514 $ 320 (a) The maximum potential undiscounted future payments represent notional amounts of derivatives qualifying as guarantees. We determine the payment/performance risk associated with each type of guarantee described below based on the probability that we could be required to make the maximum potential undiscounted future payments shown in the preceding table. We use a scale of low (0% to 30% probability of payment), moderate (greater than 30% to 70% probability of payment), or high (greater than 70% probability of payment) to assess the payment/performance risk, and have determined that the payment/performance risk associated with each type of guarantee outstanding at March 31, 2024, is low. Information pertaining to the nature of each of the guarantees listed below is included in Note 22 (“Commitments, Contingent Liabilities, and Guarantees”) under the heading “Guarantees” beginning on page 172 of our 2023 Form 10-K. Standby letters of credit. At March 31, 2024, our standby letters of credit had a remaining weighted-average life of 1.5 years, with remaining actual lives ranging from less than 1 year to 10.7 years. Recourse agreement with FNMA. At March 31, 2024, the outstanding commercial mortgage loans in this program had a weighted-average remaining term of 6.8 years, and the unpaid principal balance outstanding of loans sold by us as a participant was $24.6 billion. The maximum potential amount of undiscounted future payments that we could be required to make under this program, as shown in the preceding table, is equal to approximately 31.2% of the principal balance of loans outstanding at March 31, 2024. FNMA delegates responsibility for originating, underwriting, and servicing mortgages, and we assume a limited portion of the risk of loss during the remaining term on each commercial mortgage loan that we sell to FNMA. We maintain a reserve for such potential losses of $90 million that we believe approximates the fair value of our liability for the guarantee as described in Note 4 (“Asset Quality”). Residential Mortgage Banking. At March 31, 2024, the unpaid principal balance outstanding of loans sold by us in this program was $11.1 billion. The maximum potential amount of undiscounted future payments that we could be required to make under this program, as shown in the preceding table, is equal to approximately 30% of the principal balance of loans outstanding at March 31, 2024. Our liability for estimated repurchase obligations on loans sold, which is included in “accrued expenses and other liabilities” on the Consolidated Balance Sheets, was $10 million at March 31, 2024. For more information on our residential mortgages, see Note 8 (“Mortgage Servicing Assets”). Written put options. In the ordinary course of business, we “write” put options for clients that wish to mitigate their exposure to changes in interest rates and commodity prices. At March 31, 2024, our written put options had an average life of 1.8 years. These written put options are accounted for as derivatives at fair value, as further discussed in Note 7 (“Derivatives and Hedging Activities”). Written put options where the counterparty is a broker-dealer or bank are accounted for as derivatives at fair value but are not considered guarantees since these counterparties typically do not hold the underlying instruments. In addition, we are a purchaser and seller of credit derivatives, which are further discussed in Note 7 (“Derivatives and Hedging Activities”). Other Off-Balance Sheet Risk Other off-balance sheet risk stems from financial instruments that do not meet the definition of a guarantee as specified in the applicable accounting guidance, and from other relationships. Additional information pertaining to types of other off-balance sheet risk is included in Note 22 (“Commitments, Contingent Liabilities, and Guarantees”) under the heading “Other Off-Balance Sheet Risk” on page 174 of our 2023 Form 10-K. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | 18. Accumulated Other Comprehensive Income Our changes in AOCI for the three months ended March 31, 2024, and March 31, 2023, are as follows: Dollars in millions Unrealized gains (losses) on securities available for sale Unrealized gains (losses) on derivative financial instruments Net pension and postretirement benefit costs Total Balance at December 31, 2023 $ (4,190) $ (763) $ (276) $ (5,229) Other comprehensive income before reclassification, net of income taxes (153) (99) (1) (253) Amounts reclassified from AOCI, net of income taxes (a) 2 164 2 168 Net current-period other comprehensive income, net of income taxes (151) 65 1 (85) Balance at March 31, 2024 $ (4,341) $ (698) $ (275) $ (5,314) Balance at December 31, 2022 $ (4,895) $ (1,124) $ (276) $ (6,295) Other comprehensive income before reclassification, net of income taxes 575 80 (1) 654 Amounts reclassified from AOCI, net of income taxes (a) — 165 2 167 Net current-period other comprehensive income, net of income taxes 575 245 1 821 Balance at March 31, 2023 $ (4,320) $ (879) $ (275) $ (5,474) (a) See table below for details about these reclassifications. Our reclassifications out of AOCI for the three months ended March 31, 2024, and March 31, 2023, are as follows: Three months ended March 31, Affected Line Item in the Consolidated Statement of Income Dollars in millions 2024 2023 Unrealized gains (losses) on available for sale securities Realized gains $ — $ — Other income Realized losses (3) — Other income (3) — Income (loss) from continuing operations before income taxes (1) — Income taxes $ (2) $ — Income (loss) from continuing operations Unrealized gains (losses) on derivative financial instruments Interest rate $ (216) $ (215) Interest income — Loans Interest rate — (1) Interest expense — Long-term debt Interest rate 1 — Investment banking and debt placement fees (215) (216) Income (loss) from continuing operations before income taxes (51) (51) Income taxes $ (164) $ (165) Income (loss) from continuing operations Net pension and postretirement benefit costs Amortization of losses $ (3) $ (3) Other expense Settlement loss — — Other expense Amortization of unrecognized prior service credit — 1 Other expense (3) (2) Income (loss) from continuing operations before income taxes (1) — Income taxes $ (2) $ (2) Income (loss) from continuing operations |
Shareholders' Equity
Shareholders' Equity | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Shareholders' Equity | 19. Shareholders' Equity Comprehensive Capital Plan During the first quarter of 2024, Key did not complete any open market share repurchases. We repurchased $26 million of shares related to equity compensation programs in the first quarter of 2024. Consistent with our capital plan, the Board declared a quarterly dividend of $.205 per Common Share for the first quarter of 2024. Preferred Stock The following table summarizes our preferred stock at March 31, 2024. Preferred stock series Amount outstanding (in millions) Shares authorized and outstanding Par value Liquidation preference Ownership interest per depositary share Liquidation preference per depositary share First quarter 2024 dividends paid per depositary share 5.000% Fixed-to-Floating Rate Perpetual Noncumulative Series D $ 525 21,000 $ 1 $ 25,000 1/25th $ 1,000 $ 12.50 6.125% Fixed-to-Floating Rate Perpetual Noncumulative Series E 500 500,000 1 1,000 1/40th 25 .382813 5.650% Fixed Rate Perpetual Noncumulative Series F 425 425,000 1 1,000 1/40th 25 .353125 5.625% Fixed Rate Perpetual Non-Cumulative Series G 450 450,000 1 1,000 1/40th 25 .351563 6.200% Fixed Rate Reset Perpetual Non-Cumulative Series H 600 600,000 1 1,000 1/40th 25 .387500 |
Business Segment Reporting
Business Segment Reporting | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Business Segment Reporting | 20. Business Segment Reporting The following is description of the segments and their primary businesses at March 31, 2024. Consumer Bank The Consumer Bank serves individuals and small businesses throughout our 15-state branch footprint as well as healthcare professionals nationally through our Laurel Road digital brand by offering a variety of deposit and investment products, personal finance and financial wellness services, lending, mortgage and home equity, student loan refinancing, credit card, treasury services, and business advisory services. In addition, wealth management and investment services are offered to assist institutional, non-profit, and high-net-worth clients with their banking, trust, portfolio management, charitable giving, and related needs. Commercial Bank The Commercial Bank is an aggregation of our Institutional and Commercial operating segments. The Commercial operating segment is a full-service corporate bank focused principally on serving the borrowing, cash management, and capital markets needs of middle market clients within Key’s 15-state branch footprint. The Institutional operating segment operates nationally in providing lending, equipment financing, and banking products and services to large corporate and institutional clients. The industry coverage and product teams have established expertise in the following sectors: Consumer, Energy, Healthcare, Industrial, Public Sector, Real Estate, and Technology. It is also a significant, national, commercial real estate lender and third-party servicer of commercial mortgage loans and a special servicer of CMBS. The Institutional operating segment is also a significant, national, commercial real estate lender and third-party servicer of commercial mortgage loans and a special servicer of CMBS. The operating segment also includes the KBCM platform which provides a broad suite of capital markets products and services including syndicated finance, debt and equity underwriting, fixed income and equity sales and trading, derivatives, foreign exchange, mergers & acquisition and other advisory, and public finance. Other Other includes various corporate treasury activities such as management of our investment securities portfolio, long-term debt, short-term liquidity and funding activities, and balance sheet risk management, our principal investing unit, and various exit portfolios as well as reconciling items, which primarily represent the unallocated portion of nonearning assets of corporate support functions. Charges related to the funding of these assets are part of net interest income and are allocated to the business segments through noninterest expense. Reconciling items also include intercompany eliminations and certain items that are not allocated to the business segments because they do not reflect their normal operations. Developing and applying the methodologies that we use to allocate items among our lines of business is a dynamic process. Accordingly, financial results may be revised periodically to reflect enhanced alignment of expense base allocation drivers, changes in the risk profile of a particular business, or changes in our organizational structure. The table below shows selected financial data for our business segments for the three-month periods ended March 31, 2024, and March 31, 2023. Capital is assigned to each business segment based on a combination of regulatory and economic equity. Three months ended March 31, Consumer Bank Commercial Bank Other Total Key Dollars in millions 2024 2023 2024 2023 2024 2023 2024 2023 SUMMARY OF OPERATIONS Net interest income (TE) $ 549 $ 612 $ 391 $ 478 $ (54) $ 16 $ 886 $ 1,106 Noninterest income 224 228 400 366 23 14 647 608 Total revenue (TE) (a) 773 840 791 844 (31) 30 1,533 1,714 Provision for credit losses (2) 60 102 80 1 (1) 101 139 Depreciation and amortization expense 23 21 22 23 9 17 54 61 Other noninterest expense 680 642 420 419 (11) 54 1,089 1,115 Income (loss) from continuing operations before income taxes (TE) 72 117 247 322 (30) (40) 289 399 Allocated income taxes and TE adjustments 17 28 47 67 6 (7) 70 88 Income (loss) from continuing operations 55 89 200 255 (36) (33) 219 311 Income (loss) from discontinued operations, net of taxes — — — — — 1 — 1 Net income (loss) 55 89 200 255 (36) (32) 219 312 Less: Net income (loss) attributable to noncontrolling interests — — — — — — — — Net income (loss) attributable to Key $ 55 $ 89 $ 200 $ 255 $ (36) $ (32) $ 219 $ 312 AVERAGE BALANCES (b) Loans and leases $ 40,446 $ 43,086 $ 70,099 $ 76,306 $ 489 $ 445 $ 111,034 $ 119,837 Total assets (a) 43,239 45,935 79,456 85,852 63,173 59,064 185,868 190,851 Deposits 84,317 84,637 56,090 52,219 2,471 6,549 142,878 143,405 OTHER FINANCIAL DATA Net loan charge-offs (b) $ 44 $ 24 $ 37 $ 21 $ — $ — $ 81 $ 45 Return on average allocated equity (b) 6.18 % 9.87 % 8.02 % 10.04 % (13.39) % 92.94 % 6.00 % 9.13 % Return on average allocated equity 6.18 9.87 8.02 10.04 (13.39) 90.12 6.00 9.16 Average full-time equivalent employees (c) 7,356 8,097 2,334 2,517 7,062 7,606 16,752 18,220 (a) Substantially all revenue generated by our major business segments is derived from clients that reside in the United States. Substantially all long-lived assets, including premises and equipment, capitalized software, and goodwill held by our major business segments, are located in the United States. (b) From continuing operations. (c) The number of average full-time equivalent employees was not adjusted for discontinued operations. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | 21. Revenue from Contracts with Customers The following table represents a disaggregation of revenue from contracts with customers, by business segment, for the three-month periods ended March 31, 2024, and March 31, 2023. The development and application of the methodologies that we use to allocate items among our business segments is a dynamic process. Accordingly, financial results may be revised periodically to reflect enhanced alignment of expense base allocations drivers, changes in the risk profile of a particular business, or changes in our organizational structure. Three months ended March 31, 2024 Three months ended March 31, 2023 Dollars in millions Consumer Bank Commercial Bank Total Contract Revenue Consumer Bank Commercial Bank Total Contract Revenue NONINTEREST INCOME Trust and investment services income $ 109 $ 17 $ 126 $ 100 $ 16 $ 116 Investment banking and debt placement fees — 130 130 — 113 113 Services charges on deposit accounts 34 29 63 39 28 67 Cards and payments income 43 34 77 45 32 77 Other noninterest income 3 — 3 2 — 2 Total revenue from contracts with customers $ 189 $ 210 $ 399 $ 186 $ 189 $ 375 Other noninterest income (a) $ 225 $ 219 Noninterest income from Other (b) 23 14 Total noninterest income $ 647 $ 608 (a) Noninterest income considered earned outside the scope of contracts with customers. (b) Other includes other segments that consists of corporate treasury, our principal investing unit, and various exit portfolios as well as reconciling items which primarily represents the unallocated portion of nonearning assets of corporate support functions. Charges related to the funding of these assets are part of net interest income and are allocated to the business segments through noninterest expense. Reconciling items also includes intercompany eliminations and certain items that are not allocated to the business segments because they do not reflect their normal operations. Refer to Note 20 (“Business Segment Reporting”) for more information. We had no material contract assets or contract liabilities as of March 31, 2024, and March 31, 2023. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) | $ 219 | $ 312 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Basis of Presentation and Acc_2
Basis of Presentation and Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Consolidation | The consolidated financial statements include the accounts of KeyCorp and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. Some previously reported amounts have been reclassified in the statements of cash flows from “other operating activities, net” to either the net change in “accrued income and other assets” or “accrued expense and other liabilities” to align with updated presentation. The consolidated financial statements include any voting rights entities in which we have a controlling financial interest. In accordance with the applicable accounting guidance for consolidations, we consolidate a VIE if we have: (i) a variable interest in the entity; (ii) the power to direct activities of the VIE that most significantly affect the entity’s economic performance; and (iii) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE (i.e., we are considered to be the primary beneficiary). Variable interests can include equity interests, subordinated debt, derivative contracts, leases, service agreements, guarantees, standby letters of credit, loan commitments, and other contracts, agreements, and financial instruments. See Note 11 (“Variable Interest Entities”) for information on our involvement with VIEs. We use the equity method to account for unconsolidated investments in voting rights entities or VIEs if we have significant influence over the entity’s operating and financing decisions (usually defined as a voting or economic interest of 20% to 50%, but not controlling). Unconsolidated investments in voting rights entities or VIEs in which we have a voting or economic interest of less than 20% are carried at the cost measurement alternative or at fair value. Investments held by our registered broker-dealer and investment company subsidiaries (principal investing entities and Real Estate Capital line of business) are carried at fair value. The unaudited consolidated interim financial statements reflect all adjustments of a normal recurring nature and disclosures that are necessary for a fair presentation of the results for the interim periods presented. The results of operations for the interim period are not necessarily indicative of the results of operations to be expected for the full year. The interim financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in our 2023 Form 10-K. |
Subsequent Events | In preparing these financial statements, subsequent events were evaluated through the time the financial statements were issued. Financial statements are considered issued when they are widely distributed to all shareholders and other financial statement users or filed with the SEC. |
Accounting Guidance Adopted in 2024 | Accounting Guidance Adopted in 2024 Standard Date of Adoption Description Effect on Financial Statements or ASU 2022-03, Fair Value Measurement - January 1, 2024 Early adoption is The amendments clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and is not considered in measuring fair value. Entities cannot, as a separate unit of account, recognize and measure a contractual sale restriction. The amendments require disclosures for equity securities subject to contractual restrictions including; the fair value of equity securities subject to contractual sale restrictions reflected in the balance sheet, the nature and remaining duration of the restriction(s) and the circumstances that could cause a lapse in the restriction(s). The guidance should be applied prospectively with any adjustments from the adoption of the amendments recognized in earnings and disclosed on the date of adoption. The guidance did not have any impact on Key’s financial condition or results of operations. |
Basis of Presentation and Acc_3
Basis of Presentation and Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | Standard Date of Adoption Description Effect on Financial Statements or ASU 2022-03, Fair Value Measurement - January 1, 2024 Early adoption is The amendments clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and is not considered in measuring fair value. Entities cannot, as a separate unit of account, recognize and measure a contractual sale restriction. The amendments require disclosures for equity securities subject to contractual restrictions including; the fair value of equity securities subject to contractual sale restrictions reflected in the balance sheet, the nature and remaining duration of the restriction(s) and the circumstances that could cause a lapse in the restriction(s). The guidance should be applied prospectively with any adjustments from the adoption of the amendments recognized in earnings and disclosed on the date of adoption. The guidance did not have any impact on Key’s financial condition or results of operations. |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Earnings Per Common Share | Our basic and diluted earnings per Common Share are calculated as follows: Three months ended March 31, Dollars in millions, except per share amounts 2024 2023 EARNINGS Income (loss) from continuing operations $ 219 $ 311 Less: Net income (loss) attributable to noncontrolling interests — — Income (loss) from continuing operations attributable to Key 219 311 Less: Dividends on Preferred Stock 36 36 Income (loss) from continuing operations attributable to Key common shareholders 183 275 Income (loss) from discontinued operations, net of taxes — 1 Net income (loss) attributable to Key common shareholders $ 183 $ 276 WEIGHTED-AVERAGE COMMON SHARES Weighted-average Common Shares outstanding (000) 929,692 926,490 Effect of Common Share options and other stock awards 7,319 7,314 Weighted-average Common Shares and potential Common Shares outstanding (000) (a) 937,011 933,804 EARNINGS PER COMMON SHARE Income (loss) from continuing operations attributable to Key common shareholders $ .20 $ .30 Income (loss) from discontinued operations, net of taxes — — Net income (loss) attributable to Key common shareholders (b) .20 .30 Income (loss) from continuing operations attributable to Key common shareholders — assuming dilution $ .20 $ .30 Income (loss) from discontinued operations, net of taxes — assuming dilution — — Net income (loss) attributable to Key common shareholders — assuming dilution (b) .20 .30 (a) Assumes conversion of Common Share options and other stock awards and/or convertible preferred stock, as applicable. (b) EPS may not foot due to rounding. |
Loan Portfolio (Tables)
Loan Portfolio (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Loans Receivables [Abstract] | |
Schedule of Loans by Category | Loan Portfolio by Portfolio Segment and Financing Receivable (a) Dollars in millions March 31, 2024 December 31, 2023 Commercial and industrial (b) $ 54,793 $ 55,815 Commercial real estate: Commercial mortgage 14,540 15,187 Construction 3,013 3,066 Total commercial real estate loans 17,553 18,253 Commercial lease financing (c) 3,305 3,523 Total commercial loans 75,651 77,591 Residential — prime loans: Real estate — residential mortgage 20,704 20,958 Home equity loans 6,905 7,139 Total residential — prime loans 27,609 28,097 Other consumer loans 5,690 5,916 Credit cards 935 1,002 Total consumer loans 34,234 35,015 Total loans (d) $ 109,885 $ 112,606 (a) Accrued interest of $508 million and $522 million at March 31, 2024, and December 31, 2023, respectively, presented in "Accrued income and other assets" on the Consolidated Balance Sheets is excluded from the amortized cost basis disclosed in this table. (b) Loan balances include $214 million and $207 million of commercial credit card balances at March 31, 2024, and December 31, 2023, respectively. (c) Commercial and industrial includes receivables held as collateral for a secured borrowing of $349 million at March 31, 2024. Commercial lease financing includes receivables held as collateral for a secured borrowing of $6 million and $7 million at March 31, 2024, and December 31, 2023, respectively. Principal reductions are based on the cash payments received from these related receivables. Additional information pertaining to this secured borrowing is included in Note 20 (“Long-Term Debt”) beginning on page 165 of our 2023 Form 10-K. (d) |
Asset Quality (Tables)
Asset Quality (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Credit Loss [Abstract] | |
Schedule of Financing Receivable, Allowance for Credit Loss | The changes in the ALLL by loan category for the periods indicated are as follows: Three months ended March 31, 2024: Dollars in millions December 31, 2023 Provision Charge-offs Recoveries March 31, 2024 Commercial and Industrial $ 556 $ 151 $ (62) $ 8 $ 653 Commercial real estate: Real estate — commercial mortgage 419 (25) (5) — 389 Real estate — construction 52 9 — — 61 Total commercial real estate loans 471 (16) (5) — 450 Commercial lease financing 33 (7) — 2 28 Total commercial loans 1,060 128 (67) 10 1,131 Real estate — residential mortgage 162 (42) (1) 2 121 Home equity loans 86 (7) (1) 1 79 Other consumer loans 122 25 (16) 2 133 Credit cards 78 11 (12) 1 78 Total consumer loans 448 (13) (30) 6 411 Total ALLL — continuing operations 1,508 115 (a) (97) 16 1,542 Discontinued operations 16 — (1) — 15 Total ALLL — including discontinued operations $ 1,524 $ 115 $ (98) $ 16 $ 1,557 (a) Excludes a credit for losses on lending-related commitments of $14 million. Three months ended March 31, 2023: Dollars in millions December 31, 2022 Provision Charge-offs Recoveries March 31, 2023 Commercial and Industrial $ 601 $ 31 $ (35) $ 8 $ 605 Commercial real estate: Real estate — commercial mortgage 203 20 (5) — 218 Real estate — construction 28 — — — 28 Total commercial real estate loans 231 20 (5) — 246 Commercial lease financing 32 (1) 1 1 33 Total commercial loans 864 50 (39) 9 884 Real estate — residential mortgage 196 15 — 1 212 Home equity loans 98 (2) (1) 1 96 Other consumer loans 113 12 (11) 3 117 Credit cards 66 13 (9) 1 71 Total consumer loans 473 38 (21) 6 496 Total ALLL — continuing operations 1,337 88 (a) (60) 15 1,380 Discontinued operations 21 (1) (1) — 19 Total ALLL — including discontinued operations $ 1,358 $ 87 $ (61) $ 15 $ 1,399 (a) Excludes a provision for losses on lending-related commitments of $51 million. |
Schedule of Significant Macroeconomic Variables of Loan Portfolios | The following table discloses key macroeconomic variables for each loan portfolio. Segment Portfolio Key Macroeconomic Variables (a) Commercial Commercial and industrial BBB corporate bond rate (spread), fixed investment, business bankruptcies, GDP, industrial production, unemployment rate, and Producer Price Index Commercial real estate Property & real estate price indices, unemployment rate, business bankruptcies, GDP, and SOFR Commercial lease financing BBB corporate bond rate (spread), GDP, and unemployment rate Consumer Real estate — residential mortgage GDP, home price index, unemployment rate, and 30 year mortgage rate Home equity Home price index, unemployment rate, and 30 year mortgage rate Other consumer Unemployment rate and U.S. household income Credit cards Unemployment rate and U.S. household income Discontinued operations Unemployment rate (a) Variables include all transformations and interactions with other risk drivers. Additionally, variables may have varying impacts at different points in the economic cycle. |
Schedule of Financing Receivable Credit Quality Indicators | Credit Risk Profile by Creditworthiness Category and Vintage (a)(b) As of March 31, 2024 Term Loans Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Loans Amortized Cost Basis Amortized Cost Basis by Origination Year and Internal Risk Rating Dollars in millions 2024 2023 2022 2021 2020 Prior Total Commercial and Industrial Risk Rating: Pass $ 1,131 $ 3,722 $ 9,183 $ 5,411 $ 2,329 $ 5,282 $ 23,724 $ 127 $ 50,909 Criticized (Accruing) 39 221 639 517 304 376 1,409 19 3,524 Criticized (Nonaccruing) — 19 68 65 2 94 112 — 360 Total commercial and industrial 1,170 3,962 9,890 5,993 2,635 5,752 25,245 146 54,793 Current period gross write-offs — 4 10 24 — 1 23 — 62 Real estate — commercial mortgage Risk Rating: Pass 85 792 3,470 2,729 711 3,715 927 48 12,477 Criticized (Accruing) 3 65 796 476 70 521 16 3 1,950 Criticized (Nonaccruing) — — 3 29 3 47 31 — 113 Total real estate — commercial mortgage 88 857 4,269 3,234 784 4,283 974 51 14,540 Current period gross write-offs — — — — — 4 1 — 5 Real estate — construction Risk Rating: Pass 8 508 1,156 812 93 103 22 2 2,704 Criticized (Accruing) — 10 87 65 73 74 — — 309 Criticized (Nonaccruing) — — — — — — — — — Total real estate — construction 8 518 1,243 877 166 177 22 2 3,013 Current period gross write-offs — — — — — — — — — Commercial lease financing Risk Rating: Pass 52 550 749 491 318 1,027 — — 3,187 Criticized (Accruing) — 30 47 8 13 19 — — 117 Criticized (Nonaccruing) — — — — — 1 — — 1 Total commercial lease financing 52 580 796 499 331 1,047 — 3,305 Current period gross write-offs — — — — — — — — — Total commercial loans $ 1,318 $ 5,917 $ 16,198 $ 10,603 $ 3,916 $ 11,259 $ 26,241 $ 199 $ 75,651 Total commercial loan current period gross write-offs $ — $ 4 $ 10 $ 24 $ — $ 5 $ 24 $ — $ 67 As of December 31, 2023 Term Loans Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Loans Amortized Cost Basis Amortized Cost Basis by Origination Year and Internal Risk Rating Dollars in millions 2023 2022 2021 2020 2019 Prior Total Commercial and Industrial Risk Rating: Pass $ 4,020 $ 10,145 $ 6,141 $ 2,539 $ 2,064 $ 3,534 $ 24,395 $ 123 $ 52,961 Criticized (Accruing) 84 361 427 233 127 170 1,140 15 2,557 Criticized (Nonaccruing) 14 49 50 2 28 70 84 — 297 Total commercial and industrial 4,118 10,555 6,618 2,774 2,219 3,774 25,619 138 55,815 Current period gross write-offs 1 7 35 8 11 21 105 — 188 Real estate — commercial mortgage Risk Rating: Pass 1,084 3,664 2,922 804 1,545 2,507 1,017 66 13,609 Criticized (Accruing) 6 646 411 15 186 193 20 1 1,478 Criticized (Nonaccruing) — — 1 3 7 55 34 — 100 Total real estate — commercial mortgage 1,090 4,310 3,334 822 1,738 2,755 1,071 67 15,187 Current period gross write-offs — 1 1 11 2 21 3 — 39 Real estate — construction Risk Rating: Pass 401 1,185 912 157 62 48 31 8 2,804 Criticized (Accruing) 10 40 60 64 41 47 — — 262 Criticized (Nonaccruing) — — — — — — — — — Total real estate — construction 411 1,225 972 221 103 95 31 8 3,066 Current period gross write-offs — — — — — — — — — Commercial lease financing Risk Rating: Pass 520 878 575 352 307 808 — — 3,440 Criticized (Accruing) 11 30 9 9 8 16 — — 83 Criticized (Nonaccruing) — — — — — — — — — Total commercial lease financing 531 908 584 361 315 824 — — 3,523 Current period gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Total commercial loans $ 6,150 $ 16,998 $ 11,508 $ 4,178 $ 4,375 $ 7,448 $ 26,721 $ 213 $ 77,591 Total commercial loan current period gross write-offs $ 1 $ 8 $ 36 $ 19 $ 13 $ 42 $ 108 $ — $ 227 (a) Accrued intere st of $368 million a nd $383 million as of March 31, 2024, and December 31, 2023, respectively, presented in Other Assets on the Consolidated Balance Sheets, was excluded from the amortized cost basis disclosed in these tables. (b) Gross write-off information is presented on a year-to-date basis for the three months ended March 31, 2024 and the twelve months ended December 31, 2023. Consumer Credit Exposure Credit Risk Profile by FICO Score and Vintage (a)(b) As of March 31, 2024 Term Loans Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Loans Amortized Cost Basis Amortized Cost Basis by Origination Year and FICO Score Dollars in millions 2024 2023 2022 2021 2020 Prior Total Real estate — residential mortgage FICO Score: 750 and above $ 13 $ 708 $ 5,958 $ 7,553 $ 2,380 $ 1,661 $ — $ — $ 18,273 660 to 749 9 138 685 736 222 313 — — 2,103 Less than 660 — 16 65 57 21 146 — — 305 No Score — 2 1 1 1 17 1 — 23 Total real estate — residential mortgage 22 864 6,709 8,347 2,624 2,137 1 — 20,704 Current period gross write-offs 1 — — — — — — — 1 Home equity loans FICO Score: 750 and above 8 36 154 842 673 813 1,973 310 4,809 660 to 749 3 23 61 216 143 219 840 101 1,606 Less than 660 — 4 14 39 27 93 279 28 484 No Score — — — — — 2 4 — 6 Total home equity loans 11 63 229 1,097 843 1,127 3,096 439 6,905 Current period gross write-offs — — — — — 1 — — 1 Other consumer loans FICO Score: 750 and above 18 179 1,268 1,345 632 306 87 — 3,835 660 to 749 11 137 333 322 154 134 189 — 1,280 Less than 660 1 26 64 64 31 32 56 — 274 No Score 6 24 30 17 8 20 196 — 301 Total consumer direct loans 36 366 1,695 1,748 825 492 528 — 5,690 Current period gross write-offs — 1 4 3 2 2 4 — 16 Credit cards FICO Score: 750 and above — — — — — — 442 — 442 660 to 749 — — — — — — 381 — 381 Less than 660 — — — — — — 111 — 111 No Score — — — — — — 1 — 1 Total credit cards — — — — — — 935 — 935 Current period gross write-offs — — — — — — 12 — 12 Total consumer loans $ 69 $ 1,293 $ 8,633 $ 11,192 $ 4,292 $ 3,756 $ 4,560 $ 439 $ 34,234 Total consumer loan current period gross write-offs $ 1 $ 1 $ 4 $ 3 $ 2 $ 3 $ 16 $ — $ 30 As of December 31, 2023 Term Loans Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Loans Amortized Cost Basis Amortized Cost Basis by Origination Year and FICO Score Dollars in millions 2023 2022 2021 2020 2019 Prior Total Real estate — residential mortgage FICO Score: 750 and above $ 680 $ 5,992 $ 7,785 $ 2,392 $ 586 $ 923 $ — $ — $ 18,358 660 to 749 180 739 780 248 90 240 — — 2,277 Less than 660 15 58 56 22 17 130 — — 298 No Score 2 1 1 1 — 18 2 — 25 Total real estate — residential mortgage 877 6,790 8,622 2,663 693 1,311 2 — 20,958 Current period gross write-offs — — — — — 1 — — 1 Home equity loans FICO Score: 750 and above — 85 1,575 435 114 378 2,034 331 4,952 660 to 749 24 65 229 152 66 164 886 107 1,693 Less than 660 3 13 38 27 17 77 281 31 487 No Score 2 — — — — 1 4 — 7 Total home equity loans 29 163 1,842 614 197 620 3,205 469 7,139 Current period gross write-offs (1) — — — — 2 — 1 2 Other consumer loans FICO Score: 750 and above 185 1,187 1,455 660 277 112 97 — 3,973 660 to 749 150 365 342 171 83 60 199 — 1,370 Less than 660 24 64 65 32 17 16 57 — 275 No Score 30 33 17 11 10 12 185 — 298 Total consumer direct loans 389 1,649 1,879 874 387 200 538 — 5,916 Current period gross write-offs 1 12 10 6 5 3 14 — 51 Credit cards FICO Score: 750 and above — — — — — — 489 — 489 660 to 749 — — — — — — 400 — 400 Less than 660 — — — — — — 112 — 112 No Score — — — — — — 1 — 1 Total credit cards — — — — — — 1,002 — 1,002 Current period gross write-offs — — — — — — 37 — 37 Total consumer loans $ 1,295 $ 8,602 $ 12,343 $ 4,151 $ 1,277 $ 2,131 $ 4,747 $ 469 $ 35,015 Total consumer current period gross write-offs $ — $ 12 $ 10 $ 6 $ 5 $ 6 $ 51 $ 1 $ 91 (a) Accrued intere st of $140 million and $139 million as of March 31, 2024, and December 31, 2023, respectively, presented in Other Assets on the Consolidated Balance Sheets, was excluded from the amortized cost basis disclosed in this table. (b) Gross write-off information is presented on a year-to-date basis for the three months ended March 31, 2024 and the twelve months ended December 31, 2023. |
Schedule of Past Due Loans Including Current Loans | The following aging analysis of past due and current loans as of March 31, 2024, and December 31, 2023, provides further information regarding Key’s credit exposure. Aging Analysis of Loan Portfolio (a) As of March 31, 2024 Current (b) 30-59 Days Past Due (b) 60-89 Days Past Due (b) 90 and Greater Days Past Due (b) Non-performing Total Past Due and Non-performing Loans (b) Total Loans (c) Dollars in millions LOAN TYPE Commercial and industrial $ 54,247 $ 54 $ 50 $ 82 $ 360 $ 546 $ 54,793 Commercial real estate: Commercial mortgage 14,355 34 26 12 113 185 14,540 Construction 3,012 1 — — — 1 3,013 Total commercial real estate loans 17,367 35 26 12 113 186 17,553 Commercial lease financing 3,303 — — 1 1 2 3,305 Total commercial loans $ 74,917 $ 89 $ 76 $ 95 $ 474 $ 734 $ 75,651 Real estate — residential mortgage $ 20,610 $ 9 $ 6 $ — $ 79 $ 94 $ 20,704 Home equity loans 6,776 24 6 4 95 129 6,905 Other consumer loans 5,655 14 8 9 4 35 5,690 Credit cards 908 5 5 11 6 27 935 Total consumer loans $ 33,949 $ 52 $ 25 $ 24 $ 184 $ 285 $ 34,234 Total loans $ 108,866 $ 141 $ 101 $ 119 $ 658 $ 1,019 $ 109,885 (a) Amounts in table represent amortized cost and exclude loans held for sale. (b) Accrued inter est of $508 million p resented in “Accrued income and other assets” on the Consolidated Balance Sheets is excluded from the amortized cost basis disclosed in this table. (c) Net of unearned income, net of deferred fees and costs, and unamortized discounts and premiums. As of December 31, 2023 Current (b) 30-59 Days Past Due (b) 60-89 Days Past Due (b) 90 and Greater Days Past Due (b) Non-performing Loans Total Past Due and Non-performing Loans (b) Total Loans (c) Dollars in millions LOAN TYPE Commercial and industrial $ 55,354 $ 62 $ 30 $ 72 $ 297 $ 461 $ 55,815 Commercial real estate: Commercial mortgage 15,049 25 3 10 100 138 15,187 Construction 3,065 1 — — — 1 3,066 Total commercial real estate loans 18,114 26 3 10 100 139 18,253 Commercial lease financing 3,520 2 1 — — 3 3,523 Total commercial loans $ 76,988 $ 90 $ 34 $ 82 $ 397 $ 603 $ 77,591 Real estate — residential mortgage $ 20,863 $ 17 $ 7 $ — $ 71 $ 95 $ 20,958 Home equity loans 7,001 27 10 4 97 138 7,139 Other consumer loans 5,877 16 10 9 4 39 5,916 Credit cards 974 6 5 12 5 28 1,002 Total consumer loans $ 34,715 $ 66 $ 32 $ 25 $ 177 $ 300 $ 35,015 Total loans $ 111,703 $ 156 $ 66 $ 107 $ 574 $ 903 $ 112,606 (a) Amounts in table represent amortized cost and exclude loans held for sale. (b) Accrued interest of $522 million presented in “Accrued income and other assets” on the Consolidated Balance Sheets is excluded from the amortized cost basis disclosed in this table. (c) Net of unearned income, net of deferred fees and costs, and unamortized discounts and premiums. |
Schedule of Modified Financing Receivables | The following tables show the amortized cost basis at the end of the noted reporting periods of the loans modified to borrowers experiencing financial difficulty within the past 12 months or since the adoption of ASU 2022-02 for the reporting period in 2023. The tables do not include those modifications that only resulted in an insignificant payment delay. The tables do not include consumer loans that are still within a trial modification period. Trial modifications may be done for consumer borrowers where a trial payment plan period is offered in advance of a permanent loan modification. As of March 31, 2024, there were 79 loans totaling $11 million in a trial modification period. As of March 31, 2023, there were 136 loans totaling $17 million in a trial modification period. Commitments outstanding to lend additional funds to borrowers experiencing financial difficulty whose loans were modified were $48 million and $23 million at March 31, 2024 and March 31, 2023, respectively. As of March 31, 2024 Interest Rate Reduction Term Extension Other Combination Total Dollars in millions Amortized Cost Basis Amortized Cost Basis Amortized Cost Basis Amortized Cost Basis Amortized Cost Basis % of Total Loan Type LOAN TYPE Commercial and Industrial $ — $ 173 $ 48 $ 33 $ 254 0.46 % Commercial real estate: Commercial mortgage 28 22 1 — 51 0.35 Construction — 19 — — 19 0.63 Total commercial real estate loans 28 41 1 — 70 0.40 Commercial lease financing — — — — — — Total commercial loans $ 28 $ 214 $ 49 $ 33 $ 324 0.43 % Real estate — residential mortgage 1 — — 12 13 0.06 Home equity loans 2 1 1 7 11 0.16 Other consumer loans — 1 — 2 3 0.05 Credit cards — — — 4 4 0.43 Total consumer loans 3 2 1 25 31 0.09 Total loans $ 31 $ 216 $ 50 $ 58 $ 355 0.32 % As of March 31, 2023 Interest Rate Reduction Term Extension Other Combination Total Dollars in millions Amortized Cost Basis Amortized Cost Basis Amortized Cost Basis Amortized Cost Basis Amortized Cost Basis % of Total Loan Type LOAN TYPE Commercial and Industrial $ — $ 79 $ 1 $ 4 $ 84 0.14 % Commercial real estate: Commercial mortgage — 4 — — 4 0.02 Construction — — — — — — Total commercial real estate loans — 4 — — 4 0.02 Commercial lease financing — — — — — — Total commercial loans $ — $ 83 $ 1 $ 4 $ 88 0.11 % Real estate — residential mortgage — — — 1 1 — Home equity loans — — — 2 2 0.03 Other consumer loans — — — 1 1 0.02 Credit cards — — — 1 1 0.10 Total consumer loans — — — 5 5 0.01 Total loans $ — $ 83 $ 1 $ 9 $ 93 0.08 % The following table summarizes the financial impacts of loan modifications made to specific loans for the noted periods. Three months ended March 31, 2024 Weighted-average Interest Rate Change Weighted-average Term Extension (in years) LOAN TYPE Commercial and Industrial (6.40) % 0.33 Commercial mortgage (1.91) % 0.39 Construction — % 1.00 Real estate — residential mortgage (1.53) % 7.62 Home equity loans (2.78) % 5.74 Other consumer loans (1.43) % 0.70 Credit cards (14.11) % 0.25 Three months ended March 31, 2023 Weighted-average Interest Rate Change Weighted-average Term Extension (in years) LOAN TYPE Commercial and Industrial — % 1.03 Commercial mortgage — % 1.42 Real estate — residential mortgage (1.33) % 6.68 Home equity loans (3.72) % 2.90 As of March 31, 2024 Current 30-89 90 and Total Dollars in millions LOAN TYPE Commercial and Industrial $ 184 $ 16 $ 54 $ 254 Commercial real estate Commercial mortgage 29 22 — 51 Construction 19 — — 19 Total commercial real estate loans 232 38 54 324 Commercial lease financing — — — — Total commercial loans 232 38 54 324 Real estate — residential mortgage 11 2 — 13 Home equity loans 9 1 1 11 Other consumer loans 3 — — 3 Credit cards 4 — — 4 Total consumer loans $ 27 $ 3 $ 1 $ 31 Total loans $ 259 $ 41 $ 55 $ 355 The following table depicts the performance of loans that have been modified for borrowers experiencing financial difficulty since the adoption of ASU 2022-02 on January 1, 2023 through March 31, 2023. As of March 31, 2023 Current 30-89 90 and Total Dollars in millions LOAN TYPE Commercial and Industrial $ 80 $ 3 $ 1 $ 84 Commercial real estate Commercial mortgage 4 — — 4 Construction — — — — Total commercial real estate loans 84 3 1 88 Commercial lease financing — — — — Total commercial loans 84 3 1 88 Real estate — residential mortgage 1 — — 1 Home equity loans 2 — — 2 Other consumer loans 1 — — 1 Credit cards 1 — — 1 Total consumer loans $ 5 $ — $ — $ 5 Total loans $ 89 $ 3 $ 1 $ 93 |
Schedule of Changes in Liability for Credit Losses on Off-Balance Sheet Exposures | Changes in the liability for credit losses for off balance sheet exposures are summarized as follows: Three months ended March 31, Dollars in millions 2024 2023 Balance at beginning of period $ 296 $ 225 Provision (credit) for losses on off balance sheet exposures (14) 51 Other (1) — Balance at end of period $ 281 $ 276 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value of Assets and Liabilities Measured on Recurring Basis | The following tables present these assets and liabilities at March 31, 2024, and December 31, 2023. March 31, 2024 December 31, 2023 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Dollars in millions ASSETS MEASURED ON A RECURRING BASIS Trading account assets: U.S. Treasury, agencies and corporations $ — $ 771 $ — $ 771 $ — $ 685 $ — $ 685 States and political subdivisions — 103 — 103 — 93 — 93 Other mortgage-backed securities — 284 — 284 — 340 — 340 Other securities — 10 — 10 — 21 — 21 Total trading account securities — 1,168 — 1,168 — 1,139 — 1,139 Commercial loans — 3 — 3 — 3 — 3 Total trading account assets — 1,171 — 1,171 — 1,142 — 1,142 Securities available for sale: U.S. Treasury, agencies and corporations — 9,142 — 9,142 — 9,026 — 9,026 Agency residential collateralized mortgage obligations — 15,716 — 15,716 — 15,478 — 15,478 Agency residential mortgage-backed securities — 3,451 — 3,451 — 3,589 — 3,589 Agency commercial mortgage-backed securities — 8,989 — 8,989 — 9,092 — 9,092 Other securities — — — — — — — — Total securities available for sale — 37,298 — 37,298 — 37,185 — 37,185 Other investments: Principal investments: Direct — — — — — — — — Indirect (measured at NAV) (a) — — — 17 — — — 17 Total principal investments — — — 17 — — — 17 Equity investments: Direct — — 2 2 — — 2 2 Direct (measured at NAV) (a) — — — 41 — — — 40 Indirect (measured at NAV) (a) — — — 4 — — — 4 Total equity investments — — 2 47 — — 2 46 Total other investments — — 2 64 — — 2 63 Loans, net of unearned income (residential) — — 9 9 — — 9 9 Loans held for sale (residential) — 73 — 73 — 51 — 51 Derivative assets: Interest rate — 122 — 122 — 175 (2) 173 Foreign exchange 77 15 — 92 74 15 — 89 Commodity — 709 — 709 — 721 — 721 Credit — — — — — — — — Other — 4 1 5 — 14 2 16 Derivative assets 77 850 1 928 74 925 — 999 Netting adjustments (b) — — — (723) — — — (818) Total derivative assets 77 850 1 205 74 925 — 181 Total assets on a recurring basis at fair value $ 77 $ 39,392 $ 12 $ 38,820 $ 74 $ 39,303 $ 11 $ 38,631 LIABILITIES MEASURED ON A RECURRING BASIS Bank notes and other short-term borrowings: Short positions $ 21 $ 625 $ — $ 646 $ 30 $ 774 $ — $ 804 Derivative liabilities: Interest rate — 1,122 — 1,122 — 985 — 985 Foreign exchange 60 14 — 74 58 15 — 73 Commodity — 686 — 686 — 698 — 698 Credit — 1 — 1 — 1 — 1 Other — 4 — 4 — 20 — 20 Derivative liabilities 60 1,827 — 1,887 58 1,719 — 1,777 Netting adjustments (b) — — — (495) — — — (473) Total derivative liabilities 60 1,827 — 1,392 58 1,719 — 1,304 Total liabilities on a recurring basis at fair value $ 81 $ 2,452 $ — $ 2,038 $ 88 $ 2,493 $ — $ 2,108 (a) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet. (b) Netting adjustments represent the amounts recorded to convert our derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. The net basis takes into account the impact of bilateral collateral and master netting agreements that allow us to settle all derivative contracts with a single counterparty on a net basis and to offset the net derivative position with the related cash collateral. Total derivative assets and liabilities include these netting adjustments. |
Schedule of Fair Value of Direct and Indirect Investments, Related Unfunded Commitments and Financial Support Provided | The following table presents the fair value of our direct and indirect principal investments and related unfunded commitments at March 31, 2024, as well as financial support provided for the three months ended March 31, 2024, and March 31, 2023. Financial support provided Three months ended March 31, March 31, 2024 2024 2023 Dollars in millions Fair Value Unfunded Funded Funded Other Funded Funded Other INVESTMENT TYPE Direct investments $ — $ — $ — $ — $ — $ — Indirect investments (measured at NAV) (a) 17 1 — — — — Total $ 17 $ 1 $ — $ — $ — $ — (a) Our indirect investments consist of buyout funds, venture capital funds, and fund of funds. These investments are generally not redeemable. Instead, distributions are received through the liquidation of the underlying investments of the fund. An investment in any one of these funds typically can be sold only with the approval of the fund’s general partners. At March 31, 2024, no significant liquidation of the underlying investments has been communicated to Key. The purpose of funding our capital commitments to these investments is to allow the funds to make additional follow-on investments and pay fund expenses until the fund dissolves. We, and all other investors in the fund, are obligated to fund the full amount of our respective capital commitments to the fund based on our and their respective ownership percentages, as noted in the applicable Limited Partnership Agreement. |
Schedule of Change in Fair Values of Level 3 Financial Instruments | The following table shows the components of the change in the fair values of our Level 3 financial instruments measured at fair value on a recurring basis for the three months ended March 31, 2024, and March 31, 2023. Dollars in millions Beginning of Period Balance Gains (Losses) Included in Other Comprehensive Income Gains (Losses) Included in Earnings Purchases Sales Settlements Transfers Other Transfers into Level 3 Transfers out of Level 3 End of Period Balance Unrealized Gains (Losses) Included in Earnings Three months ended March 31, 2024 Other investments Equity investments Direct (a) 2 — — — — — — — — 2 — Loans, net of unearned income (residential) 9 — — — — — — — — 9 — Derivative instruments (b) Interest rate (2) — (4) (c) 1 — — — 2 (d) 3 (d) — — Credit — — — (c) — — — — — — — — Other (e) 2 — — (c) — — — (1) — — 1 — Dollars in millions Beginning of Period Balance Gains (Losses) Included in Other Comprehensive Income Gains (Losses) Included in Earnings Purchases Sales Settlements Transfers Other Transfers into Level 3 Transfers out of Level 3 End of Period Balance Unrealized Gains (Losses) Included in Earnings Three months ended March 31, 2023 Other investments Principal investments Direct (a) $ 1 $ — $ — $ — $ — $ — $ — $ — $ — $ 1 $ — Equity investments Direct (a) 2 — — — — — — — 2 — Loans, net of unearned income (residential) 9 — — — — — — — — 9 — Derivative instruments (b) Interest rate 2 — 6 (c) 18 (1) — — (8) (d) (4) (d) 13 — Credit (2) — 1 (c) — — — — — — (1) — Other (e) — — — (c) — — — 1 — — 1 — (a) Realized and unrealized gains and losses on principal investments and other equity investments are reported in “other income” on the income statement. (b) Amounts represent Level 3 derivative assets less Level 3 derivative liabilities. (c) Realized and unrealized gains and losses on derivative instruments are reported in “corporate services income” and “other income” on the income statement. (d) Certain instruments previously classified as Level 2 were transferred to Level 3 because Level 3 unobservable inputs became significant. Certain derivatives previously classified as Level 3 were transferred to Level 2 because Level 3 unobservable inputs became less significant. (e) Amounts represent Level 3 interest rate lock commitments. |
Schedule of Assets and Liabilities Measured at Fair Value on Nonrecurring Basis | The following table presents our assets measured at fair value on a nonrecurring basis at March 31, 2024, and December 31, 2023: March 31, 2024 December 31, 2023 Dollars in millions Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total ASSETS MEASURED ON A NONRECURRING BASIS Collateral-dependent loans $ — $ — $ 207 $ 207 $ — $ — $ 104 $ 104 Accrued income and other assets — — 25 25 — — 29 29 Total assets on a nonrecurring basis at fair value $ — $ — $ 232 $ 232 $ — $ — $ 133 $ 133 |
Schedule of Quantitative Information about Level 3 Fair Value Measurements | The range and weighted-average of the significant unobservable inputs used to fair value our material Level 3 recurring and nonrecurring assets at March 31, 2024, and December 31, 2023, along with the valuation techniques used, are shown in the following table: Level 3 Asset (Liability) Valuation Technique Significant Unobservable Input Range (Weighted-Average) (a), (b) Dollars in millions March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 Recurring Loans, net of unearned income (residential) $ 9 $ 9 Market comparable pricing Comparability factor 62.67 - 89.60% (70.84%) 62.67-89.60% (70.83%) Derivative instruments: Interest rate — 2 Discounted cash flows Probability of default .02 - 100% (6.90%) .02 - 100% (5.30%) Loss given default 0 - 1 (.500) 0 - 1 (.477) Insignificant level 3 assets, net of liabilities (c) 3 4 Nonrecurring Collateral-dependent loans 207 104 Fair value of collateral Credit and liquidity discount 0 - 90.00% (16.00%) 0 - 10.00% (5.00%) Accrued income and other assets: OREO and other Level 3 assets (d) 16 21 Appraised value Appraised value N/M N/M (a) The weighted average of significant unobservable inputs is calculated using a weighting relative to fair value. (b) For significant unobservable inputs with no range, a single figure is reported to denote the single quantitative factor used. (c) Represents the aggregate amount of Level 3 assets and liabilities measured at fair value on a recurring basis that are individually and in the aggregate insignificant. The amount includes certain equity investments and certain financial derivative assets and liabilities. (d) Excludes $9 million and $8 million pertaining to mortgage servicing assets measured at fair value as of March 31, 2024 and December 31, 2023, respectively. Refer to Note 8 (“Mortgage Servicing Assets”) for significant unobservable inputs pertaining to these assets. |
Schedule of Fair Value Disclosures of Financial Instruments | The Levels in the fair value hierarchy ascribed to our financial instruments and the related carrying amounts at March 31, 2024, and December 31, 2023, are shown in the following tables. Assets and liabilities are further arranged by measurement category. March 31, 2024 Fair Value Dollars in millions Carrying Amount Level 1 Level 2 Level 3 Measured at NAV Netting Adjustment Total ASSETS (by measurement category) Fair value - net income Trading account assets (b) $ 1,171 $ — $ 1,171 $ — $ — $ — $ 1,171 Other investments (b) 1,247 — — 1,186 61 — 1,247 Loans, net of unearned income (residential) (d) 9 — — 9 — — 9 Loans held for sale (residential) (b) 73 — 73 — — — 73 Derivative assets - trading (b) 205 77 842 1 — (715) (f) 205 Fair value - OCI Securities available for sale (b) 37,298 — 37,298 — — — 37,298 Derivative assets - hedging (b)(g) — — 8 — — (8) (f) — Amortized cost Held-to-maturity securities (c) 8,272 — 7,680 — — — 7,680 Loans, net of unearned income (d) 108,334 — — 103,566 — — 103,566 Loans held for sale (b) 155 — — 155 — — 155 Other Cash and other short-term investments (a) 14,452 14,452 — — — — 14,452 LIABILITIES (by measurement category) Fair value - net income Derivative liabilities - trading (b) $ 1,392 $ 60 $ 1,824 $ — $ — $ (492) (f) $ 1,392 Fair value - OCI Derivative liabilities - hedging (b)(g) — — 3 — — (3) (f) — Amortized cost Time deposits (e) 15,075 — 15,259 — — — 15,259 Short-term borrowings (a) 2,923 21 2,902 — — — 2,923 Long-term debt (e) 20,776 12,192 8,041 — — — 20,233 Other Deposits with no stated maturity (a) 129,156 — 129,156 — — — 129,156 December 31, 2023 Fair Value Dollars in millions Carrying Amount Level 1 Level 2 Level 3 Measured at NAV Netting Adjustment Total ASSETS (by measurement category) Fair value - net income Trading account assets (b) $ 1,142 $ — $ 1,142 $ — $ — $ — $ 1,142 Other investments (b) 1,244 — — 1,183 61 — 1,244 Loans, net of unearned income (residential) (d) 9 — — 9 — — 9 Loans held for sale (residential) (b) 51 — 51 — — — 51 Derivative assets - trading (b) 168 $ 74 886 — — (792) (f) 168 Fair value - OCI Securities available for sale (b) 37,185 — 37,185 — — — 37,185 Derivative assets - hedging (b)(g) 13 — 39 — — (26) (f) 13 Amortized cost Held-to-maturity securities (c) 8,575 — 8,056 — — — 8,056 Loans, net of unearned income (d) 111,089 — — 105,950 — — 105,950 Loans held for sale (b) 432 — — 432 — — 432 Other Cash and other short-term investments (a) 11,758 11,758 — — — — 11,758 LIABILITIES (by measurement category) Fair value - net income Derivative liabilities - trading (b) $ 1,304 $ 58 $ 1,707 $ — $ — $ (461) (f) $ 1,304 Fair value - OCI Derivative liabilities - hedging (b)(g) — — 12 — — (12) (f) — Amortized cost Time deposits (e) 14,776 — 14,911 — — — 14,911 Short-term borrowings (a) 3,091 30 3,061 — — — 3,091 Long-term debt (e) 19,554 11,288 7,720 — — — 19,008 Other Deposits with no stated maturity (a) 130,811 — 130,811 — — — 130,811 Valuation Methods and Assumptions (a) Fair value equals or approximates carrying amount. The fair value of deposits with no stated maturity does not take into consideration the value ascribed to core deposit intangibles. (b) Information pertaining to our methodology for measuring the fair values of these assets and liabilities is included in the sections entitled “Qualitative Disclosures of Valuation Techniques” and “Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis” within our 2023 Form 10-K Note 6 (“Fair Value Measurements”). Investments accounted for under the cost method (or cost less impairment adjusted for observable price changes for certain equity investments) are classified as Level 3 assets. These investments are not actively traded in an open market as sales for these types of investments are rare. The carrying amount of the investments carried at cost are adjusted for declines in value if they are considered to be other-than-temporary (or due to observable orderly transactions of the same issuer for equity investments eligible for the cost less impairment measurement alternative). These adjustments are included in “other income” on the income statement. (c) Fair values of held-to-maturity securities are determined by using models that are based on security-specific details, as well as relevant industry and economic factors. The most significant of these inputs are quoted market prices, interest rate spreads on relevant benchmark securities, and certain prepayment assumptions. We review the valuations derived from the models to ensure that they are reasonable and consistent with the values placed on similar securities traded in the secondary markets. (d) The fair value of loans is based on the present value of the expected cash flows. The projected cash flows are based on the contractual terms of the loans, adjusted for prepayments and use of a discount rate based on the relative risk of the cash flows, taking into account the loan type, maturity of the loan, liquidity risk, servicing costs, and a required return on debt and capital. In addition, an incremental liquidity discount is applied to certain loans, using historical sales of loans during periods of similar economic conditions as a benchmark. The fair value of loans includes lease financing receivables at their aggregate carrying amount, which is equivalent to their fair value. (e) Fair values of time deposits and long-term debt classified as Level 2 are based on discounted cash flows utilizing relevant market inputs. (f) Netting adjustments represent the amounts recorded to convert our derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. The net basis takes into account the impact of bilateral collateral and master netting agreements that allow us to settle all derivative contracts with a single counterparty on a net basis and to offset the net derivative position with the related cash collateral. Total derivative assets and liabilities include these netting adjustments. (g) Derivative assets-hedging and derivative liabilities-hedging includes both cash flow and fair value hedges. Additional information regarding our accounting policies for cash flow and fair value hedges is provided in Note 1 (“Summary of Significant Accounting Policies”) under the heading “Derivatives and Hedging” beginning on page 112 of our 2023 Form 10-K. |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Details of Securities | The amortized cost, unrealized gains and losses, and approximate fair value of our securities available for sale and held-to-maturity securities are presented in the following tables. Gross unrealized gains and losses represent the difference between the amortized cost and the fair value of securities on the balance sheet as of the dates indicated. Accordingly, the amount of these gains and losses may change in the future as market conditions change. March 31, 2024 December 31, 2023 Dollars in millions Amortized Cost (a) Gross Unrealized Gains Gross Unrealized Losses Fair Value Amortized Cost (b) Gross Unrealized Gains Gross Unrealized Losses Fair Value SECURITIES AVAILABLE FOR SALE U.S. Treasury, agencies, and corporations $ 9,354 $ 1 $ 213 $ 9,142 $ 9,300 $ 6 $ 280 $ 9,026 Agency residential collateralized mortgage obligations 19,285 6 3,575 15,716 18,911 4 3,437 15,478 Agency residential mortgage-backed securities 4,090 — 639 3,451 4,189 — 600 3,589 Agency commercial mortgage-backed securities 10,276 — 1,287 8,989 10,295 — 1,203 9,092 Total securities available for sale $ 43,005 $ 7 $ 5,714 $ 37,298 $ 42,695 $ 10 $ 5,520 $ 37,185 HELD-TO-MATURITY SECURITIES Agency residential collateralized mortgage obligations $ 5,025 $ 2 $ 341 $ 4,686 $ 5,170 $ 9 $ 283 $ 4,896 Agency residential mortgage-backed securities 162 — 17 145 165 — 13 152 Agency commercial mortgage-backed securities 2,448 — 216 2,232 2,473 1 204 2,270 Asset-backed securities (c) 611 — 19 592 738 — 29 709 Other securities 26 — 1 25 29 — — 29 Total held-to-maturity securities $ 8,272 $ 2 594 $ 7,680 $ 8,575 $ 10 $ 529 $ 8,056 (a) Amortized cost amounts exclude accrued interes t receivable which is recorded within Other Assets on the balance sheet. At March 31, 2024, accrued interest receivable on available for sale securities and held-to-maturity securities totaled $69 million and $24 million , respectively. (b) Amortized cost amounts exclude accrued interes t receivable which is recorded within Other Assets on the balance sheet. At December 31, 2023, accrued interest receivable on available for sale securities and held-to-maturity securities totaled $64 million and $25 million , respectively. (c) Consists primarily of $606 million of securities as of March 31, 2024, and $731 million of securities as of December 31, 2023, related to the purchase of senior notes from a securitization collateralized by sold indirect auto loans. |
Schedule of Securities in an Unrealized Loss Position | The following table summarizes securities in an unrealized loss position for which an allowance for credit losses has not been recorded as of March 31, 2024, and December 31, 2023. Duration of Unrealized Loss Position Less than 12 Months 12 Months or Longer Total Dollars in millions Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses March 31, 2024 Securities available for sale: U.S Treasury, agencies, and corporations $ 960 $ 5 $ 7,939 $ 208 $ 8,899 $ 213 Agency residential collateralized mortgage obligations 200 1 14,471 3,574 14,671 3,575 Agency residential mortgage-backed securities — — 3,448 639 3,448 639 Agency commercial mortgage-backed securities 836 62 8,153 1,225 8,989 1,287 Held-to-maturity securities: Agency residential collateralized mortgage obligations 716 16 3,563 325 4,279 341 Agency residential mortgage-backed securities — — 145 17 145 17 Agency commercial mortgage-backed securities 23 — 2,162 216 2,185 216 Asset-backed securities — — 592 19 592 19 Other securities 10 — 10 1 20 1 Total securities in an unrealized loss position $ 2,745 $ 84 $ 40,483 $ 6,224 $ 43,228 $ 6,308 December 31, 2023 Securities available for sale: U.S. Treasury, agencies, and corporations $ — $ — $ 8,532 $ 280 $ 8,532 $ 280 Agency residential collateralized mortgage obligations — — 14,979 3,437 14,979 3,437 Agency residential mortgage-backed securities 24 — 3,562 600 3,586 600 Agency commercial mortgage-backed securities 891 49 8,201 1,154 9,092 1,203 Held-to-maturity securities: Agency residential collateralized mortgage obligations 1,123 30 3,070 253 4,193 283 Agency residential mortgage-backed securities — — 152 13 152 13 Agency commercial mortgage-backed securities — — 2,199 204 2,199 204 Asset-backed securities — — 709 29 709 29 Other securities 17 — (a) 12 — 29 — Total securities in an unrealized loss position $ 2,055 $ 79 $ 41,416 $ 5,970 $ 43,471 $ 6,049 (a) |
Schedule of Securities by Maturity | The following table shows our securities by remaining maturity at March 31, 2024. CMOs, other mortgage-backed securities, and asset-backed securities in the available for sale portfolio and held-to-maturity portfolio are presented based on their expected average lives. The remaining securities, in both the available-for-sale and held-to-maturity portfolios, are presented based on their remaining contractual maturity. Actual maturities may differ from expected or contractual maturities since borrowers have the right to prepay obligations with or without prepayment penalties. March 31, 2024 Securities Available for Sale Held to Maturity Securities Dollars in millions Amortized Cost Fair Value Amortized Cost Fair Value Due in one year or less $ 7,707 $ 7,539 $ 624 $ 604 Due after one through five years 9,648 8,923 4,164 3,916 Due after five through ten years 18,828 15,614 2,382 2,145 Due after ten years 6,822 5,222 1,102 1,015 Total $ 43,005 $ 37,298 $ 8,272 $ 7,680 |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Fair Values, Volume of Activity and Gain (Loss) Information Related to Derivative Instruments | The following table summarizes the fair values of our derivative instruments on a gross and net basis as of March 31, 2024, and December 31, 2023. Total derivative assets and liabilities are adjusted to take into account the impact of legally enforceable master netting agreements that allow us to settle all derivative contracts with a single counterparty on a net basis and to offset the net derivative position with the related cash collateral. Securities collateral related to legally enforceable master netting agreements is not offset on the balance sheet. Our derivative instruments are included in “accrued income and other assets” or “accrued expenses and other liabilities” on the Consolidated Balance Sheets, as follows: March 31, 2024 December 31, 2023 Fair Value (a) Fair Value (a) Dollars in millions Notional Derivative Assets Derivative Liabilities Notional Amount Derivative Assets Derivative Liabilities Derivatives designated as hedging instruments: Interest rate $ 41,472 $ 8 $ 3 $ 44,621 $ 39 $ 12 Derivatives not designated as hedging instruments: Interest rate 74,930 114 1,119 78,051 134 973 Foreign exchange 6,356 92 74 6,034 89 73 Commodity 11,247 709 686 11,611 721 698 Credit 113 — 1 121 — 1 Other (b) 1,539 5 4 2,683 16 20 Total derivatives not designated as hedging instruments: 94,185 920 1,884 98,500 960 1,765 Netting adjustments (c) — (723) (495) — (818) (473) Net derivatives in the balance sheet 135,657 205 1,392 143,121 181 1,304 Other collateral (d) — (12) (3) — (1) (18) Net derivative amounts $ 135,657 $ 193 $ 1,389 $ 143,121 $ 180 $ 1,286 (a) We take into account bilateral collateral and master netting agreements that allow us to settle all derivative contracts held with a single counterparty on a net basis, and to offset the net derivative position with the related cash collateral when recognizing derivative assets and liabilities. As a result, we could have derivative contracts with negative fair values included in derivative assets and contracts with positive fair values included in derivative liabilities. (b) Other derivatives include interest rate lock commitments related to our residential and commercial banking activities, forward sale commitments related to our residential mortgage banking activities, forward purchase and sales contracts consisting of contractual commitments associated with “to be announced” securities and when-issued securities, and other customized derivative contracts. (c) Netting adjustments represent the amounts recorded to convert our derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. As of March 31, 2024, excess collateral that has not been offset against net derivative instrument positions totaled $185 million of cash collateral and $291 million of securities collateral posted as well as $14 million of cash collateral and $108 million of securities collateral held. As of December 31, 2023, excess collateral that has not been offset against net derivative instrument positions totaled $161 million of cash collateral and $269 million of securities collateral posted as well as $16 million of cash collateral and $212 million of securities collateral held. (d) Other collateral represents the amount that cannot be used to offset our derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. The other collateral consists of securities and is exchanged under bilateral collateral and master netting agreements that allow us to offset the net derivative position with the related collateral. The application of the other collateral cannot reduce the net derivative position below zero. Therefore, excess other collateral, if any, is not reflected above. |
Schedule of Pre-Tax Net Gains (Losses) on Fair Value Hedges | The following tables summarize the amounts that were recorded on the balance sheet as of March 31, 2024, and December 31, 2023, related to cumulative basis adjustments for fair value hedges. March 31, 2024 Dollars in millions Balance sheet line item in which the hedge item is included Carrying amount of hedged item (a) Hedge accounting basis adjustment (b) Interest rate contracts Long-term debt $ 10,738 $ (566) Interest rate contracts Securities Available for Sale (c) 9,369 20 December 31, 2023 Balance sheet line item in which the hedge item is included Carrying amount of hedged item (a) Hedge accounting basis adjustment (b) Interest rate contracts Long-term debt $ 9,919 $ (437) Interest rate contracts Securities Available for Sale (c) 8,655 (152) (a) The carrying amount represents the portion of the asset or liability designated as the hedged item. (b) Basis adjustments related to de-designated hedged items that no longer qualify as fair value hedges reduced the hedge accounting basis adjustm en t by $5 million a nd $5 million at March 31, 2024, and December 31, 2023, respectively. (c) Certain amounts are designed as fair value hedges under the portfolio layer method. The carrying amount represents the amortized costs basis of the prepayable financial assets used to designate hedging relationships in which the hedged item is the l ast layer expected to be remaining at the end of the relationship. At March 31, 2024, and December 31, 2023, the amortized costs of the closed portfolios in these hedging relationships was $12.6 billion and $12.8 billion, respectively, of which $7.2 billion were designated in a portfolio layer hedging relationship for both period ends. At March 31, 2024, and December 31, 2023, the cumulative basis adjustments associated with these amounts totaled $1 million and $(147) million, respectively. |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location | The following tables summarize the effect of fair value and cash flow hedge accounting on the income statement for the three-month periods ended March 31, 2024, and March 31, 2023. Location and amount of net gains (losses) recognized in income on fair value and cash flow hedging relationships Dollars in millions Interest expense – long-term debt Interest income – loans Interest Income - securities Investment banking and debt placement fees Three months ended March 31, 2024 Total amounts presented in the consolidated statement of income $ (328) $ 1,538 $ 232 $ 170 Net gains (losses) on fair value hedging relationships Interest contracts Recognized on hedged items $ 128 $ — $ (151) $ — Recognized on derivatives designated as hedging instruments (200) — 182 — Net income (expense) recognized on fair value hedges $ (72) $ — $ 31 $ — Net gain (loss) on cash flow hedging relationships Interest contracts Realized gains (losses) (pre-tax) reclassified from AOCI into net income $ — $ (216) $ — $ 1 Net income (expense) recognized on cash flow hedges $ — $ (216) $ — $ 1 Three months ended March 31, 2023 Total amounts presented in the consolidated statement of income $ (275) $ 1,476 $ 194 $ 145 Net gains (losses) on fair value hedging relationships Interest contracts Recognized on hedged items $ (155) $ — $ 6 $ — Recognized on derivatives designated as hedging instruments 108 — (2) — Net income (expense) recognized on fair value hedges $ (47) $ — $ 4 $ — Net gain (loss) on cash flow hedging relationships Interest contracts Realized gains (losses) (pre-tax) reclassified from AOCI into net income $ (1) $ (215) $ — $ — Net income (expense) recognized on cash flow hedges $ (1) $ (215) $ — $ — |
Schedule of Derivative Instrument Cash Flow Hedge Earning Recognized by Income Statement Location | The following tables summarize the pre-tax net gains (losses) on our cash flow hedges for the three-month periods ended March 31, 2024, and March 31, 2023, and where they are recorded on the income statement. The table includes net gains (losses) recognized in OCI during the period and net gains (losses) reclassified from OCI into income during the current period. Dollars in millions Net Gains (Losses) Recognized in OCI Income Statement Location of Net Gains (Losses) Reclassified From OCI Into Income Net Gains (Losses) Reclassified From OCI Into Income Three months ended March 31, 2024 Cash Flow Hedges Interest rate $ (283) Interest income — Loans $ (216) Interest rate 1 Interest expense — Long-term debt — Interest rate 1 Investment banking and debt placement fees 1 Total $ (281) $ (215) Three months ended March 31, 2023 Cash Flow Hedges Interest rate $ 109 Interest income — Loans $ (215) Interest rate (1) Interest expense — Long-term debt (1) Interest rate (1) Investment banking and debt placement fees — Total $ (107) $ (216) |
Schedule of Pre-Tax Net Gains (Losses) on Derivatives Not Designated as Hedging Instruments | The following table summarizes the pre-tax net gains (losses) on our derivatives that are not designated as hedging instruments for the three-month periods ended March 31, 2024, and March 31, 2023, and where they are recorded on the income statement. Three months ended March 31, 2024 Three months ended March 31, 2023 Dollars in millions Corporate services income Consumer mortgage income Other income Total Corporate services income Consumer mortgage income Other income Total NET GAINS (LOSSES) Interest rate $ 10 $ — $ — $ 10 $ 12 $ — $ (2) $ 10 Foreign exchange 12 — — 12 13 — — 13 Commodity 3 — — 3 7 — — 7 Credit — — (11) (11) — — (14) (14) Other — 3 3 6 — 1 (2) (1) Total net gains (losses) $ 25 $ 3 $ (8) $ 20 $ 32 $ 1 $ (18) $ 15 |
Schedule of Fair Value of Derivative Assets by Type | The following table summarizes the fair value of our derivative assets by type at the dates indicated. These assets represent our net exposure to potential loss after taking into account the effects of bilateral collateral and master netting agreements and other means used to mitigate risk. Dollars in millions March 31, 2024 December 31, 2023 Interest rate $ 81 $ 123 Foreign exchange 46 42 Commodity 433 409 Credit — — Other 5 15 Derivative assets before collateral 565 589 Plus(Less): Related collateral (360) (408) Total derivative assets $ 205 $ 181 |
Schedule of Credit Derivatives Sold and Held | The following table provides information on the types of credit derivatives sold by us and held on the balance sheet at March 31, 2024, and December 31, 2023. The notional amount represents the amount that the seller could be required to pay. The payment/performance risk shown in the table represents a weighted average of the default probabilities for all reference entities in the respective portfolios. These default probabilities are implied from observed credit indices in the credit default swap market, which are mapped to reference entities based on Key’s internal risk rating. March 31, 2024 December 31, 2023 Dollars in millions Notional Average Term (Years) Payment / Performance Risk Notional Amount Average Term (Years) Payment / Performance Risk Other $ 2 11.10 3.87 % $ 4 10.69 4.86 % Total credit derivatives sold $ 2 — — $ 4 — — |
Schedule of Credit Risk Contingent Feature | Refer to the table below for the aggregate fair value of all derivative contracts with credit risk contingent features held by KeyBank that were in a net liability position. Dollars in millions March 31, 2024 December 31, 2023 Net derivative liabilities with credit-risk contingent features $ (104) $ (45) Collateral posted 90 42 |
Mortgage Servicing Assets (Tabl
Mortgage Servicing Assets (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Servicing Asset [Abstract] | |
Schedule of Changes in Carrying Amount of Mortgage Servicing Assets | Changes in the carrying amount of commercial mortgage servicing assets are summarized as follows: Three months ended March 31, Dollars in millions 2024 2023 Balance at beginning of period $ 638 $ 653 Servicing retained from loan sales 18 9 Purchases 6 4 Amortization (31) (32) Temporary (impairments) recoveries — — Balance at end of period $ 631 $ 634 Fair value at end of period $ 846 $ 981 Changes in the carrying amount of residential mortgage servicing assets are summarized as follows: Three months ended March 31, Dollars in millions 2024 2023 Balance at beginning of period $ 108 $ 106 Servicing retained from loan sales 2 1 Purchases — — Amortization (2) (2) Temporary (impairments) recoveries (a) — — Balance at end of period $ 108 $ 105 Fair value at end of period $ 133 $ 129 (a) A temporary impairment of less than $1 million was recorded for the three months ended March 31, 2024. |
Schedule of Range and Weighted-Average of Significant Unobservable Inputs | The range and weighted average of the significant unobservable inputs used to determine the fair value of our commercial mortgage servicing assets at March 31, 2024, and March 31, 2023, along with the valuation techniques, are shown in the following table: March 31, 2024 March 31, 2023 Valuation Technique Significant Unobservable Input Range Weighted Average Range Weighted Average Discounted cash flow Expected defaults 1.00 % 2.00 % 1.01 % 0.96 % 2.00 % 1.06 % Residual cash flows discount rate 7.41 % 10.65 % 10.28 % 8.57 % 10.03 % 9.49 % Escrow earn rate 5.00 % 5.09 % 5.00 % 4.94 % 4.95 % 4.94 % Loan assumption rate — % 2.16 % 1.97 % — % 1.40 % 1.14 % March 31, 2024 March 31, 2023 Valuation Technique Significant Unobservable Input Range Weighted Average Range Weighted Average Discounted cash flow Prepayment speed 6.29 % 43.74 % 7.68 % 6.41 % 40.74 % 7.30 % Discount rate 6.50 % 8.75 % 6.59 % 7.50 % 8.50 % 7.54 % Servicing cost $ 70.00 $ 3,582 $ 74.91 $ 62.00 $ 8,075 $ 67.36 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Schedule of Operating Lease, Lease Income | The components of equipment leasing income are summarized in the table below: Three months ended March 31, Dollars in millions 2024 2023 Sales-type and direct financing leases Interest income on lease receivable $ 18 $ 19 Interest income related to accretion of unguaranteed residual asset 3 3 Interest income on deferred fees and costs 5 — Total sales-type and direct financing lease income $ 26 $ 22 Operating leases Operating lease income related to lease payments $ 18 $ 24 Other operating leasing gains 6 1 Total operating lease income and other leasing gains 24 25 Total lease income $ 50 $ 47 |
Schedule of Sales-type Lease, Lease Income | The components of equipment leasing income are summarized in the table below: Three months ended March 31, Dollars in millions 2024 2023 Sales-type and direct financing leases Interest income on lease receivable $ 18 $ 19 Interest income related to accretion of unguaranteed residual asset 3 3 Interest income on deferred fees and costs 5 — Total sales-type and direct financing lease income $ 26 $ 22 Operating leases Operating lease income related to lease payments $ 18 $ 24 Other operating leasing gains 6 1 Total operating lease income and other leasing gains 24 25 Total lease income $ 50 $ 47 |
Schedule of Direct Financing Lease, Lease Income | The components of equipment leasing income are summarized in the table below: Three months ended March 31, Dollars in millions 2024 2023 Sales-type and direct financing leases Interest income on lease receivable $ 18 $ 19 Interest income related to accretion of unguaranteed residual asset 3 3 Interest income on deferred fees and costs 5 — Total sales-type and direct financing lease income $ 26 $ 22 Operating leases Operating lease income related to lease payments $ 18 $ 24 Other operating leasing gains 6 1 Total operating lease income and other leasing gains 24 25 Total lease income $ 50 $ 47 |
Goodwill (Tables)
Goodwill (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Carrying Amount of Goodwill | The carrying amount of goodwill by reporting segment are presented in the following table: Dollars in millions Consumer Bank Commercial Bank Total BALANCE AT MARCH 31, 2023 $ 1,819 $ 933 $ 2,753 BALANCE AT DECEMBER 31, 2023 $ 1,819 $ 933 $ 2,752 BALANCE AT MARCH 31, 2024 $ 1,819 $ 933 $ 2,752 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Variable Interest Entities Information | The assets and liabilities presented in the table below convey the size of KCDC’s direct and indirect investments at March 31, 2024, and December 31, 2023. As these investments represent unconsolidated VIEs, the assets and liabilities of the investments themselves are not recorded on our Consolidated Balance Sheets. Additional information pertaining to our LIHTC investments is included in Note 13 (“Variable Interest Entities”) beginning on page 154 of our 2023 Form 10-K. Unconsolidated VIEs Dollars in millions Total Assets Total Liabilities Maximum Exposure to Loss March 31, 2024 LIHTC investments $ 8,880 $ 3,841 $ 2,623 December 31, 2023 LIHTC investments $ 8,904 $ 3,848 $ 2,768 Unconsolidated VIEs Dollars in millions Total Assets Total Liabilities Maximum Exposure to Loss March 31, 2024 Indirect investments $ 2,625 $ 91 $ 18 December 31, 2023 Indirect investments $ 2,741 $ 91 $ 18 Other unconsolidated VIEs Dollars in millions Total Assets Total Liabilities March 31, 2024 Other unconsolidated VIEs $ 1,032 $ 1 December 31, 2023 Other unconsolidated VIEs $ 1,149 $ 1 |
Securities Financing Activiti_2
Securities Financing Activities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Banking and Thrift, Other Disclosure [Abstract] | |
Schedule of Summarized Securities Financing Agreements | The following table summarizes our securities financing agreements at March 31, 2024, and December 31, 2023: March 31, 2024 December 31, 2023 Dollars in millions Gross Amount Presented in Balance Sheet Netting Adjustments (a) Collateral (b) Net Amounts Gross Amount Presented in Balance Sheet Netting Adjustments (a) Collateral (b) Net Amounts Offsetting of financial assets: Reverse repurchase agreements $ — $ — $ — $ — $ 7 $ (7) $ — $ — Securities borrowed — — — — — — — — Total $ — $ — $ — $ — $ 7 $ (7) $ — $ — Offsetting of financial liabilities: Repurchase agreements (c) $ 27 $ — $ (27) $ — $ 38 $ (7) $ (31) $ — Total $ 27 $ — $ (27) $ — $ 38 $ (7) $ (31) $ — (a) Netting adjustments take into account the impact of master netting agreements that allow us to settle with a single counterparty on a net basis. (b) These adjustments take into account the impact of bilateral collateral agreements that allow us to offset the net positions with the related collateral. The application of collateral cannot reduce the net position below zero. Therefore, excess collateral, if any, is not reflected above. (c) Repurchase agreements are collateralized by mortgage-backed securities and U.S. Treasuries and are contracted on an overnight or continuous basis. |
Employee Benefits (Tables)
Employee Benefits (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Retirement Benefits [Abstract] | |
Schedule Of Net Pension Cost (Benefit) for All Funded and Unfunded Plans | The components of net pension cost (benefit) for all funded and unfunded plans are recorded in Other expense and are summarized in the following table. For more information on our Pension Plans and Other Postretirement Benefit Plans, see Note 18 (“Employee Benefits”) beginning on page 162 of our 2023 Form 10-K. Three months ended March 31, Dollars in millions 2024 2023 Interest cost on PBO $ 10 $ 11 Expected return on plan assets (10) (11) Amortization of losses 3 3 Settlement loss — — Net pension cost $ 3 $ 3 |
Trust Preferred Securities Is_2
Trust Preferred Securities Issued by Unconsolidated Subsidiaries (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Banking and Thrift, Other Disclosure [Abstract] | |
Schedule Of Trust Preferred Securities, Common Stock and Related Debentures | The trust preferred securities, common stock, and related debentures are summarized as follows: Dollars in millions Trust Preferred Securities, Net of Discount (a) Common Stock Principal Amount of Debentures, Net of Discount (b) Interest Rate of Trust Preferred Securities and Debentures (c) Maturity of Trust Preferred Securities and Debentures March 31, 2024 KeyCorp Capital I $ 156 $ 6 $ 162 6.396 % 2028 KeyCorp Capital II 85 4 89 6.875 2029 KeyCorp Capital III 111 4 115 7.750 2029 HNC Statutory Trust III 21 1 22 7.040 2035 HNC Statutory Trust IV 18 1 19 6.932 2037 Willow Grove Statutory Trust I 20 1 21 6.956 2036 Westbank Capital Trust II 8 — 8 7.822 2034 Westbank Capital Trust III 8 — 8 7.822 2034 Total $ 427 $ 17 $ 444 6.979 % — December 31, 2023 $ 431 $ 17 $ 448 6.981 % — (a) The trust preferred securities must be redeemed when the related debentures mature, or earlier if provided in the governing indenture. Each issue of trust preferred securities carries an interest rate identical to that of the related debenture. Certain trust preferred securities include basis adjustments related to fair value hedges totaling $11 million at March 31, 2024, and $15 million at December 31, 2023. See Note 7 (“Derivatives and Hedging Activities”) for an explanation of fair value hedges. (b) We have the right to redeem these debentures. If the debentures purchased by KeyCorp Capital I, HNC Statutory Trust III, Willow Grove Statutory Trust I, HNC Statutory Trust IV, Westbank Capital Trust II, or Westbank Capital Trust III are redeemed before they mature, the redemption price will be the principal amount, plus any accrued but unpaid interest. If the debentures purchased by KeyCorp Capital II or KeyCorp Capital III are redeemed before they mature, the redemption price will be the greater of: (i) the principal amount, plus any accrued but unpaid interest, or (ii) the sum of the present values of principal and interest payments discounted at the Treasury Rate (as defined in the applicable indenture), plus 20 basis points for KeyCorp Capital II or 25 basis points for KeyCorp Capital III, or 50 basis points in the case of redemption upon either a tax or a capital treatment event for either KeyCorp Capital II or KeyCorp Capital III, plus any accrued but unpaid interest. (c) The interest rates for the trust preferred securities issued by KeyCorp Capital II and KeyCorp Capital III are fixed. The trust preferred securities issued by KeyCorp Capital I, HNC Statutory Trust III, HNC Statutory Trust IV, Willow Grove Statutory Trust I, Westbank Capital Trust II, and Westbank Capital Trust III have a floating interest rate, based on three-month CME term SOFR plus 26.161 basis points, that reprices quarterly. The total interest rates are weighted-average rates. |
Contingent Liabilities and Gu_2
Contingent Liabilities and Guarantees (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Guarantees | The following table shows the types of guarantees that we had outstanding at March 31, 2024. Information pertaining to the basis for determining the liabilities recorded in connection with these guarantees is included in Note 1 (“Summary of Significant Accounting Policies”) under the heading “Contingencies and Guarantees” beginning on page 115 of our 2023 Form 10-K. March 31, 2024 Maximum Potential Undiscounted Future Payments Liability Recorded Dollars in millions Financial guarantees: Standby letters of credit $ 4,311 $ 80 Recourse agreement with FNMA 7,648 90 Residential mortgage reserve 3,343 10 Written put options (a) 3,212 140 Total $ 18,514 $ 320 (a) The maximum potential undiscounted future payments represent notional amounts of derivatives qualifying as guarantees. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Schedule of Changes in AOCI | Our changes in AOCI for the three months ended March 31, 2024, and March 31, 2023, are as follows: Dollars in millions Unrealized gains (losses) on securities available for sale Unrealized gains (losses) on derivative financial instruments Net pension and postretirement benefit costs Total Balance at December 31, 2023 $ (4,190) $ (763) $ (276) $ (5,229) Other comprehensive income before reclassification, net of income taxes (153) (99) (1) (253) Amounts reclassified from AOCI, net of income taxes (a) 2 164 2 168 Net current-period other comprehensive income, net of income taxes (151) 65 1 (85) Balance at March 31, 2024 $ (4,341) $ (698) $ (275) $ (5,314) Balance at December 31, 2022 $ (4,895) $ (1,124) $ (276) $ (6,295) Other comprehensive income before reclassification, net of income taxes 575 80 (1) 654 Amounts reclassified from AOCI, net of income taxes (a) — 165 2 167 Net current-period other comprehensive income, net of income taxes 575 245 1 821 Balance at March 31, 2023 $ (4,320) $ (879) $ (275) $ (5,474) (a) See table below for details about these reclassifications. |
Schedule of Reclassifications Out of AOCI | Our reclassifications out of AOCI for the three months ended March 31, 2024, and March 31, 2023, are as follows: Three months ended March 31, Affected Line Item in the Consolidated Statement of Income Dollars in millions 2024 2023 Unrealized gains (losses) on available for sale securities Realized gains $ — $ — Other income Realized losses (3) — Other income (3) — Income (loss) from continuing operations before income taxes (1) — Income taxes $ (2) $ — Income (loss) from continuing operations Unrealized gains (losses) on derivative financial instruments Interest rate $ (216) $ (215) Interest income — Loans Interest rate — (1) Interest expense — Long-term debt Interest rate 1 — Investment banking and debt placement fees (215) (216) Income (loss) from continuing operations before income taxes (51) (51) Income taxes $ (164) $ (165) Income (loss) from continuing operations Net pension and postretirement benefit costs Amortization of losses $ (3) $ (3) Other expense Settlement loss — — Other expense Amortization of unrecognized prior service credit — 1 Other expense (3) (2) Income (loss) from continuing operations before income taxes (1) — Income taxes $ (2) $ (2) Income (loss) from continuing operations |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Schedule of Preferred Stock | The following table summarizes our preferred stock at March 31, 2024. Preferred stock series Amount outstanding (in millions) Shares authorized and outstanding Par value Liquidation preference Ownership interest per depositary share Liquidation preference per depositary share First quarter 2024 dividends paid per depositary share 5.000% Fixed-to-Floating Rate Perpetual Noncumulative Series D $ 525 21,000 $ 1 $ 25,000 1/25th $ 1,000 $ 12.50 6.125% Fixed-to-Floating Rate Perpetual Noncumulative Series E 500 500,000 1 1,000 1/40th 25 .382813 5.650% Fixed Rate Perpetual Noncumulative Series F 425 425,000 1 1,000 1/40th 25 .353125 5.625% Fixed Rate Perpetual Non-Cumulative Series G 450 450,000 1 1,000 1/40th 25 .351563 6.200% Fixed Rate Reset Perpetual Non-Cumulative Series H 600 600,000 1 1,000 1/40th 25 .387500 |
Business Segment Reporting (Tab
Business Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Schedule of Selected Financial Data for Our Business Segments | The table below shows selected financial data for our business segments for the three-month periods ended March 31, 2024, and March 31, 2023. Capital is assigned to each business segment based on a combination of regulatory and economic equity. Three months ended March 31, Consumer Bank Commercial Bank Other Total Key Dollars in millions 2024 2023 2024 2023 2024 2023 2024 2023 SUMMARY OF OPERATIONS Net interest income (TE) $ 549 $ 612 $ 391 $ 478 $ (54) $ 16 $ 886 $ 1,106 Noninterest income 224 228 400 366 23 14 647 608 Total revenue (TE) (a) 773 840 791 844 (31) 30 1,533 1,714 Provision for credit losses (2) 60 102 80 1 (1) 101 139 Depreciation and amortization expense 23 21 22 23 9 17 54 61 Other noninterest expense 680 642 420 419 (11) 54 1,089 1,115 Income (loss) from continuing operations before income taxes (TE) 72 117 247 322 (30) (40) 289 399 Allocated income taxes and TE adjustments 17 28 47 67 6 (7) 70 88 Income (loss) from continuing operations 55 89 200 255 (36) (33) 219 311 Income (loss) from discontinued operations, net of taxes — — — — — 1 — 1 Net income (loss) 55 89 200 255 (36) (32) 219 312 Less: Net income (loss) attributable to noncontrolling interests — — — — — — — — Net income (loss) attributable to Key $ 55 $ 89 $ 200 $ 255 $ (36) $ (32) $ 219 $ 312 AVERAGE BALANCES (b) Loans and leases $ 40,446 $ 43,086 $ 70,099 $ 76,306 $ 489 $ 445 $ 111,034 $ 119,837 Total assets (a) 43,239 45,935 79,456 85,852 63,173 59,064 185,868 190,851 Deposits 84,317 84,637 56,090 52,219 2,471 6,549 142,878 143,405 OTHER FINANCIAL DATA Net loan charge-offs (b) $ 44 $ 24 $ 37 $ 21 $ — $ — $ 81 $ 45 Return on average allocated equity (b) 6.18 % 9.87 % 8.02 % 10.04 % (13.39) % 92.94 % 6.00 % 9.13 % Return on average allocated equity 6.18 9.87 8.02 10.04 (13.39) 90.12 6.00 9.16 Average full-time equivalent employees (c) 7,356 8,097 2,334 2,517 7,062 7,606 16,752 18,220 (a) Substantially all revenue generated by our major business segments is derived from clients that reside in the United States. Substantially all long-lived assets, including premises and equipment, capitalized software, and goodwill held by our major business segments, are located in the United States. (b) From continuing operations. (c) The number of average full-time equivalent employees was not adjusted for discontinued operations. |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue | The following table represents a disaggregation of revenue from contracts with customers, by business segment, for the three-month periods ended March 31, 2024, and March 31, 2023. The development and application of the methodologies that we use to allocate items among our business segments is a dynamic process. Accordingly, financial results may be revised periodically to reflect enhanced alignment of expense base allocations drivers, changes in the risk profile of a particular business, or changes in our organizational structure. Three months ended March 31, 2024 Three months ended March 31, 2023 Dollars in millions Consumer Bank Commercial Bank Total Contract Revenue Consumer Bank Commercial Bank Total Contract Revenue NONINTEREST INCOME Trust and investment services income $ 109 $ 17 $ 126 $ 100 $ 16 $ 116 Investment banking and debt placement fees — 130 130 — 113 113 Services charges on deposit accounts 34 29 63 39 28 67 Cards and payments income 43 34 77 45 32 77 Other noninterest income 3 — 3 2 — 2 Total revenue from contracts with customers $ 189 $ 210 $ 399 $ 186 $ 189 $ 375 Other noninterest income (a) $ 225 $ 219 Noninterest income from Other (b) 23 14 Total noninterest income $ 647 $ 608 (a) Noninterest income considered earned outside the scope of contracts with customers. (b) Other includes other segments that consists of corporate treasury, our principal investing unit, and various exit portfolios as well as reconciling items which primarily represents the unallocated portion of nonearning assets of corporate support functions. Charges related to the funding of these assets are part of net interest income and are allocated to the business segments through noninterest expense. Reconciling items also includes intercompany eliminations and certain items that are not allocated to the business segments because they do not reflect their normal operations. Refer to Note 20 (“Business Segment Reporting”) for more information. |
Earnings Per Common Share (Deta
Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
EARNINGS | |||
Income (loss) from continuing operations | $ 219 | $ 311 | |
Less: Net income (loss) attributable to noncontrolling interests | 0 | 0 | |
Income (loss) from continuing operations attributable to Key | 219 | 311 | |
Less: Dividends on Preferred Stock | 36 | 36 | |
Income (loss) from continuing operations attributable to Key common shareholders | 183 | 275 | |
Income (loss) from discontinued operations, net of taxes | 0 | 1 | |
Net income (loss) attributable to Key common shareholders | $ 183 | $ 276 | |
WEIGHTED-AVERAGE COMMON SHARES | |||
Weighted-average Common Shares outstanding (in shares) | 929,692 | 926,490 | |
Effect of Common Share options and other stock awards (in shares) | 7,319 | 7,314 | |
Weighted-average Common Shares and potential Common Shares outstanding (in shares) | [1] | 937,011 | 933,804 |
EARNINGS PER COMMON SHARE | |||
Income (loss) from continuing operations attributable to Key common shareholders (in usd per share) | $ 0.20 | $ 0.30 | |
Income (loss) from discontinued operations, net of taxes (in usd per share) | 0 | 0 | |
Net income (loss) attributable to Key common shareholders (in usd per share) | [2] | 0.20 | 0.30 |
Income (loss) from continuing operations attributable to Key common shareholders - assuming dilution (in usd per share) | 0.20 | 0.30 | |
Income (loss) from discontinued operations, net of taxes - assuming dilution (in usd per share) | 0 | 0 | |
Net income (loss) attributable to Key common shareholders (in usd per share) | [2] | $ 0.20 | $ 0.30 |
[1] Assumes conversion of Common Share options and other stock awards and/or convertible preferred stock, as applicable. EPS may not foot due to rounding. |
Loan Portfolio (Details)
Loan Portfolio (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 109,885 | $ 112,606 |
Accrued interest | 508 | 522 |
Discontinued operations | Education Lending | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 313 | 339 |
Total commercial loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 75,651 | 77,591 |
Accrued interest | 368 | 383 |
Total commercial loans | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 54,793 | 55,815 |
Total commercial loans | Commercial and industrial | Collateral Pledged | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 349 | |
Total commercial loans | Total commercial real estate loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 17,553 | 18,253 |
Total commercial loans | Commercial mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 14,540 | 15,187 |
Total commercial loans | Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 3,013 | 3,066 |
Total commercial loans | Commercial lease financing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 3,305 | 3,523 |
Total commercial loans | Commercial lease financing | Collateral Pledged | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 6 | 7 |
Total consumer loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 34,234 | 35,015 |
Accrued interest | 140 | 139 |
Total consumer loans | Total residential — prime loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 27,609 | 28,097 |
Total consumer loans | Real estate — residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 20,704 | 20,958 |
Total consumer loans | Home equity loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 6,905 | 7,139 |
Total consumer loans | Other consumer loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 5,690 | 5,916 |
Total consumer loans | Credit cards | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 935 | $ 1,002 |
Asset Quality - Schedule of Cha
Asset Quality - Schedule of Changes in Allowance for Loan and Lease Losses by Loan Category (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | $ 1,508 | $ 1,337 |
Provision | 115 | 88 |
Charge-offs | (97) | (60) |
Recoveries | 16 | 15 |
Ending balance | 1,542 | 1,380 |
Total ALLL, including discontinued operations, beginning balance | 1,524 | 1,358 |
Total provision, including discontinued operations | 115 | 87 |
Total charge-offs, including discontinued operations | (98) | (61) |
Total recoveries, including discontinued operations | 16 | 15 |
Total ALLL, including discontinued operations, ending balance | 1,557 | 1,399 |
Provision (credit) for losses on lending-related commitments | (14) | 51 |
Total commercial loans | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 1,060 | 864 |
Provision | 128 | 50 |
Charge-offs | (67) | (39) |
Recoveries | 10 | 9 |
Ending balance | 1,131 | 884 |
Total consumer loans | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 448 | 473 |
Provision | (13) | 38 |
Charge-offs | (30) | (21) |
Recoveries | 6 | 6 |
Ending balance | 411 | 496 |
Commercial and Industrial | Total commercial loans | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 556 | 601 |
Provision | 151 | 31 |
Charge-offs | (62) | (35) |
Recoveries | 8 | 8 |
Ending balance | 653 | 605 |
Total commercial real estate loans | Total commercial loans | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 471 | 231 |
Provision | (16) | 20 |
Charge-offs | (5) | (5) |
Recoveries | 0 | 0 |
Ending balance | 450 | 246 |
Real estate — commercial mortgage | Total commercial loans | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 419 | 203 |
Provision | (25) | 20 |
Charge-offs | (5) | (5) |
Recoveries | 0 | 0 |
Ending balance | 389 | 218 |
Real estate — construction | Total commercial loans | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 52 | 28 |
Provision | 9 | 0 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Ending balance | 61 | 28 |
Commercial lease financing | Total commercial loans | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 33 | |
Provision | (7) | |
Charge-offs | 0 | |
Recoveries | 2 | |
Ending balance | 28 | |
Commercial lease financing | Total commercial loans | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 32 | |
Provision | (1) | |
Charge-offs | 1 | |
Recoveries | 1 | |
Ending balance | 33 | |
Real estate — residential mortgage | Total consumer loans | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 162 | 196 |
Provision | (42) | 15 |
Charge-offs | (1) | 0 |
Recoveries | 2 | 1 |
Ending balance | 121 | 212 |
Home equity loans | Total consumer loans | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 86 | 98 |
Provision | (7) | (2) |
Charge-offs | (1) | (1) |
Recoveries | 1 | 1 |
Ending balance | 79 | 96 |
Other consumer loans | Total consumer loans | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 122 | 113 |
Provision | 25 | 12 |
Charge-offs | (16) | (11) |
Recoveries | 2 | 3 |
Ending balance | 133 | 117 |
Credit cards | Total consumer loans | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 78 | 66 |
Provision | 11 | 13 |
Charge-offs | (12) | (9) |
Recoveries | 1 | 1 |
Ending balance | 78 | 71 |
Discontinued operations | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 16 | 21 |
Provision | 0 | (1) |
Charge-offs | (1) | (1) |
Recoveries | 0 | 0 |
Ending balance | $ 15 | $ 19 |
Asset Quality - Narrative (Deta
Asset Quality - Narrative (Details) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 USD ($) loan | Mar. 31, 2023 USD ($) loan | Dec. 31, 2023 USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Percentage of carrying amount of our commercial nonperforming loans outstanding (as a percent) | 80% | ||
Percentage of nonperforming loans outstanding face value (as a percent) | 84% | ||
Percentage of loans held for sale and other nonperforming assets (as a percent) | 87% | ||
Net reduction to interest income | $ 13 | $ 8 | |
Contractually current percentage of nonperforming loans | 48% | 51% | |
Loan restructuring trial modifications amount | $ 355 | 93 | |
Commitments outstanding to lend additional funds | $ 48 | $ 23 | |
Trial Modification Plans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of loan modifications | loan | 79 | 136 | |
Loan restructuring trial modifications amount | $ 11 | $ 17 | |
Non-performing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Nonperforming loans on nonaccrual status with no allowance | 245 | $ 301 | |
Total commercial loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loan restructuring trial modifications amount | 324 | 88 | |
Total commercial loans | Commercial and Industrial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financial receivable, modifications, subsequent default, recorded investment | 51 | 4 | |
Total commercial loans | Continuing Operations | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Increase (decrease) in ALLL | $ 71 | ||
Increase (decrease) in ALLL (as a percent) | 6.70% | ||
Total consumer loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financial receivable, modifications, subsequent default, recorded investment | $ 133 | 156 | |
Loan restructuring trial modifications amount | 31 | $ 5 | |
Total consumer loans | Continuing Operations | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Increase (decrease) in ALLL | $ (37) | ||
Increase (decrease) in ALLL (as a percent) | (8.30%) |
Asset Quality - Schedule of Com
Asset Quality - Schedule of Commercial Credit Exposure (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | $ 109,885 | $ 112,606 |
Accrued interest | 508 | 522 |
Total commercial loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current | 1,318 | 6,150 |
Writeoff, current period | 0 | 1 |
One year prior | 5,917 | 16,998 |
Writeoff, one year period | 4 | 8 |
Two years prior | 16,198 | 11,508 |
Writeoff, two year period | 10 | 36 |
Three years prior | 10,603 | 4,178 |
Writeoff, three year period | 24 | 19 |
Four years prior | 3,916 | 4,375 |
Writeoff, four year period | 0 | 13 |
Prior | 11,259 | 7,448 |
Writeoff, prior | 5 | 42 |
Revolving Loans Amortized Cost Basis | 26,241 | 26,721 |
Writeoff, Revolving Loans Amortized Cost Basis | 24 | 108 |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 199 | 213 |
Revolving Loans Converted to Term Loans Amortized Cost Basis, writeoff | 0 | 0 |
Total | 75,651 | 77,591 |
Writeoff, total | 67 | 227 |
Accrued interest | 368 | 383 |
Total commercial loans | Commercial and Industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current | 1,170 | 4,118 |
Writeoff, current period | 0 | 1 |
One year prior | 3,962 | 10,555 |
Writeoff, one year period | 4 | 7 |
Two years prior | 9,890 | 6,618 |
Writeoff, two year period | 10 | 35 |
Three years prior | 5,993 | 2,774 |
Writeoff, three year period | 24 | 8 |
Four years prior | 2,635 | 2,219 |
Writeoff, four year period | 0 | 11 |
Prior | 5,752 | 3,774 |
Writeoff, prior | 1 | 21 |
Revolving Loans Amortized Cost Basis | 25,245 | 25,619 |
Writeoff, Revolving Loans Amortized Cost Basis | 23 | 105 |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 146 | 138 |
Revolving Loans Converted to Term Loans Amortized Cost Basis, writeoff | 0 | 0 |
Total | 54,793 | 55,815 |
Writeoff, total | 62 | 188 |
Total commercial loans | Commercial and Industrial | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current | 1,131 | 4,020 |
One year prior | 3,722 | 10,145 |
Two years prior | 9,183 | 6,141 |
Three years prior | 5,411 | 2,539 |
Four years prior | 2,329 | 2,064 |
Prior | 5,282 | 3,534 |
Revolving Loans Amortized Cost Basis | 23,724 | 24,395 |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 127 | 123 |
Total | 50,909 | 52,961 |
Total commercial loans | Commercial and Industrial | Criticized (Accruing) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current | 39 | 84 |
One year prior | 221 | 361 |
Two years prior | 639 | 427 |
Three years prior | 517 | 233 |
Four years prior | 304 | 127 |
Prior | 376 | 170 |
Revolving Loans Amortized Cost Basis | 1,409 | 1,140 |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 19 | 15 |
Total | 3,524 | 2,557 |
Total commercial loans | Commercial and Industrial | Criticized (Nonaccruing) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current | 0 | 14 |
One year prior | 19 | 49 |
Two years prior | 68 | 50 |
Three years prior | 65 | 2 |
Four years prior | 2 | 28 |
Prior | 94 | 70 |
Revolving Loans Amortized Cost Basis | 112 | 84 |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | 0 |
Total | 360 | 297 |
Total commercial loans | Real estate — commercial mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current | 88 | 1,090 |
Writeoff, current period | 0 | 0 |
One year prior | 857 | 4,310 |
Writeoff, one year period | 0 | 1 |
Two years prior | 4,269 | 3,334 |
Writeoff, two year period | 0 | 1 |
Three years prior | 3,234 | 822 |
Writeoff, three year period | 0 | 11 |
Four years prior | 784 | 1,738 |
Writeoff, four year period | 0 | 2 |
Prior | 4,283 | 2,755 |
Writeoff, prior | 4 | 21 |
Revolving Loans Amortized Cost Basis | 974 | 1,071 |
Writeoff, Revolving Loans Amortized Cost Basis | 1 | 3 |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 51 | 67 |
Revolving Loans Converted to Term Loans Amortized Cost Basis, writeoff | 0 | 0 |
Total | 14,540 | 15,187 |
Writeoff, total | 5 | 39 |
Total commercial loans | Real estate — commercial mortgage | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current | 85 | 1,084 |
One year prior | 792 | 3,664 |
Two years prior | 3,470 | 2,922 |
Three years prior | 2,729 | 804 |
Four years prior | 711 | 1,545 |
Prior | 3,715 | 2,507 |
Revolving Loans Amortized Cost Basis | 927 | 1,017 |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 48 | 66 |
Total | 12,477 | 13,609 |
Total commercial loans | Real estate — commercial mortgage | Criticized (Accruing) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current | 3 | 6 |
One year prior | 65 | 646 |
Two years prior | 796 | 411 |
Three years prior | 476 | 15 |
Four years prior | 70 | 186 |
Prior | 521 | 193 |
Revolving Loans Amortized Cost Basis | 16 | 20 |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 3 | 1 |
Total | 1,950 | 1,478 |
Total commercial loans | Real estate — commercial mortgage | Criticized (Nonaccruing) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current | 0 | 0 |
One year prior | 0 | 0 |
Two years prior | 3 | 1 |
Three years prior | 29 | 3 |
Four years prior | 3 | 7 |
Prior | 47 | 55 |
Revolving Loans Amortized Cost Basis | 31 | 34 |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | 0 |
Total | 113 | 100 |
Total commercial loans | Real estate — construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current | 8 | 411 |
Writeoff, current period | 0 | 0 |
One year prior | 518 | 1,225 |
Writeoff, one year period | 0 | 0 |
Two years prior | 1,243 | 972 |
Writeoff, two year period | 0 | 0 |
Three years prior | 877 | 221 |
Writeoff, three year period | 0 | 0 |
Four years prior | 166 | 103 |
Writeoff, four year period | 0 | 0 |
Prior | 177 | 95 |
Writeoff, prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 22 | 31 |
Writeoff, Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 2 | 8 |
Revolving Loans Converted to Term Loans Amortized Cost Basis, writeoff | 0 | 0 |
Total | 3,013 | 3,066 |
Writeoff, total | 0 | 0 |
Total commercial loans | Real estate — construction | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current | 8 | 401 |
One year prior | 508 | 1,185 |
Two years prior | 1,156 | 912 |
Three years prior | 812 | 157 |
Four years prior | 93 | 62 |
Prior | 103 | 48 |
Revolving Loans Amortized Cost Basis | 22 | 31 |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 2 | 8 |
Total | 2,704 | 2,804 |
Total commercial loans | Real estate — construction | Criticized (Accruing) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current | 0 | 10 |
One year prior | 10 | 40 |
Two years prior | 87 | 60 |
Three years prior | 65 | 64 |
Four years prior | 73 | 41 |
Prior | 74 | 47 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | 0 |
Total | 309 | 262 |
Total commercial loans | Real estate — construction | Criticized (Nonaccruing) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current | 0 | 0 |
One year prior | 0 | 0 |
Two years prior | 0 | 0 |
Three years prior | 0 | 0 |
Four years prior | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 0 |
Total commercial loans | Commercial lease financing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current | 52 | 531 |
Writeoff, current period | 0 | 0 |
One year prior | 580 | 908 |
Writeoff, one year period | 0 | 0 |
Two years prior | 796 | 584 |
Writeoff, two year period | 0 | 0 |
Three years prior | 499 | 361 |
Writeoff, three year period | 0 | 0 |
Four years prior | 331 | 315 |
Writeoff, four year period | 0 | 0 |
Prior | 1,047 | 824 |
Writeoff, prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | |
Writeoff, Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term Loans Amortized Cost Basis, writeoff | 0 | 0 |
Total | 3,305 | 3,523 |
Writeoff, total | 0 | 0 |
Total commercial loans | Commercial lease financing | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current | 52 | 520 |
One year prior | 550 | 878 |
Two years prior | 749 | 575 |
Three years prior | 491 | 352 |
Four years prior | 318 | 307 |
Prior | 1,027 | 808 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | 0 |
Total | 3,187 | 3,440 |
Total commercial loans | Commercial lease financing | Criticized (Accruing) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current | 0 | 11 |
One year prior | 30 | 30 |
Two years prior | 47 | 9 |
Three years prior | 8 | 9 |
Four years prior | 13 | 8 |
Prior | 19 | 16 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | 0 |
Total | 117 | 83 |
Total commercial loans | Commercial lease financing | Criticized (Nonaccruing) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current | 0 | 0 |
One year prior | 0 | 0 |
Two years prior | 0 | 0 |
Three years prior | 0 | 0 |
Four years prior | 0 | 0 |
Prior | 1 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | 0 |
Total | $ 1 | $ 0 |
Asset Quality - Schedule of Con
Asset Quality - Schedule of Consumer Credit Exposure (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | $ 109,885 | $ 112,606 |
Accrued interest | 508 | 522 |
Total consumer loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current | 69 | 1,295 |
Writeoff, current period | 1 | 0 |
One year prior | 1,293 | 8,602 |
Writeoff, one year period | 1 | 12 |
Two years prior | 8,633 | 12,343 |
Writeoff, two year period | 4 | 10 |
Three years prior | 11,192 | 4,151 |
Writeoff, three year period | 3 | 6 |
Four years prior | 4,292 | 1,277 |
Writeoff, four year period | 2 | 5 |
Prior | 3,756 | 2,131 |
Writeoff, prior | 3 | 6 |
Revolving Loans Amortized Cost Basis | 4,560 | 4,747 |
Writeoff, Revolving Loans Amortized Cost Basis | 16 | 51 |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 439 | 469 |
Revolving Loans Converted to Term Loans Amortized Cost Basis, writeoff | 0 | 1 |
Total | 34,234 | 35,015 |
Writeoff, total | 30 | 91 |
Accrued interest | 140 | 139 |
Total consumer loans | Real estate — residential mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current | 22 | 877 |
Writeoff, current period | 1 | 0 |
One year prior | 864 | 6,790 |
Writeoff, one year period | 0 | 0 |
Two years prior | 6,709 | 8,622 |
Writeoff, two year period | 0 | 0 |
Three years prior | 8,347 | 2,663 |
Writeoff, three year period | 0 | 0 |
Four years prior | 2,624 | 693 |
Writeoff, four year period | 0 | 0 |
Prior | 2,137 | 1,311 |
Writeoff, prior | 0 | 1 |
Revolving Loans Amortized Cost Basis | 1 | 2 |
Writeoff, Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term Loans Amortized Cost Basis, writeoff | 0 | 0 |
Total | 20,704 | 20,958 |
Writeoff, total | 1 | 1 |
Total consumer loans | Real estate — residential mortgage | 750 and above | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current | 13 | 680 |
One year prior | 708 | 5,992 |
Two years prior | 5,958 | 7,785 |
Three years prior | 7,553 | 2,392 |
Four years prior | 2,380 | 586 |
Prior | 1,661 | 923 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | 0 |
Total | 18,273 | 18,358 |
Total consumer loans | Real estate — residential mortgage | 660 to 749 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current | 9 | 180 |
One year prior | 138 | 739 |
Two years prior | 685 | 780 |
Three years prior | 736 | 248 |
Four years prior | 222 | 90 |
Prior | 313 | 240 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | 0 |
Total | 2,103 | 2,277 |
Total consumer loans | Real estate — residential mortgage | Less than 660 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current | 0 | 15 |
One year prior | 16 | 58 |
Two years prior | 65 | 56 |
Three years prior | 57 | 22 |
Four years prior | 21 | 17 |
Prior | 146 | 130 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | 0 |
Total | 305 | 298 |
Total consumer loans | Real estate — residential mortgage | No Score | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current | 0 | 2 |
One year prior | 2 | 1 |
Two years prior | 1 | 1 |
Three years prior | 1 | 1 |
Four years prior | 1 | 0 |
Prior | 17 | 18 |
Revolving Loans Amortized Cost Basis | 1 | 2 |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | 0 |
Total | 23 | 25 |
Total consumer loans | Home equity loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current | 11 | 29 |
Writeoff, current period | 0 | |
One year prior | 63 | 163 |
Writeoff, one year period | 0 | |
Two years prior | 229 | 1,842 |
Writeoff, two year period | 0 | |
Three years prior | 1,097 | 614 |
Writeoff, three year period | 0 | |
Four years prior | 843 | 197 |
Writeoff, four year period | 0 | |
Prior | 1,127 | 620 |
Writeoff, prior | 1 | |
Revolving Loans Amortized Cost Basis | 3,096 | 3,205 |
Writeoff, Revolving Loans Amortized Cost Basis | 0 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 439 | 469 |
Revolving Loans Converted to Term Loans Amortized Cost Basis, writeoff | 0 | |
Total | 6,905 | 7,139 |
Writeoff, total | 1 | |
Total consumer loans | Home equity loans | 750 and above | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current | 8 | 0 |
One year prior | 36 | 85 |
Two years prior | 154 | 1,575 |
Three years prior | 842 | 435 |
Four years prior | 673 | 114 |
Prior | 813 | 378 |
Revolving Loans Amortized Cost Basis | 1,973 | 2,034 |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 310 | 331 |
Total | 4,809 | 4,952 |
Total consumer loans | Home equity loans | 660 to 749 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current | 3 | 24 |
One year prior | 23 | 65 |
Two years prior | 61 | 229 |
Three years prior | 216 | 152 |
Four years prior | 143 | 66 |
Prior | 219 | 164 |
Revolving Loans Amortized Cost Basis | 840 | 886 |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 101 | 107 |
Total | 1,606 | 1,693 |
Total consumer loans | Home equity loans | Less than 660 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current | 0 | 3 |
One year prior | 4 | 13 |
Two years prior | 14 | 38 |
Three years prior | 39 | 27 |
Four years prior | 27 | 17 |
Prior | 93 | 77 |
Revolving Loans Amortized Cost Basis | 279 | 281 |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 28 | 31 |
Total | 484 | 487 |
Total consumer loans | Home equity loans | No Score | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current | 0 | 2 |
One year prior | 0 | 0 |
Two years prior | 0 | 0 |
Three years prior | 0 | 0 |
Four years prior | 0 | 0 |
Prior | 2 | 1 |
Revolving Loans Amortized Cost Basis | 4 | 4 |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | 0 |
Total | 6 | 7 |
Total consumer loans | Home equity loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Writeoff, current period | (1) | |
Writeoff, one year period | 0 | |
Writeoff, two year period | 0 | |
Writeoff, three year period | 0 | |
Writeoff, four year period | 0 | |
Writeoff, prior | 2 | |
Writeoff, Revolving Loans Amortized Cost Basis | 0 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis, writeoff | 1 | |
Writeoff, total | 2 | |
Total consumer loans | Other consumer loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current | 36 | 389 |
Writeoff, current period | 0 | 1 |
One year prior | 366 | 1,649 |
Writeoff, one year period | 1 | 12 |
Two years prior | 1,695 | 1,879 |
Writeoff, two year period | 4 | 10 |
Three years prior | 1,748 | 874 |
Writeoff, three year period | 3 | 6 |
Four years prior | 825 | 387 |
Writeoff, four year period | 2 | 5 |
Prior | 492 | 200 |
Writeoff, prior | 2 | 3 |
Revolving Loans Amortized Cost Basis | 528 | 538 |
Writeoff, Revolving Loans Amortized Cost Basis | 4 | 14 |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term Loans Amortized Cost Basis, writeoff | 0 | 0 |
Total | 5,690 | 5,916 |
Writeoff, total | 16 | 51 |
Total consumer loans | Other consumer loans | 750 and above | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current | 18 | 185 |
One year prior | 179 | 1,187 |
Two years prior | 1,268 | 1,455 |
Three years prior | 1,345 | 660 |
Four years prior | 632 | 277 |
Prior | 306 | 112 |
Revolving Loans Amortized Cost Basis | 87 | 97 |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | 0 |
Total | 3,835 | 3,973 |
Total consumer loans | Other consumer loans | 660 to 749 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current | 11 | 150 |
One year prior | 137 | 365 |
Two years prior | 333 | 342 |
Three years prior | 322 | 171 |
Four years prior | 154 | 83 |
Prior | 134 | 60 |
Revolving Loans Amortized Cost Basis | 189 | 199 |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | 0 |
Total | 1,280 | 1,370 |
Total consumer loans | Other consumer loans | Less than 660 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current | 1 | 24 |
One year prior | 26 | 64 |
Two years prior | 64 | 65 |
Three years prior | 64 | 32 |
Four years prior | 31 | 17 |
Prior | 32 | 16 |
Revolving Loans Amortized Cost Basis | 56 | 57 |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | 0 |
Total | 274 | 275 |
Total consumer loans | Other consumer loans | No Score | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current | 6 | 30 |
One year prior | 24 | 33 |
Two years prior | 30 | 17 |
Three years prior | 17 | 11 |
Four years prior | 8 | 10 |
Prior | 20 | 12 |
Revolving Loans Amortized Cost Basis | 196 | 185 |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | 0 |
Total | 301 | 298 |
Total consumer loans | Credit cards | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current | 0 | 0 |
Writeoff, current period | 0 | 0 |
One year prior | 0 | 0 |
Writeoff, one year period | 0 | 0 |
Two years prior | 0 | 0 |
Writeoff, two year period | 0 | 0 |
Three years prior | 0 | 0 |
Writeoff, three year period | 0 | 0 |
Four years prior | 0 | 0 |
Writeoff, four year period | 0 | 0 |
Prior | 0 | 0 |
Writeoff, prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 935 | 1,002 |
Writeoff, Revolving Loans Amortized Cost Basis | 12 | 37 |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term Loans Amortized Cost Basis, writeoff | 0 | 0 |
Total | 935 | 1,002 |
Writeoff, total | 12 | 37 |
Total consumer loans | Credit cards | 750 and above | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current | 0 | 0 |
One year prior | 0 | 0 |
Two years prior | 0 | 0 |
Three years prior | 0 | 0 |
Four years prior | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 442 | 489 |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | 0 |
Total | 442 | 489 |
Total consumer loans | Credit cards | 660 to 749 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current | 0 | 0 |
One year prior | 0 | 0 |
Two years prior | 0 | 0 |
Three years prior | 0 | 0 |
Four years prior | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 381 | 400 |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | 0 |
Total | 381 | 400 |
Total consumer loans | Credit cards | Less than 660 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current | 0 | 0 |
One year prior | 0 | 0 |
Two years prior | 0 | 0 |
Three years prior | 0 | 0 |
Four years prior | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 111 | 112 |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | 0 |
Total | 111 | 112 |
Total consumer loans | Credit cards | No Score | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current | 0 | 0 |
One year prior | 0 | 0 |
Two years prior | 0 | 0 |
Three years prior | 0 | 0 |
Four years prior | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 1 | 1 |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | 0 |
Total | $ 1 | $ 1 |
Asset Quality - Schedule of Agi
Asset Quality - Schedule of Aging Analysis of Past Due and Current Loans (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Financing Receivable, Past Due [Line Items] | ||
Total loans | $ 109,885 | $ 112,606 |
Accrued interest | 508 | 522 |
Total commercial loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 75,651 | 77,591 |
Accrued interest | 368 | 383 |
Total consumer loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 34,234 | 35,015 |
Accrued interest | 140 | 139 |
Non-performing Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 658 | 574 |
Non-performing Loans | Total commercial loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 474 | 397 |
Non-performing Loans | Total consumer loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 184 | 177 |
Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 108,866 | 111,703 |
Current | Total commercial loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 74,917 | 76,988 |
Current | Total consumer loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 33,949 | 34,715 |
30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 141 | 156 |
30-59 Days Past Due | Total commercial loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 89 | 90 |
30-59 Days Past Due | Total consumer loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 52 | 66 |
60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 101 | 66 |
60-89 Days Past Due | Total commercial loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 76 | 34 |
60-89 Days Past Due | Total consumer loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 25 | 32 |
90 and Greater Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 119 | 107 |
90 and Greater Days Past Due | Total commercial loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 95 | 82 |
90 and Greater Days Past Due | Total consumer loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 24 | 25 |
Total Past Due and Non-performing Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,019 | 903 |
Total Past Due and Non-performing Loans | Total commercial loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 734 | 603 |
Total Past Due and Non-performing Loans | Total consumer loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 285 | 300 |
Commercial and industrial | Total commercial loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 54,793 | 55,815 |
Commercial and industrial | Non-performing Loans | Total commercial loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 360 | 297 |
Commercial and industrial | Current | Total commercial loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 54,247 | 55,354 |
Commercial and industrial | 30-59 Days Past Due | Total commercial loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 54 | 62 |
Commercial and industrial | 60-89 Days Past Due | Total commercial loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 50 | 30 |
Commercial and industrial | 90 and Greater Days Past Due | Total commercial loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 82 | 72 |
Commercial and industrial | Total Past Due and Non-performing Loans | Total commercial loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 546 | 461 |
Total commercial real estate loans | Total commercial loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 17,553 | 18,253 |
Total commercial real estate loans | Non-performing Loans | Total commercial loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 113 | 100 |
Total commercial real estate loans | Current | Total commercial loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 17,367 | 18,114 |
Total commercial real estate loans | 30-59 Days Past Due | Total commercial loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 35 | 26 |
Total commercial real estate loans | 60-89 Days Past Due | Total commercial loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 26 | 3 |
Total commercial real estate loans | 90 and Greater Days Past Due | Total commercial loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 12 | 10 |
Total commercial real estate loans | Total Past Due and Non-performing Loans | Total commercial loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 186 | 139 |
Commercial mortgage | Total commercial loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 14,540 | 15,187 |
Commercial mortgage | Non-performing Loans | Total commercial loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 113 | 100 |
Commercial mortgage | Current | Total commercial loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 14,355 | 15,049 |
Commercial mortgage | 30-59 Days Past Due | Total commercial loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 34 | 25 |
Commercial mortgage | 60-89 Days Past Due | Total commercial loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 26 | 3 |
Commercial mortgage | 90 and Greater Days Past Due | Total commercial loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 12 | 10 |
Commercial mortgage | Total Past Due and Non-performing Loans | Total commercial loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 185 | 138 |
Construction | Total commercial loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 3,013 | 3,066 |
Construction | Non-performing Loans | Total commercial loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 0 | 0 |
Construction | Current | Total commercial loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 3,012 | 3,065 |
Construction | 30-59 Days Past Due | Total commercial loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1 | 1 |
Construction | 60-89 Days Past Due | Total commercial loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 0 | 0 |
Construction | 90 and Greater Days Past Due | Total commercial loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 0 | 0 |
Construction | Total Past Due and Non-performing Loans | Total commercial loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1 | 1 |
Commercial lease financing | Total commercial loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 3,305 | 3,523 |
Commercial lease financing | Non-performing Loans | Total commercial loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1 | 0 |
Commercial lease financing | Current | Total commercial loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 3,303 | 3,520 |
Commercial lease financing | 30-59 Days Past Due | Total commercial loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 0 | 2 |
Commercial lease financing | 60-89 Days Past Due | Total commercial loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 0 | 1 |
Commercial lease financing | 90 and Greater Days Past Due | Total commercial loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1 | 0 |
Commercial lease financing | Total Past Due and Non-performing Loans | Total commercial loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 2 | 3 |
Real estate — residential mortgage | Total consumer loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 20,704 | 20,958 |
Real estate — residential mortgage | Non-performing Loans | Total consumer loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 79 | 71 |
Real estate — residential mortgage | Current | Total consumer loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 20,610 | 20,863 |
Real estate — residential mortgage | 30-59 Days Past Due | Total consumer loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 9 | 17 |
Real estate — residential mortgage | 60-89 Days Past Due | Total consumer loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 6 | 7 |
Real estate — residential mortgage | 90 and Greater Days Past Due | Total consumer loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 0 | 0 |
Real estate — residential mortgage | Total Past Due and Non-performing Loans | Total consumer loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 94 | 95 |
Home equity loans | Total consumer loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 6,905 | 7,139 |
Home equity loans | Non-performing Loans | Total consumer loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 95 | 97 |
Home equity loans | Current | Total consumer loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 6,776 | 7,001 |
Home equity loans | 30-59 Days Past Due | Total consumer loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 24 | 27 |
Home equity loans | 60-89 Days Past Due | Total consumer loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 6 | 10 |
Home equity loans | 90 and Greater Days Past Due | Total consumer loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 4 | 4 |
Home equity loans | Total Past Due and Non-performing Loans | Total consumer loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 129 | 138 |
Other consumer loans | Total consumer loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 5,690 | 5,916 |
Other consumer loans | Non-performing Loans | Total consumer loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 4 | 4 |
Other consumer loans | Current | Total consumer loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 5,655 | 5,877 |
Other consumer loans | 30-59 Days Past Due | Total consumer loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 14 | 16 |
Other consumer loans | 60-89 Days Past Due | Total consumer loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 8 | 10 |
Other consumer loans | 90 and Greater Days Past Due | Total consumer loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 9 | 9 |
Other consumer loans | Total Past Due and Non-performing Loans | Total consumer loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 35 | 39 |
Credit cards | Total commercial loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 214 | 207 |
Credit cards | Total consumer loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 935 | 1,002 |
Credit cards | Non-performing Loans | Total consumer loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 6 | 5 |
Credit cards | Current | Total consumer loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 908 | 974 |
Credit cards | 30-59 Days Past Due | Total consumer loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 5 | 6 |
Credit cards | 60-89 Days Past Due | Total consumer loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 5 | 5 |
Credit cards | 90 and Greater Days Past Due | Total consumer loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 11 | 12 |
Credit cards | Total Past Due and Non-performing Loans | Total consumer loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | $ 27 | $ 28 |
Asset Quality - Schedule of Mod
Asset Quality - Schedule of Modifications for Borrowers Experiencing Financial Difficulty (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized Cost Basis | $ 355 | $ 93 |
Amortized Cost Basis (as a percent) | 0.32% | 0.08% |
Interest Rate Reduction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized Cost Basis | $ 31 | $ 0 |
Term Extension | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized Cost Basis | 216 | 83 |
Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized Cost Basis | 50 | 1 |
Combination | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized Cost Basis | 58 | 9 |
Total commercial real estate loans | Commercial and Industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized Cost Basis | $ 254 | $ 84 |
Amortized Cost Basis (as a percent) | 0.46% | 0.14% |
Total commercial real estate loans | Commercial and Industrial | Interest Rate Reduction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized Cost Basis | $ 0 | $ 0 |
Total commercial real estate loans | Commercial and Industrial | Term Extension | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized Cost Basis | 173 | 79 |
Total commercial real estate loans | Commercial and Industrial | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized Cost Basis | 48 | 1 |
Total commercial real estate loans | Commercial and Industrial | Combination | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized Cost Basis | 33 | 4 |
Total commercial real estate loans | Total commercial real estate loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized Cost Basis | $ 70 | $ 4 |
Amortized Cost Basis (as a percent) | 0.40% | 0.02% |
Total commercial real estate loans | Total commercial real estate loans | Interest Rate Reduction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized Cost Basis | $ 28 | $ 0 |
Total commercial real estate loans | Total commercial real estate loans | Term Extension | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized Cost Basis | 41 | 4 |
Total commercial real estate loans | Total commercial real estate loans | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized Cost Basis | 1 | 0 |
Total commercial real estate loans | Total commercial real estate loans | Combination | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized Cost Basis | 0 | 0 |
Total commercial real estate loans | Commercial mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized Cost Basis | $ 51 | $ 4 |
Amortized Cost Basis (as a percent) | 0.35% | 0.02% |
Total commercial real estate loans | Commercial mortgage | Interest Rate Reduction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized Cost Basis | $ 28 | $ 0 |
Total commercial real estate loans | Commercial mortgage | Term Extension | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized Cost Basis | 22 | 4 |
Total commercial real estate loans | Commercial mortgage | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized Cost Basis | 1 | 0 |
Total commercial real estate loans | Commercial mortgage | Combination | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized Cost Basis | 0 | 0 |
Total commercial real estate loans | Construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized Cost Basis | $ 19 | $ 0 |
Amortized Cost Basis (as a percent) | 0.63% | 0% |
Total commercial real estate loans | Construction | Interest Rate Reduction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized Cost Basis | $ 0 | $ 0 |
Total commercial real estate loans | Construction | Term Extension | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized Cost Basis | 19 | 0 |
Total commercial real estate loans | Construction | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized Cost Basis | 0 | 0 |
Total commercial real estate loans | Construction | Combination | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized Cost Basis | 0 | 0 |
Total commercial loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized Cost Basis | $ 324 | $ 88 |
Amortized Cost Basis (as a percent) | 0.43% | 0.11% |
Total commercial loans | Interest Rate Reduction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized Cost Basis | $ 28 | $ 0 |
Total commercial loans | Term Extension | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized Cost Basis | 214 | 83 |
Total commercial loans | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized Cost Basis | 49 | 1 |
Total commercial loans | Combination | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized Cost Basis | 33 | 4 |
Total commercial loans | Commercial lease financing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized Cost Basis | $ 0 | $ 0 |
Amortized Cost Basis (as a percent) | 0% | 0% |
Total commercial loans | Commercial lease financing | Interest Rate Reduction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized Cost Basis | $ 0 | $ 0 |
Total commercial loans | Commercial lease financing | Term Extension | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized Cost Basis | 0 | 0 |
Total commercial loans | Commercial lease financing | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized Cost Basis | 0 | 0 |
Total commercial loans | Commercial lease financing | Combination | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized Cost Basis | 0 | 0 |
Total consumer loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized Cost Basis | $ 31 | $ 5 |
Amortized Cost Basis (as a percent) | 0.09% | 0.01% |
Total consumer loans | Interest Rate Reduction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized Cost Basis | $ 3 | $ 0 |
Total consumer loans | Term Extension | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized Cost Basis | 2 | 0 |
Total consumer loans | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized Cost Basis | 1 | 0 |
Total consumer loans | Combination | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized Cost Basis | 25 | 5 |
Total consumer loans | Real estate — residential mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized Cost Basis | $ 13 | $ 1 |
Amortized Cost Basis (as a percent) | 0.06% | 0% |
Total consumer loans | Real estate — residential mortgage | Interest Rate Reduction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized Cost Basis | $ 1 | $ 0 |
Total consumer loans | Real estate — residential mortgage | Term Extension | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized Cost Basis | 0 | 0 |
Total consumer loans | Real estate — residential mortgage | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized Cost Basis | 0 | 0 |
Total consumer loans | Real estate — residential mortgage | Combination | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized Cost Basis | 12 | 1 |
Total consumer loans | Home equity loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized Cost Basis | $ 11 | $ 2 |
Amortized Cost Basis (as a percent) | 0.16% | 0.03% |
Total consumer loans | Home equity loans | Interest Rate Reduction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized Cost Basis | $ 2 | $ 0 |
Total consumer loans | Home equity loans | Term Extension | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized Cost Basis | 1 | 0 |
Total consumer loans | Home equity loans | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized Cost Basis | 1 | 0 |
Total consumer loans | Home equity loans | Combination | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized Cost Basis | 7 | 2 |
Total consumer loans | Other consumer loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized Cost Basis | $ 3 | $ 1 |
Amortized Cost Basis (as a percent) | 0.05% | 0.02% |
Total consumer loans | Other consumer loans | Interest Rate Reduction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized Cost Basis | $ 0 | $ 0 |
Total consumer loans | Other consumer loans | Term Extension | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized Cost Basis | 1 | 0 |
Total consumer loans | Other consumer loans | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized Cost Basis | 0 | 0 |
Total consumer loans | Other consumer loans | Combination | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized Cost Basis | 2 | 1 |
Total consumer loans | Credit cards | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized Cost Basis | $ 4 | $ 1 |
Amortized Cost Basis (as a percent) | 0.43% | 0.10% |
Total consumer loans | Credit cards | Interest Rate Reduction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized Cost Basis | $ 0 | $ 0 |
Total consumer loans | Credit cards | Term Extension | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized Cost Basis | 0 | 0 |
Total consumer loans | Credit cards | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized Cost Basis | 0 | 0 |
Total consumer loans | Credit cards | Combination | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amortized Cost Basis | $ 4 | $ 1 |
Asset Quality - Schedule of Fin
Asset Quality - Schedule of Financial Effects of Modifications to Borrowers Experiencing Financial Difficulty (Details) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Total commercial real estate loans | Commercial and Industrial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Weighted-average Interest Rate Change | (6.40%) | 0% |
Weighted-average Term Extension (in years) | 3 months 29 days | 1 year 10 days |
Total commercial real estate loans | Commercial mortgage | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Weighted-average Interest Rate Change | (1.91%) | 0% |
Weighted-average Term Extension (in years) | 4 months 20 days | 1 year 5 months 1 day |
Total commercial real estate loans | Construction | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Weighted-average Interest Rate Change | 0% | |
Weighted-average Term Extension (in years) | 1 year | |
Total consumer loans | Real estate — residential mortgage | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Weighted-average Interest Rate Change | (1.53%) | (1.33%) |
Weighted-average Term Extension (in years) | 7 years 7 months 13 days | 6 years 8 months 4 days |
Total consumer loans | Home equity loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Weighted-average Interest Rate Change | (2.78%) | (3.72%) |
Weighted-average Term Extension (in years) | 5 years 8 months 26 days | 2 years 10 months 24 days |
Total consumer loans | Other consumer loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Weighted-average Interest Rate Change | (1.43%) | |
Weighted-average Term Extension (in years) | 8 months 12 days | |
Total consumer loans | Credit cards | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Weighted-average Interest Rate Change | (14.11%) | |
Weighted-average Term Extension (in years) | 3 months |
Asset Quality - Schedule of Per
Asset Quality - Schedule of Performance of Loans That Have Been Modified in the Last 12 Months (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Mar. 31, 2023 |
Financing Receivable, Past Due [Line Items] | ||
Total loans modified in last 12 months | $ 355 | $ 93 |
Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans modified in last 12 months | 259 | 89 |
30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans modified in last 12 months | 41 | 3 |
90 and Greater Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans modified in last 12 months | 55 | 1 |
Total commercial loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans modified in last 12 months | 324 | 88 |
Total commercial loans | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans modified in last 12 months | 232 | 84 |
Total commercial loans | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans modified in last 12 months | 38 | 3 |
Total commercial loans | 90 and Greater Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans modified in last 12 months | 54 | 1 |
Total commercial loans | Commercial and Industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans modified in last 12 months | 254 | 84 |
Total commercial loans | Commercial and Industrial | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans modified in last 12 months | 184 | 80 |
Total commercial loans | Commercial and Industrial | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans modified in last 12 months | 16 | 3 |
Total commercial loans | Commercial and Industrial | 90 and Greater Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans modified in last 12 months | 54 | 1 |
Total commercial loans | Total commercial real estate loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans modified in last 12 months | 324 | 88 |
Total commercial loans | Total commercial real estate loans | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans modified in last 12 months | 232 | 84 |
Total commercial loans | Total commercial real estate loans | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans modified in last 12 months | 38 | 3 |
Total commercial loans | Total commercial real estate loans | 90 and Greater Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans modified in last 12 months | 54 | 1 |
Total commercial loans | Commercial mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans modified in last 12 months | 51 | 4 |
Total commercial loans | Commercial mortgage | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans modified in last 12 months | 29 | 4 |
Total commercial loans | Commercial mortgage | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans modified in last 12 months | 22 | 0 |
Total commercial loans | Commercial mortgage | 90 and Greater Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans modified in last 12 months | 0 | 0 |
Total commercial loans | Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans modified in last 12 months | 19 | 0 |
Total commercial loans | Construction | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans modified in last 12 months | 19 | 0 |
Total commercial loans | Construction | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans modified in last 12 months | 0 | 0 |
Total commercial loans | Construction | 90 and Greater Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans modified in last 12 months | 0 | 0 |
Total commercial loans | Commercial lease financing | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans modified in last 12 months | 0 | 0 |
Total commercial loans | Commercial lease financing | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans modified in last 12 months | 0 | 0 |
Total commercial loans | Commercial lease financing | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans modified in last 12 months | 0 | 0 |
Total commercial loans | Commercial lease financing | 90 and Greater Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans modified in last 12 months | 0 | 0 |
Total consumer loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans modified in last 12 months | 31 | 5 |
Total consumer loans | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans modified in last 12 months | 27 | 5 |
Total consumer loans | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans modified in last 12 months | 3 | 0 |
Total consumer loans | 90 and Greater Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans modified in last 12 months | 1 | 0 |
Total consumer loans | Real estate — residential mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans modified in last 12 months | 13 | 1 |
Total consumer loans | Real estate — residential mortgage | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans modified in last 12 months | 11 | 1 |
Total consumer loans | Real estate — residential mortgage | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans modified in last 12 months | 2 | 0 |
Total consumer loans | Real estate — residential mortgage | 90 and Greater Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans modified in last 12 months | 0 | 0 |
Total consumer loans | Home equity loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans modified in last 12 months | 11 | 2 |
Total consumer loans | Home equity loans | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans modified in last 12 months | 9 | 2 |
Total consumer loans | Home equity loans | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans modified in last 12 months | 1 | 0 |
Total consumer loans | Home equity loans | 90 and Greater Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans modified in last 12 months | 1 | 0 |
Total consumer loans | Other consumer loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans modified in last 12 months | 3 | 1 |
Total consumer loans | Other consumer loans | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans modified in last 12 months | 3 | 1 |
Total consumer loans | Other consumer loans | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans modified in last 12 months | 0 | 0 |
Total consumer loans | Other consumer loans | 90 and Greater Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans modified in last 12 months | 0 | 0 |
Total consumer loans | Credit cards | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans modified in last 12 months | 4 | 1 |
Total consumer loans | Credit cards | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans modified in last 12 months | 4 | 1 |
Total consumer loans | Credit cards | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans modified in last 12 months | 0 | 0 |
Total consumer loans | Credit cards | 90 and Greater Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans modified in last 12 months | $ 0 | $ 0 |
Asset Quality - Schedule of C_2
Asset Quality - Schedule of Changes in Liability for Credit Losses on Lending Related Commitments (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||
Balance at beginning of period | $ 296 | $ 225 |
Provision (credit) for losses on off balance sheet exposures | (14) | 51 |
Other | (1) | 0 |
Balance at end of period | $ 281 | $ 276 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Fair Value of Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
ASSETS MEASURED ON A RECURRING BASIS | ||
Total trading account securities | $ 1,171 | $ 1,142 |
Total securities available for sale | 37,298 | 37,185 |
Loans, net of unearned income (residential) | 109,885 | 112,606 |
Netting adjustments | (723) | (818) |
Total derivative assets | 205 | 181 |
LIABILITIES MEASURED ON A RECURRING BASIS | ||
Netting adjustments | (495) | (473) |
U.S. Treasury, agencies and corporations | ||
ASSETS MEASURED ON A RECURRING BASIS | ||
Total securities available for sale | 9,142 | 9,026 |
Agency residential mortgage-backed securities | ||
ASSETS MEASURED ON A RECURRING BASIS | ||
Total securities available for sale | 3,451 | 3,589 |
Agency commercial mortgage-backed securities | ||
ASSETS MEASURED ON A RECURRING BASIS | ||
Total securities available for sale | 8,989 | 9,092 |
Level 3 | Other | ||
ASSETS MEASURED ON A RECURRING BASIS | ||
Derivative assets | 1 | |
Recurring | ||
ASSETS MEASURED ON A RECURRING BASIS | ||
Total trading account securities | 1,168 | 1,139 |
Commercial loans | 3 | 3 |
Total trading account assets | 1,171 | 1,142 |
Total securities available for sale | 37,298 | 37,185 |
Total other investments | 64 | 63 |
Loans, net of unearned income (residential) | 9 | 9 |
Loans held for sale (residential) | 73 | 51 |
Derivative assets | 928 | 999 |
Netting adjustments | (723) | (818) |
Total derivative assets | 205 | 181 |
Total assets on a recurring basis at fair value | 38,820 | 38,631 |
LIABILITIES MEASURED ON A RECURRING BASIS | ||
Derivative liabilities | 1,887 | 1,777 |
Netting adjustments | (495) | (473) |
Total derivative liabilities | 1,392 | 1,304 |
Total liabilities on a recurring basis at fair value | 2,038 | 2,108 |
Recurring | Short positions | ||
LIABILITIES MEASURED ON A RECURRING BASIS | ||
Short positions | 646 | 804 |
Recurring | Interest rate | ||
ASSETS MEASURED ON A RECURRING BASIS | ||
Derivative assets | 122 | 173 |
LIABILITIES MEASURED ON A RECURRING BASIS | ||
Derivative liabilities | 1,122 | 985 |
Recurring | Foreign exchange | ||
ASSETS MEASURED ON A RECURRING BASIS | ||
Derivative assets | 92 | 89 |
LIABILITIES MEASURED ON A RECURRING BASIS | ||
Derivative liabilities | 74 | 73 |
Recurring | Commodity | ||
ASSETS MEASURED ON A RECURRING BASIS | ||
Derivative assets | 709 | 721 |
LIABILITIES MEASURED ON A RECURRING BASIS | ||
Derivative liabilities | 686 | 698 |
Recurring | Credit | ||
ASSETS MEASURED ON A RECURRING BASIS | ||
Derivative assets | 0 | 0 |
LIABILITIES MEASURED ON A RECURRING BASIS | ||
Derivative liabilities | 1 | 1 |
Recurring | Other | ||
ASSETS MEASURED ON A RECURRING BASIS | ||
Derivative assets | 5 | 16 |
LIABILITIES MEASURED ON A RECURRING BASIS | ||
Derivative liabilities | 4 | 20 |
Recurring | Agency residential collateralized mortgage obligations | ||
ASSETS MEASURED ON A RECURRING BASIS | ||
Total securities available for sale | 15,716 | 15,478 |
Recurring | Mortgage-backed securities | ||
ASSETS MEASURED ON A RECURRING BASIS | ||
Total trading account securities | 284 | 340 |
Recurring | U.S. Treasury, agencies and corporations | ||
ASSETS MEASURED ON A RECURRING BASIS | ||
Total trading account securities | 771 | 685 |
Total securities available for sale | 9,142 | 9,026 |
Recurring | States and political subdivisions | ||
ASSETS MEASURED ON A RECURRING BASIS | ||
Total trading account securities | 103 | 93 |
Recurring | Agency residential mortgage-backed securities | Mortgage-backed securities | ||
ASSETS MEASURED ON A RECURRING BASIS | ||
Total securities available for sale | 3,451 | 3,589 |
Recurring | Agency commercial mortgage-backed securities | ||
ASSETS MEASURED ON A RECURRING BASIS | ||
Total securities available for sale | 8,989 | 9,092 |
Recurring | Other securities | ||
ASSETS MEASURED ON A RECURRING BASIS | ||
Total trading account securities | 10 | 21 |
Total securities available for sale | 0 | 0 |
Recurring | Principal investments, Direct | ||
ASSETS MEASURED ON A RECURRING BASIS | ||
Total other investments | 0 | 0 |
Recurring | Principal Investments | ||
ASSETS MEASURED ON A RECURRING BASIS | ||
Total other investments | 17 | 17 |
Recurring | Equity Investments, Direct | ||
ASSETS MEASURED ON A RECURRING BASIS | ||
Total other investments | 2 | 2 |
Recurring | Equity Investments | ||
ASSETS MEASURED ON A RECURRING BASIS | ||
Total other investments | 47 | 46 |
Recurring | Level 1 | ||
ASSETS MEASURED ON A RECURRING BASIS | ||
Total trading account securities | 0 | 0 |
Commercial loans | 0 | 0 |
Total trading account assets | 0 | 0 |
Total securities available for sale | 0 | 0 |
Total other investments | 0 | 0 |
Loans, net of unearned income (residential) | 0 | 0 |
Loans held for sale (residential) | 0 | 0 |
Derivative assets | 77 | 74 |
Netting adjustments | 0 | 0 |
Total derivative assets | 77 | 74 |
Total assets on a recurring basis at fair value | 77 | 74 |
LIABILITIES MEASURED ON A RECURRING BASIS | ||
Derivative liabilities | 60 | 58 |
Netting adjustments | 0 | 0 |
Total derivative liabilities | 60 | 58 |
Total liabilities on a recurring basis at fair value | 81 | 88 |
Recurring | Level 1 | Short positions | ||
LIABILITIES MEASURED ON A RECURRING BASIS | ||
Short positions | 21 | 30 |
Recurring | Level 1 | Interest rate | ||
ASSETS MEASURED ON A RECURRING BASIS | ||
Derivative assets | 0 | 0 |
LIABILITIES MEASURED ON A RECURRING BASIS | ||
Derivative liabilities | 0 | 0 |
Recurring | Level 1 | Foreign exchange | ||
ASSETS MEASURED ON A RECURRING BASIS | ||
Derivative assets | 77 | 74 |
LIABILITIES MEASURED ON A RECURRING BASIS | ||
Derivative liabilities | 60 | 58 |
Recurring | Level 1 | Commodity | ||
ASSETS MEASURED ON A RECURRING BASIS | ||
Derivative assets | 0 | 0 |
LIABILITIES MEASURED ON A RECURRING BASIS | ||
Derivative liabilities | 0 | 0 |
Recurring | Level 1 | Credit | ||
ASSETS MEASURED ON A RECURRING BASIS | ||
Derivative assets | 0 | 0 |
LIABILITIES MEASURED ON A RECURRING BASIS | ||
Derivative liabilities | 0 | 0 |
Recurring | Level 1 | Other | ||
ASSETS MEASURED ON A RECURRING BASIS | ||
Derivative assets | 0 | 0 |
LIABILITIES MEASURED ON A RECURRING BASIS | ||
Derivative liabilities | 0 | 0 |
Recurring | Level 1 | Agency residential collateralized mortgage obligations | ||
ASSETS MEASURED ON A RECURRING BASIS | ||
Total securities available for sale | 0 | 0 |
Recurring | Level 1 | Mortgage-backed securities | ||
ASSETS MEASURED ON A RECURRING BASIS | ||
Total trading account securities | 0 | 0 |
Recurring | Level 1 | U.S. Treasury, agencies and corporations | ||
ASSETS MEASURED ON A RECURRING BASIS | ||
Total trading account securities | 0 | 0 |
Total securities available for sale | 0 | 0 |
Recurring | Level 1 | States and political subdivisions | ||
ASSETS MEASURED ON A RECURRING BASIS | ||
Total trading account securities | 0 | 0 |
Recurring | Level 1 | Agency residential mortgage-backed securities | Mortgage-backed securities | ||
ASSETS MEASURED ON A RECURRING BASIS | ||
Total securities available for sale | 0 | 0 |
Recurring | Level 1 | Agency commercial mortgage-backed securities | ||
ASSETS MEASURED ON A RECURRING BASIS | ||
Total securities available for sale | 0 | 0 |
Recurring | Level 1 | Other securities | ||
ASSETS MEASURED ON A RECURRING BASIS | ||
Total trading account securities | 0 | 0 |
Total securities available for sale | 0 | 0 |
Recurring | Level 1 | Principal investments, Direct | ||
ASSETS MEASURED ON A RECURRING BASIS | ||
Total other investments | 0 | 0 |
Recurring | Level 1 | Principal Investments | ||
ASSETS MEASURED ON A RECURRING BASIS | ||
Total other investments | 0 | 0 |
Recurring | Level 1 | Equity Investments, Direct | ||
ASSETS MEASURED ON A RECURRING BASIS | ||
Total other investments | 0 | 0 |
Recurring | Level 1 | Equity Investments | ||
ASSETS MEASURED ON A RECURRING BASIS | ||
Total other investments | 0 | 0 |
Recurring | Level 2 | ||
ASSETS MEASURED ON A RECURRING BASIS | ||
Total trading account securities | 1,168 | 1,139 |
Commercial loans | 3 | 3 |
Total trading account assets | 1,171 | 1,142 |
Total securities available for sale | 37,298 | 37,185 |
Total other investments | 0 | 0 |
Loans, net of unearned income (residential) | 0 | 0 |
Loans held for sale (residential) | 73 | 51 |
Derivative assets | 850 | 925 |
Netting adjustments | 0 | 0 |
Total derivative assets | 850 | 925 |
Total assets on a recurring basis at fair value | 39,392 | 39,303 |
LIABILITIES MEASURED ON A RECURRING BASIS | ||
Derivative liabilities | 1,827 | 1,719 |
Netting adjustments | 0 | 0 |
Total derivative liabilities | 1,827 | 1,719 |
Total liabilities on a recurring basis at fair value | 2,452 | 2,493 |
Recurring | Level 2 | Short positions | ||
LIABILITIES MEASURED ON A RECURRING BASIS | ||
Short positions | 625 | 774 |
Recurring | Level 2 | Interest rate | ||
ASSETS MEASURED ON A RECURRING BASIS | ||
Derivative assets | 122 | 175 |
LIABILITIES MEASURED ON A RECURRING BASIS | ||
Derivative liabilities | 1,122 | 985 |
Recurring | Level 2 | Foreign exchange | ||
ASSETS MEASURED ON A RECURRING BASIS | ||
Derivative assets | 15 | 15 |
LIABILITIES MEASURED ON A RECURRING BASIS | ||
Derivative liabilities | 14 | 15 |
Recurring | Level 2 | Commodity | ||
ASSETS MEASURED ON A RECURRING BASIS | ||
Derivative assets | 709 | 721 |
LIABILITIES MEASURED ON A RECURRING BASIS | ||
Derivative liabilities | 686 | 698 |
Recurring | Level 2 | Credit | ||
ASSETS MEASURED ON A RECURRING BASIS | ||
Derivative assets | 0 | 0 |
LIABILITIES MEASURED ON A RECURRING BASIS | ||
Derivative liabilities | 1 | 1 |
Recurring | Level 2 | Other | ||
ASSETS MEASURED ON A RECURRING BASIS | ||
Derivative assets | 4 | 14 |
LIABILITIES MEASURED ON A RECURRING BASIS | ||
Derivative liabilities | 4 | 20 |
Recurring | Level 2 | Agency residential collateralized mortgage obligations | ||
ASSETS MEASURED ON A RECURRING BASIS | ||
Total securities available for sale | 15,716 | 15,478 |
Recurring | Level 2 | Mortgage-backed securities | ||
ASSETS MEASURED ON A RECURRING BASIS | ||
Total trading account securities | 284 | 340 |
Recurring | Level 2 | U.S. Treasury, agencies and corporations | ||
ASSETS MEASURED ON A RECURRING BASIS | ||
Total trading account securities | 771 | 685 |
Total securities available for sale | 9,142 | 9,026 |
Recurring | Level 2 | States and political subdivisions | ||
ASSETS MEASURED ON A RECURRING BASIS | ||
Total trading account securities | 103 | 93 |
Recurring | Level 2 | Agency residential mortgage-backed securities | Mortgage-backed securities | ||
ASSETS MEASURED ON A RECURRING BASIS | ||
Total securities available for sale | 3,451 | 3,589 |
Recurring | Level 2 | Agency commercial mortgage-backed securities | ||
ASSETS MEASURED ON A RECURRING BASIS | ||
Total securities available for sale | 8,989 | 9,092 |
Recurring | Level 2 | Other securities | ||
ASSETS MEASURED ON A RECURRING BASIS | ||
Total trading account securities | 10 | 21 |
Total securities available for sale | 0 | 0 |
Recurring | Level 2 | Principal investments, Direct | ||
ASSETS MEASURED ON A RECURRING BASIS | ||
Total other investments | 0 | 0 |
Recurring | Level 2 | Principal Investments | ||
ASSETS MEASURED ON A RECURRING BASIS | ||
Total other investments | 0 | 0 |
Recurring | Level 2 | Equity Investments, Direct | ||
ASSETS MEASURED ON A RECURRING BASIS | ||
Total other investments | 0 | 0 |
Recurring | Level 2 | Equity Investments | ||
ASSETS MEASURED ON A RECURRING BASIS | ||
Total other investments | 0 | 0 |
Recurring | Level 3 | ||
ASSETS MEASURED ON A RECURRING BASIS | ||
Total trading account securities | 0 | 0 |
Commercial loans | 0 | 0 |
Total trading account assets | 0 | 0 |
Total securities available for sale | 0 | 0 |
Total other investments | 2 | 2 |
Loans, net of unearned income (residential) | 9 | 9 |
Loans held for sale (residential) | 0 | 0 |
Derivative assets | 1 | 0 |
Netting adjustments | 0 | 0 |
Total derivative assets | 1 | 0 |
Total assets on a recurring basis at fair value | 12 | 11 |
LIABILITIES MEASURED ON A RECURRING BASIS | ||
Derivative liabilities | 0 | 0 |
Netting adjustments | 0 | 0 |
Total derivative liabilities | 0 | 0 |
Total liabilities on a recurring basis at fair value | 0 | 0 |
Recurring | Level 3 | Short positions | ||
LIABILITIES MEASURED ON A RECURRING BASIS | ||
Short positions | 0 | 0 |
Recurring | Level 3 | Interest rate | ||
ASSETS MEASURED ON A RECURRING BASIS | ||
Derivative assets | 0 | (2) |
LIABILITIES MEASURED ON A RECURRING BASIS | ||
Derivative liabilities | 0 | 0 |
Recurring | Level 3 | Foreign exchange | ||
ASSETS MEASURED ON A RECURRING BASIS | ||
Derivative assets | 0 | 0 |
LIABILITIES MEASURED ON A RECURRING BASIS | ||
Derivative liabilities | 0 | 0 |
Recurring | Level 3 | Commodity | ||
ASSETS MEASURED ON A RECURRING BASIS | ||
Derivative assets | 0 | 0 |
LIABILITIES MEASURED ON A RECURRING BASIS | ||
Derivative liabilities | 0 | 0 |
Recurring | Level 3 | Credit | ||
ASSETS MEASURED ON A RECURRING BASIS | ||
Derivative assets | 0 | 0 |
LIABILITIES MEASURED ON A RECURRING BASIS | ||
Derivative liabilities | 0 | 0 |
Recurring | Level 3 | Other | ||
ASSETS MEASURED ON A RECURRING BASIS | ||
Derivative assets | 2 | |
LIABILITIES MEASURED ON A RECURRING BASIS | ||
Derivative liabilities | 0 | 0 |
Recurring | Level 3 | Agency residential collateralized mortgage obligations | ||
ASSETS MEASURED ON A RECURRING BASIS | ||
Total securities available for sale | 0 | 0 |
Recurring | Level 3 | Mortgage-backed securities | ||
ASSETS MEASURED ON A RECURRING BASIS | ||
Total trading account securities | 0 | 0 |
Recurring | Level 3 | U.S. Treasury, agencies and corporations | ||
ASSETS MEASURED ON A RECURRING BASIS | ||
Total trading account securities | 0 | 0 |
Total securities available for sale | 0 | 0 |
Recurring | Level 3 | States and political subdivisions | ||
ASSETS MEASURED ON A RECURRING BASIS | ||
Total trading account securities | 0 | 0 |
Recurring | Level 3 | Agency residential mortgage-backed securities | Mortgage-backed securities | ||
ASSETS MEASURED ON A RECURRING BASIS | ||
Total securities available for sale | 0 | 0 |
Recurring | Level 3 | Agency commercial mortgage-backed securities | ||
ASSETS MEASURED ON A RECURRING BASIS | ||
Total securities available for sale | 0 | 0 |
Recurring | Level 3 | Other securities | ||
ASSETS MEASURED ON A RECURRING BASIS | ||
Total trading account securities | 0 | 0 |
Total securities available for sale | 0 | 0 |
Recurring | Level 3 | Principal investments, Direct | ||
ASSETS MEASURED ON A RECURRING BASIS | ||
Total other investments | 0 | 0 |
Recurring | Level 3 | Principal Investments | ||
ASSETS MEASURED ON A RECURRING BASIS | ||
Total other investments | 0 | 0 |
Recurring | Level 3 | Equity Investments, Direct | ||
ASSETS MEASURED ON A RECURRING BASIS | ||
Total other investments | 2 | 2 |
Recurring | Level 3 | Equity Investments | ||
ASSETS MEASURED ON A RECURRING BASIS | ||
Total other investments | 2 | 2 |
Recurring | Measured at NAV | Indirect investments | Variable Interest Entity, Not Primary Beneficiary | ||
ASSETS MEASURED ON A RECURRING BASIS | ||
Total other investments | 17 | 17 |
Recurring | Measured at NAV | Equity Investments Direct, NAV | ||
ASSETS MEASURED ON A RECURRING BASIS | ||
Total other investments | 41 | 40 |
Recurring | Measured at NAV | Equity Investments Indirect, NAV | ||
ASSETS MEASURED ON A RECURRING BASIS | ||
Total other investments | $ 4 | $ 4 |
Fair Value Measurements - Sch_2
Fair Value Measurements - Schedule of Fair Value of Direct and Indirect Investments, Related Unfunded Commitments and Financial Support Provided (Details) - Principal Investments - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | $ 17 | |
Unfunded Commit-ments | 1 | |
Funded Commit-ments | 0 | $ 0 |
Funded Other | 0 | 0 |
Direct investments | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | 0 | |
Unfunded Commit-ments | 0 | |
Funded Commit-ments | 0 | 0 |
Funded Other | 0 | 0 |
Indirect investments (measured at NAV) | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | 17 | |
Unfunded Commit-ments | 1 | |
Funded Commit-ments | 0 | 0 |
Funded Other | $ 0 | $ 0 |
Fair Value Measurements - Sch_3
Fair Value Measurements - Schedule of Change in Fair Values of Level 3 Financial Instruments (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Interest rate | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Beginning of Period Balance | $ (2) | $ 2 |
Gains (Losses) Included in Other Comprehensive Income | 0 | 0 |
Gains (Losses) Included in Earnings | (4) | 6 |
Purchases | 1 | 18 |
Sales | 0 | (1) |
Settlements | 0 | 0 |
Transfers Other | 0 | 0 |
Transfers into Level 3 | 2 | (8) |
Transfers out of Level 3 | 3 | (4) |
End of Period Balance | 0 | 13 |
Unrealized Gains (Losses) Included in Earnings | 0 | 0 |
Credit | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Beginning of Period Balance | 0 | (2) |
Gains (Losses) Included in Other Comprehensive Income | 0 | 0 |
Gains (Losses) Included in Earnings | 0 | 1 |
Purchases | 0 | 0 |
Sales | 0 | 0 |
Settlements | 0 | 0 |
Transfers Other | 0 | 0 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
End of Period Balance | 0 | (1) |
Unrealized Gains (Losses) Included in Earnings | 0 | 0 |
Other | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Beginning of Period Balance | 2 | 0 |
Gains (Losses) Included in Other Comprehensive Income | 0 | 0 |
Gains (Losses) Included in Earnings | 0 | 0 |
Purchases | 0 | 0 |
Sales | 0 | 0 |
Settlements | 0 | 0 |
Transfers Other | (1) | 1 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
End of Period Balance | 1 | 1 |
Unrealized Gains (Losses) Included in Earnings | 0 | 0 |
Loans, net of unearned income (residential) | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Beginning of Period Balance | 9 | 9 |
Gains (Losses) Included in Other Comprehensive Income | 0 | 0 |
Gains (Losses) Included in Earnings | 0 | 0 |
Purchases | 0 | 0 |
Sales | 0 | 0 |
Settlements | 0 | 0 |
Transfers Other | 0 | 0 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
End of Period Balance | 9 | 9 |
Unrealized Gains (Losses) Included in Earnings | 0 | 0 |
Other investments | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Beginning of Period Balance | 2 | 2 |
Gains (Losses) Included in Other Comprehensive Income | 0 | |
Gains (Losses) Included in Earnings | 0 | 0 |
Purchases | 0 | 0 |
Sales | 0 | 0 |
Settlements | 0 | 0 |
Transfers Other | 0 | 0 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
End of Period Balance | 2 | 2 |
Unrealized Gains (Losses) Included in Earnings | $ 0 | 0 |
Other investments | Principal investments, Direct | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Beginning of Period Balance | 1 | |
Gains (Losses) Included in Other Comprehensive Income | 0 | |
Gains (Losses) Included in Earnings | 0 | |
Purchases | 0 | |
Sales | 0 | |
Settlements | 0 | |
Transfers Other | 0 | |
Transfers into Level 3 | 0 | |
Transfers out of Level 3 | 0 | |
End of Period Balance | 1 | |
Unrealized Gains (Losses) Included in Earnings | $ 0 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other equity investments | $ 359,000,000 | $ 339,000,000 |
Impairment loss | 0 | |
Loans, net of allowance | 108,343,000,000 | 111,098,000,000 |
Fair Value | Education Lending | Discontinued operations | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans, net of allowance | 235,000,000 | 264,000,000 |
Fair Value | Nonrecurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities measured at fair value on non recurring basis | 0 | 0 |
Carrying Amount | Education Lending | Discontinued operations | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans, net of allowance | $ 313,000,000 | $ 339,000,000 |
Fair Value Measurements - Sch_4
Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on Nonrecurring Basis (Details) - Nonrecurring - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
ASSETS MEASURED ON A NONRECURRING BASIS | ||
Collateral-dependent loans | $ 207 | $ 104 |
Accrued income and other assets | 25 | 29 |
Total assets on a recurring basis at fair value | 232 | 133 |
Level 1 | ||
ASSETS MEASURED ON A NONRECURRING BASIS | ||
Collateral-dependent loans | 0 | 0 |
Accrued income and other assets | 0 | 0 |
Total assets on a recurring basis at fair value | 0 | 0 |
Level 2 | ||
ASSETS MEASURED ON A NONRECURRING BASIS | ||
Collateral-dependent loans | 0 | 0 |
Accrued income and other assets | 0 | 0 |
Total assets on a recurring basis at fair value | 0 | 0 |
Level 3 | ||
ASSETS MEASURED ON A NONRECURRING BASIS | ||
Collateral-dependent loans | 207 | 104 |
Accrued income and other assets | 25 | 29 |
Total assets on a recurring basis at fair value | $ 232 | $ 133 |
Fair Value Measurements - Sch_5
Fair Value Measurements - Schedule of Quantitative Information about Level 3 Fair Value Measurements (Details) $ in Millions | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Derivative assets | $ 205 | $ 181 |
Mortgage servicing assets excluded from OREO | 9 | 8 |
Recurring | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Derivative assets | 205 | 181 |
Nonrecurring | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Collateral-dependent loans | 207 | 104 |
Level 3 | Recurring | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Derivative assets | 1 | 0 |
Insignificant level 3 assets, net of liabilities | 3 | 4 |
Level 3 | Nonrecurring | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Collateral-dependent loans | 207 | 104 |
Market comparable pricing | Level 3 | Recurring | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Loans, net of unearned income (residential) | $ 9 | $ 9 |
Market comparable pricing | Level 3 | Recurring | Comparability factor | Minimum | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Loans, net of unearned income (residential), measurement input | 0.6267 | 0.6267 |
Market comparable pricing | Level 3 | Recurring | Comparability factor | Maximum | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Loans, net of unearned income (residential), measurement input | 0.8960 | 0.8960 |
Market comparable pricing | Level 3 | Recurring | Comparability factor | Weighted Average | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Loans, net of unearned income (residential), measurement input | 0.7084 | 0.7083 |
Discounted cash flow | Level 3 | Recurring | Interest rate | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Derivative assets | $ 0 | $ 2 |
Discounted cash flow | Level 3 | Recurring | Interest rate | Probability of default | Minimum | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Derivative assets, measurement input | 0.0002 | 0.0002 |
Discounted cash flow | Level 3 | Recurring | Interest rate | Probability of default | Maximum | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Derivative assets, measurement input | 1 | 1 |
Discounted cash flow | Level 3 | Recurring | Interest rate | Probability of default | Weighted Average | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Derivative assets, measurement input | 0.0690 | 0.0530 |
Discounted cash flow | Level 3 | Recurring | Interest rate | Loss given default | Minimum | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Derivative assets, measurement input | 0 | 0 |
Discounted cash flow | Level 3 | Recurring | Interest rate | Loss given default | Maximum | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Derivative assets, measurement input | 1 | 1 |
Discounted cash flow | Level 3 | Recurring | Interest rate | Loss given default | Weighted Average | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Derivative assets, measurement input | 0.500 | 0.477 |
Fair value of collateral | Level 3 | Nonrecurring | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Collateral-dependent loans | $ 207 | $ 104 |
Fair value of collateral | Level 3 | Nonrecurring | Credit and liquidity discount | Minimum | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Collateral-dependent loans, measurement input | 0 | 0 |
Fair value of collateral | Level 3 | Nonrecurring | Credit and liquidity discount | Maximum | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Collateral-dependent loans, measurement input | 0.9000 | 0.1000 |
Fair value of collateral | Level 3 | Nonrecurring | Credit and liquidity discount | Weighted Average | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Collateral-dependent loans, measurement input | 0.1600 | 0.0500 |
Appraised value | Level 3 | Nonrecurring | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
OREO and other Level 3 assets | $ 16 | $ 21 |
Fair Value Measurements - Sch_6
Fair Value Measurements - Schedule of Fair Value Disclosures of Financial Instruments (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | |
ASSETS | |||
Trading account assets | $ 1,171 | $ 1,142 | |
Derivative assets | 205 | 181 | |
Securities available for sale | 37,298 | 37,185 | |
Held to maturity securities | 8,272 | 8,575 | |
Loans, net of unearned income (residential) | 109,885 | 112,606 | |
Loans held for sale | [1] | 228 | 483 |
LIABILITIES | |||
Long-term debt, carrying amount | 20,776 | 19,554 | |
Carrying Amount | |||
ASSETS | |||
Trading account assets | 1,171 | 1,142 | |
Other investments | 1,247 | 1,244 | |
Loans, net of unearned income (residential) | 9 | 9 | |
Loans held for sale (residential) | 73 | 51 | |
Securities available for sale | 37,298 | 37,185 | |
Held to maturity securities | 8,272 | 8,575 | |
Loans, net of unearned income (residential) | 108,334 | 111,089 | |
Loans held for sale | 155 | 432 | |
Cash and other short-term investments | 14,452 | 11,758 | |
LIABILITIES | |||
Time deposits, carrying amount | 15,075 | 14,776 | |
Short-term borrowings, carrying amount | 2,923 | 3,091 | |
Long-term debt, carrying amount | 20,776 | 19,554 | |
Deposits with no stated maturity | 129,156 | 130,811 | |
Carrying Amount | Derivatives Not Designated as Hedging Instruments | |||
ASSETS | |||
Derivative assets | 205 | 168 | |
LIABILITIES | |||
Derivative liabilities | 1,392 | 1,304 | |
Carrying Amount | Derivatives Designated as Hedging Instruments | |||
ASSETS | |||
Derivative assets | 0 | 13 | |
LIABILITIES | |||
Derivative liabilities | 0 | 0 | |
Fair Value | |||
ASSETS | |||
Trading account assets | 1,171 | 1,142 | |
Other investments | 1,247 | 1,244 | |
Loans, net of unearned income (residential) | 9 | 9 | |
Loans held for sale (residential) | 73 | 51 | |
Securities available for sale | 37,298 | 37,185 | |
Held to maturity securities | 7,680 | 8,056 | |
Loans, net of unearned income (residential) | 103,566 | 105,950 | |
Loans held for sale | 155 | 432 | |
Cash and other short-term investments | 14,452 | 11,758 | |
LIABILITIES | |||
Time deposits, fair value | 15,259 | 14,911 | |
Short-term borrowings, fair value | 2,923 | 3,091 | |
Long-term debt, fair value | 20,233 | 19,008 | |
Deposits with no stated maturity | 129,156 | 130,811 | |
Fair Value | Derivatives Not Designated as Hedging Instruments | |||
ASSETS | |||
Derivative assets | 205 | 168 | |
Derivative assets, Netting Adjustment | (715) | (792) | |
LIABILITIES | |||
Derivative liabilities | 1,392 | 1,304 | |
Derivative liabilities, Netting Adjustment | (492) | (461) | |
Fair Value | Derivatives Designated as Hedging Instruments | |||
ASSETS | |||
Derivative assets | 0 | 13 | |
Derivative assets, Netting Adjustment | (8) | (26) | |
LIABILITIES | |||
Derivative liabilities | 0 | 0 | |
Derivative liabilities, Netting Adjustment | (3) | (12) | |
Fair Value | Level 1 | |||
ASSETS | |||
Trading account assets | 0 | 0 | |
Other investments | 0 | 0 | |
Loans, net of unearned income (residential) | 0 | 0 | |
Loans held for sale (residential) | 0 | 0 | |
Securities available for sale | 0 | 0 | |
Held to maturity securities | 0 | 0 | |
Loans, net of unearned income (residential) | 0 | 0 | |
Loans held for sale | 0 | 0 | |
Cash and other short-term investments | 14,452 | 11,758 | |
LIABILITIES | |||
Time deposits, fair value | 0 | 0 | |
Short-term borrowings, fair value | 21 | 30 | |
Long-term debt, fair value | 12,192 | 11,288 | |
Deposits with no stated maturity | 0 | 0 | |
Fair Value | Level 1 | Derivatives Not Designated as Hedging Instruments | |||
ASSETS | |||
Derivative assets | 77 | 74 | |
LIABILITIES | |||
Derivative liabilities | 60 | 58 | |
Fair Value | Level 1 | Derivatives Designated as Hedging Instruments | |||
ASSETS | |||
Derivative assets | 0 | 0 | |
LIABILITIES | |||
Derivative liabilities | 0 | 0 | |
Fair Value | Level 2 | |||
ASSETS | |||
Trading account assets | 1,171 | 1,142 | |
Other investments | 0 | 0 | |
Loans, net of unearned income (residential) | 0 | 0 | |
Loans held for sale (residential) | 73 | 51 | |
Securities available for sale | 37,298 | 37,185 | |
Held to maturity securities | 7,680 | 8,056 | |
Loans, net of unearned income (residential) | 0 | 0 | |
Loans held for sale | 0 | 0 | |
Cash and other short-term investments | 0 | 0 | |
LIABILITIES | |||
Time deposits, fair value | 15,259 | 14,911 | |
Short-term borrowings, fair value | 2,902 | 3,061 | |
Long-term debt, fair value | 8,041 | 7,720 | |
Deposits with no stated maturity | 129,156 | 130,811 | |
Fair Value | Level 2 | Derivatives Not Designated as Hedging Instruments | |||
ASSETS | |||
Derivative assets | 842 | 886 | |
LIABILITIES | |||
Derivative liabilities | 1,824 | 1,707 | |
Fair Value | Level 2 | Derivatives Designated as Hedging Instruments | |||
ASSETS | |||
Derivative assets | 8 | 39 | |
LIABILITIES | |||
Derivative liabilities | 3 | 12 | |
Fair Value | Level 3 | |||
ASSETS | |||
Trading account assets | 0 | 0 | |
Other investments | 1,186 | 1,183 | |
Loans, net of unearned income (residential) | 9 | 9 | |
Loans held for sale (residential) | 0 | 0 | |
Securities available for sale | 0 | 0 | |
Held to maturity securities | 0 | 0 | |
Loans, net of unearned income (residential) | 103,566 | 105,950 | |
Loans held for sale | 155 | 432 | |
Cash and other short-term investments | 0 | 0 | |
LIABILITIES | |||
Time deposits, fair value | 0 | 0 | |
Short-term borrowings, fair value | 0 | 0 | |
Long-term debt, fair value | 0 | 0 | |
Deposits with no stated maturity | 0 | 0 | |
Fair Value | Level 3 | Derivatives Not Designated as Hedging Instruments | |||
ASSETS | |||
Derivative assets | 1 | 0 | |
LIABILITIES | |||
Derivative liabilities | 0 | 0 | |
Fair Value | Level 3 | Derivatives Designated as Hedging Instruments | |||
ASSETS | |||
Derivative assets | 0 | 0 | |
LIABILITIES | |||
Derivative liabilities | 0 | 0 | |
Fair Value | Measured at NAV | |||
ASSETS | |||
Other investments | $ 61 | $ 61 | |
[1] Total loans held for sale include real estate — residential mortgage loans held for sale at fair value of $73 million at March 31, 2024, and $51 million at December 31, 2023. |
Securities - Schedule of Detail
Securities - Schedule of Details of Securities (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
SECURITIES AVAILABLE FOR SALE | ||
Amortized Cost | $ 43,005 | $ 42,695 |
Gross Unrealized Gains | 7 | 10 |
Gross Unrealized Losses | 5,714 | 5,520 |
Fair Value | 37,298 | 37,185 |
HELD-TO-MATURITY SECURITIES | ||
Total | 8,272 | 8,575 |
Gross Unrealized Gains | 2 | 10 |
Gross Unrealized Losses | 594 | 529 |
Fair Value | 7,680 | 8,056 |
Debt securities, available for sale, accrued interest | 69 | 64 |
Debt securities, held to maturity, accrued interest | 24 | 25 |
U.S. Treasury, agencies and corporations | ||
SECURITIES AVAILABLE FOR SALE | ||
Amortized Cost | 9,354 | 9,300 |
Gross Unrealized Gains | 1 | 6 |
Gross Unrealized Losses | 213 | 280 |
Fair Value | 9,142 | 9,026 |
Agency residential collateralized mortgage obligations | ||
SECURITIES AVAILABLE FOR SALE | ||
Amortized Cost | 19,285 | 18,911 |
Gross Unrealized Gains | 6 | 4 |
Gross Unrealized Losses | 3,575 | 3,437 |
Fair Value | 15,716 | 15,478 |
HELD-TO-MATURITY SECURITIES | ||
Total | 5,025 | 5,170 |
Gross Unrealized Gains | 2 | 9 |
Gross Unrealized Losses | 341 | 283 |
Fair Value | 4,686 | 4,896 |
Agency residential mortgage-backed securities | ||
SECURITIES AVAILABLE FOR SALE | ||
Amortized Cost | 4,090 | 4,189 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 639 | 600 |
Fair Value | 3,451 | 3,589 |
HELD-TO-MATURITY SECURITIES | ||
Total | 162 | 165 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 17 | 13 |
Fair Value | 145 | 152 |
Agency commercial mortgage-backed securities | ||
SECURITIES AVAILABLE FOR SALE | ||
Amortized Cost | 10,276 | 10,295 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 1,287 | 1,203 |
Fair Value | 8,989 | 9,092 |
HELD-TO-MATURITY SECURITIES | ||
Total | 2,448 | 2,473 |
Gross Unrealized Gains | 0 | 1 |
Gross Unrealized Losses | 216 | 204 |
Fair Value | 2,232 | 2,270 |
Asset-backed securities | ||
HELD-TO-MATURITY SECURITIES | ||
Total | 611 | 738 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 19 | 29 |
Fair Value | 592 | 709 |
Debt securities, held-to-maturity, purchase of senior notes | 606 | 731 |
Other securities | ||
HELD-TO-MATURITY SECURITIES | ||
Total | 26 | 29 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 1 | 0 |
Fair Value | $ 25 | $ 29 |
Securities - Schedule of Availa
Securities - Schedule of Available for Sale Securities in an Unrealized Loss Position (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Held-to-maturity securities: | ||
Temporarily impaired securities, fair value, less than 12 months | $ 2,745 | $ 2,055 |
Temporarily impaired securities, gross unrealized losses, less than 12 months | 84 | 79 |
Temporarily impaired securities, fair value, 12 months or longer | 40,483 | 41,416 |
Temporarily impaired securities, gross unrealized losses, 12 months or longer | 6,224 | 5,970 |
Temporarily impaired securities, fair value | 43,228 | 43,471 |
Temporarily impaired securities, gross unrealized losses | 6,308 | 6,049 |
U.S. Treasury, agencies and corporations | ||
Securities available for sale: | ||
Fair value, less than 12 months | 960 | 0 |
Gross unrealized losses, less than 12 months | 5 | 0 |
Fair value, 12 months or longer | 7,939 | 8,532 |
Gross unrealized losses, 12 months or longer | 208 | 280 |
Fair Value | 8,899 | 8,532 |
Gross Unrealized Losses | 213 | 280 |
Agency residential collateralized mortgage obligations | ||
Securities available for sale: | ||
Fair value, less than 12 months | 200 | 0 |
Gross unrealized losses, less than 12 months | 1 | 0 |
Fair value, 12 months or longer | 14,471 | 14,979 |
Gross unrealized losses, 12 months or longer | 3,574 | 3,437 |
Fair Value | 14,671 | 14,979 |
Gross Unrealized Losses | 3,575 | 3,437 |
Held-to-maturity securities: | ||
Fair value, less than 12 months | 716 | 1,123 |
Gross unrealized losses, less than 12 months | 16 | 30 |
Fair value, 12 months or longer | 3,563 | 3,070 |
Gross unrealized losses, 12 months or longer | 325 | 253 |
Fair Value | 4,279 | 4,193 |
Gross Unrealized Losses | 341 | 283 |
Agency residential mortgage-backed securities | ||
Securities available for sale: | ||
Fair value, less than 12 months | 0 | 24 |
Gross unrealized losses, less than 12 months | 0 | 0 |
Fair value, 12 months or longer | 3,448 | 3,562 |
Gross unrealized losses, 12 months or longer | 639 | 600 |
Fair Value | 3,448 | 3,586 |
Gross Unrealized Losses | 639 | 600 |
Held-to-maturity securities: | ||
Fair value, less than 12 months | 0 | 0 |
Gross unrealized losses, less than 12 months | 0 | 0 |
Fair value, 12 months or longer | 145 | 152 |
Gross unrealized losses, 12 months or longer | 17 | 13 |
Fair Value | 145 | 152 |
Gross Unrealized Losses | 17 | 13 |
Agency commercial mortgage-backed securities | ||
Securities available for sale: | ||
Fair value, less than 12 months | 836 | 891 |
Gross unrealized losses, less than 12 months | 62 | 49 |
Fair value, 12 months or longer | 8,153 | 8,201 |
Gross unrealized losses, 12 months or longer | 1,225 | 1,154 |
Fair Value | 8,989 | 9,092 |
Gross Unrealized Losses | 1,287 | 1,203 |
Held-to-maturity securities: | ||
Fair value, less than 12 months | 23 | 0 |
Gross unrealized losses, less than 12 months | 0 | 0 |
Fair value, 12 months or longer | 2,162 | 2,199 |
Gross unrealized losses, 12 months or longer | 216 | 204 |
Fair Value | 2,185 | 2,199 |
Gross Unrealized Losses | 216 | 204 |
Asset-backed securities | ||
Held-to-maturity securities: | ||
Fair value, less than 12 months | 0 | 0 |
Gross unrealized losses, less than 12 months | 0 | 0 |
Fair value, 12 months or longer | 592 | 709 |
Gross unrealized losses, 12 months or longer | 19 | 29 |
Fair Value | 592 | 709 |
Gross Unrealized Losses | 19 | 29 |
Other securities | ||
Held-to-maturity securities: | ||
Fair value, less than 12 months | 10 | 17 |
Gross unrealized losses, less than 12 months | 0 | 0 |
Fair value, 12 months or longer | 10 | 12 |
Gross unrealized losses, 12 months or longer | 1 | 0 |
Fair Value | 20 | 29 |
Gross Unrealized Losses | $ 1 | $ 0 |
Securities - Narrative (Details
Securities - Narrative (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | ||
Gross realized gains | $ 0 | $ 0 |
Gross realized losses | 2,800,000 | $ 0 |
Securities pledged to secure securities sold under repurchase agreements | $ 23,800,000,000 |
Securities - Schedule of Securi
Securities - Schedule of Securities by Maturity (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Securities Available for Sale, Amortized Cost | ||
Due in one year or less | $ 7,707 | |
Due after one through five years | 9,648 | |
Due after five through ten years | 18,828 | |
Due after ten years | 6,822 | |
Total | 43,005 | |
Securities Available for Sale, Fair Value | ||
Due in one year or less | 7,539 | |
Due after one through five years | 8,923 | |
Due after five through ten years | 15,614 | |
Due after ten years | 5,222 | |
Total | 37,298 | $ 37,185 |
Held-to-Maturity Securities, Amortized Cost | ||
Due in one year or less | 624 | |
Due after one through five years | 4,164 | |
Due after five through ten years | 2,382 | |
Due after ten years | 1,102 | |
Total | 8,272 | 8,575 |
Held-to-Maturity Securities, Fair Value | ||
Due in one year or less | 604 | |
Due after one through five years | 3,916 | |
Due after five through ten years | 2,145 | |
Due after ten years | 1,015 | |
Total | $ 7,680 | $ 8,056 |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities - Narrative (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 USD ($) group | Dec. 31, 2023 USD ($) | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Derivative assets after effects of bilateral collateral and master netting agreements (less than) | $ 1 | |
Derivative liabilities after effects of bilateral collateral and master netting agreements (less than) | 1 | |
Derivative assets not designated as hedging instruments after effects of bilateral collateral and master netting agreements, and a reserve for potential future losses | 205 | |
Derivative liabilities not designated as hedging instruments after effects of bilateral collateral and master netting agreements, and a reserve for potential future losses | 1,400 | |
Reclassify of after-tax net losses on derivative instruments from AOCI | 438 | |
Reclassification of net losses related to terminated cash flow hedges from AOCI to income | $ 114 | |
Maximum length of time over which forecasted transactions are hedged (in years) | 3 years 9 months 14 days | |
Cash collateral netted against derivative assets | $ 360 | $ 408 |
Collateral netted against derivative liabilities | $ 132 | 64 |
Number of derivative transactions group | group | 2 | |
Gross exposure on derivatives, after taking into account the effects of bilateral collateral and master netting agreements | $ 489 | |
Net exposure on derivatives, after taking into account, the effects of bilateral collateral and master netting agreements | 11 | |
Over-collateralization on derivatives to broker-dealers and banks, after the application of master netting agreements and collateral | 8 | |
Additional collateral aggregate fair value | 3 | |
Default reserve associated with uncollateralized contracts | 5 | |
Gross exposure on derivatives after taking into account effects of master netting agreements | 219 | |
Net exposure on derivatives with clients after application of master netting agreements collateral and related reserve | 194 | |
Net liability position | $ 1 | $ 1 |
Derivatives and Hedging Activ_4
Derivatives and Hedging Activities - Schedule of Fair Values, Volume of Activity and Gain (Loss) Information Related to Derivative Instruments (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Derivatives, Fair Value [Line Items] | ||
Notional Amount | $ 135,657 | $ 143,121 |
Derivative assets, netting adjustments | (723) | (818) |
Derivative Assets, net | 193 | 180 |
Derivative liabilities, netting adjustments | (495) | (473) |
Derivative Liabilities, net | 1,389 | 1,286 |
Amount of offset in excess of collateral posted | 185 | 161 |
Amount of offset in excess of securities collateral posted | 291 | 269 |
Amount of offset in excess of cash collateral held | 14 | 16 |
Amount of offset in excess of securities collateral held | 108 | 212 |
Derivatives Not Designated as Hedging Instruments | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 94,185 | 98,500 |
Derivative Assets | 920 | 960 |
Derivative Liabilities | 1,884 | 1,765 |
Interest rate | Derivatives Designated as Hedging Instruments | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 41,472 | 44,621 |
Derivative Assets | 8 | 39 |
Derivative Liabilities | 3 | 12 |
Interest rate | Derivatives Not Designated as Hedging Instruments | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 74,930 | 78,051 |
Derivative Assets | 114 | 134 |
Derivative Liabilities | 1,119 | 973 |
Foreign exchange | Derivatives Not Designated as Hedging Instruments | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 6,356 | 6,034 |
Derivative Assets | 92 | 89 |
Derivative Liabilities | 74 | 73 |
Commodity | Derivatives Not Designated as Hedging Instruments | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 11,247 | 11,611 |
Derivative Assets | 709 | 721 |
Derivative Liabilities | 686 | 698 |
Credit | Derivatives Not Designated as Hedging Instruments | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 113 | 121 |
Derivative Assets | 0 | 0 |
Derivative Liabilities | 1 | 1 |
Other | Derivatives Not Designated as Hedging Instruments | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 1,539 | 2,683 |
Derivative Assets | 5 | 16 |
Derivative Liabilities | 4 | 20 |
Net derivatives | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 135,657 | 143,121 |
Derivative Assets, net | 205 | 181 |
Derivative Liabilities, net | 1,392 | 1,304 |
Other collateral | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 0 | 0 |
Derivative Assets, net | (12) | (1) |
Derivative Liabilities, net | $ (3) | $ (18) |
Derivatives and Hedging Activ_5
Derivatives and Hedging Activities - Schedule of Cumulative Basis Adjustments on Fair Value Hedges (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Derivatives, Fair Value [Line Items] | ||
Fair Value | $ 37,298 | $ 37,185 |
Long-term debt | Interest rate | ||
Derivatives, Fair Value [Line Items] | ||
Carrying amount of hedged item | 10,738 | 9,919 |
Hedge accounting basis adjustment | (566) | (437) |
Long-term debt | Interest rate | Derivatives Not Designated as Hedging Instruments | ||
Derivatives, Fair Value [Line Items] | ||
Hedge accounting basis adjustment | (5) | (5) |
Securities Available for Sale | Interest rate | ||
Derivatives, Fair Value [Line Items] | ||
Carrying amount of hedged item | 9,369 | 8,655 |
Hedge accounting basis adjustment | 20 | (152) |
Fair Value | 12,600 | 12,800 |
Hedged layer amount | 7,200 | 7,200 |
Hedged asset portfolio layer method cumulative basis adjustments | $ 1 | $ (147) |
Derivatives and Hedging Activ_6
Derivatives and Hedging Activities - Schedule of Effect of Fair Value and Cash Flow Hedges on Income (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Interest expense — Long-term debt | $ (328) | $ (275) |
Interest income – loans | 1,538 | 1,476 |
Interest Income - securities | 232 | 194 |
Investment banking and debt placement fees | 170 | 145 |
Net gain (loss) on cash flow hedging relationships | ||
Realized gains (losses) (pre-tax) reclassified from AOCI into net income | (215) | (216) |
Interest rate | Interest expense – long-term debt | Fair Value Hedging | ||
Net gains (losses) on fair value hedging relationships | ||
Recognized on hedged items | 128 | (155) |
Recognized on derivatives designated as hedging instruments | (200) | 108 |
Net income (expense) recognized on fair value hedges | (72) | (47) |
Interest rate | Interest expense – long-term debt | Cash Flow Hedging | ||
Net gain (loss) on cash flow hedging relationships | ||
Realized gains (losses) (pre-tax) reclassified from AOCI into net income | 0 | (1) |
Net income (expense) recognized on cash flow hedges | 0 | (1) |
Interest rate | Interest income – loans | Fair Value Hedging | ||
Net gains (losses) on fair value hedging relationships | ||
Recognized on hedged items | 0 | 0 |
Recognized on derivatives designated as hedging instruments | 0 | 0 |
Net income (expense) recognized on fair value hedges | 0 | 0 |
Interest rate | Interest income – loans | Cash Flow Hedging | ||
Net gain (loss) on cash flow hedging relationships | ||
Realized gains (losses) (pre-tax) reclassified from AOCI into net income | (216) | (215) |
Net income (expense) recognized on cash flow hedges | (216) | (215) |
Interest rate | Interest Income - securities | Fair Value Hedging | ||
Net gains (losses) on fair value hedging relationships | ||
Recognized on hedged items | (151) | 6 |
Recognized on derivatives designated as hedging instruments | 182 | (2) |
Net income (expense) recognized on fair value hedges | 31 | 4 |
Interest rate | Interest Income - securities | Cash Flow Hedging | ||
Net gain (loss) on cash flow hedging relationships | ||
Realized gains (losses) (pre-tax) reclassified from AOCI into net income | 0 | 0 |
Net income (expense) recognized on cash flow hedges | 0 | 0 |
Interest rate | Investment banking and debt placement fees | Fair Value Hedging | ||
Net gains (losses) on fair value hedging relationships | ||
Recognized on hedged items | 0 | 0 |
Recognized on derivatives designated as hedging instruments | 0 | 0 |
Net income (expense) recognized on fair value hedges | 0 | 0 |
Interest rate | Investment banking and debt placement fees | Cash Flow Hedging | ||
Net gain (loss) on cash flow hedging relationships | ||
Realized gains (losses) (pre-tax) reclassified from AOCI into net income | 1 | 0 |
Net income (expense) recognized on cash flow hedges | $ 1 | $ 0 |
Derivatives and Hedging Activ_7
Derivatives and Hedging Activities - Schedule of Derivative Instrument Cash Flow Hedge Earning Recognized by Income Statement Location (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Derivatives, Fair Value [Line Items] | ||
Net Gains (Losses) Recognized in OCI | $ (281) | $ (107) |
Realized gains (losses) (pre-tax) reclassified from AOCI into net income | (215) | (216) |
Interest income – loans | Interest rate | Cash Flow Hedges | ||
Derivatives, Fair Value [Line Items] | ||
Net Gains (Losses) Recognized in OCI | (283) | 109 |
Realized gains (losses) (pre-tax) reclassified from AOCI into net income | (216) | (215) |
Interest expense — Long-term debt | Interest rate | Cash Flow Hedges | ||
Derivatives, Fair Value [Line Items] | ||
Net Gains (Losses) Recognized in OCI | 1 | (1) |
Realized gains (losses) (pre-tax) reclassified from AOCI into net income | 0 | (1) |
Investment banking and debt placement fees | Interest rate | Cash Flow Hedges | ||
Derivatives, Fair Value [Line Items] | ||
Net Gains (Losses) Recognized in OCI | 1 | (1) |
Realized gains (losses) (pre-tax) reclassified from AOCI into net income | $ 1 | $ 0 |
Derivatives and Hedging Activ_8
Derivatives and Hedging Activities - Schedule of Pre-Tax Net Gains (Losses) on Derivatives Not Designated as Hedging Instruments (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total net gains (losses) | $ 20 | $ 15 |
Interest rate | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total net gains (losses) | 10 | 10 |
Foreign exchange | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total net gains (losses) | 12 | 13 |
Commodity | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total net gains (losses) | 3 | 7 |
Credit | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total net gains (losses) | (11) | (14) |
Other | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total net gains (losses) | 6 | (1) |
Corporate services income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total net gains (losses) | 25 | 32 |
Corporate services income | Interest rate | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total net gains (losses) | 10 | 12 |
Corporate services income | Foreign exchange | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total net gains (losses) | 12 | 13 |
Corporate services income | Commodity | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total net gains (losses) | 3 | 7 |
Corporate services income | Credit | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total net gains (losses) | 0 | 0 |
Corporate services income | Other | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total net gains (losses) | 0 | 0 |
Consumer mortgage income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total net gains (losses) | 3 | 1 |
Consumer mortgage income | Interest rate | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total net gains (losses) | 0 | 0 |
Consumer mortgage income | Foreign exchange | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total net gains (losses) | 0 | 0 |
Consumer mortgage income | Commodity | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total net gains (losses) | 0 | 0 |
Consumer mortgage income | Credit | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total net gains (losses) | 0 | 0 |
Consumer mortgage income | Other | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total net gains (losses) | 3 | 1 |
Other income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total net gains (losses) | (8) | (18) |
Other income | Interest rate | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total net gains (losses) | 0 | (2) |
Other income | Foreign exchange | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total net gains (losses) | 0 | 0 |
Other income | Commodity | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total net gains (losses) | 0 | 0 |
Other income | Credit | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total net gains (losses) | (11) | (14) |
Other income | Other | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total net gains (losses) | $ 3 | $ (2) |
Derivatives and Hedging Activ_9
Derivatives and Hedging Activities - Schedule of Fair Value of Derivative Assets by Type (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Credit Derivatives [Line Items] | ||
Derivative assets before collateral | $ 565 | $ 589 |
Plus(Less): Related collateral | (360) | (408) |
Derivative assets | 205 | 181 |
Interest rate | ||
Credit Derivatives [Line Items] | ||
Derivative assets before collateral | 81 | 123 |
Foreign exchange | ||
Credit Derivatives [Line Items] | ||
Derivative assets before collateral | 46 | 42 |
Commodity | ||
Credit Derivatives [Line Items] | ||
Derivative assets before collateral | 433 | 409 |
Credit | ||
Credit Derivatives [Line Items] | ||
Derivative assets before collateral | 0 | 0 |
Other | ||
Credit Derivatives [Line Items] | ||
Derivative assets before collateral | $ 5 | $ 15 |
Derivatives and Hedging Acti_10
Derivatives and Hedging Activities - Schedule of Credit Derivatives Sold and Held (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Credit Derivatives [Line Items] | ||
Notional Amount | $ 2 | $ 4 |
Payment / Performance Risk | 0% | 0% |
Other | ||
Credit Derivatives [Line Items] | ||
Notional Amount | $ 2 | $ 4 |
Average Term (Years) | 11 years 1 month 6 days | 10 years 8 months 8 days |
Payment / Performance Risk | 3.87% | 4.86% |
Derivatives and Hedging Acti_11
Derivatives and Hedging Activities - Schedule of Credit Risk Contingent Feature (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Net derivative liabilities with credit-risk contingent features | $ (104) | $ (45) |
Collateral posted | $ 90 | $ 42 |
Mortgage Servicing Assets - Sch
Mortgage Servicing Assets - Schedule of Changes in Carrying Amount of Mortgage Servicing Assets (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Commercial Mortgage Backed Securities | ||
Servicing Asset at Amortized Cost, Balance [Roll Forward] | ||
Balance at beginning of period | $ 638 | $ 653 |
Servicing retained from loan sales | 18 | 9 |
Purchases | 6 | 4 |
Amortization | (31) | (32) |
Temporary (impairments) recoveries | 0 | 0 |
Balance at end of period | 631 | 634 |
Fair value at end of period | 846 | 981 |
Agency residential mortgage-backed securities | ||
Servicing Asset at Amortized Cost, Balance [Roll Forward] | ||
Balance at beginning of period | 108 | 106 |
Servicing retained from loan sales | 2 | 1 |
Purchases | 0 | 0 |
Amortization | (2) | (2) |
Temporary (impairments) recoveries | 0 | 0 |
Balance at end of period | 108 | 105 |
Fair value at end of period | $ 133 | $ 129 |
Mortgage Servicing Assets - S_2
Mortgage Servicing Assets - Schedule of Range and Weighted-Average of Significant Unobservable Inputs (Details) - Discounted cash flow - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Commercial Mortgage Backed Securities | Minimum | ||
Servicing Assets at Fair Value [Line Items] | ||
Expected defaults | 1% | 0.96% |
Residual cash flows discount rate | 7.41% | 8.57% |
Escrow earn rate | 5% | 4.94% |
Loan assumption rate | 0% | 0% |
Commercial Mortgage Backed Securities | Maximum | ||
Servicing Assets at Fair Value [Line Items] | ||
Expected defaults | 2% | 2% |
Residual cash flows discount rate | 10.65% | 10.03% |
Escrow earn rate | 5.09% | 4.95% |
Loan assumption rate | 2.16% | 1.40% |
Commercial Mortgage Backed Securities | Weighted Average | ||
Servicing Assets at Fair Value [Line Items] | ||
Expected defaults | 1.01% | 1.06% |
Residual cash flows discount rate | 10.28% | 9.49% |
Escrow earn rate | 5% | 4.94% |
Loan assumption rate | 1.97% | 1.14% |
Agency residential mortgage-backed securities | Minimum | ||
Servicing Assets at Fair Value [Line Items] | ||
Prepayment speed | 6.29% | 6.41% |
Residual cash flows discount rate | 6.50% | 7.50% |
Servicing cost | $ 70 | $ 62 |
Agency residential mortgage-backed securities | Maximum | ||
Servicing Assets at Fair Value [Line Items] | ||
Prepayment speed | 43.74% | 40.74% |
Residual cash flows discount rate | 8.75% | 8.50% |
Servicing cost | $ 3,582 | $ 8,075 |
Agency residential mortgage-backed securities | Weighted Average | ||
Servicing Assets at Fair Value [Line Items] | ||
Prepayment speed | 7.68% | 7.30% |
Residual cash flows discount rate | 6.59% | 7.54% |
Servicing cost | $ 74.91 | $ 67.36 |
Mortgage Servicing Assets - Nar
Mortgage Servicing Assets - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Commercial Mortgage Backed Securities | ||
Servicing Assets at Fair Value [Line Items] | ||
Contractual fee income from servicing commercial mortgage loans | $ 87 | $ 78 |
Amortization of servicing commercial mortgage loans | 31 | 32 |
Residential mortgage-backed securities | ||
Servicing Assets at Fair Value [Line Items] | ||
Contractual fee income from servicing commercial mortgage loans | 9 | 9 |
Amortization of servicing commercial mortgage loans | $ 2 | $ 2 |
Leases (Details)
Leases (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Sales-type and direct financing leases | ||
Interest income on lease receivable | $ 18 | $ 19 |
Interest income related to accretion of unguaranteed residual asset | 3 | 3 |
Interest income on deferred fees and costs | 5 | 0 |
Total sales-type and direct financing lease income | 26 | 22 |
Operating leases | ||
Operating lease income related to lease payments | 18 | 24 |
Other operating leasing gains | 6 | 1 |
Total operating lease income and other leasing gains | 24 | 25 |
Total lease income | $ 50 | $ 47 |
Goodwill - Narrative (Details)
Goodwill - Narrative (Details) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 USD ($) reporting_unit | Dec. 31, 2023 USD ($) | Mar. 31, 2023 USD ($) | |
Goodwill [Line Items] | |||
Number of reporting units | reporting_unit | 3 | ||
Goodwill | $ 2,752 | $ 2,752 | $ 2,753 |
Commercial Bank | |||
Goodwill [Line Items] | |||
Goodwill | 218 | ||
Institutional Bank | |||
Goodwill [Line Items] | |||
Goodwill | $ 715 |
Goodwill - Schedule of Carrying
Goodwill - Schedule of Carrying Amount of Goodwill (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Goodwill [Roll Forward] | ||
Beginning balance | $ 2,752 | $ 2,753 |
Ending balance | 2,752 | 2,752 |
Commercial Bank | ||
Goodwill [Roll Forward] | ||
Ending balance | 218 | |
Consumer Bank | ||
Goodwill [Roll Forward] | ||
Beginning balance | 1,819 | 1,819 |
Ending balance | 1,819 | 1,819 |
Commercial Bank | ||
Goodwill [Roll Forward] | ||
Beginning balance | 933 | 933 |
Ending balance | $ 933 | $ 933 |
Variable Interest Entities - Na
Variable Interest Entities - Narrative (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Variable Interest Entity [Line Items] | |||
Accrued income and other assets | $ 8,314,000,000 | $ 8,601,000,000 | |
Accrued expense and other liabilities | 5,008,000,000 | 5,412,000,000 | |
VIE, assets that can only be used to settle obligations | 187,485,000,000 | 188,281,000,000 | |
VIE, liabilities | 172,938,000,000 | 173,644,000,000 | |
Recurring | |||
Variable Interest Entity [Line Items] | |||
Other investments | 64,000,000 | 63,000,000 | |
Variable Interest Entity, Not Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
VIE, assets that can only be used to settle obligations | 1,032,000,000 | 1,149,000,000 | |
VIE, liabilities | 1,000,000 | 1,000,000 | |
Variable Interest Entity, Not Primary Beneficiary | LIHTC | |||
Variable Interest Entity [Line Items] | |||
Accrued income and other assets | 2,200,000,000 | 2,300,000,000 | |
Accrued expense and other liabilities | 1,200,000,000 | 1,400,000,000 | |
VIE, assets that can only be used to settle obligations | 8,880,000,000 | 8,904,000,000 | |
VIE, liabilities | 3,841,000,000 | 3,848,000,000 | |
Variable Interest Entity, Not Primary Beneficiary | NMTC | |||
Variable Interest Entity [Line Items] | |||
Accrued income and other assets | 30,000,000 | 25,000,000 | |
Variable Interest Entity, Not Primary Beneficiary | Other Unconsolidated Variable Interest Entities | |||
Variable Interest Entity [Line Items] | |||
Other investments | 606,000,000 | ||
Variable Interest Entity, Not Primary Beneficiary | Investments | |||
Variable Interest Entity [Line Items] | |||
Amortization of investment | 55,000,000 | $ 53,000,000 | |
Tax credit of investment | 54,000,000 | 51,000,000 | |
Other tax benefits | 13,000,000 | $ 45,000,000 | |
Variable Interest Entity, Primary Beneficiary | Investments | |||
Variable Interest Entity [Line Items] | |||
VIE, assets that can only be used to settle obligations | 0 | 0 | |
VIE, liabilities | 0 | 0 | |
Measured at NAV | Variable Interest Entity, Not Primary Beneficiary | Recurring | Indirect investments | |||
Variable Interest Entity [Line Items] | |||
Other investments | $ 17,000,000 | $ 17,000,000 |
Variable Interest Entities - Sc
Variable Interest Entities - Schedule of Variable Interest Entities Information (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Variable Interest Entity [Line Items] | ||
Total Assets | $ 187,485 | $ 188,281 |
Total Liabilities | 172,938 | 173,644 |
Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 1,032 | 1,149 |
Total Liabilities | 1 | 1 |
Variable Interest Entity, Not Primary Beneficiary | LIHTC investments | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 8,880 | 8,904 |
Total Liabilities | 3,841 | 3,848 |
Maximum Exposure to Loss | 2,623 | 2,768 |
Variable Interest Entity, Not Primary Beneficiary | Indirect investments | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 2,625 | 2,741 |
Total Liabilities | 91 | 91 |
Maximum Exposure to Loss | $ 18 | $ 18 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Income Tax Contingency [Line Items] | |||
Effective tax rate (as a percent) | 21.30% | 20.70% | |
Combined federal and state statutory tax rate (as a percent) | 23.90% | ||
Valuation allowance | $ 12 | $ 12 | |
First Niagara Bank, N.A. | |||
Income Tax Contingency [Line Items] | |||
Allocated bad debt deductions | 92 | ||
Key Corp | |||
Income Tax Contingency [Line Items] | |||
Unrecognized tax benefits | 45 | ||
Accrued Income And Other Assets | |||
Income Tax Contingency [Line Items] | |||
Net deferred tax assets | $ 1,800 | $ 1,800 |
Acquisitions and Discontinued_2
Acquisitions and Discontinued Operations (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Discontinued operations | Government Guaranteed Loans | Government-guaranteed And Private Education Lending Business | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Loans included in divestiture | $ 313 | $ 434 |
Securities Financing Activiti_3
Securities Financing Activities (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Securities Financing Transaction [Line Items] | ||
Reverse repurchase agreements | $ 0 | $ 0 |
Securities borrowed | 0 | 0 |
Total | 0 | 0 |
Repurchase agreements | 0 | 0 |
Total | 0 | 0 |
Collateral | ||
Securities Financing Transaction [Line Items] | ||
Reverse repurchase agreements | 0 | 0 |
Securities borrowed | 0 | 0 |
Total | 0 | 0 |
Repurchase agreements | (27) | (31) |
Total | (27) | (31) |
Federal Agency CMOs | ||
Securities Financing Transaction [Line Items] | ||
Assets pledged as collateral | 27 | |
Liabilities pledged as collateral | 27 | |
Gross Amount Presented in Balance Sheet | ||
Securities Financing Transaction [Line Items] | ||
Reverse repurchase agreements | 0 | 7 |
Securities borrowed | 0 | 0 |
Total | 0 | 7 |
Repurchase agreements | 27 | 38 |
Total | 27 | 38 |
Netting Adjustments | ||
Securities Financing Transaction [Line Items] | ||
Reverse repurchase agreements | 0 | (7) |
Securities borrowed | 0 | 0 |
Total | 0 | (7) |
Repurchase agreements | 0 | (7) |
Total | $ 0 | $ (7) |
Employee Benefits (Details)
Employee Benefits (Details) - Pension Plans - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Interest cost on PBO | $ 10 | $ 11 |
Expected return on plan assets | (10) | (11) |
Amortization of losses | 3 | 3 |
Settlement loss | 0 | 0 |
Net pension cost | $ 3 | $ 3 |
Trust Preferred Securities Is_3
Trust Preferred Securities Issued by Unconsolidated Subsidiaries (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common Stock | $ 1,257 | $ 1,257 |
Debentures adjustments related to financial instrument hedging | 11 | 15 |
Total | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Trust Preferred Securities, Net of Discount | 427 | 431 |
Common Stock | 17 | 17 |
Principal Amount of Debentures, Net of Discount | $ 444 | $ 448 |
Interest Rate of Trust Preferred Securities and Debentures | 6.979% | 6.981% |
KeyCorp Capital I | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Trust Preferred Securities, Net of Discount | $ 156 | |
Common Stock | 6 | |
Principal Amount of Debentures, Net of Discount | $ 162 | |
Interest Rate of Trust Preferred Securities and Debentures | 6.396% | |
KeyCorp Capital II | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Trust Preferred Securities, Net of Discount | $ 85 | |
Common Stock | 4 | |
Principal Amount of Debentures, Net of Discount | $ 89 | |
Interest Rate of Trust Preferred Securities and Debentures | 6.875% | |
KeyCorp Capital II | Treasury Rate | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Basis spread on variable rate | 0.20% | |
KeyCorp Capital III | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Trust Preferred Securities, Net of Discount | $ 111 | |
Common Stock | 4 | |
Principal Amount of Debentures, Net of Discount | $ 115 | |
Interest Rate of Trust Preferred Securities and Debentures | 7.75% | |
KeyCorp Capital III | Treasury Rate | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Basis spread on variable rate | 0.25% | |
HNC Statutory Trust III | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Trust Preferred Securities, Net of Discount | $ 21 | |
Common Stock | 1 | |
Principal Amount of Debentures, Net of Discount | $ 22 | |
Interest Rate of Trust Preferred Securities and Debentures | 7.04% | |
HNC Statutory Trust IV | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Trust Preferred Securities, Net of Discount | $ 18 | |
Common Stock | 1 | |
Principal Amount of Debentures, Net of Discount | $ 19 | |
Interest Rate of Trust Preferred Securities and Debentures | 6.932% | |
Willow Grove Statutory Trust I | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Trust Preferred Securities, Net of Discount | $ 20 | |
Common Stock | 1 | |
Principal Amount of Debentures, Net of Discount | $ 21 | |
Interest Rate of Trust Preferred Securities and Debentures | 6.956% | |
Westbank Capital Trust II | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Trust Preferred Securities, Net of Discount | $ 8 | |
Common Stock | 0 | |
Principal Amount of Debentures, Net of Discount | $ 8 | |
Interest Rate of Trust Preferred Securities and Debentures | 7.822% | |
Westbank Capital Trust III | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Trust Preferred Securities, Net of Discount | $ 8 | |
Common Stock | 0 | |
Principal Amount of Debentures, Net of Discount | $ 8 | |
Interest Rate of Trust Preferred Securities and Debentures | 7.822% | |
Keycorp Capital II and III | Redemption Upon Either Tax or a Capital Treatment Event | Treasury Rate | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Basis spread on variable rate | 0.50% | |
Westbank Capital Trust II and III | SOFR | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Basis spread on variable rate | 0.26161% |
Contingent Liabilities and Gu_3
Contingent Liabilities and Guarantees - Narrative (Details) $ in Millions | 2 Months Ended | 3 Months Ended | ||
Dec. 31, 2023 USD ($) lawsuit | Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Commitments Contingencies And Guarantees [Line Items] | ||||
Number of shareholder derivative lawsuits filed | lawsuit | 2 | |||
Reserve for potential losses | $ 296 | $ 281 | $ 276 | $ 225 |
Standby letters of credit | ||||
Commitments Contingencies And Guarantees [Line Items] | ||||
Remaining weighted-average life of standby letters of credit (in years) | 1 year 6 months | |||
Recourse agreement with FNMA | ||||
Commitments Contingencies And Guarantees [Line Items] | ||||
Weighted-average remaining term for outstanding commercial mortgage loans (in years) | 6 years 9 months 18 days | |||
Unpaid principal balance outstanding of loans sold | $ 24,600 | |||
Maximum potential amount of undiscounted future payments possibly required as percentage of principal balance of loans outstanding (as a percent) | 31.20% | |||
Reserve for potential losses | $ 90 | |||
Residential mortgage reserve | ||||
Commitments Contingencies And Guarantees [Line Items] | ||||
Unpaid principal balance outstanding of loans sold | $ 11,100 | |||
Maximum potential amount of undiscounted future payments possibly required as percentage of principal balance of loans outstanding (as a percent) | 30% | |||
Liability for estimated repurchase obligations on loans sold | $ 10 | |||
Written put options | ||||
Commitments Contingencies And Guarantees [Line Items] | ||||
Weighted average life of written put options (in years) | 1 year 9 months 18 days | |||
Minimum | Standby letters of credit | ||||
Commitments Contingencies And Guarantees [Line Items] | ||||
Remaining actual life of standby letters of credit (in years) | 1 year | |||
Minimum | Low | ||||
Commitments Contingencies And Guarantees [Line Items] | ||||
Guarantee obligations (as a percent) | 0% | |||
Minimum | Moderate | ||||
Commitments Contingencies And Guarantees [Line Items] | ||||
Guarantee obligations (as a percent) | 30% | |||
Minimum | High | ||||
Commitments Contingencies And Guarantees [Line Items] | ||||
Guarantee obligations (as a percent) | 70% | |||
Maximum | Standby letters of credit | ||||
Commitments Contingencies And Guarantees [Line Items] | ||||
Remaining actual life of standby letters of credit (in years) | 10 years 8 months 12 days | |||
Maximum | Low | ||||
Commitments Contingencies And Guarantees [Line Items] | ||||
Guarantee obligations (as a percent) | 30% | |||
Maximum | Moderate | ||||
Commitments Contingencies And Guarantees [Line Items] | ||||
Guarantee obligations (as a percent) | 70% |
Contingent Liabilities and Gu_4
Contingent Liabilities and Guarantees - Schedule of Guarantees (Details) $ in Millions | Mar. 31, 2024 USD ($) |
Guarantor Obligations [Line Items] | |
Maximum Potential Undiscounted Future Payments | $ 18,514 |
Liability Recorded | 320 |
Standby letters of credit | |
Guarantor Obligations [Line Items] | |
Maximum Potential Undiscounted Future Payments | 4,311 |
Liability Recorded | 80 |
Recourse agreement with FNMA | |
Guarantor Obligations [Line Items] | |
Maximum Potential Undiscounted Future Payments | 7,648 |
Liability Recorded | 90 |
Residential mortgage reserve | |
Guarantor Obligations [Line Items] | |
Maximum Potential Undiscounted Future Payments | 3,343 |
Liability Recorded | 10 |
Written put options | |
Guarantor Obligations [Line Items] | |
Maximum Potential Undiscounted Future Payments | 3,212 |
Liability Recorded | $ 140 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income - Schedule of Changes in AOCI (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | $ 14,637 | $ 13,454 |
Other comprehensive income before reclassification, net of income taxes | (253) | 654 |
Amounts reclassified from AOCI, net of income taxes | 168 | 167 |
Total other comprehensive income (loss), net of tax | (85) | 821 |
Ending balance | 14,547 | 14,322 |
Other income | 6 | 0 |
Accumulated Other Comprehensive Income (Loss) | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (5,229) | (6,295) |
Total other comprehensive income (loss), net of tax | (85) | 821 |
Ending balance | (5,314) | (5,474) |
Unrealized gains (losses) on securities available for sale | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (4,190) | (4,895) |
Other comprehensive income before reclassification, net of income taxes | (153) | 575 |
Amounts reclassified from AOCI, net of income taxes | 2 | 0 |
Total other comprehensive income (loss), net of tax | (151) | 575 |
Ending balance | (4,341) | (4,320) |
Unrealized gains (losses) on derivative financial instruments | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (763) | (1,124) |
Other comprehensive income before reclassification, net of income taxes | (99) | 80 |
Amounts reclassified from AOCI, net of income taxes | 164 | 165 |
Total other comprehensive income (loss), net of tax | 65 | 245 |
Ending balance | (698) | (879) |
Net pension and postretirement benefit costs | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (276) | (276) |
Other comprehensive income before reclassification, net of income taxes | (1) | (1) |
Amounts reclassified from AOCI, net of income taxes | 2 | 2 |
Total other comprehensive income (loss), net of tax | 1 | 1 |
Ending balance | $ (275) | $ (275) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income - Schedule of Reclassifications Out of AOCI (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Other income | $ 6 | $ 0 |
Income taxes | 59 | 81 |
INCOME (LOSS) FROM CONTINUING OPERATIONS | 219 | 311 |
Interest income — Loans | 1,538 | 1,476 |
Interest expense — Long-term debt | (328) | (275) |
Investment banking and debt placement fees | 170 | 145 |
Other expense | 674 | 701 |
Reclassification out of Accumulated Other Comprehensive Income | Unrealized gains (losses) on available for sale securities | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Income (loss) from continuing operations before income taxes | (3) | 0 |
Income taxes | (1) | 0 |
INCOME (LOSS) FROM CONTINUING OPERATIONS | (2) | 0 |
Reclassification out of Accumulated Other Comprehensive Income | Realized gains on available for sale securities | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Other income | 0 | 0 |
Reclassification out of Accumulated Other Comprehensive Income | Realized losses on available for sale securities | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Other income | (3) | 0 |
Reclassification out of Accumulated Other Comprehensive Income | Unrealized gains (losses) on derivative financial instruments | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Income (loss) from continuing operations before income taxes | (215) | (216) |
Income taxes | (51) | (51) |
INCOME (LOSS) FROM CONTINUING OPERATIONS | (164) | (165) |
Reclassification out of Accumulated Other Comprehensive Income | Unrealized gains (losses) on derivative financial instruments | Interest rate | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Interest income — Loans | (216) | (215) |
Interest expense — Long-term debt | 0 | (1) |
Investment banking and debt placement fees | 1 | 0 |
Reclassification out of Accumulated Other Comprehensive Income | Net pension and postretirement benefit costs | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Income (loss) from continuing operations before income taxes | (3) | (2) |
Income taxes | (1) | 0 |
INCOME (LOSS) FROM CONTINUING OPERATIONS | (2) | (2) |
Reclassification out of Accumulated Other Comprehensive Income | Amortization of losses | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Other expense | (3) | (3) |
Reclassification out of Accumulated Other Comprehensive Income | Settlement loss | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Other expense | 0 | 0 |
Reclassification out of Accumulated Other Comprehensive Income | Amortization of unrecognized prior service credit | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Other expense | $ 0 | $ 1 |
Shareholders' Equity - Narrativ
Shareholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Amount repurchased during period | $ 38 | |
Cash dividends declared on Common Shares (in usd per share) | $ 0.205 | $ 0.205 |
Equity Compensation Programs | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Amount repurchased during period | $ 26 |
Shareholders' Equity - Schedule
Shareholders' Equity - Schedule of Stockholders Equity (Details) | 3 Months Ended |
Mar. 31, 2024 USD ($) $ / shares shares | |
Series D Preferred Stock | |
Class of Stock [Line Items] | |
Preferred stock, dividend rate (as a percent) | 5% |
Preferred stock, amount outstanding | $ | $ 525,000,000 |
Preferred stock, shares authorized (in shares) | shares | 21,000 |
Preferred stock, shares outstanding (in shares) | shares | 21,000 |
Preferred stock, par value (in usd per share) | $ 1 |
Preferred stock, liquidation preference, value | $ | $ 25,000 |
Ownership interest per depositary share ratio | 0.04 |
Preferred stock, liquidation preference (in usd per share) | $ 1,000 |
Dividend payable per share (in usd per share) | $ 12.50 |
Series E Preferred Stock | |
Class of Stock [Line Items] | |
Preferred stock, dividend rate (as a percent) | 6.125% |
Preferred stock, amount outstanding | $ | $ 500,000,000 |
Preferred stock, shares authorized (in shares) | shares | 500,000 |
Preferred stock, shares outstanding (in shares) | shares | 500,000 |
Preferred stock, par value (in usd per share) | $ 1 |
Preferred stock, liquidation preference, value | $ | $ 1,000 |
Ownership interest per depositary share ratio | 0.025 |
Preferred stock, liquidation preference (in usd per share) | $ 25 |
Dividend payable per share (in usd per share) | $ 0.382813 |
Series F Preferred Stock | |
Class of Stock [Line Items] | |
Preferred stock, dividend rate (as a percent) | 5.65% |
Preferred stock, amount outstanding | $ | $ 425,000,000 |
Preferred stock, shares authorized (in shares) | shares | 425,000 |
Preferred stock, shares outstanding (in shares) | shares | 425,000 |
Preferred stock, par value (in usd per share) | $ 1 |
Preferred stock, liquidation preference, value | $ | $ 1,000 |
Ownership interest per depositary share ratio | 0.025 |
Preferred stock, liquidation preference (in usd per share) | $ 25 |
Dividend payable per share (in usd per share) | $ 0.353125 |
Series G Preferred Stock | |
Class of Stock [Line Items] | |
Preferred stock, dividend rate (as a percent) | 5.625% |
Preferred stock, amount outstanding | $ | $ 450,000,000 |
Preferred stock, shares authorized (in shares) | shares | 450,000 |
Preferred stock, shares outstanding (in shares) | shares | 450,000 |
Preferred stock, par value (in usd per share) | $ 1 |
Preferred stock, liquidation preference, value | $ | $ 1,000 |
Ownership interest per depositary share ratio | 0.025 |
Preferred stock, liquidation preference (in usd per share) | $ 25 |
Dividend payable per share (in usd per share) | $ 0.351563 |
Series H Preferred Stock | |
Class of Stock [Line Items] | |
Preferred stock, dividend rate (as a percent) | 6.20% |
Preferred stock, amount outstanding | $ | $ 600,000,000 |
Preferred stock, shares authorized (in shares) | shares | 600,000 |
Preferred stock, shares outstanding (in shares) | shares | 600,000 |
Preferred stock, par value (in usd per share) | $ 1 |
Preferred stock, liquidation preference, value | $ | $ 1,000 |
Ownership interest per depositary share ratio | 0.025 |
Preferred stock, liquidation preference (in usd per share) | $ 25 |
Dividend payable per share (in usd per share) | $ 0.387500 |
Business Segment Reporting - Na
Business Segment Reporting - Narrative (Details) | Mar. 31, 2024 state |
Consumer Bank | |
Segment Reporting Information [Line Items] | |
Number of state branch networks | 15 |
Commercial Bank | |
Segment Reporting Information [Line Items] | |
Number of state branch networks | 15 |
Business Segment Reporting - Sc
Business Segment Reporting - Schedule of Selected Financial Data for Our Business Segments (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 USD ($) employee | Mar. 31, 2023 USD ($) employee | |
SUMMARY OF OPERATIONS | ||
Net interest income (TE) | $ 886 | $ 1,106 |
Noninterest income | 647 | 608 |
Total revenue (TE) | 1,533 | 1,714 |
Provision for credit losses | 101 | 139 |
Depreciation and amortization expense | 54 | 61 |
Other noninterest expense | 1,089 | 1,115 |
Income (loss) from continuing operations before income taxes (TE) | 289 | 399 |
Allocated income taxes and TE adjustments | 70 | 88 |
INCOME (LOSS) FROM CONTINUING OPERATIONS | 219 | 311 |
Income (loss) from discontinued operations, net of taxes | 0 | 1 |
NET INCOME (LOSS) | 219 | 312 |
Less: Net income (loss) attributable to noncontrolling interests | 0 | 0 |
NET INCOME (LOSS) ATTRIBUTABLE TO KEY | 219 | 312 |
AVERAGE BALANCES | ||
Loans and leases | 111,034 | 119,837 |
Total assets | 185,868 | 190,851 |
Deposits | 142,878 | 143,405 |
OTHER FINANCIAL DATA | ||
Net loan charge-offs | $ 81 | $ 45 |
Return on average allocated equity, continuing operations (as a percent) | 6% | 9.13% |
Return on average allocated equity | 6% | 9.16% |
Average full-time equivalent employees | employee | 16,752 | 18,220 |
Operating Segments | Consumer Bank | ||
SUMMARY OF OPERATIONS | ||
Net interest income (TE) | $ 549 | $ 612 |
Noninterest income | 224 | 228 |
Total revenue (TE) | 773 | 840 |
Provision for credit losses | (2) | 60 |
Depreciation and amortization expense | 23 | 21 |
Other noninterest expense | 680 | 642 |
Income (loss) from continuing operations before income taxes (TE) | 72 | 117 |
Allocated income taxes and TE adjustments | 17 | 28 |
INCOME (LOSS) FROM CONTINUING OPERATIONS | 55 | 89 |
Income (loss) from discontinued operations, net of taxes | 0 | 0 |
NET INCOME (LOSS) | 55 | 89 |
Less: Net income (loss) attributable to noncontrolling interests | 0 | 0 |
NET INCOME (LOSS) ATTRIBUTABLE TO KEY | 55 | 89 |
AVERAGE BALANCES | ||
Loans and leases | 40,446 | 43,086 |
Total assets | 43,239 | 45,935 |
Deposits | 84,317 | 84,637 |
OTHER FINANCIAL DATA | ||
Net loan charge-offs | $ 44 | $ 24 |
Return on average allocated equity, continuing operations (as a percent) | 6.18% | 9.87% |
Return on average allocated equity | 6.18% | 9.87% |
Average full-time equivalent employees | employee | 7,356 | 8,097 |
Operating Segments | Commercial Bank | ||
SUMMARY OF OPERATIONS | ||
Net interest income (TE) | $ 391 | $ 478 |
Noninterest income | 400 | 366 |
Total revenue (TE) | 791 | 844 |
Provision for credit losses | 102 | 80 |
Depreciation and amortization expense | 22 | 23 |
Other noninterest expense | 420 | 419 |
Income (loss) from continuing operations before income taxes (TE) | 247 | 322 |
Allocated income taxes and TE adjustments | 47 | 67 |
INCOME (LOSS) FROM CONTINUING OPERATIONS | 200 | 255 |
Income (loss) from discontinued operations, net of taxes | 0 | 0 |
NET INCOME (LOSS) | 200 | 255 |
Less: Net income (loss) attributable to noncontrolling interests | 0 | 0 |
NET INCOME (LOSS) ATTRIBUTABLE TO KEY | 200 | 255 |
AVERAGE BALANCES | ||
Loans and leases | 70,099 | 76,306 |
Total assets | 79,456 | 85,852 |
Deposits | 56,090 | 52,219 |
OTHER FINANCIAL DATA | ||
Net loan charge-offs | $ 37 | $ 21 |
Return on average allocated equity, continuing operations (as a percent) | 8.02% | 10.04% |
Return on average allocated equity | 8.02% | 10.04% |
Average full-time equivalent employees | employee | 2,334 | 2,517 |
Other | ||
SUMMARY OF OPERATIONS | ||
Net interest income (TE) | $ (54) | $ 16 |
Noninterest income | 23 | 14 |
Total revenue (TE) | (31) | 30 |
Provision for credit losses | 1 | (1) |
Depreciation and amortization expense | 9 | 17 |
Other noninterest expense | (11) | 54 |
Income (loss) from continuing operations before income taxes (TE) | (30) | (40) |
Allocated income taxes and TE adjustments | 6 | (7) |
INCOME (LOSS) FROM CONTINUING OPERATIONS | (36) | (33) |
Income (loss) from discontinued operations, net of taxes | 0 | 1 |
NET INCOME (LOSS) | (36) | (32) |
Less: Net income (loss) attributable to noncontrolling interests | 0 | 0 |
NET INCOME (LOSS) ATTRIBUTABLE TO KEY | (36) | (32) |
AVERAGE BALANCES | ||
Loans and leases | 489 | 445 |
Total assets | 63,173 | 59,064 |
Deposits | 2,471 | 6,549 |
OTHER FINANCIAL DATA | ||
Net loan charge-offs | $ 0 | $ 0 |
Return on average allocated equity, continuing operations (as a percent) | (13.39%) | 92.94% |
Return on average allocated equity | (13.39%) | 90.12% |
Average full-time equivalent employees | employee | 7,062 | 7,606 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | $ 399 | $ 375 |
Total noninterest income | 647 | 608 |
Contract assets | 0 | 0 |
Contract liabilities | 0 | 0 |
Trust and investment services income | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 126 | 116 |
Investment banking and debt placement fees | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 130 | 113 |
Services charges on deposit accounts | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 63 | 67 |
Cards and payments income | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 77 | 77 |
Other noninterest income | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 3 | 2 |
Total noninterest income | 225 | 219 |
Operating Segments | Consumer Bank | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 189 | 186 |
Operating Segments | Consumer Bank | Trust and investment services income | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 109 | 100 |
Operating Segments | Consumer Bank | Investment banking and debt placement fees | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
Operating Segments | Consumer Bank | Services charges on deposit accounts | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 34 | 39 |
Operating Segments | Consumer Bank | Cards and payments income | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 43 | 45 |
Operating Segments | Consumer Bank | Other noninterest income | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 3 | 2 |
Operating Segments | Commercial Bank | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 210 | 189 |
Operating Segments | Commercial Bank | Trust and investment services income | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 17 | 16 |
Operating Segments | Commercial Bank | Investment banking and debt placement fees | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 130 | 113 |
Operating Segments | Commercial Bank | Services charges on deposit accounts | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 29 | 28 |
Operating Segments | Commercial Bank | Cards and payments income | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 34 | 32 |
Operating Segments | Commercial Bank | Other noninterest income | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Total noninterest income | $ 23 | $ 14 |