KEYCORP /NEW/, 10-Q filed on 11/6/2024
Quarterly Report
v3.24.3
Cover Page - shares
 9 Months Ended
Sep. 30, 2024
Nov. 04, 2024
Entity Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 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   991,282,986
Entity Central Index Key 0000091576  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q3  
Amendment Flag false  
Common Shares    
Entity Information [Line Items]    
Title of 12(b) Security Common Shares, $1 par value  
Trading Symbol KEY  
Security Exchange Name NYSE  
Series E Preferred Stock    
Entity Information [Line Items]    
Title of 12(b) Security Perpetual Non-Cumulative Preferred Stock, Series E)  
Trading Symbol KEY PrI  
Security Exchange Name NYSE  
Series F Preferred Stock    
Entity Information [Line Items]    
Title of 12(b) Security Cumulative Preferred Stock, Series F)  
Trading Symbol KEY PrJ  
Security Exchange Name NYSE  
Series G Preferred Stock    
Entity Information [Line Items]    
Title of 12(b) Security Cumulative Preferred Stock, Series G)  
Trading Symbol KEY PrK  
Security Exchange Name NYSE  
Series H Preferred Stock    
Entity Information [Line Items]    
Title of 12(b) Security Cumulative Preferred Stock, Series H)  
Trading Symbol KEY PrL  
Security Exchange Name NYSE  
v3.24.3
Consolidated Balance Sheets - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
ASSETS    
Cash and due from banks $ 1,276 $ 941
Short-term investments 22,796 10,817
Trading account assets 1,404 1,142
Securities available for sale 34,169 37,185
Held-to-maturity securities (fair value: $7,317 and $8,056) 7,702 8,575
Other investments 1,117 1,244
Loans, net of unearned income of $317 and $356 105,346 112,606
Less: Allowance for loan and lease losses (1,494) (1,508)
Net loans 103,852 111,098
Loans held for sale [1] 1,058 483
Premises and equipment 624 661
Goodwill 2,752 2,752
Other intangible assets 34 55
Corporate-owned life insurance 4,379 4,383
Accrued income and other assets 8,323 8,601
Discontinued assets 277 344
Total assets 189,763 188,281
Deposits in domestic offices:    
Interest-bearing deposits 119,995 114,859
Noninterest-bearing deposits 30,358 30,728
Total deposits 150,353 145,587
Federal funds purchased and securities sold under repurchase agreements 44 38
Bank notes and other short-term borrowings 2,359 3,053
Accrued expense and other liabilities 4,478 5,412
Long-term debt 15,677 19,554
Total liabilities 172,911 173,644
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 6,149 6,281
Retained earnings 15,066 15,672
Treasury stock, at cost (265,451,109 and 320,138,094 shares) (4,839) (5,844)
Accumulated other comprehensive income (loss) (3,281) (5,229)
Total equity 16,852 14,637
Total liabilities and equity $ 189,763 $ 188,281
[1] Total loans held for sale include real estate — residential mortgage loans held for sale at fair value of $61 million at September 30, 2024, and $51 million at December 31, 2023.
v3.24.3
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Held-to-maturity securities fair value $ 7,317 $ 8,056
Financing receivable, unearned income $ 317 $ 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) 265,451,109 320,138,094
Residential Mortgage    
Loans held for sale $ 61 $ 51
v3.24.3
Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
INTEREST INCOME        
Loans $ 1,516 $ 1,593 $ 4,578 $ 4,645
Loans held for sale 18 19 40 49
Securities available for sale 298 192 789 580
Held-to-maturity securities 70 79 218 234
Trading account assets 15 15 45 42
Short-term investments 244 123 578 276
Other investments 14 22 47 51
Total interest income 2,175 2,043 6,295 5,877
INTEREST EXPENSE        
Deposits 887 687 2,486 1,568
Federal funds purchased and securities sold under repurchase agreements 1 9 3 79
Bank notes and other short-term borrowings 43 81 140 263
Long-term debt 292 351 952 975
Total interest expense 1,223 1,128 3,581 2,885
NET INTEREST INCOME 952 915 2,714 2,992
Provision for credit losses 95 81 296 387
Net interest income after provision for credit losses 857 834 2,418 2,605
NONINTEREST INCOME        
Trust and investment services income 140 130 415 384
Investment banking and debt placement fees 171 141 467 406
Cards and payments income 84 90 246 256
Service charges on deposit accounts 67 69 196 205
Corporate services income 69 73 206 235
Commercial mortgage servicing fees 73 46 190 142
Corporate-owned life insurance income 36 35 102 96
Consumer mortgage income 12 15 42 40
Operating lease income and other leasing gains 16 22 61 70
Other income (2) 22 28 33
Net securities gains (losses) (935) 0 (948) (7)
Total noninterest income (269) 643 1,005 1,860
NONINTEREST EXPENSE        
Personnel 670 663 1,980 1,986
Net occupancy 66 67 199 202
Computer processing 104 89 307 276
Business services and professional fees 41 38 119 124
Equipment 20 20 60 64
Operating lease expense 14 18 48 59
Marketing 21 28 61 78
Other expense 158 187 542 573
Total noninterest expense 1,094 1,110 3,316 3,362
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (506) 367 107 1,103
Income taxes (95) 65 26 204
Income (loss) from continuing operations (411) 302 81 899
Income (loss) from discontinued operations 1 1 2 3
NET INCOME (LOSS) (410) 303 83 902
Income (loss) from continuing operations attributable to Key common shareholders (447) 266 (27) 791
Net income (loss) attributable to Key common shareholders $ (446) $ 267 $ (25) $ 794
Per Common Share:        
Income (loss) from continuing operations attributable to Key common shareholders (in usd per share) $ (0.47) $ 0.29 $ (0.03) $ 0.85
Income (loss) from discontinued operations, net of taxes (in usd per share) 0 0 0 0
Net income (loss) attributable to Key common shareholders (in usd per share) [1] (0.47) 0.29 (0.03) 0.86
Per Common Share — assuming dilution:        
Income (loss) from continuing operations attributable to Key common shareholders (in usd per share) (0.47) 0.29 (0.03) 0.85
Income (loss) from discontinued operations, net of taxes (in usd per share) 0 0 0 0
Net income (loss) attributable to Key common shareholders (in usd per share) [1] $ (0.47) $ 0.29 $ (0.03) $ 0.85
Weighted-average Common Shares outstanding (in shares) 948,979 927,131 936,962 927,019
Effect of Common Share options and other stock awards (in shares) [2] 0 4,613 0 5,213
Weighted-average Common Shares and potential Common Shares outstanding (in shares) [3] 948,979 931,744 936,962 932,232
[1] EPS may not foot due to rounding.
[2] For periods ended in a loss from continuing operations attributable to Key common shareholders, anti-dilutive instruments have been excluded from the calculation of diluted earnings per share.
[3] Assumes conversion of Common Share options and other stock awards and/or convertible preferred stock, as applicable.
v3.24.3
Consolidated Statements of Income (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Income Statement [Abstract]        
Loss (gain) in net securities $ 935 $ 0 $ 948 $ 7
v3.24.3
Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Statement of Comprehensive Income [Abstract]        
Net income (loss) $ (410) $ 303 $ 83 $ 902
Other comprehensive income (loss), net of tax:        
Net unrealized gains (losses) on securities available for sale, net of income taxes of $(524), $210, $(495), and $160 1,663 (668) 1,571 (509)
Net unrealized gains (losses) on derivative financial instruments, net of income taxes of $(62), $(22), $(117), and $(50) 199 72 373 161
Net pension and postretirement benefit costs, net of income taxes of $0, $0, $(1), and $(1) 1 1 4 4
Total other comprehensive income (loss), net of tax 1,863 (595) 1,948 (344)
Comprehensive income (loss) attributable to Key $ 1,453 $ (292) $ 2,031 $ 558
v3.24.3
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Statement of Comprehensive Income [Abstract]        
Net unrealized gains (losses) on securities available for sale, tax $ (524) $ 210 $ (495) $ 160
Net unrealized gains (losses) on derivative financial instruments, tax (62) (22) (117) (50)
Net pension and postretirement benefit costs, tax $ 0 $ 0 $ (1) $ (1)
v3.24.3
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) 902                 902              
Other comprehensive income (loss) (344)                               (344)
Deferred compensation (6)               (6)                
Cash dividends declared                                  
Cash dividends declared on common shares (575)                 (575)              
Cash dividends declared on preferred stock   $ (20) $ (23) $ (18) $ (19) $ (28)         $ (20) $ (23) $ (18) $ (19) $ (28)    
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)               (1,831,000)                  
Employee equity compensation program Common Share repurchases (34)                             (34)  
Common Shares reissued (returned) for stock options and other employee benefit plans (in shares)               7,217,000                  
Common Shares reissued (returned) for stock options and other employee benefit plans 105               (26)             131  
Ending balance, Preferred Shares (in shares) at Sep. 30, 2023             1,996,000                    
Ending balance, Common Shares (in shares) at Sep. 30, 2023               936,161,000                  
Ending balance at Sep. 30, 2023 13,356           $ 2,500 $ 1,257 6,254 15,835           (5,851) (6,639)
Beginning balance, Preferred Shares (in shares) at Jun. 30, 2023             1,996,000                    
Beginning balance, Common Shares (in shares) at Jun. 30, 2023               935,733,000                  
Beginning balance at Jun. 30, 2023 13,844           $ 2,500 $ 1,257 6,231 15,759           (5,859) (6,044)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                  
Net income (loss) 303                 303              
Other comprehensive income (loss) (595)                               (595)
Deferred compensation (1)               (1)                
Cash dividends declared                                  
Cash dividends declared on common shares (191)                 (191)              
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)               (10,000)                  
Common Shares reissued (returned) for stock options and other employee benefit plans (in shares)               438,000                  
Common Shares reissued (returned) for stock options and other employee benefit plans 32               24             8  
Ending balance, Preferred Shares (in shares) at Sep. 30, 2023             1,996,000                    
Ending balance, Common Shares (in shares) at Sep. 30, 2023               936,161,000                  
Ending balance at Sep. 30, 2023 13,356           $ 2,500 $ 1,257 6,254 15,835           (5,851) (6,639)
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) 83                 83              
Other comprehensive income (loss) 1,948                               1,948
Deferred compensation (4)               (4)                
Cash dividends declared                                  
Cash dividends declared on common shares (581)                 (581)              
Cash dividends declared on preferred stock   $ (20) $ (23) $ (18) $ (19) $ (28)         (20) (23) (18) (19) (28)    
Employee equity compensation program Common Share repurchases (in shares)               (1,887,000)                  
Employee equity compensation program Common Share repurchases (27)                             (27)  
Common Shares reissued (returned) for stock options and other employee benefit plans (in shares)               8,745,000                  
Common Shares reissued (returned) for stock options and other employee benefit plans 93               (67)             160  
Common Shares reissued under Scotiabank investment agreement, net of issuance costs (in shares)               47,829,000                  
Common Shares reissued under Scotiabank investment agreement, net of issuance costs 811               (61)             872  
Ending balance, Preferred Shares (in shares) at Sep. 30, 2024   21,000 500,000 425,000 450,000 600,000 1,996,000                    
Ending balance, Common Shares (in shares) at Sep. 30, 2024               991,251,000                  
Ending balance at Sep. 30, 2024 16,852           $ 2,500 $ 1,257 6,149 15,066           (4,839) (3,281)
Beginning balance, Preferred Shares (in shares) at Jun. 30, 2024             1,996,000                    
Beginning balance, Common Shares (in shares) at Jun. 30, 2024               943,200,000                  
Beginning balance at Jun. 30, 2024 14,789           $ 2,500 $ 1,257 6,185 15,706           (5,715) (5,144)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                  
Net income (loss) (410)                 (410)              
Other comprehensive income (loss) 1,863                               1,863
Cash dividends declared                                  
Cash dividends declared on common shares (194)                 (194)              
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)               (8,000)                  
Employee equity compensation program Common Share repurchases (1)                             (1)  
Common Shares reissued (returned) for stock options and other employee benefit plans (in shares)               230,000                  
Common Shares reissued (returned) for stock options and other employee benefit plans 30               25             5  
Common Shares reissued under Scotiabank investment agreement, net of issuance costs (in shares)               47,829,000                  
Common Shares reissued under Scotiabank investment agreement, net of issuance costs 811               (61)             872  
Ending balance, Preferred Shares (in shares) at Sep. 30, 2024   21,000 500,000 425,000 450,000 600,000 1,996,000                    
Ending balance, Common Shares (in shares) at Sep. 30, 2024               991,251,000                  
Ending balance at Sep. 30, 2024 $ 16,852           $ 2,500 $ 1,257 $ 6,149 $ 15,066           $ (4,839) $ (3,281)
v3.24.3
Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Cash dividends declared on Common Shares (in usd per share) $ 0.205 $ 0.205 $ 0.615 $ 0.615
Series D Preferred Stock        
Cash dividends declared on Preferred Stock (in usd per share) 12.50 12.50 37.50 37.50
Series E Preferred Stock        
Cash dividends declared on Preferred Stock (in usd per share) 0.382813 0.382813 1.148439 1.148439
Series F Preferred Stock        
Cash dividends declared on Preferred Stock (in usd per share) 0.353125 0.353125 1.059375 1.059375
Series G Preferred Stock        
Cash dividends declared on Preferred Stock (in usd per share) 0.351563 0.351563 1.054689 1.054689
Series H Preferred Stock        
Cash dividends declared on Preferred Stock (in usd per share) $ 0.387500 $ 0.387500 $ 1.162500 $ 1.162500
v3.24.3
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
OPERATING ACTIVITIES    
Net income (loss) $ 83 $ 902
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Provision for credit losses 296 387
Depreciation, amortization, and accretion, net 68 121
Increase in cash surrender value of corporate-owned life insurance (86) (80)
Stock-based compensation expense 76 90
Deferred income taxes (benefit) (138) (36)
Proceeds from sales of loans held for sale 5,099 6,728
Originations of loans held for sale, net of repayments (5,711) (6,556)
Net losses (gains) on sales of loans held for sale (84) (99)
Net losses (gains) on leased equipment (8) (6)
Net securities and other investments losses (gains) 948 7
Net losses (gains) on sales of fixed assets (4) 11
Net change in:    
Trading account assets (262) (496)
Accrued income and other assets 224 325
Accrued expense and other liabilities (780) 361
Other operating activities, net (784) 207
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES (1,063) 1,866
INVESTING ACTIVITIES    
Net decrease (increase) in short-term investments, excluding acquisitions (11,979) (5,439)
Purchases of securities available for sale (12,562) (1,178)
Proceeds from sales of securities available for sale 15,898 1,400
Proceeds from prepayments and maturities of securities available for sale 1,758 2,351
Proceeds from prepayments and maturities of held-to-maturity securities 881 1,046
Purchases of held-to-maturity securities 0 (1,179)
Net decrease (increase) in other investments 130 (55)
Net decrease (increase) in loans, excluding acquisitions, sales and transfers 6,962 3,788
Proceeds from sales of portfolio loans 156 117
Proceeds from corporate-owned life insurance 90 68
Purchases of premises, equipment, and software (42) (99)
Proceeds from sales of premises and equipment 12 5
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES 1,304 825
FINANCING ACTIVITIES    
Net increase (decrease) in deposits 4,766 1,696
Net increase (decrease) in short-term borrowings (688) (5,950)
Net proceeds from issuance of long-term debt 1,565 5,240
Payments on long-term debt (5,649) (2,952)
Repurchases of long-term debt 0 (92)
Open market Common Share repurchases 0 (38)
Employee equity compensation program Common Share repurchases (27) (34)
Net proceeds from reissuance of Common Shares 5 1
Net proceeds from Scotiabank investment 811 0
Cash dividends paid (689) (683)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 94 (2,812)
NET INCREASE (DECREASE) IN CASH AND DUE FROM BANKS 335 (121)
CASH AND DUE FROM BANKS AT BEGINNING OF PERIOD 941 887
CASH AND DUE FROM BANKS AT END OF PERIOD 1,276 766
Additional disclosures relative to cash flows:    
Interest paid 3,112 2,137
Income taxes paid (refunded) 69 155
Noncash items:    
Reduction of secured borrowing and related collateral 3 5
Loans transferred to portfolio from held for sale 123 177
Loans transferred to held for sale from portfolio 3 19
Loans transferred to OREO 4 7
ABS risk retentions $ 6 $ 7
v3.24.3
Basis of Presentation and Accounting Policies
 9 Months Ended
Sep. 30, 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. Some previously reported amounts have been reclassified in the statements of income from “other income” to “net securities gains (losses).”

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% or for which we do not have significant influence 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

StandardDate of AdoptionDescriptionEffect on Financial Statements or
Other Significant Matters
ASU 2022-03, Fair Value Measurement -
Fair Value
Measurement of
Equity Securities
Subject to Contractual
Sale Restrictions
(Topic 820)
January 1, 2024

Early adoption is
permitted.		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.
v3.24.3
Earnings Per Common Share
 9 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
Earnings Per Common Share
2. Earnings Per Common Share

Basic earnings per share is the amount of earnings (losses), 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 (losses) 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 September 30,Nine months ended September 30,
Dollars in millions, except per share amounts2024202320242023
EARNINGS
Income (loss) from continuing operations
$(411)$302 $81 $899 
Less: Dividends on Preferred Stock36 36 108 108 
Income (loss) from continuing operations attributable to Key common shareholders(447)266 (27)791 
Income (loss) from discontinued operations, net of taxes1 1 2 3 
Net income (loss) attributable to Key common shareholders$(446)$267 $(25)$794 
WEIGHTED-AVERAGE COMMON SHARES
Weighted-average Common Shares outstanding (000)948,979 927,131 936,962 927,019 
Effect of Common Share options and other stock awards(a)
— 4,613 — 5,213 
Weighted-average Common Shares and potential Common Shares outstanding (000)(b)
948,979 931,744 936,962 932,232 
EARNINGS PER COMMON SHARE
Income (loss) from continuing operations attributable to Key common shareholders$(.47)$.29 $(.03)$.85 
Income (loss) from discontinued operations, net of taxes— — — — 
Net income (loss) attributable to Key common shareholders (c)
(.47).29 (.03).86 
Income (loss) from continuing operations attributable to Key common shareholders — assuming dilution$(.47)$.29 $(.03)$.85 
Income (loss) from discontinued operations, net of taxes — assuming dilution— — — — 
Net income (loss) attributable to Key common shareholders—assuming dilution(c)
(.47).29 (.03).85 
(a)For periods ended in a loss from continuing operations attributable to Key common shareholders, anti-dilutive instruments have been excluded from the calculation of diluted earnings per share.
(b)Assumes conversion of Common Share options and other stock awards and/or convertible preferred stock, as applicable.
(c)EPS may not foot due to rounding.
v3.24.3
Loan Portfolio
 9 Months Ended
Sep. 30, 2024
Loans Receivables [Abstract]  
Loan Portfolio
3. Loan Portfolio

Loan Portfolio by Portfolio Segment and Financing Receivable (a)
Dollars in millionsSeptember 30, 2024December 31, 2023
Commercial and industrial (b)
$52,774 $55,815 
Commercial real estate:
Commercial mortgage13,637 15,187 
Construction3,093 3,066 
Total commercial real estate loans16,730 18,253 
Commercial lease financing (c)
2,913 3,523 
Total commercial loans72,417 77,591 
Residential — prime loans:
Real estate — residential mortgage20,122 20,958 
Home equity loans6,555 7,139 
Total residential — prime loans26,677 28,097 
Other consumer loans5,338 5,916 
Credit cards914 1,002 
Total consumer loans32,929 35,015 
Total loans (d)
$105,346 $112,606 
(a)Accrued interest of $480 million and $522 million at September 30, 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 $219 million and $207 million of commercial credit card balances at September 30, 2024, and December 31, 2023, respectively.
(c)Commercial and industrial includes receivables held as collateral for a secured borrowing of $261 million at September 30, 2024, and no amounts held as collateral for a secured borrowing at December 31, 2023. Commercial lease financing includes receivables held as collateral for a secured borrowing of $3 million and $7 million at September 30, 2024, and December 31, 2023, respectively. Additional information pertaining to this secured borrowing is included in Note 20 (“Long-Term Debt”) beginning on page 169 of our 2023 Form 10-K.
(d)Total loans exclude loans of $272 million at September 30, 2024, and $339 million at December 31, 2023, related to the discontinued operations of the education lending business. These amounts are included within “Discontinued assets” on the Consolidated Balance Sheet.
v3.24.3
Asset Quality
 9 Months Ended
Sep. 30, 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 September 30, 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 September 30, 2024:
Dollars in millionsJune 30, 2024ProvisionCharge-offsRecoveriesSeptember 30, 2024
Commercial and Industrial $682 $101 $(131)$7 $659 
Commercial real estate:
Real estate — commercial mortgage383 (19)(7)1 358 
Real estate — construction66 (2)— — 64 
Total commercial real estate loans449 (21)(7)1 422 
Commercial lease financing29 — — — 29 
Total commercial loans1,160 80 (138)8 1,110 
Real estate — residential mortgage115 (5)— 1 111 
Home equity loans71 1 (1)1 72 
Other consumer loans128 15 (17)2 128 
Credit cards73 10 (11)1 73 
Total consumer loans387 21 (29)5 384 
Total ALLL — continuing operations1,547 101 
(a)
(167)13 1,494 
Discontinued operations14 — (1)— 13 
Total ALLL — including discontinued operations$1,561 $101 $(168)$13 $1,507 
(a)Excludes a credit for losses on lending-related commitments of $6 million.


Three months ended September 30, 2023:
Dollars in millionsJune 30, 2023ProvisionCharge-offsRecoveriesSeptember 30, 2023
Commercial and Industrial $599 $29 $(62)$10 $576 
Commercial real estate:
Real estate — commercial mortgage315 46 (1)— 360 
Real estate — construction39 9 — — 48 
Total commercial real estate loans354 55 (1)— 408 
Commercial lease financing33 (2)— 1 32 
Total commercial loans986 82 (63)11 1,016 
Real estate — residential mortgage200 (20)— 1 181 
Home equity loans96 (5)(1)1 91 
Other consumer loans126 11 (14)2 125 
Credit cards72 11 (9)1 75 
Total consumer loans494 (3)(24)5 472 
Total ALLL — continuing operations1,480 79 
(a)
(87)16 1,488 
Discontinued operations18 (1)— — 17 
Total ALLL — including discontinued operations$1,498 $78 $(87)$16 $1,505 
(a)Excludes a provision for losses on lending-related commitments of $2 million.
Nine months ended September 30, 2024:
Dollars in millionsDecember 31, 2023ProvisionCharge-offsRecoveriesSeptember 30, 2024
Commercial and Industrial $556 $336 $(279)$46 $659 
Commercial real estate:
Real estate — commercial mortgage419 (41)(22)2 358 
Real estate — construction52 12 — — 64 
Total commercial real estate loans471 (29)(22)2 422 
Commercial lease financing33 (3)(6)5 29 
Total commercial loans1,060 304 (307)53 1,110 
Real estate — residential mortgage162 (53)(2)4 111 
Home equity loans86 (14)(2)2 72 
Other consumer loans122 49 (49)6 128 
Credit cards78 26 (35)4 73 
Total consumer loans448 8 (88)16 384 
Total ALLL — continuing operations1,508 312 
(a)
(395)69 1,494 
Discontinued operations16 (1)(3)1 13 
Total ALLL — including discontinued operations$1,524 $311 $(398)$70 $1,507 
(a)Excludes a credit for losses on lending-related commitments of $16 million.

Nine months ended September 30, 2023:
Dollars in millionsDecember 31, 2022ProvisionCharge-offsRecoveriesSeptember 30, 2023
Commercial and Industrial $601 $81 $(139)$33 $576 
Commercial real estate:
Real estate — commercial mortgage203 171 (15)1 360 
Real estate — construction28 20 — — 48 
Total commercial real estate loans231 191 (15)1 408 
Commercial lease financing32 (4)— 4 32 
Total commercial loans864 268 (154)38 1,016 
Real estate — residential mortgage196 (17)(1)3 181 
Home equity loans98 (6)(4)3 91 
Other consumer loans113 42 (37)7 125 
Credit cards66 32 (27)4 75 
Total consumer loans473 51 (69)17 472 
Total ALLL — continuing operations1,337 319 
(a)
(223)55 1,488 
Discontinued operations21 (2)(3)1 17 
Total ALLL — including discontinued operations$1,358 $317 $(226)$56 $1,505 
(a)Excludes a provision for losses on lending-related commitments of $68 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.
SegmentPortfolio
Key Macroeconomic Variables (a)
CommercialCommercial and industrialBBB corporate bond rate (spread), fixed investment, business bankruptcies, GDP, industrial production, unemployment rate, and Producer Price Index
Commercial real estateProperty & real estate price indices, unemployment rate, business bankruptcies, GDP, and SOFR
Commercial lease financingBBB corporate bond rate (spread), GDP, and unemployment rate
ConsumerReal estate — residential mortgageGDP, home price index, unemployment rate, and 30 year mortgage rate
Home equityHome price index, unemployment rate, and 30 year mortgage rate
Other consumerUnemployment rate and U.S. household income
Credit cardsUnemployment rate and U.S. household income
Discontinued operationsUnemployment 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 September 30, 2024, the unemployment rate remained at a relatively low level, although job growth has moderated. Inflation has eased, largely due to restrictive monetary policy and a higher interest rate environment. Commercial real estate values continue to be under pressure, with the office class showing the most vulnerability. Economic uncertainty remains elevated, primarily due to geopolitical tensions and uncertainty surrounding the upcoming U.S. presidential election. We used the Moody’s August 2024 Consensus forecast as the baseline forecast to estimate expected credit losses as of September 30, 2024. We determined this forecast to be a reasonable view of the economic outlook, based on all available information at quarter end.

The baseline scenario reflects continued economic resiliency, but slower growth for the remainder of 2024 and into 2025 as higher rates continue to take their toll. U.S. GDP is expected to grow at an annual rate of approximately 2.6% and 1.8% for 2024 and 2025, respectively, compared to 2.5% in 2023. The National Unemployment Rate was 4.2% in the third quarter of 2024, will remain steady into late-2025 according to the forecast. The forecast also assumes the Federal Funds rate begins to ease in the third quarter 2024, while the U.S. Consumer Price Index is forecasted at 3.0% for all of 2024. The outlook for the National Home Price Index has improved, now reflecting 3.3% growth through 2024, while the Commercial Real Estate Price Index is forecasted to drop 4% by the end of 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 September 30, 2024 assumptions.

Commercial Loan Portfolio

The ALLL from continuing operations for the commercial segment decreased by $50 million, or 4.3%, from June 30, 2024. The overall decrease in the commercial allowance was driven by changes in portfolio activity, including the effects of continuing balance sheet optimization efforts, partly offset by economic changes.

The reserve decrease reflects strategic and ongoing loan attrition mostly within the C&I portfolio. The reserve decrease is offset by credit portfolio migration as well as impacts from the extended period of higher interest rates and the current inflationary environment.

Consumer Loan Portfolio

The ALLL from continuing operations for the consumer segment decreased by $3 million, or 0.8%, from June 30, 2024. The overall decrease in the consumer allowance was driven by the impact of balance sheet optimization efforts, partly offset by credit quality normalization post-pandemic.
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 September 30, 2024Term LoansRevolving Loans Amortized Cost BasisRevolving Loans Converted to Term Loans Amortized Cost Basis
Amortized Cost Basis by Origination Year and Internal Risk Rating
Dollars in millions20242023202220212020PriorTotal
Commercial and Industrial
Risk Rating:
Pass$4,215 $3,330 $7,612 $4,309 $1,895 $4,090 $22,943 $117 $48,511 
Criticized (Accruing)76 224 664 442 261 414 1,779 38 3,898 
Criticized (Nonaccruing)22 19 106 35 3 43 137 — 365 
Total commercial and industrial4,313 3,573 8,382 4,786 2,159 4,547 24,859 155 52,774 
Current year gross write-offs— 6 40 105 4 25 99 — 279 
Real estate — commercial mortgage
Risk Rating:
Pass623 808 3,127 2,344 629 3,338 865 42 11,776 
Criticized (Accruing)19 66 705 372 87 406 22 11 1,688 
Criticized (Nonaccruing)— — 55 71 2 43 2 — 173 
Total real estate — commercial mortgage
642 874 3,887 2,787 718 3,787 889 53 13,637 
Current year gross write-offs— — — — — 21 1 — 22 
Real estate — construction
Risk Rating:
Pass60 757 1,172 466 88 93 35 2 2,673 
Criticized (Accruing)— 16 116 142 68 78 — — 420 
Criticized (Nonaccruing)— — — — — — — — — 
Total real estate — construction60 773 1,288 608 156 171 35 2 3,093 
Current year gross write-offs— — — — — — — — — 
Commercial lease financing
Risk Rating:
Pass235 465 685 415 255 777 — — 2,832 
Criticized (Accruing)2 30 17 10 8 14 — — 81 
Criticized (Nonaccruing)— — — — — — — — — 
Total commercial lease financing237 495 702 425 263 791 — 2,913 
Current year gross write-offs— — — — — 6 — — 6 
Total commercial loans$5,252 $5,715 $14,259 $8,606 $3,296 $9,296 $25,783 $210 $72,417 
Total commercial loan current year gross write-offs$— $6 $40 $105 $4 $52 $100 $— $307 

As of December 31, 2023Term LoansRevolving Loans Amortized Cost BasisRevolving Loans Converted to Term Loans Amortized Cost Basis
Amortized Cost Basis by Origination Year and Internal Risk Rating
Dollars in millions20232022202120202019PriorTotal
Commercial and Industrial
Risk Rating:
Pass$4,020 $10,145 $6,141 $2,539 $2,064 $3,534 $24,395 $123 $52,961 
Criticized (Accruing)84 361 427 233 127 170 1,140 15 2,557 
Criticized (Nonaccruing)14 49 50 2 28 70 84 — 297 
Total commercial and industrial4,118 10,555 6,618 2,774 2,219 3,774 25,619 138 55,815 
Current year gross write-offs1 7 35 8 11 21 105 — 188 
Real estate — commercial mortgage
Risk Rating:
Pass1,084 3,664 2,922 804 1,545 2,507 1,017 66 13,609 
Criticized (Accruing)6 646 411 15 186 193 20 1 1,478 
Criticized (Nonaccruing)— — 1 3 7 55 34 — 100 
Total real estate — commercial mortgage
1,090 4,310 3,334 822 1,738 2,755 1,071 67 15,187 
Current year gross write-offs— 1 1 11 2 21 3 — 39 
Real estate — construction
Risk Rating:
Pass401 1,185 912 157 62 48 31 8 2,804 
Criticized (Accruing)10 40 60 64 41 47 — — 262 
Criticized (Nonaccruing)— — — — — — — — — 
Total real estate — construction411 1,225 972 221 103 95 31 8 3,066 
Current year gross write-offs— — — — — — — — — 
Commercial lease financing
Risk Rating:
Pass520 878 575 352 307 808 — — 3,440 
Criticized (Accruing)11 30 9 9 8 16 — — 83 
Criticized (Nonaccruing)— — — — — — — — — 
Total commercial lease financing531 908 584 361 315 824 — — 3,523 
Current year gross write-offs$— $— $— $— $— $— $— $— $— 
Total commercial loans$6,150 $16,998 $11,508 $4,178 $4,375 $7,448 $26,721 $213 $77,591 
Total commercial loan current year gross write-offs$1 $8 $36 $19 $13 $42 $108 $— $227 
(a)Accrued interest of $344 million and $383 million as of September 30, 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 nine months ended September 30, 2024 and the twelve months ended December 31, 2023.
Consumer Credit Exposure
Credit Risk Profile by FICO Score and Vintage (a)(b)
As of September 30, 2024Term LoansRevolving Loans Amortized Cost BasisRevolving Loans Converted to Term Loans Amortized Cost Basis
Amortized Cost Basis by Origination Year and FICO Score
Dollars in millions20242023202220212020PriorTotal
Real estate — residential mortgage
FICO Score:
750 and above$159 $692 $5,786 $7,290 $2,275 $1,566 $— $— $17,768 
660 to 74952 119 628 697 218 289 — — 2,003 
Less than 6602 15 82 64 26 140 — — 329 
No Score1 2 1 1 1 15 1 — 22 
Total real estate — residential mortgage214 828 6,497 8,052 2,520 2,010 1 — 20,122 
Current period gross write-offs1 — — — — 1 — — 2 
Home equity loans
FICO Score:
750 and above26 33 142 798 631 758 1,926 269 4,583 
660 to 74914 20 54 191 134 198 792 88 1,491 
Less than 6601 5 16 40 30 87 272 25 476 
No Score— — — — — 1 4 — 5 
Total home equity loans41 58 212 1,029 795 1,044 2,994 382 6,555 
Current period gross write-offs— — — — — 1 1 — 2 
Other consumer loans
FICO Score:
750 and above76 157 1,192 1,258 560 268 90 — 3,601 
660 to 74951 115 291 284 137 113 185 — 1,176 
Less than 6607 25 60 59 31 28 56 — 266 
No Score26 18 17 16 7 14 197 — 295 
Total consumer direct loans160 315 1,560 1,617 735 423 528 — 5,338 
Current period gross write-offs— 5 13 9 5 5 12 — 49 
Credit cards
FICO Score:
750 and above— — — — — — 438 — 438 
660 to 749— — — — — — 368 — 368 
Less than 660— — — — — — 107 — 107 
No Score— — — — — — 1 — 1 
Total credit cards— — — — — — 914 — 914 
Current period gross write-offs— — — — — — 35 — 35 
Total consumer loans$415 $1,201 $8,269 $10,698 $4,050 $3,477 $4,437 $382 $32,929 
Total consumer loan current period gross write-offs$1 $5 $13 $9 $5 $7 $48 $— $88 
As of December 31, 2023Term LoansRevolving Loans Amortized Cost BasisRevolving Loans Converted to Term Loans Amortized Cost Basis
Amortized Cost Basis by Origination Year and FICO Score
Dollars in millions20232022202120202019PriorTotal
Real estate — residential mortgage
FICO Score:
750 and above$680 $5,992 $7,785 $2,392 $586 $923 $— $— $18,358 
660 to 749180 739 780 248 90 240 — — 2,277 
Less than 66015 58 56 22 17 130 — — 298 
No Score2 1 1 1 — 18 2 — 25 
Total real estate — residential mortgage877 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 74924 65 229 152 66 164 886 107 1,693 
Less than 6603 13 38 27 17 77 281 31 487 
No Score2 — — — — 1 4 — 7 
Total home equity loans29 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 above185 1,187 1,455 660 277 112 97 — 3,973 
660 to 749150 365 342 171 83 60 199 — 1,370 
Less than 66024 64 65 32 17 16 57 — 275 
No Score30 33 17 11 10 12 185 — 298 
Total consumer direct loans389 1,649 1,879 874 387 200 538 — 5,916 
Current period gross write-offs1 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 interest of $135 million and $139 million as of September 30, 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 nine months ended September 30, 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 September 30, 2024, and December 31, 2023, provides further information regarding Key’s credit exposure.

Aging Analysis of Loan Portfolio(a)
As of September 30, 2024
Current (b)(c)
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 (d)
Dollars in millions
LOAN TYPE
Commercial and industrial$52,258 $41 $37 $73 $365 $516 $52,774 
Commercial real estate:
Commercial mortgage13,369 23 4 65 176 268 13,637 
Construction3,091 — — 2 — 2 3,093 
Total commercial real estate loans16,460 23 4 67 176 270 16,730 
Commercial lease financing2,913 — — — — — 2,913 
Total commercial loans$71,631 $64 $41 $140 $541 $786 $72,417 
Real estate — residential mortgage$20,022 $7 $6 $— $87 $100 $20,122 
Home equity loans6,431 22 8 4 90 124 6,555 
Other consumer loans5,299 16 9 10 4 39 5,338 
Credit cards885 6 5 12 6 29 914 
Total consumer loans$32,637 $51 $28 $26 $187 $292 $32,929 
Total loans$104,268 $115 $69 $166 $728 $1,078 $105,346 
(a)Amounts in table represent amortized cost and exclude loans held for sale.
(b)Accrued interest of $480 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)Includes balances of $100 million in Commercial mortgage and $5 million in Real estate - residential mortgage associated with loans sold to GNMA where Key has the right but not the obligation to repurchase.
(d)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 mortgage15,049 25 3 10 100 138 15,187 
Construction3,065 1 — — — 1 3,066 
Total commercial real estate loans18,114 26 3 10 100 139 18,253 
Commercial lease financing3,520 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 loans7,001 27 10 4 97 138 7,139 
Other consumer loans5,877 16 10 9 4 39 5,916 
Credit cards974 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 September 30, 2024, the carrying amount of our commercial nonperforming loans outstanding represented 83% of their original contractual amount owed, total nonperforming loans outstanding represented 86% of their original contractual amount owed, and nonperforming assets in total were carried at 89% of their original contractual amount owed.

Nonperforming loans reduced expected interest income by $14 million and $41 million for the three and nine months ended September 30, 2024, respectively, and $10 million and $26 million for the three and nine months ended September 30, 2023, respectively.

The amortized cost basis of nonperforming loans on nonaccrual status for which there is no related allowance for credit losses was $370 million at September 30, 2024 and $301 million at December 31, 2023. As of September 30, 2024, 37% of our nonperforming loans were contractually current versus 41% 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. Our consumer loans have collateral that includes residential real estate, automobiles, boats, and RVs.

At September 30, 2024 and September 30, 2023, the recorded investment of consumer residential mortgage and home equity loans in the process of foreclosure was approximately $73 million and $92 million, respectively.

There were no significant changes in the extent to which collateral secures our collateral-dependent financial assets during the three months ended September 30, 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 September 30, 2024, there were 110 loans totaling $19 million in a trial modification period. As of September 30, 2023, there were 115 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 $29 million and $67 million at September 30, 2024 and September 30, 2023, respectively.

As of September 30, 2024Interest Rate ReductionTerm ExtensionOtherCombinationTotal
Dollars in millionsAmortized Cost BasisAmortized Cost BasisAmortized Cost BasisAmortized Cost BasisAmortized Cost Basis% of Total Loan Type
LOAN TYPE
Commercial and Industrial$— $126 $11 $16 $153 0.29 %
Commercial real estate:
Commercial mortgage28 189 3 — 220 1.61 
Construction— 27 — — 27 0.87 
Total commercial real estate loans28 216 3 — 247 1.48 
Commercial lease financing— — — — — — 
Total commercial loans$28 $342 $14 $16 $400 0.55 %
Real estate — residential mortgage1 — — 11 12 0.06 
Home equity loans3 1 1 6 11 0.17 
Other consumer loans— 1 — 2 3 0.06 
Credit cards— — — 4 4 0.44 
Total consumer loans4 2 1 23 30 0.09 
Total loans$32 $344 $15 $39 $430 0.41 %
As of September 30, 2023Interest Rate ReductionTerm ExtensionOtherCombinationTotal
Dollars in millionsAmortized Cost BasisAmortized Cost BasisAmortized Cost BasisAmortized Cost BasisAmortized Cost Basis% of Total Loan Type
LOAN TYPE
Commercial and Industrial$— $158 $46 $31 $235 0.41 %
Commercial real estate:
Commercial mortgage— 7 — — 7 0.05 
Construction— — — — — — 
Total commercial real estate loans— 7 — — 7 0.04 
Commercial lease financing— — — — — — 
Total commercial loans$— $165 $46 $31 $242 0.30 %
Real estate — residential mortgage1 — 7 8 0.04 
Home equity loans1 — 1 5 7 0.10 
Other consumer loans— 1 — 1 2 0.03 
Credit cards— — — 3 3 0.30 
Total consumer loans2 1 1 16 20 0.06 
Total loans$2 $166 $47 $47 $262 0.23 %

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 September 30, 2024Weighted-average Interest Rate ChangeWeighted-average Term Extension (in years)
LOAN TYPE
Commercial and Industrial(17.00)%0.42
Commercial mortgage— %0.43
Real estate — residential mortgage(1.85)%2.47
Home equity loans(4.68)%5.60
Other consumer loans(4.18)%0.40
Credit cards(12.13)%0.25

Nine months ended September 30, 2024Weighted-average Interest Rate ChangeWeighted-average Term Extension (in years)
LOAN TYPE
Commercial and Industrial(6.29)%1.14
Commercial mortgage(1.91)%0.20
Construction— %3.20
Real estate — residential mortgage(1.73)%5.77
Home equity loans(3.75)%6.44
Other consumer loans(3.90)%0.62
Credit cards(15.21)%0.75

Three months ended September 30, 2023Weighted-average Interest Rate ChangeWeighted-average Term Extension (in years)
LOAN TYPE
Commercial and Industrial0.21 %0.85
Real estate — residential mortgage(1.55)%12.24
Home equity loans(3.71)%5.56
Other consumer loans(4.65)%1.32
Credit cards(11.52)%0.75

Nine months ended September 30, 2023Weighted-average Interest Rate ChangeWeighted-average Term Extension (in years)
LOAN TYPE
Commercial and Industrial0.34 %0.54
Commercial mortgage— %1.08
Real estate — residential mortgage(2.03)%7.56
Home equity loans(4.13)%6.15
Other consumer loans(4.38)%0.99
Credit cards(14.05)%0.75

Amortized Cost Basis of Modified Loans That Subsequently Defaulted

Key considers modifications to borrowers experiencing financial difficulty that subsequently become 90 days or more past due under modified terms as subsequently defaulted. The following table presents the amortized cost of
modified loans of borrowers experiencing financial difficulty in the past twelve months that subsequently defaulted within the noted periods.

Three months ended September 30, 2024
Dollars in millionsInterest Rate ReductionTerm ExtensionOtherCombinationTotal
LOAN TYPE
Commercial and Industrial$— $1 $— $— $1 
Commercial real estate
Commercial mortgage28 — — 1 29 
Construction— — — — — 
Total commercial real estate loans28 — — 1 29 
Total commercial loans28 1 — 1 30 
Home equity loans$— $— $— $— $— 
Total consumer loans$— $— $— $— $— 
Total loans$28 $1 $— $1 $30 

Nine months ended September 30, 2024
Dollars in millionsInterest Rate ReductionTerm ExtensionOtherCombinationTotal
LOAN TYPE
Commercial and Industrial$— $17 $— $1 $18 
Commercial real estate
Commercial mortgage28 — 1 29 
Construction— — — — — 
Total commercial real estate loans28 — — 1 29 
Total commercial loans28 17 — 2 47 
Home equity loans— — — 1 1 
Total consumer loans$— $— $— $1 $1 
Total loans$28 $17 $— $3 $48 

There were $3 million and $10 million of loans that were modified for borrowers experiencing financial difficulty that received modifications and subsequently defaulted during the three and nine months ended September 30, 2023, respectively.

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 September 30, 2024Current30-89 Days 
Past Due		90 and Greater
Days Past Due		Total
Dollars in millions
LOAN TYPE
Commercial and Industrial$132 $18 $3 $153 
Commercial real estate
Commercial mortgage189 — 31 220 
Construction27 — — 27 
Total commercial real estate loans348 18 34 400 
Commercial lease financing— — — — 
Total commercial loans348 18 34 400 
Real estate — residential mortgage9 3 — 12 
Home equity loans9 1 1 11 
Other consumer loans3 — — 3 
Credit cards4 — — 4 
Total consumer loans$25 $4 $1 $30 
Total loans$373 $22 $35 $430 
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 September 30, 2023.

As of September 30, 2023Current30-89 Days 
Past Due		90 and Greater
Days Past Due		Total
Dollars in millions
LOAN TYPE
Commercial and Industrial$231 $1 $3 $235 
Commercial real estate
Commercial mortgage7 — — 7 
Construction— — — — 
Total commercial real estate loans238 1 3 242 
Commercial lease financing— — — — 
Total commercial loans238 1 3 242 
Real estate — residential mortgage8 — — 8 
Home equity loans7 — — 7 
Other consumer loans2 — — 2 
Credit cards3 — — 3 
Total consumer loans$20 $— $— $20 
Total loans$258 $1 $3 $262 

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 September 30,Nine months ended September 30,
Dollars in millions2024202320242023
Balance at beginning of period$286 $291 $296 $225 
Provision (credit) for losses on off balance sheet exposures(6)2 (16)68 
Other— (3)— (3)
Balance at end of period$280 $290 $280 $290 
v3.24.3
Fair Value Measurements
 9 Months Ended
Sep. 30, 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 September 30, 2024, and December 31, 2023.
September 30, 2024December 31, 2023
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Dollars in millions
ASSETS MEASURED ON A RECURRING BASIS
Trading account assets:
U.S. Treasury, agencies and corporations$— $928 $— $928 $— $685 $— $685 
States and political subdivisions— 102 — 102 — 93 — 93 
Other mortgage-backed securities— 355 — 355 — 340 — 340 
Other securities— 14 — 14 — 21 — 21 
Total trading account securities— 1,399 — 1,399 — 1,139 — 1,139 
Commercial loans— 5 — 5 — 3 — 3 
Total trading account assets— 1,404 — 1,404 — 1,142 — 1,142 
Securities available for sale:
U.S. Treasury, agencies and corporations— 9,223 — 9,223 — 9,026 — 9,026 
Agency residential collateralized mortgage obligations— 12,991 — 12,991 — 15,478 — 15,478 
Agency residential mortgage-backed securities— 7,321 — 7,321 — 3,589 — 3,589 
Agency commercial mortgage-backed securities— 4,634 — 4,634 — 9,092 — 9,092 
Other securities— — — — — — — — 
Total securities available for sale— 34,169 — 34,169 — 37,185 — 37,185 
Other investments:
Principal investments:
Direct— — — — — — — — 
Indirect (measured at NAV) (a)
— — — 16 — — — 17 
Total principal investments— — — 16 — — — 17 
Equity investments:
Direct— 6 3 9 — — 2 2 
Direct (measured at NAV) (a)
— — — 45 — — — 40 
Indirect (measured at NAV) (a)
— — — 3 — — — 4 
Total equity investments— 6 3 57 — — 2 46 
Total other investments— 6 3 73 — — 2 63 
Loans, net of unearned income (residential)— — 9 9 — — 9 9 
Loans held for sale (residential)— 61 — 61 — 51 — 51 
Derivative assets:
Interest rate— 179 7 186 — 175 (2)173 
Foreign exchange48 22 — 70 74 15 — 89 
Commodity— 423 — 423 — 721 — 721 
Credit— — — — — — — — 
Other— 10 1 11 — 14 2 16 
Derivative assets48 634 8 690 74 925 — 999 
Netting adjustments (b)
— — — (499)— — — (818)
Total derivative assets48 634 8 191 74 925 — 181 
Total assets on a recurring basis at fair value$48 $36,274 $20 $35,907 $74 $39,303 $11 $38,631 
LIABILITIES MEASURED ON A RECURRING BASIS
Bank notes and other short-term borrowings:
Short positions$79 $780 $— $859 $30 $774 $— $804 
Derivative liabilities:
Interest rate1 694 — 695 — 985 — 985 
Foreign exchange40 23 — 63 58 15 — 73 
Commodity— 401 — 401 — 698 — 698 
Credit— 17 — 17 — 1 — 1 
Other— 7 — 7 — 20 — 20 
Derivative liabilities41 1,142 — 1,183 58 1,719 — 1,777 
Netting adjustments (b)
— — — (343)— — — (473)
Total derivative liabilities41 1,142 — 840 58 1,719 — 1,304 
Total liabilities on a recurring basis at fair value$120 $1,922 $— $1,699 $88 $2,493 $— $2,108 
(a)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet.
(b)Netting adjustments represent the amounts recorded to convert our derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. The net basis takes into account the impact of bilateral collateral and master netting agreements that allow us to settle all derivative contracts with a single counterparty on a net basis and to offset the net derivative position with the related cash collateral. Total derivative assets and liabilities include these netting adjustments.
The following table presents the fair value of our direct and indirect principal investments and related unfunded commitments at September 30, 2024, as well as financial support provided for the three and nine months ended September 30, 2024, and September 30, 2023.
   Financial support provided
   Three months ended September 30,Nine months ended September 30,
 September 30, 20242024202320242023
Dollars in millions
Fair
Value
Unfunded
Commit-ments		Funded
Commit-ments
Funded
Other
Funded
Commit-ments
Funded
Other
Funded
Commit-ments
Funded
Other
Funded
Commit-ments
Funded
Other
INVESTMENT TYPE
Direct investments$— $— $— $— $— $— $— $— $— $— 
Indirect investments (measured at NAV) (a)
16 1 — — — — — — — — 
Total$16 $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 September 30, 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 and nine months ended September 30, 2024, and September 30, 2023. 
Dollars in millionsBeginning of Period BalanceGains (Losses) Included in Other Comprehensive IncomeGains (Losses) Included in EarningsPurchasesSalesSettlementsTransfers OtherTransfers into Level 3Transfers out of Level 3End of Period BalanceUnrealized Gains (Losses) Included in Earnings
Nine months ended September 30, 2024
Other investments
Equity investments
Direct (a)
$2 $— $1 $— $— $— $— $— $— $3 — 
Loans, net of unearned income (residential)9 — — — — — (2)— 2 9 — 
Derivative instruments (b)
Interest rate(2)— (5)
(c)
7 — — — 2 
(d)
5 
(d)
7 — 
Other (e)
2 — — 
(c)
— — — (1)— — 1 — 
Three months ended September 30, 2024
Other investments
Equity investments
Direct (a)
$2 $— $1 $— $— $— $— $— $— $3 — 
Loans, net of unearned income (residential)11 — — — — — (2)— — 9 — 
Derivative instruments (b)
Interest rate(2)— 2 
(c)
6 — — — 1 
(d)
— 
(d)
7 — 
Other (e)
1 — — 
(c)
— — — — — — 1 — 
Dollars in millionsBeginning of Period BalanceGains (Losses) Included in Other Comprehensive IncomeGains (Losses) Included in EarningsPurchasesSalesSettlementsTransfers OtherTransfers into Level 3Transfers out of Level 3End of Period BalanceUnrealized Gains (Losses) Included in Earnings
Nine months ended September 30, 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 rate2 — (23)
(c)
18 1 — — (3)
(d) 
6 
(d) 
1 — 
Credit(2)— — 
(c)
— — — —   — — 
Other (e)
— — — 
(c)
— — — — — (1)(1)— 
Three months ended September 30, 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 rate5 — (6)
(c)
— — — — — 
(d) 
2 
(d) 
1 — 
Credit— — — 
(c)
— — — — —   — 
  
— — 
Other (e)
1 — — 
(c)
— — — (2)— — (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 September 30, 2024, and December 31, 2023.

The following table presents our assets measured at fair value on a nonrecurring basis at September 30, 2024, and December 31, 2023:
 September 30, 2024December 31, 2023
Dollars in millionsLevel 1Level 2Level 3TotalLevel 1Level 2Level 3Total
ASSETS MEASURED ON A NONRECURRING BASIS
Collateral-dependent loans$— $— $150 $150 $— $— $104 $104 
Accrued income and other assets— — 25 25 — — 29 29 
Total assets on a nonrecurring basis at fair value$— $— $175 $175 $— $— $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 September 30, 2024, and December 31, 2023, the carrying amount of equity investments under this method was $386 million and $339 million, respectively. No adjustments or impairments were recorded for the three months ended September 30, 2024.

Quantitative Information about Level 3 Fair Value Measurements

The range and weighted-average of the significant unobservable inputs used to measure the fair value of our material Level 3 recurring and nonrecurring assets at September 30, 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
September 30, 2024December 31, 2023September 30, 2024December 31, 2023
Recurring    
Loans, net of unearned income (residential)$9 $9 Market comparable pricingComparability factor
61.71 - 95.00% (73.33%)
62.67-89.60% (70.83%)
Derivative instruments:
Interest rate7 2 Discounted cash flowsProbability of default
.02 - 100% (4.30%)
.02 - 100% (5.30%)
Loss given default
0 - 1 (.491)
0 - 1 (.477)
Insignificant level 3 assets, net of liabilities(c)
4 4 
Nonrecurring   
Collateral-dependent loans150 104 Fair value of collateralCredit and liquidity discount
0 - 100.00% (23.00%)
0 - 10.00% (5.00%)
Accrued income and other assets:
OREO and other Level 3 assets (d)
13 21 Appraised valueAppraised valueN/MN/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 $12 million and $8 million pertaining to mortgage servicing assets measured at fair value as of September 30, 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 September 30, 2024, and December 31, 2023, are shown in the following tables. Assets and liabilities are further arranged by measurement category.
 September 30, 2024
  Fair Value
Dollars in millions
Carrying
Amount
Level 1Level 2Level 3
Measured
at NAV
Netting
Adjustment
 Total
ASSETS (by measurement category)
Fair value - net income
Trading account assets (b)
$1,404 $— $1,404 $— $— $—   $1,404 
Other investments (b)
1,117 — 6 1,047 64 —   1,117 
Loans, net of unearned income (residential) (d)
9 — — 9 — —   9 
Loans held for sale (residential) (b)
61 — 61 — — —   61 
Derivative assets - trading (b)
212 48 642 8 — (486)
(f) 
212 
Fair value - OCI
Securities available for sale (b)
34,169 — 34,169 — — —   34,169 
Derivative assets - hedging (b)(g)
(21)— (8)— — (13)
(f) 
(21)
Amortized cost
Held-to-maturity securities (c)
7,702 — 7,317 — — —   7,317 
Loans, net of unearned income (d)
103,843 — — 100,480 — —   100,480 
Loans held for sale (b)
997 — — 997 — — 997 
Other
Cash and other short-term investments (a)
24,072 24,072 — — — — 24,072 
LIABILITIES (by measurement category)
Fair value - net income
Derivative liabilities - trading (b)
$836 $41 $1,122 $— $— $(327)
(f) 
$836 
Fair value - OCI
Derivative liabilities - hedging (b)(g)
4 — 20 — — (16)
(f) 
4 
Amortized cost
Time deposits (e)
18,352 — 18,505 — — —   18,505 
Short-term borrowings (a)
2,403 79 2,324 — — —   2,403 
Long-term debt (e)
15,677 11,842 3,796 — — —   15,638 
Other
Deposits with no stated maturity (a)
132,001 — 132,001 — — — 
  
132,001 
December 31, 2023
 Fair Value
Dollars in millions
Carrying
Amount
Level 1Level 2Level 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 $272 million ($203 million at fair value) at September 30, 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.
v3.24.3
Securities
 9 Months Ended
Sep. 30, 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.

 September 30, 2024December 31, 2023
Dollars in millions
Amortized
Cost (a)
Gross Unrealized GainsGross Unrealized Losses
Fair
Value
Amortized
Cost (b)
Gross Unrealized GainsGross Unrealized Losses
Fair
Value
SECURITIES AVAILABLE FOR SALE
U.S. Treasury, agencies, and corporations$9,156 $97 $30 $9,223 $9,300 $6 $280 $9,026 
Agency residential collateralized mortgage obligations
15,647 7 2,663 12,991 18,911 4 3,437 15,478 
Agency residential mortgage-backed securities7,808 23 510 7,321 4,189 — 600 3,589 
Agency commercial mortgage-backed securities 5,002 — 368 4,634 10,295 — 1,203 9,092 
Total securities available for sale $37,613 $127 $3,571 $34,169 $42,695 $10 $5,520 $37,185 
HELD-TO-MATURITY SECURITIES
Agency residential collateralized mortgage obligations
$4,743 $8 $218 $4,533 $5,170 $9 $283 $4,896 
Agency residential mortgage-backed securities154 — 11 143 165 — 13 152 
Agency commercial mortgage-backed securities2,385 2 153 2,234 2,473 1 204 2,270 
Asset-backed securities (c)
394 — 13 381 738 — 29 709 
Other securities26 — — 26 29 — — 29 
Total held-to-maturity securities$7,702 $10 395 $7,317 $8,575 $10 $529 $8,056 
(a)Amortized cost amounts exclude accrued interest receivable which is recorded within Other Assets on the balance sheet. At September 30, 2024, accrued interest receivable on available for sale securities and held-to-maturity securities totaled $77 million and $22 million, respectively.
(b)Amortized cost amounts exclude accrued interest 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 $388 million of securities as of September 30, 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 September 30, 2024, and December 31, 2023.

 Duration of Unrealized Loss Position  
 Less than 12 Months12 Months or LongerTotal
Dollars in millions
Fair
Value
Gross
Unrealized
Losses
Fair
Value
Gross
Unrealized
Losses
Fair
Value
Gross
Unrealized
Losses
September 30, 2024
Securities available for sale:
U.S Treasury, agencies, and corporations
$3,228 $3 $766 $27 $3,994 $30 
Agency residential collateralized mortgage obligations
93 — 11,807 2,663 11,900 2,663 
Agency residential mortgage-backed securities
2,012 12 3,369 498 5,381 510 
Agency commercial mortgage-backed securities
— — 4,583 368 4,583 368 
Held-to-maturity securities:
Agency residential collateralized mortgage obligations
164 2 3,585 216 3,749 218 
Agency residential mortgage-backed securities
— — 143 11 143 11 
Agency commercial mortgage-backed securities
— — 2,162 153 2,162 153 
Asset-backed securities
— — 381 13 381 13 
Other securities
— — 8 — 8 — 
Total securities in an unrealized loss position$5,497 $17 $26,804 $3,949 $32,301 $3,966 
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 obligations1,123 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 September 30, 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.

For the three months ended September 30, 2024, we had no gross realized gains and recognized $935 million in gross realized losses from the sale of securities available for sale. For the three months ended September 30, 2023, we recognized no realized gains or losses from the sale of securities available for sale.

For the nine months ended September 30, 2024, we had no gross realized gains and recognized $948 million in gross realized losses from the sale of securities available for sale. For the nine months ended September 30, 2023, we recognized no realized gains or losses from the sale of securities available for sale.

At September 30, 2024, securities available for sale and held-to-maturity securities totaling $22.9 billion were 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 September 30, 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.
September 30, 2024Securities Available for SaleHeld to Maturity Securities
Dollars in millionsAmortized CostFair ValueAmortized CostFair Value
Due in one year or less$2,695 $2,688 $78 $76 
Due after one through five years12,034 11,778 3,444 3,336 
Due after five through ten years14,339 12,301 2,396 2,257 
Due after ten years8,545 7,402 1,784 1,648 
Total$37,613 $34,169 $7,702 $7,317 
v3.24.3
Derivatives and Hedging Activities
 9 Months Ended
Sep. 30, 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 September 30, 2024, after taking into account the effects of bilateral collateral and master netting agreements, we had $21 million of derivative assets and $4 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 $212 million and derivative liabilities of $836 million 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 September 30, 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:
 September 30, 2024December 31, 2023
  
Fair Value(a)
 
Fair Value(a)
Dollars in millionsNotional
Amount
Derivative
Assets
Derivative
Liabilities
Notional
Amount
Derivative
Assets
Derivative
Liabilities
Derivatives designated as hedging instruments:
Interest rate$58,507 $(8)$20 $44,621 $39 $12 
Derivatives not designated as hedging instruments:
Interest rate72,584 194 675 78,051 134 973 
Foreign exchange6,383 70 63 6,034 89 73 
Commodity8,832 423 401 11,611 721 698 
Credit136 — 17 121 — 1 
Other (b)
3,147 11 7 2,683 16 20 
Total derivatives not designated as hedging instruments: 91,082 698 1,163 98,500 960 1,765 
Netting adjustments (c)
— (499)(343)— (818)(473)
Net derivatives in the balance sheet149,589 191 840 143,121 181 1,304 
Other collateral (d)
— — (2)— (1)(18)
Net derivative amounts$149,589 $191 $838 $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 September 30, 2024, excess collateral that has not been offset against net derivative instrument positions totaled $170 million of cash collateral and $261 million of securities collateral posted as well as $30 million of cash collateral and $188 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 nine months ended September 30, 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 September 30, 2024, and December 31, 2023, related to cumulative basis adjustments for fair value hedges.
September 30, 2024
Dollars in millionsBalance sheet line item in which the hedge item is included
Carrying amount of hedged item (a)
Hedge accounting basis adjustment (b)
Interest rate contractsLong-term debt$10,500 $(240)
Interest rate contracts
Securities Available for Sale(c)
12,286 (300)
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 contractsLong-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 adjustment by $5 million and $5 million at September 30, 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 last layer expected to be remaining at the end of the relationship. At September 30, 2024, and December 31, 2023, the amortized costs of the closed portfolios in these hedging relationships was $12.3 billion and $12.8 billion, respectively, of which $7.2 billion were designated in a portfolio layer hedging relationship for both period ends. At September 30, 2024, and December 31, 2023, the cumulative basis adjustments associated with these amounts totaled $195 million and $147 million, respectively.

Cash flow hedges. During the nine-month period ended September 30, 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 September 30, 2024, we expect to reclassify an estimated $205 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 $17 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 September 30, 2024. As of September 30, 2024, the maximum length of time over which we hedge forecasted transactions is 3.61 years.

The following tables summarize the effect of fair value and cash flow hedge accounting on the income statement for the three- and nine-month periods ended September 30, 2024, and September 30, 2023.
Location and amount of net gains (losses) recognized in income on fair value and cash flow hedging relationships
Dollars in millionsInterest expense – long-term debtInterest income – loansInterest Income - securitiesInvestment banking and debt placement fees
Three months ended September 30, 2024
Total amounts presented in the consolidated statement of income$(292)$1,516 $298 $171 
Net gains (losses) on fair value hedging relationships
Interest contracts
Recognized on hedged items$(333)$— $329 $— 
Recognized on derivatives designated as hedging instruments258 — (285)— 
Net income (expense) recognized on fair value hedges$(75)$— $44 $— 
Net gain (loss) on cash flow hedging relationships
Interest contracts
Realized gains (losses) (pre-tax) reclassified from AOCI into net income$— $(184)$— $(3)
Net income (expense) recognized on cash flow hedges$— $(184)$— $(3)
Three months ended September 30, 2023
Total amounts presented in the consolidated statement of income$(351)$1,593 $192 $141 
Net gains (losses) on fair value hedging relationships
Interest contracts
Recognized on hedged items$3 $— $(54)$— 
Recognized on derivatives designated as hedging instruments(54)— 63 — 
Net income (expense) recognized on fair value hedges$(51)$— $9 $— 
Net gain (loss) on cash flow hedging relationships
Interest contracts
Realized gains (losses) (pre-tax) reclassified from AOCI into net income$— $(248)$— $2 
Net income (expense) recognized on cash flow hedges$— $(248)$— $2 

Location and amount of net gains (losses) recognized in income on fair value and cash flow hedging relationships
Dollars in millionsInterest expense – long-term debtInterest income – loansInterest Income - SecuritiesInvestment banking and debt placement fees
Nine months ended September 30, 2024
Total amounts presented in the consolidated statement of income$(952)$4,578 $789 $467 
Net gains (losses) on fair value hedging relationships
Interest contracts
Recognized on hedged items$(198)$— $156 $— 
Recognized on derivatives designated as hedging instruments(22)— (47)— 
Net income (expense) recognized on fair value hedges$(220)$— $109 $— 
Net gain (loss) on cash flow hedging relationships
Interest contracts
Realized gains (losses) (pre-tax) reclassified from AOCI into net income$(1)$(599)$— $(2)
Net income (expense) recognized on cash flow hedges$(1)$(599)$— $(2)
Nine months ended September 30, 2023
Total amounts presented in the consolidated statement of income$(975)$4,645 $580 $406 
Net gains (losses) on fair value hedging relationships
Interest contracts
Recognized on hedged items$226 $— $(72)$— 
Recognized on derivatives designated as hedging instruments(374)— 93 — 
Net income (expense) recognized on fair value hedges$(148)$— $21 $— 
Net gain (loss) on cash flow hedging relationships
Interest contracts
Realized gains (losses) (pre-tax) reclassified from AOCI into net income$(1)$(708)$— $3 
Net income (expense) recognized on cash flow hedges$(1)$(708)$— $3 

The following tables summarize the pre-tax net gains (losses) on our cash flow hedges for the three- and nine-month periods ended September 30, 2024, and September 30, 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 millionsNet Gains (Losses) Recognized in OCIIncome Statement Location of Net Gains (Losses) Reclassified From OCI Into IncomeNet Gains (Losses) Reclassified From OCI Into Income
Three months ended September 30, 2024
Cash Flow Hedges
Interest rate$410 Interest income — Loans$(184)
Interest rate— Interest expense — Long-term debt— 
Interest rate(5)Investment banking and debt placement fees(3)
Total$405 $(187)
Three months ended September 30, 2023
Cash Flow Hedges
Interest rate$(228)Interest income — Loans$(248)
Interest rate12 Interest expense — Long-term debt— 
Interest rate5 Investment banking and debt placement fees2 
Total$(211)$(246)

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(a)
Nine months ended September 30, 2024
Cash Flow Hedges
Interest rate$49 Interest income — Loans$(599)
Interest rate1 Interest expense — Long-term debt(1)
Interest rate(4)Investment banking and debt placement fees(2)
Total$46 $(602)
Nine months ended September 30, 2023
Cash Flow Hedges
Interest rate$(584)Interest income — Loans$(708)
Interest rate8 Interest expense — Long-term debt(1)
Interest rate5 Investment banking and debt placement fees3 
Total$(571)$(706)

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- and nine-month periods ended September 30, 2024, and September 30, 2023, and where they are recorded on the income statement.
 Three months ended September 30, 2024Three months ended September 30, 2023
Dollars in millions
Corporate
services
income
Consumer mortgage incomeOther incomeTotalCorporate services incomeConsumer mortgage incomeOther incomeTotal
NET GAINS (LOSSES)
Interest rate$8 $— $3 $11 $8 $— $1 $9 
Foreign exchange13 — — 13 13 — — 13 
Commodity4 — — 4 5 — — 5 
Credit— — (22)(22)— — (12)(12)
Other— — 3 3 — 1 6 7 
Total net gains (losses)$25 $— $(16)$9 $26 $1 $(6)$22 

Nine months ended September 30, 2024Nine months ended September 30, 2023
Dollars in millions
Corporate
services
income
Consumer mortgage incomeOther incomeTotalCorporate services incomeConsumer mortgage incomeOther incomeTotal
NET GAINS (LOSSES)
Interest rate$27 $— $4 $31 $33 $— $— $33 
Foreign exchange39 — — 39 39 — — 39 
Commodity9 — — 9 19 — — 19 
Credit1 — (36)(35)2 — (43)(41)
Other— 1 9 10 — 4 2 6 
Total net gains (losses)$76 $1 $(23)$54 $93 $4 $(41)$56 

Counterparty Credit Risk

We hold collateral in the form of cash and highly rated securities issued by the U.S. Treasury, government-sponsored enterprises, or GNMA. Cash collateral of $218 million was netted against derivative assets on the
balance sheet at September 30, 2024, compared to $408 million of cash collateral netted against derivative assets at December 31, 2023. The cash collateral netted against derivative liabilities totaled $62 million at September 30, 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 millionsSeptember 30, 2024December 31, 2023
Interest rate$139 $123 
Foreign exchange22 42 
Commodity237 409 
Credit— — 
Other11 15 
Derivative assets before collateral409 589 
Plus(Less): Related collateral(218)(408)
Total derivative assets$191 $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 swap execution facilities. Swap clearing and swap execution facilities reduce our exposure to
counterparty credit risk. At September 30, 2024, we had gross exposure of $474 million to broker-dealers and banks. We had net exposure of $30 million after the application of master netting agreements and cash collateral, where such qualifying agreements exist. We held no additional collateral in the form of securities against this net exposure.

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. We mitigate our market risk by buying and selling U.S. Treasuries and SOFR 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 $7 million at September 30, 2024. The CVA is calculated from potential future exposures, expected recovery rates, and market-implied probabilities of default. At September 30, 2024, we had gross exposure of $192 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 $161 million on our derivatives with these counterparties after the application of master netting agreements, collateral, and 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 of $2 million as of September 30, 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 September 30, 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.
 September 30, 2024December 31, 2023
Dollars in millionsNotional
Amount
Average
Term
(Years)
Payment /
Performance
Risk
Notional
Amount
Average
Term
(Years)
Payment /
Performance
Risk
Other$12 5.242.07 %$4 10.694.86 %
Total credit derivatives sold$12 — — $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 level, usually investment-grade level (i.e., “Baa3” for Moody’s and “BBB-” for S&P). At September 30, 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 Key’s banking affiliate KeyBank that were in a net liability position.

Dollars in millionsSeptember 30, 2024December 31, 2023
Net derivative liabilities with credit-risk contingent features

$(27)$(45)
Collateral posted26 42 
As of September 30, 2024, and December 31, 2023, the 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. At September 30, 2024, only KeyBank held derivative contracts with credit risk contingent features.
v3.24.3
Mortgage Servicing Assets
 9 Months Ended
Sep. 30, 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 September 30,Nine months ended September 30,
Dollars in millions2024202320242023
Balance at beginning of period$612 $627 $638 $653 
Servicing retained from loan sales17 40 44 66 
Purchases7 8 17 18 
Amortization(30)(30)(93)(92)
Temporary (impairments) recoveries— — — — 
Balance at end of period$606 $645 $606 $645 
Fair value at end of period$816 $871 $816 $871 

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 September 30, 2024, and September 30, 2023, along with the valuation techniques, are shown in the following table: 
September 30, 2024September 30, 2023
Valuation Technique
Significant
Unobservable Input
Range
Weighted Average		RangeWeighted Average
Discounted cash flowExpected defaults1.00 %2.00 %1.01 %1.00 %2.00 %1.01 %
Residual cash flows discount rate7.17 %10.72 %10.38 %7.44 %10.50 %10.13 %
Escrow earn rate4.51 %4.56 %4.51 %5.48 %5.61 %5.49 %
Loan assumption rate— %2.36 %1.99 %— %2.13 %1.96 %

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 $284 million for the nine-month period ended September 30, 2024, and $234 million for the nine-month period ended September 30, 2023. This fee income was offset by $93 million of amortization for the nine-month period ended September 30, 2024, and $92 million for the nine-month period ended September 30, 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 September 30,Nine months ended September 30,
Dollars in millions2024202320242023
Balance at beginning of period$109 $106 $108 $106 
Servicing retained from loan sales4 4 9 8 
Purchases— — — — 
Amortization(3)(3)(8)(7)
Temporary (impairments) recoveries(2)— (1)— 
Balance at end of period$108 $107 $108 $107 
Fair value at end of period$129 $137 $129 $137 

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 September 30, 2024, and September 30, 2023, along with the valuation techniques, are shown in the following table:
September 30, 2024September 30, 2023
Valuation Technique
Significant
Unobservable Input
RangeWeighted AverageRangeWeighted Average
Discounted cash flowPrepayment speed7.08 %53.34 %8.33 %5.24 %36.95 %6.87 %
Discount rate6.50 %8.75 %6.60 %6.50 %8.75 %6.59 %
Servicing cost$70.00 $3,582 $75.25 $70.00 $4,332 $74.70 
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 September 30, 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 $29 million for the nine-month period ended September 30, 2024, and $25 million for the nine-month period ended September 30, 2023. This fee income was offset by $8 million of amortization for the nine-month period ended September 30, 2024, and $7 million for the nine-month period ended September 30, 2023. Both the contractual fee income and the amortization are recorded, net, in “consumer mortgage income” on the income statement.
v3.24.3
Leases
 9 Months Ended
Sep. 30, 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 September 30,Nine months ended September 30,
Dollars in millions2024202320242023
Sales-type and direct financing leases
Interest income on lease receivable$17 $19 $53 $58 
Interest income related to accretion of unguaranteed residual asset2 3 7 10 
Interest income on deferred fees and costs5 2 15 2 
Total sales-type and direct financing lease income$24 $24 $75 $70 
Operating leases
Operating lease income related to lease payments$16 $19 $53 $65 
Other operating leasing gains— 3 8 5 
Total operating lease income and other leasing gains16 22 61 70 
Total lease income$40 $46 $136 $140 
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 September 30,Nine months ended September 30,
Dollars in millions2024202320242023
Sales-type and direct financing leases
Interest income on lease receivable$17 $19 $53 $58 
Interest income related to accretion of unguaranteed residual asset2 3 7 10 
Interest income on deferred fees and costs5 2 15 2 
Total sales-type and direct financing lease income$24 $24 $75 $70 
Operating leases
Operating lease income related to lease payments$16 $19 $53 $65 
Other operating leasing gains— 3 8 5 
Total operating lease income and other leasing gains16 22 61 70 
Total lease income$40 $46 $136 $140 
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 September 30,Nine months ended September 30,
Dollars in millions2024202320242023
Sales-type and direct financing leases
Interest income on lease receivable$17 $19 $53 $58 
Interest income related to accretion of unguaranteed residual asset2 3 7 10 
Interest income on deferred fees and costs5 2 15 2 
Total sales-type and direct financing lease income$24 $24 $75 $70 
Operating leases
Operating lease income related to lease payments$16 $19 $53 $65 
Other operating leasing gains— 3 8 5 
Total operating lease income and other leasing gains16 22 61 70 
Total lease income$40 $46 $136 $140 
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 September 30,Nine months ended September 30,
Dollars in millions2024202320242023
Sales-type and direct financing leases
Interest income on lease receivable$17 $19 $53 $58 
Interest income related to accretion of unguaranteed residual asset2 3 7 10 
Interest income on deferred fees and costs5 2 15 2 
Total sales-type and direct financing lease income$24 $24 $75 $70 
Operating leases
Operating lease income related to lease payments$16 $19 $53 $65 
Other operating leasing gains— 3 8 5 
Total operating lease income and other leasing gains16 22 61 70 
Total lease income$40 $46 $136 $140 
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 September 30,Nine months ended September 30,
Dollars in millions2024202320242023
Sales-type and direct financing leases
Interest income on lease receivable$17 $19 $53 $58 
Interest income related to accretion of unguaranteed residual asset2 3 7 10 
Interest income on deferred fees and costs5 2 15 2 
Total sales-type and direct financing lease income$24 $24 $75 $70 
Operating leases
Operating lease income related to lease payments$16 $19 $53 $65 
Other operating leasing gains— 3 8 5 
Total operating lease income and other leasing gains16 22 61 70 
Total lease income$40 $46 $136 $140 
v3.24.3
Goodwill
 9 Months Ended
Sep. 30, 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 of 2024, 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 quantitative goodwill impairment tests were performed during the first quarter of 2024 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%.

We monitored events and circumstances through September 30, 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 September 30, 2024. At the conclusion of this assessment of all reporting units, we determined that as of September 30, 2024, it was more likely than not that the fair value of all reporting units exceeded the respective carrying value of such reporting units.

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. During the first quarter of 2024, the Commercial Bank and Institutional Bank reporting units were allocated goodwill of $218 million and $715 million, respectively. There were no changes to goodwill balances in the third quarter of 2024.

The carrying amount of goodwill by reporting segment is presented in the following table:
Dollars in millionsConsumer BankCommercial BankTotal
BALANCE AT SEPTEMBER 30, 2023$1,819 $933 $2,752 
BALANCE AT DECEMBER 31, 2023$1,819 $933 $2,752 
BALANCE AT SEPTEMBER 30, 2024$1,819 $933 $2,752 
v3.24.3
Variable Interest Entities
 9 Months Ended
Sep. 30, 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 September 30, 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 September 30, 2024, and December 31, 2023, we had liabilities of $1.1 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 September 30, 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
September 30, 2024
LIHTC investments$10,008 $4,579 $2,674 
December 31, 2023
LIHTC investments$8,904 $3,848 $2,768 
We had $29 million and $25 million in NMTC investments at September 30, 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 nine months ended September 30, 2024, we recognized $171 million of amortization, $166 million of tax credits and $41 million of other tax benefits associated with these investments within “income taxes” on our income statement. During the nine months ended September 30, 2023, we recognized $163 million of amortization, $151 million of tax credits and $39 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 $16 million and $17 million at September 30, 2024 and December 31, 2023, respectively. 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 September 30, 2024, and December 31, 2023.
 Unconsolidated VIEs
Dollars in millions
Total
Assets
Total
Liabilities
Maximum
Exposure to Loss
September 30, 2024
Indirect investments$2,372 $3 $17 
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 September 30, 2024, and December 31, 2023, that can be used to settle the entities’ obligations. The entities had no liabilities at September 30, 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 September 30, 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 September 30, 2024, $388 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 millionsTotal AssetsTotal Liabilities
September 30, 2024
Other unconsolidated VIEs$818 $1 
December 31, 2023
Other unconsolidated VIEs$1,149 $1 
v3.24.3
Income Taxes
 9 Months Ended
Sep. 30, 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 18.8% for the third quarter of 2024 and 17.8% for the third quarter of 2023. The effective tax rates were 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 September 30, 2024, we had a net deferred tax asset of $1.4 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 $15 million at September 30, 2024, and $12 million at December 31, 2023. The valuation allowance is associated with federal and state capital loss carryforwards.

Unrecognized Tax Benefits

At September 30, 2024, Key’s unrecognized tax benefits were $46 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.
v3.24.3
Discontinued Operations
 9 Months Ended
Sep. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations
13. Discontinued Operations

Discontinued operations primarily includes our government-guaranteed and private education lending business. At September 30, 2024, and December 31, 2023, approximately $272 million and $339 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.
v3.24.3
Securities Financing Activities
 9 Months Ended
Sep. 30, 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 September 30, 2024, and December 31, 2023:
 September 30, 2024December 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$3 $(3)$— $— $7 $(7)$— $— 
Securities borrowed— — — — — — — — 
Total$3 $(3)$— $— $7 $(7)$— $— 
Offsetting of financial liabilities:
Repurchase agreements (c)
$44 $(3)$(41)$— $38 $(7)$(31)$— 
Total$44 $(3)$(41)$— $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 September 30, 2024, assets pledged as collateral against repurchase agreements totaled $44 million. Assets pledged as collateral are reported in “securities available for sale” and “held-to-maturity securities” on the Consolidated Balance Sheets. At September 30, 2024, the liabilities associated with collateral pledged were solely comprised of customer sweep financing activity and had a carrying value of $41 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.
v3.24.3
Employee Benefits
 9 Months Ended
Sep. 30, 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 September 30,Nine months ended September 30,
Dollars in millions2024202320242023
Interest cost on PBO$10 $11 $30 $33 
Expected return on plan assets(10)(11)(29)(32)
Amortization of losses3 3 8 8 
Settlement loss— — — — 
Net pension cost$3 $3 $9 $9 
v3.24.3
Trust Preferred Securities Issued by Unconsolidated Subsidiaries
 9 Months Ended
Sep. 30, 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
September 30, 2024
KeyCorp Capital I$156 $6 $162 6.333 %2028
KeyCorp Capital II87 4 91 6.875 2029
KeyCorp Capital III113 4 117 7.750 2029
HNC Statutory Trust III21 1 22 6.763 2035
HNC Statutory Trust IV21 1 22 6.518 2037
Willow Grove Statutory Trust I18 1 19 6.797 2036
Westbank Capital Trust II8 — 8 7.265 2034
Westbank Capital Trust III8 — 8 7.265 2034
Total
$432 $17 $449 6.898 %— 
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 $20 million and $15 million at September 30, 2024, and December 31, 2023, respectively. 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.
v3.24.3
Contingent Liabilities and Guarantees
 9 Months Ended
Sep. 30, 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.

Oren-Pines v. KeyBank. On October 4, 2024, the parties reached a settlement in principle, agreeing to resolve all claims (including all matters related thereto) brought in New York state court against KeyBank by Yaron Oren-Pines d/b/a In Common. These claims related to a KeyBank customer’s request for a wire transfer recall. The settlement amount to be paid by KeyBank is not material to our results of operations or financial condition.

Guarantees

We are a guarantor in various agreements with third parties. The following table shows the types of guarantees that we had outstanding at September 30, 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.
September 30, 2024Maximum Potential Undiscounted Future PaymentsLiability Recorded
Dollars in millions
Financial guarantees:
Standby letters of credit$4,234 $77 
Recourse agreement with FNMA7,743 63 
Residential mortgage reserve3,385 8 
Written put options (a)
2,315 104 
Total$17,677 $252 
(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 September 30, 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 September 30, 2024, our standby letters of credit had a remaining weighted-average life of 1.4 years, with remaining actual lives ranging from less than 1 year to 10.2 years.

Recourse agreement with FNMA. At September 30, 2024, the outstanding commercial mortgage loans in this program had a weighted-average remaining term of 6.4 years, and the unpaid principal balance outstanding of loans sold by us as a participant was $24.7 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 31.3% of the principal balance of loans outstanding at September 30, 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 $63 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 September 30, 2024, the unpaid principal balance outstanding of loans sold by us in this program was $11.3 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 September 30, 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 $8 million at September 30, 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 September 30, 2024, our written put options had an average life of 1.1 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.
v3.24.3
Accumulated Other Comprehensive Income
 9 Months Ended
Sep. 30, 2024
Equity [Abstract]  
Accumulated Other Comprehensive Income
18. Accumulated Other Comprehensive Income

Our changes in AOCI for the three and nine months ended September 30, 2024, and September 30, 2023, are as follows:
Dollars in millionsUnrealized gains (losses) on securities available for saleUnrealized gains (losses) on derivative financial instrumentsNet pension and postretirement benefit costsTotal
Balance at December 31, 2023$(4,190)$(763)$(276)$(5,229)
Other comprehensive income before reclassification, net of income taxes
850 (85)— 765 
Amounts reclassified from AOCI, net of income taxes (a)
721 458 4 1,183 
Net current-period other comprehensive income, net of income taxes1,571 373 4 1,948 
Balance at September 30, 2024$(2,619)$(390)$(272)$(3,281)
Balance at June 30, 2024$(4,282)$(589)$(273)$(5,144)
Other comprehensive income before reclassification, net of income taxes
951 57 (1)1,007 
Amounts reclassified from AOCI, net of income taxes (a)
712 142 2 856 
Net current-period other comprehensive income, net of income taxes1,663 199 1 1,863 
Balance at September 30, 2024$(2,619)$(390)$(272)$(3,281)
Balance at December 31, 2022$(4,895)$(1,124)$(276)$(6,295)
Other comprehensive income before reclassification, net of income taxes
(509)(376)— (885)
Amounts reclassified from AOCI, net of income taxes (a)
— 537 4 541 
Net current-period other comprehensive income, net of income taxes(509)161 4 (344)
Balance at September 30, 2023$(5,404)$(963)$(272)$(6,639)
Balance at June 30, 2023$(4,736)$(1,035)$(273)$(6,044)
Other comprehensive income before reclassification, net of income taxes
(668)(115)— (783)
Amounts reclassified from AOCI, net of income taxes (a)
— 187 1 188 
Net current-period other comprehensive income, net of income taxes(668)72 1 (595)
Balance at September 30, 2023$(5,404)$(963)$(272)$(6,639)
(a)See table below for details about these reclassifications.

Our reclassifications out of AOCI for the three and nine months ended September 30, 2024, and September 30, 2023, are as follows:
Three months ended September 30,Affected Line Item in the Consolidated Statement of Income
Dollars in millions20242023
Unrealized gains (losses) on securities available for sale
Realized gains$— $— Net securities gains (losses)
Realized losses(935)— Net securities gains (losses)
(935)— Income (loss) from continuing operations before income taxes
(223)— Income taxes
$(712)$— Income (loss) from continuing operations
Unrealized gains (losses) on derivative financial instruments
Interest rate$(184)$(248)Interest income — Loans
Interest rate— — Interest expense — Long-term debt
Interest rate(3)2 Investment banking and debt placement fees
(187)(246)Income (loss) from continuing operations before income taxes
(45)(59)Income taxes
$(142)$(187)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— — Other expense
(3)(3)Income (loss) from continuing operations before income taxes
(1)(2)Income taxes
$(2)$(1)Income (loss) from continuing operations
Nine months ended September 30,Affected Line Item in the Consolidated Statement of Income
Dollars in millions20242023
Unrealized gains (losses) on securities available for sale
Realized gains$— $— Net securities gains (losses)
Realized losses(948)— Net securities gains (losses)
(948)— Income (loss) from continuing operations before income taxes
(227)— Income taxes
$(721)$— Income (loss) from continuing operations
Unrealized gains (losses) on derivative financial instruments
Interest rate$(599)$(708)Interest income — Loans
Interest rate(1)(1)Interest expense — Long-term debt
Interest rate(2)3 Investment banking and debt placement fees
(602)(706)Income (loss) from continuing operations before income taxes
(144)(169)Income taxes
$(458)$(537)Income (loss) from continuing operations
Net pension and postretirement benefit costs
Amortization of losses$(8)$(8)Other expense
Settlement loss— — Other expense
Amortization of unrecognized prior service credit1 1 Other expense
(7)(7)Income (loss) from continuing operations before income taxes
(3)(3)Income taxes
$(4)$(4)Income (loss) from continuing operations
v3.24.3
Shareholders' Equity
 9 Months Ended
Sep. 30, 2024
Equity [Abstract]  
Shareholders' Equity
19. Shareholders' Equity

Comprehensive Capital Plan

During the third quarter of 2024, Key did not complete any open market share repurchases. We repurchased less than $1 million of shares related to equity compensation programs in the third quarter of 2024.

Consistent with our capital plan, the Board declared a quarterly dividend of $.205 per Common Share for the third quarter of 2024.

Scotiabank Investment
On August 12, 2024, we entered into an Investment Agreement with Scotiabank pursuant to which Scotiabank agreed to make a strategic minority investment in KeyCorp of approximately $2.8 billion, representing approximately 14.9% pro forma common stock ownership of KeyCorp, for a fixed price of $17.17 per share. On August 30, 2024, Scotiabank completed the initial purchase of 47,829,359 of KeyCorp’s Common Shares with an investment of approximately $821 million in gross proceeds. With this investment, Scotiabank owns approximately 4.9% of KeyCorp’s Common Shares. The parties expect to complete the final purchase of approximately $2.0 billion of KeyCorp’s Common Shares in the first quarter of 2025, subject to Federal Reserve approval. The exact number of shares to be issued in connection with the final purchase is dependent on the total shares outstanding at the time of final purchase which precludes equity classification of the Investment Agreement. As such the Investment Agreement is accounted for as a financial instrument at fair value with changes recorded through earnings. As of September 30, 2024, the value of the financial instrument did not have a material impact to our results of operations or financial condition.
In connection with the completion of the initial purchase of the Scotiabank investment, we incurred $10 million in issuance costs, which are classified in shareholders’ equity and recorded against the gross proceeds received.

Preferred Stock

The following table summarizes our preferred stock at September 30, 2024.

Preferred stock seriesAmount outstanding (in millions)Book value (net of capital surplus)Shares authorized and outstandingPar valueLiquidation preferenceOwnership interest per depositary shareLiquidation preference per depositary shareThird quarter 2024 dividends paid per depositary share
5.000% Fixed-to-Floating Rate Perpetual Noncumulative Series D
$525 $519 21,000 $1 $25,000 1/25th$1,000 $12.50 
6.125% Fixed-to-Floating Rate Perpetual Noncumulative Series E
500 490 500,000 1 1,000 1/40th25 .382813 
5.650% Fixed Rate Perpetual Noncumulative Series F
425 412 425,000 1 1,000 1/40th25 .353125 
5.625% Fixed Rate Perpetual Non-Cumulative Series G
450 435 450,000 1 1,000 1/40th25 .351563 
6.200% Fixed Rate Reset Perpetual Non-Cumulative Series H
600 590 600,000 1 1,000 1/40th25 .387500 
v3.24.3
Business Segment Reporting
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Business Segment Reporting
20. Business Segment Reporting

The following is description of the segments and their primary businesses at September 30, 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 master and special servicer of commercial mortgage loans. 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- and nine-month periods ended September 30, 2024, and September 30, 2023. Capital is assigned to each business segment based on a combination of regulatory and economic equity.
Three months ended September 30,Consumer BankCommercial BankOtherTotal Key
Dollars in millions20242023202420232024202320242023
SUMMARY OF OPERATIONS
Net interest income (TE)$584 $534 $460 $446 $(80)$(57)$964 $923 
Noninterest income230 241 408 363 (907)39 (269)643 
Total revenue (TE) (a)
814 775 868 809 (987)(18)695 1,566 
Provision for credit losses52 14 41 68 2 (1)95 81 
Depreciation and amortization expense17 21 18 21 18 13 53 55 
Other noninterest expense632 655 427 412 (18)(12)1,041 1,055 
Income (loss) from continuing operations before income taxes (TE)
113 85 382 308 (989)(18)(494)375 
Allocated income taxes and TE adjustments
27 20 82 68 (192)(15)(83)73 
Income (loss) from continuing operations86 65 300 240 (797)(3)(411)302 
Income (loss) from discontinued operations, net of taxes
— — — — 1 1 1 1 
Net income (loss)$86 $65 $300 $240 $(796)$(2)$(410)$303 
AVERAGE BALANCES (b)
Loans and leases$38,332 $41,610 $67,452 $75,598 $460 $419 $106,244 $117,627 
Total assets (a)
41,188 44,429 76,395 85,930 70,026 61,982 187,609 192,341 
Deposits86,431 82,683 58,696 56,078 2,644 6,064 147,771 144,825 
OTHER FINANCIAL DATA
Net loan charge-offs (b)
$54 $36 $99 $35 $1 $— $154 $71 
Return on average allocated equity (b)
10.34 %7.42 %11.98 %9.11 %(125.18)%11.90 %(10.35)%8.66 %
Return on average allocated equity10.34 7.42 11.98 9.11 (125.02)7.93 (10.32)8.69 
Average full-time equivalent employees (c)
7,388 7,666 2,387 2,549 7,030 7,451 16,805 17,666 
(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.

Nine months ended September 30,Consumer BankCommercial BankOtherTotal Key
Dollars in millions20242023202420232024202320242023
SUMMARY OF OPERATIONS
Net interest income (TE)$1,651 $1,677 $1,268 $1,414 $(170)$(76)$2,749 $3,015 
Noninterest income689 709 1,167 1,079 (851)72 1,005 1,860 
Total revenue (TE) (a)
2,340 2,386 2,435 2,493 (1,021)(4)3,754 4,875 
Provision for credit losses83 106 231 283 (18)(2)296 387 
Depreciation and amortization expense58 62 59 67 44 47 161 176 
Other noninterest expense1,943 1,938 1,258 1,213 (46)35 3,155 3,186 
Income (loss) from continuing operations before income taxes (TE)
256 280 887 930 (1,001)(84)142 1,126 
Allocated income taxes and TE adjustments
61 67 176 196 (176)(36)61 227 
Income (loss) from continuing operations195 213 711 734 (825)(48)81 899 
Income (loss) from discontinued operations, net of taxes
— — — — 2 3 2 3 
Net income (loss)$195 $213 $711 $734 $(823)$(45)$83 $902 
AVERAGE BALANCES (b)
Loans and leases$39,139 $42,118 $69,105 $76,816 $494 $437 $108,738 $119,371 
Total assets (a)
41,966 44,945 78,234 86,727 66,491 61,551 186,691 193,223 
Deposits85,305 82,535 57,467 53,983 2,182 7,198 144,954 143,716 
OTHER FINANCIAL DATA
Net loan charge-offs (b)
$144 $93 $200 $76 (18)(1)$326 $168 
Return on average allocated equity (b)
7.64 %8.04 %9.50 %9.37 %(68.90)%(713.06)%0.72 %8.57 %
Return on average allocated equity7.64 8.04 9.50 9.37 (68.74)(668.50)0.74 8.60 
Average full-time equivalent employees (c)
7,360 7,850 2,347 2,530 7,027 7,500 16,734 17,880 
(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.
v3.24.3
Revenue from Contracts with Customers
 9 Months Ended
Sep. 30, 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- and nine-month periods ended September 30, 2024, and September 30, 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 September 30, 2024Three months ended September 30, 2023
Dollars in millionsConsumer BankCommercial BankTotal Contract RevenueConsumer BankCommercial BankTotal Contract Revenue
NONINTEREST INCOME
Trust and investment services income$114 $17 $131 $104 $16 $120 
Investment banking and debt placement fees— 128 128 — 70 70 
Services charges on deposit accounts35 32 67 41 28 69 
Cards and payments income45 45 90 43 42 85 
Other noninterest income3 — 3 3 — 3 
Total revenue from contracts with customers$197 $222 $419 $191 $156 $347 
Other noninterest income (a)
$219 $257 
Noninterest income from Other(b)
(907)39 
Total noninterest income$(269)$643 
(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.

Nine months ended September 30, 2024Nine months ended September 30, 2023
Dollars in millionsConsumer BankCommercial BankTotal Contract RevenueConsumer BankCommercial BankTotal Contract Revenue
NONINTEREST INCOME
Trust and investment services income$334 $51 $385 $306 $50 $356 
Investment banking and debt placement fees— 357 357 — 261 261 
Services charges on deposit accounts103 93 196 121 84 205 
Cards and payments income133 114 247 136 107 243 
Other noninterest income10 — 10 9 — 9 
Total revenue from contracts with customers$580 $615 $1,195 $572 $502 $1,074 
Other noninterest income (a)$661 $714 
Noninterest income from Other(b)(851)72 
Total noninterest income$1,005 $1,860 

We had no material contract assets or contract liabilities as of September 30, 2024, and September 30, 2023.
v3.24.3
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Pay vs Performance Disclosure        
Net Income (Loss) $ (410) $ 303 $ 83 $ 902
v3.24.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 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
v3.24.3
Basis of Presentation and Accounting Policies (Policies)
 9 Months Ended
Sep. 30, 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. Some previously reported amounts have been reclassified in the statements of income from “other income” to “net securities gains (losses).”

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% or for which we do not have significant influence 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

StandardDate of AdoptionDescriptionEffect on Financial Statements or
Other Significant Matters
ASU 2022-03, Fair Value Measurement -
Fair Value
Measurement of
Equity Securities
Subject to Contractual
Sale Restrictions
(Topic 820)
January 1, 2024

Early adoption is
permitted.		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.
v3.24.3
Basis of Presentation and Accounting Policies (Tables)
 9 Months Ended
Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of New Accounting Pronouncements and Changes in Accounting Principles
StandardDate of AdoptionDescriptionEffect on Financial Statements or
Other Significant Matters
ASU 2022-03, Fair Value Measurement -
Fair Value
Measurement of
Equity Securities
Subject to Contractual
Sale Restrictions
(Topic 820)
January 1, 2024

Early adoption is
permitted.		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.
v3.24.3
Earnings Per Common Share (Tables)
 9 Months Ended
Sep. 30, 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 September 30,Nine months ended September 30,
Dollars in millions, except per share amounts2024202320242023
EARNINGS
Income (loss) from continuing operations
$(411)$302 $81 $899 
Less: Dividends on Preferred Stock36 36 108 108 
Income (loss) from continuing operations attributable to Key common shareholders(447)266 (27)791 
Income (loss) from discontinued operations, net of taxes1 1 2 3 
Net income (loss) attributable to Key common shareholders$(446)$267 $(25)$794 
WEIGHTED-AVERAGE COMMON SHARES
Weighted-average Common Shares outstanding (000)948,979 927,131 936,962 927,019 
Effect of Common Share options and other stock awards(a)
— 4,613 — 5,213 
Weighted-average Common Shares and potential Common Shares outstanding (000)(b)
948,979 931,744 936,962 932,232 
EARNINGS PER COMMON SHARE
Income (loss) from continuing operations attributable to Key common shareholders$(.47)$.29 $(.03)$.85 
Income (loss) from discontinued operations, net of taxes— — — — 
Net income (loss) attributable to Key common shareholders (c)
(.47).29 (.03).86 
Income (loss) from continuing operations attributable to Key common shareholders — assuming dilution$(.47)$.29 $(.03)$.85 
Income (loss) from discontinued operations, net of taxes — assuming dilution— — — — 
Net income (loss) attributable to Key common shareholders—assuming dilution(c)
(.47).29 (.03).85 
(a)For periods ended in a loss from continuing operations attributable to Key common shareholders, anti-dilutive instruments have been excluded from the calculation of diluted earnings per share.
(b)Assumes conversion of Common Share options and other stock awards and/or convertible preferred stock, as applicable.
(c)EPS may not foot due to rounding.
v3.24.3
Loan Portfolio (Tables)
 9 Months Ended
Sep. 30, 2024
Loans Receivables [Abstract]  
Schedule of Loans by Category
Loan Portfolio by Portfolio Segment and Financing Receivable (a)
Dollars in millionsSeptember 30, 2024December 31, 2023
Commercial and industrial (b)
$52,774 $55,815 
Commercial real estate:
Commercial mortgage13,637 15,187 
Construction3,093 3,066 
Total commercial real estate loans16,730 18,253 
Commercial lease financing (c)
2,913 3,523 
Total commercial loans72,417 77,591 
Residential — prime loans:
Real estate — residential mortgage20,122 20,958 
Home equity loans6,555 7,139 
Total residential — prime loans26,677 28,097 
Other consumer loans5,338 5,916 
Credit cards914 1,002 
Total consumer loans32,929 35,015 
Total loans (d)
$105,346 $112,606 
(a)Accrued interest of $480 million and $522 million at September 30, 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 $219 million and $207 million of commercial credit card balances at September 30, 2024, and December 31, 2023, respectively.
(c)Commercial and industrial includes receivables held as collateral for a secured borrowing of $261 million at September 30, 2024, and no amounts held as collateral for a secured borrowing at December 31, 2023. Commercial lease financing includes receivables held as collateral for a secured borrowing of $3 million and $7 million at September 30, 2024, and December 31, 2023, respectively. Additional information pertaining to this secured borrowing is included in Note 20 (“Long-Term Debt”) beginning on page 169 of our 2023 Form 10-K.
(d)Total loans exclude loans of $272 million at September 30, 2024, and $339 million at December 31, 2023, related to the discontinued operations of the education lending business. These amounts are included within “Discontinued assets” on the Consolidated Balance Sheet.
v3.24.3
Asset Quality (Tables)
 9 Months Ended
Sep. 30, 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 September 30, 2024:
Dollars in millionsJune 30, 2024ProvisionCharge-offsRecoveriesSeptember 30, 2024
Commercial and Industrial $682 $101 $(131)$7 $659 
Commercial real estate:
Real estate — commercial mortgage383 (19)(7)1 358 
Real estate — construction66 (2)— — 64 
Total commercial real estate loans449 (21)(7)1 422 
Commercial lease financing29 — — — 29 
Total commercial loans1,160 80 (138)8 1,110 
Real estate — residential mortgage115 (5)— 1 111 
Home equity loans71 1 (1)1 72 
Other consumer loans128 15 (17)2 128 
Credit cards73 10 (11)1 73 
Total consumer loans387 21 (29)5 384 
Total ALLL — continuing operations1,547 101 
(a)
(167)13 1,494 
Discontinued operations14 — (1)— 13 
Total ALLL — including discontinued operations$1,561 $101 $(168)$13 $1,507 
(a)Excludes a credit for losses on lending-related commitments of $6 million.


Three months ended September 30, 2023:
Dollars in millionsJune 30, 2023ProvisionCharge-offsRecoveriesSeptember 30, 2023
Commercial and Industrial $599 $29 $(62)$10 $576 
Commercial real estate:
Real estate — commercial mortgage315 46 (1)— 360 
Real estate — construction39 9 — — 48 
Total commercial real estate loans354 55 (1)— 408 
Commercial lease financing33 (2)— 1 32 
Total commercial loans986 82 (63)11 1,016 
Real estate — residential mortgage200 (20)— 1 181 
Home equity loans96 (5)(1)1 91 
Other consumer loans126 11 (14)2 125 
Credit cards72 11 (9)1 75 
Total consumer loans494 (3)(24)5 472 
Total ALLL — continuing operations1,480 79 
(a)
(87)16 1,488 
Discontinued operations18 (1)— — 17 
Total ALLL — including discontinued operations$1,498 $78 $(87)$16 $1,505 
(a)Excludes a provision for losses on lending-related commitments of $2 million.
Nine months ended September 30, 2024:
Dollars in millionsDecember 31, 2023ProvisionCharge-offsRecoveriesSeptember 30, 2024
Commercial and Industrial $556 $336 $(279)$46 $659 
Commercial real estate:
Real estate — commercial mortgage419 (41)(22)2 358 
Real estate — construction52 12 — — 64 
Total commercial real estate loans471 (29)(22)2 422 
Commercial lease financing33 (3)(6)5 29 
Total commercial loans1,060 304 (307)53 1,110 
Real estate — residential mortgage162 (53)(2)4 111 
Home equity loans86 (14)(2)2 72 
Other consumer loans122 49 (49)6 128 
Credit cards78 26 (35)4 73 
Total consumer loans448 8 (88)16 384 
Total ALLL — continuing operations1,508 312 
(a)
(395)69 1,494 
Discontinued operations16 (1)(3)1 13 
Total ALLL — including discontinued operations$1,524 $311 $(398)$70 $1,507 
(a)Excludes a credit for losses on lending-related commitments of $16 million.

Nine months ended September 30, 2023:
Dollars in millionsDecember 31, 2022ProvisionCharge-offsRecoveriesSeptember 30, 2023
Commercial and Industrial $601 $81 $(139)$33 $576 
Commercial real estate:
Real estate — commercial mortgage203 171 (15)1 360 
Real estate — construction28 20 — — 48 
Total commercial real estate loans231 191 (15)1 408 
Commercial lease financing32 (4)— 4 32 
Total commercial loans864 268 (154)38 1,016 
Real estate — residential mortgage196 (17)(1)3 181 
Home equity loans98 (6)(4)3 91 
Other consumer loans113 42 (37)7 125 
Credit cards66 32 (27)4 75 
Total consumer loans473 51 (69)17 472 
Total ALLL — continuing operations1,337 319 
(a)
(223)55 1,488 
Discontinued operations21 (2)(3)1 17 
Total ALLL — including discontinued operations$1,358 $317 $(226)$56 $1,505 
(a)Excludes a provision for losses on lending-related commitments of $68 million.
Schedule of Significant Macroeconomic Variables of Loan Portfolios The following table discloses key macroeconomic variables for each loan portfolio.
SegmentPortfolio
Key Macroeconomic Variables (a)
CommercialCommercial and industrialBBB corporate bond rate (spread), fixed investment, business bankruptcies, GDP, industrial production, unemployment rate, and Producer Price Index
Commercial real estateProperty & real estate price indices, unemployment rate, business bankruptcies, GDP, and SOFR
Commercial lease financingBBB corporate bond rate (spread), GDP, and unemployment rate
ConsumerReal estate — residential mortgageGDP, home price index, unemployment rate, and 30 year mortgage rate
Home equityHome price index, unemployment rate, and 30 year mortgage rate
Other consumerUnemployment rate and U.S. household income
Credit cardsUnemployment rate and U.S. household income
Discontinued operationsUnemployment 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 September 30, 2024Term LoansRevolving Loans Amortized Cost BasisRevolving Loans Converted to Term Loans Amortized Cost Basis
Amortized Cost Basis by Origination Year and Internal Risk Rating
Dollars in millions20242023202220212020PriorTotal
Commercial and Industrial
Risk Rating:
Pass$4,215 $3,330 $7,612 $4,309 $1,895 $4,090 $22,943 $117 $48,511 
Criticized (Accruing)76 224 664 442 261 414 1,779 38 3,898 
Criticized (Nonaccruing)22 19 106 35 3 43 137 — 365 
Total commercial and industrial4,313 3,573 8,382 4,786 2,159 4,547 24,859 155 52,774 
Current year gross write-offs— 6 40 105 4 25 99 — 279 
Real estate — commercial mortgage
Risk Rating:
Pass623 808 3,127 2,344 629 3,338 865 42 11,776 
Criticized (Accruing)19 66 705 372 87 406 22 11 1,688 
Criticized (Nonaccruing)— — 55 71 2 43 2 — 173 
Total real estate — commercial mortgage
642 874 3,887 2,787 718 3,787 889 53 13,637 
Current year gross write-offs— — — — — 21 1 — 22 
Real estate — construction
Risk Rating:
Pass60 757 1,172 466 88 93 35 2 2,673 
Criticized (Accruing)— 16 116 142 68 78 — — 420 
Criticized (Nonaccruing)— — — — — — — — — 
Total real estate — construction60 773 1,288 608 156 171 35 2 3,093 
Current year gross write-offs— — — — — — — — — 
Commercial lease financing
Risk Rating:
Pass235 465 685 415 255 777 — — 2,832 
Criticized (Accruing)2 30 17 10 8 14 — — 81 
Criticized (Nonaccruing)— — — — — — — — — 
Total commercial lease financing237 495 702 425 263 791 — 2,913 
Current year gross write-offs— — — — — 6 — — 6 
Total commercial loans$5,252 $5,715 $14,259 $8,606 $3,296 $9,296 $25,783 $210 $72,417 
Total commercial loan current year gross write-offs$— $6 $40 $105 $4 $52 $100 $— $307 

As of December 31, 2023Term LoansRevolving Loans Amortized Cost BasisRevolving Loans Converted to Term Loans Amortized Cost Basis
Amortized Cost Basis by Origination Year and Internal Risk Rating
Dollars in millions20232022202120202019PriorTotal
Commercial and Industrial
Risk Rating:
Pass$4,020 $10,145 $6,141 $2,539 $2,064 $3,534 $24,395 $123 $52,961 
Criticized (Accruing)84 361 427 233 127 170 1,140 15 2,557 
Criticized (Nonaccruing)14 49 50 2 28 70 84 — 297 
Total commercial and industrial4,118 10,555 6,618 2,774 2,219 3,774 25,619 138 55,815 
Current year gross write-offs1 7 35 8 11 21 105 — 188 
Real estate — commercial mortgage
Risk Rating:
Pass1,084 3,664 2,922 804 1,545 2,507 1,017 66 13,609 
Criticized (Accruing)6 646 411 15 186 193 20 1 1,478 
Criticized (Nonaccruing)— — 1 3 7 55 34 — 100 
Total real estate — commercial mortgage
1,090 4,310 3,334 822 1,738 2,755 1,071 67 15,187 
Current year gross write-offs— 1 1 11 2 21 3 — 39 
Real estate — construction
Risk Rating:
Pass401 1,185 912 157 62 48 31 8 2,804 
Criticized (Accruing)10 40 60 64 41 47 — — 262 
Criticized (Nonaccruing)— — — — — — — — — 
Total real estate — construction411 1,225 972 221 103 95 31 8 3,066 
Current year gross write-offs— — — — — — — — — 
Commercial lease financing
Risk Rating:
Pass520 878 575 352 307 808 — — 3,440 
Criticized (Accruing)11 30 9 9 8 16 — — 83 
Criticized (Nonaccruing)— — — — — — — — — 
Total commercial lease financing531 908 584 361 315 824 — — 3,523 
Current year gross write-offs$— $— $— $— $— $— $— $— $— 
Total commercial loans$6,150 $16,998 $11,508 $4,178 $4,375 $7,448 $26,721 $213 $77,591 
Total commercial loan current year gross write-offs$1 $8 $36 $19 $13 $42 $108 $— $227 
(a)Accrued interest of $344 million and $383 million as of September 30, 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 nine months ended September 30, 2024 and the twelve months ended December 31, 2023.
Consumer Credit Exposure
Credit Risk Profile by FICO Score and Vintage (a)(b)
As of September 30, 2024Term LoansRevolving Loans Amortized Cost BasisRevolving Loans Converted to Term Loans Amortized Cost Basis
Amortized Cost Basis by Origination Year and FICO Score
Dollars in millions20242023202220212020PriorTotal
Real estate — residential mortgage
FICO Score:
750 and above$159 $692 $5,786 $7,290 $2,275 $1,566 $— $— $17,768 
660 to 74952 119 628 697 218 289 — — 2,003 
Less than 6602 15 82 64 26 140 — — 329 
No Score1 2 1 1 1 15 1 — 22 
Total real estate — residential mortgage214 828 6,497 8,052 2,520 2,010 1 — 20,122 
Current period gross write-offs1 — — — — 1 — — 2 
Home equity loans
FICO Score:
750 and above26 33 142 798 631 758 1,926 269 4,583 
660 to 74914 20 54 191 134 198 792 88 1,491 
Less than 6601 5 16 40 30 87 272 25 476 
No Score— — — — — 1 4 — 5 
Total home equity loans41 58 212 1,029 795 1,044 2,994 382 6,555 
Current period gross write-offs— — — — — 1 1 — 2 
Other consumer loans
FICO Score:
750 and above76 157 1,192 1,258 560 268 90 — 3,601 
660 to 74951 115 291 284 137 113 185 — 1,176 
Less than 6607 25 60 59 31 28 56 — 266 
No Score26 18 17 16 7 14 197 — 295 
Total consumer direct loans160 315 1,560 1,617 735 423 528 — 5,338 
Current period gross write-offs— 5 13 9 5 5 12 — 49 
Credit cards
FICO Score:
750 and above— — — — — — 438 — 438 
660 to 749— — — — — — 368 — 368 
Less than 660— — — — — — 107 — 107 
No Score— — — — — — 1 — 1 
Total credit cards— — — — — — 914 — 914 
Current period gross write-offs— — — — — — 35 — 35 
Total consumer loans$415 $1,201 $8,269 $10,698 $4,050 $3,477 $4,437 $382 $32,929 
Total consumer loan current period gross write-offs$1 $5 $13 $9 $5 $7 $48 $— $88 
As of December 31, 2023Term LoansRevolving Loans Amortized Cost BasisRevolving Loans Converted to Term Loans Amortized Cost Basis
Amortized Cost Basis by Origination Year and FICO Score
Dollars in millions20232022202120202019PriorTotal
Real estate — residential mortgage
FICO Score:
750 and above$680 $5,992 $7,785 $2,392 $586 $923 $— $— $18,358 
660 to 749180 739 780 248 90 240 — — 2,277 
Less than 66015 58 56 22 17 130 — — 298 
No Score2 1 1 1 — 18 2 — 25 
Total real estate — residential mortgage877 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 74924 65 229 152 66 164 886 107 1,693 
Less than 6603 13 38 27 17 77 281 31 487 
No Score2 — — — — 1 4 — 7 
Total home equity loans29 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 above185 1,187 1,455 660 277 112 97 — 3,973 
660 to 749150 365 342 171 83 60 199 — 1,370 
Less than 66024 64 65 32 17 16 57 — 275 
No Score30 33 17 11 10 12 185 — 298 
Total consumer direct loans389 1,649 1,879 874 387 200 538 — 5,916 
Current period gross write-offs1 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 interest of $135 million and $139 million as of September 30, 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 nine months ended September 30, 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 September 30, 2024, and December 31, 2023, provides further information regarding Key’s credit exposure.

Aging Analysis of Loan Portfolio(a)
As of September 30, 2024
Current (b)(c)
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 (d)
Dollars in millions
LOAN TYPE
Commercial and industrial$52,258 $41 $37 $73 $365 $516 $52,774 
Commercial real estate:
Commercial mortgage13,369 23 4 65 176 268 13,637 
Construction3,091 — — 2 — 2 3,093 
Total commercial real estate loans16,460 23 4 67 176 270 16,730 
Commercial lease financing2,913 — — — — — 2,913 
Total commercial loans$71,631 $64 $41 $140 $541 $786 $72,417 
Real estate — residential mortgage$20,022 $7 $6 $— $87 $100 $20,122 
Home equity loans6,431 22 8 4 90 124 6,555 
Other consumer loans5,299 16 9 10 4 39 5,338 
Credit cards885 6 5 12 6 29 914 
Total consumer loans$32,637 $51 $28 $26 $187 $292 $32,929 
Total loans$104,268 $115 $69 $166 $728 $1,078 $105,346 
(a)Amounts in table represent amortized cost and exclude loans held for sale.
(b)Accrued interest of $480 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)Includes balances of $100 million in Commercial mortgage and $5 million in Real estate - residential mortgage associated with loans sold to GNMA where Key has the right but not the obligation to repurchase.
(d)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 mortgage15,049 25 3 10 100 138 15,187 
Construction3,065 1 — — — 1 3,066 
Total commercial real estate loans18,114 26 3 10 100 139 18,253 
Commercial lease financing3,520 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 loans7,001 27 10 4 97 138 7,139 
Other consumer loans5,877 16 10 9 4 39 5,916 
Credit cards974 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 September 30, 2024, there were 110 loans totaling $19 million in a trial modification period. As of September 30, 2023, there were 115 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 $29 million and $67 million at September 30, 2024 and September 30, 2023, respectively.

As of September 30, 2024Interest Rate ReductionTerm ExtensionOtherCombinationTotal
Dollars in millionsAmortized Cost BasisAmortized Cost BasisAmortized Cost BasisAmortized Cost BasisAmortized Cost Basis% of Total Loan Type
LOAN TYPE
Commercial and Industrial$— $126 $11 $16 $153 0.29 %
Commercial real estate:
Commercial mortgage28 189 3 — 220 1.61 
Construction— 27 — — 27 0.87 
Total commercial real estate loans28 216 3 — 247 1.48 
Commercial lease financing— — — — — — 
Total commercial loans$28 $342 $14 $16 $400 0.55 %
Real estate — residential mortgage1 — — 11 12 0.06 
Home equity loans3 1 1 6 11 0.17 
Other consumer loans— 1 — 2 3 0.06 
Credit cards— — — 4 4 0.44 
Total consumer loans4 2 1 23 30 0.09 
Total loans$32 $344 $15 $39 $430 0.41 %
As of September 30, 2023Interest Rate ReductionTerm ExtensionOtherCombinationTotal
Dollars in millionsAmortized Cost BasisAmortized Cost BasisAmortized Cost BasisAmortized Cost BasisAmortized Cost Basis% of Total Loan Type
LOAN TYPE
Commercial and Industrial$— $158 $46 $31 $235 0.41 %
Commercial real estate:
Commercial mortgage— 7 — — 7 0.05 
Construction— — — — — — 
Total commercial real estate loans— 7 — — 7 0.04 
Commercial lease financing— — — — — — 
Total commercial loans$— $165 $46 $31 $242 0.30 %
Real estate — residential mortgage1 — 7 8 0.04 
Home equity loans1 — 1 5 7 0.10 
Other consumer loans— 1 — 1 2 0.03 
Credit cards— — — 3 3 0.30 
Total consumer loans2 1 1 16 20 0.06 
Total loans$2 $166 $47 $47 $262 0.23 %
The following table summarizes the financial impacts of loan modifications made to specific loans for the noted periods.
Three months ended September 30, 2024Weighted-average Interest Rate ChangeWeighted-average Term Extension (in years)
LOAN TYPE
Commercial and Industrial(17.00)%0.42
Commercial mortgage— %0.43
Real estate — residential mortgage(1.85)%2.47
Home equity loans(4.68)%5.60
Other consumer loans(4.18)%0.40
Credit cards(12.13)%0.25

Nine months ended September 30, 2024Weighted-average Interest Rate ChangeWeighted-average Term Extension (in years)
LOAN TYPE
Commercial and Industrial(6.29)%1.14
Commercial mortgage(1.91)%0.20
Construction— %3.20
Real estate — residential mortgage(1.73)%5.77
Home equity loans(3.75)%6.44
Other consumer loans(3.90)%0.62
Credit cards(15.21)%0.75

Three months ended September 30, 2023Weighted-average Interest Rate ChangeWeighted-average Term Extension (in years)
LOAN TYPE
Commercial and Industrial0.21 %0.85
Real estate — residential mortgage(1.55)%12.24
Home equity loans(3.71)%5.56
Other consumer loans(4.65)%1.32
Credit cards(11.52)%0.75

Nine months ended September 30, 2023Weighted-average Interest Rate ChangeWeighted-average Term Extension (in years)
LOAN TYPE
Commercial and Industrial0.34 %0.54
Commercial mortgage— %1.08
Real estate — residential mortgage(2.03)%7.56
Home equity loans(4.13)%6.15
Other consumer loans(4.38)%0.99
Credit cards(14.05)%0.75
Three months ended September 30, 2024
Dollars in millionsInterest Rate ReductionTerm ExtensionOtherCombinationTotal
LOAN TYPE
Commercial and Industrial$— $1 $— $— $1 
Commercial real estate
Commercial mortgage28 — — 1 29 
Construction— — — — — 
Total commercial real estate loans28 — — 1 29 
Total commercial loans28 1 — 1 30 
Home equity loans$— $— $— $— $— 
Total consumer loans$— $— $— $— $— 
Total loans$28 $1 $— $1 $30 

Nine months ended September 30, 2024
Dollars in millionsInterest Rate ReductionTerm ExtensionOtherCombinationTotal
LOAN TYPE
Commercial and Industrial$— $17 $— $1 $18 
Commercial real estate
Commercial mortgage28 — 1 29 
Construction— — — — — 
Total commercial real estate loans28 — — 1 29 
Total commercial loans28 17 — 2 47 
Home equity loans— — — 1 1 
Total consumer loans$— $— $— $1 $1 
Total loans$28 $17 $— $3 $48 
The following table depicts the performance of loans that have been modified for borrowers experiencing financial difficulty within the past 12 months.
As of September 30, 2024Current30-89 Days 
Past Due		90 and Greater
Days Past Due		Total
Dollars in millions
LOAN TYPE
Commercial and Industrial$132 $18 $3 $153 
Commercial real estate
Commercial mortgage189 — 31 220 
Construction27 — — 27 
Total commercial real estate loans348 18 34 400 
Commercial lease financing— — — — 
Total commercial loans348 18 34 400 
Real estate — residential mortgage9 3 — 12 
Home equity loans9 1 1 11 
Other consumer loans3 — — 3 
Credit cards4 — — 4 
Total consumer loans$25 $4 $1 $30 
Total loans$373 $22 $35 $430 
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 September 30, 2023.

As of September 30, 2023Current30-89 Days 
Past Due		90 and Greater
Days Past Due		Total
Dollars in millions
LOAN TYPE
Commercial and Industrial$231 $1 $3 $235 
Commercial real estate
Commercial mortgage7 — — 7 
Construction— — — — 
Total commercial real estate loans238 1 3 242 
Commercial lease financing— — — — 
Total commercial loans238 1 3 242 
Real estate — residential mortgage8 — — 8 
Home equity loans7 — — 7 
Other consumer loans2 — — 2 
Credit cards3 — — 3 
Total consumer loans$20 $— $— $20 
Total loans$258 $1 $3 $262 
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 September 30,Nine months ended September 30,
Dollars in millions2024202320242023
Balance at beginning of period$286 $291 $296 $225 
Provision (credit) for losses on off balance sheet exposures(6)2 (16)68 
Other— (3)— (3)
Balance at end of period$280 $290 $280 $290 
v3.24.3
Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Schedule of Fair Value of Assets and Liabilities Measured on Recurring Basis The following tables present these assets and liabilities at September 30, 2024, and December 31, 2023.
September 30, 2024December 31, 2023
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Dollars in millions
ASSETS MEASURED ON A RECURRING BASIS
Trading account assets:
U.S. Treasury, agencies and corporations$— $928 $— $928 $— $685 $— $685 
States and political subdivisions— 102 — 102 — 93 — 93 
Other mortgage-backed securities— 355 — 355 — 340 — 340 
Other securities— 14 — 14 — 21 — 21 
Total trading account securities— 1,399 — 1,399 — 1,139 — 1,139 
Commercial loans— 5 — 5 — 3 — 3 
Total trading account assets— 1,404 — 1,404 — 1,142 — 1,142 
Securities available for sale:
U.S. Treasury, agencies and corporations— 9,223 — 9,223 — 9,026 — 9,026 
Agency residential collateralized mortgage obligations— 12,991 — 12,991 — 15,478 — 15,478 
Agency residential mortgage-backed securities— 7,321 — 7,321 — 3,589 — 3,589 
Agency commercial mortgage-backed securities— 4,634 — 4,634 — 9,092 — 9,092 
Other securities— — — — — — — — 
Total securities available for sale— 34,169 — 34,169 — 37,185 — 37,185 
Other investments:
Principal investments:
Direct— — — — — — — — 
Indirect (measured at NAV) (a)
— — — 16 — — — 17 
Total principal investments— — — 16 — — — 17 
Equity investments:
Direct— 6 3 9 — — 2 2 
Direct (measured at NAV) (a)
— — — 45 — — — 40 
Indirect (measured at NAV) (a)
— — — 3 — — — 4 
Total equity investments— 6 3 57 — — 2 46 
Total other investments— 6 3 73 — — 2 63 
Loans, net of unearned income (residential)— — 9 9 — — 9 9 
Loans held for sale (residential)— 61 — 61 — 51 — 51 
Derivative assets:
Interest rate— 179 7 186 — 175 (2)173 
Foreign exchange48 22 — 70 74 15 — 89 
Commodity— 423 — 423 — 721 — 721 
Credit— — — — — — — — 
Other— 10 1 11 — 14 2 16 
Derivative assets48 634 8 690 74 925 — 999 
Netting adjustments (b)
— — — (499)— — — (818)
Total derivative assets48 634 8 191 74 925 — 181 
Total assets on a recurring basis at fair value$48 $36,274 $20 $35,907 $74 $39,303 $11 $38,631 
LIABILITIES MEASURED ON A RECURRING BASIS
Bank notes and other short-term borrowings:
Short positions$79 $780 $— $859 $30 $774 $— $804 
Derivative liabilities:
Interest rate1 694 — 695 — 985 — 985 
Foreign exchange40 23 — 63 58 15 — 73 
Commodity— 401 — 401 — 698 — 698 
Credit— 17 — 17 — 1 — 1 
Other— 7 — 7 — 20 — 20 
Derivative liabilities41 1,142 — 1,183 58 1,719 — 1,777 
Netting adjustments (b)
— — — (343)— — — (473)
Total derivative liabilities41 1,142 — 840 58 1,719 — 1,304 
Total liabilities on a recurring basis at fair value$120 $1,922 $— $1,699 $88 $2,493 $— $2,108 
(a)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet.
(b)Netting adjustments represent the amounts recorded to convert our derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. The net basis takes into account the impact of bilateral collateral and master netting agreements that allow us to settle all derivative contracts with a single counterparty on a net basis and to offset the net derivative position with the related cash collateral. Total derivative assets and liabilities include these netting adjustments.
Schedule of Fair Value of Direct and Indirect Investments, Related Unfunded Commitments and Financial Support Provided
The following table presents the fair value of our direct and indirect principal investments and related unfunded commitments at September 30, 2024, as well as financial support provided for the three and nine months ended September 30, 2024, and September 30, 2023.
   Financial support provided
   Three months ended September 30,Nine months ended September 30,
 September 30, 20242024202320242023
Dollars in millions
Fair
Value
Unfunded
Commit-ments		Funded
Commit-ments
Funded
Other
Funded
Commit-ments
Funded
Other
Funded
Commit-ments
Funded
Other
Funded
Commit-ments
Funded
Other
INVESTMENT TYPE
Direct investments$— $— $— $— $— $— $— $— $— $— 
Indirect investments (measured at NAV) (a)
16 1 — — — — — — — — 
Total$16 $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 September 30, 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 and nine months ended September 30, 2024, and September 30, 2023. 
Dollars in millionsBeginning of Period BalanceGains (Losses) Included in Other Comprehensive IncomeGains (Losses) Included in EarningsPurchasesSalesSettlementsTransfers OtherTransfers into Level 3Transfers out of Level 3End of Period BalanceUnrealized Gains (Losses) Included in Earnings
Nine months ended September 30, 2024
Other investments
Equity investments
Direct (a)
$2 $— $1 $— $— $— $— $— $— $3 — 
Loans, net of unearned income (residential)9 — — — — — (2)— 2 9 — 
Derivative instruments (b)
Interest rate(2)— (5)
(c)
7 — — — 2 
(d)
5 
(d)
7 — 
Other (e)
2 — — 
(c)
— — — (1)— — 1 — 
Three months ended September 30, 2024
Other investments
Equity investments
Direct (a)
$2 $— $1 $— $— $— $— $— $— $3 — 
Loans, net of unearned income (residential)11 — — — — — (2)— — 9 — 
Derivative instruments (b)
Interest rate(2)— 2 
(c)
6 — — — 1 
(d)
— 
(d)
7 — 
Other (e)
1 — — 
(c)
— — — — — — 1 — 
Dollars in millionsBeginning of Period BalanceGains (Losses) Included in Other Comprehensive IncomeGains (Losses) Included in EarningsPurchasesSalesSettlementsTransfers OtherTransfers into Level 3Transfers out of Level 3End of Period BalanceUnrealized Gains (Losses) Included in Earnings
Nine months ended September 30, 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 rate2 — (23)
(c)
18 1 — — (3)
(d) 
6 
(d) 
1 — 
Credit(2)— — 
(c)
— — — —   — — 
Other (e)
— — — 
(c)
— — — — — (1)(1)— 
Three months ended September 30, 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 rate5 — (6)
(c)
— — — — — 
(d) 
2 
(d) 
1 — 
Credit— — — 
(c)
— — — — —   — 
  
— — 
Other (e)
1 — — 
(c)
— — — (2)— — (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 September 30, 2024, and December 31, 2023:
 September 30, 2024December 31, 2023
Dollars in millionsLevel 1Level 2Level 3TotalLevel 1Level 2Level 3Total
ASSETS MEASURED ON A NONRECURRING BASIS
Collateral-dependent loans$— $— $150 $150 $— $— $104 $104 
Accrued income and other assets— — 25 25 — — 29 29 
Total assets on a nonrecurring basis at fair value$— $— $175 $175 $— $— $133 $133 
Schedule of Quantitative Information about Level 3 Fair Value Measurements
The range and weighted-average of the significant unobservable inputs used to measure the fair value of our material Level 3 recurring and nonrecurring assets at September 30, 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
September 30, 2024December 31, 2023September 30, 2024December 31, 2023
Recurring    
Loans, net of unearned income (residential)$9 $9 Market comparable pricingComparability factor
61.71 - 95.00% (73.33%)
62.67-89.60% (70.83%)
Derivative instruments:
Interest rate7 2 Discounted cash flowsProbability of default
.02 - 100% (4.30%)
.02 - 100% (5.30%)
Loss given default
0 - 1 (.491)
0 - 1 (.477)
Insignificant level 3 assets, net of liabilities(c)
4 4 
Nonrecurring   
Collateral-dependent loans150 104 Fair value of collateralCredit and liquidity discount
0 - 100.00% (23.00%)
0 - 10.00% (5.00%)
Accrued income and other assets:
OREO and other Level 3 assets (d)
13 21 Appraised valueAppraised valueN/MN/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 $12 million and $8 million pertaining to mortgage servicing assets measured at fair value as of September 30, 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 September 30, 2024, and December 31, 2023, are shown in the following tables. Assets and liabilities are further arranged by measurement category.
 September 30, 2024
  Fair Value
Dollars in millions
Carrying
Amount
Level 1Level 2Level 3
Measured
at NAV
Netting
Adjustment
 Total
ASSETS (by measurement category)
Fair value - net income
Trading account assets (b)
$1,404 $— $1,404 $— $— $—   $1,404 
Other investments (b)
1,117 — 6 1,047 64 —   1,117 
Loans, net of unearned income (residential) (d)
9 — — 9 — —   9 
Loans held for sale (residential) (b)
61 — 61 — — —   61 
Derivative assets - trading (b)
212 48 642 8 — (486)
(f) 
212 
Fair value - OCI
Securities available for sale (b)
34,169 — 34,169 — — —   34,169 
Derivative assets - hedging (b)(g)
(21)— (8)— — (13)
(f) 
(21)
Amortized cost
Held-to-maturity securities (c)
7,702 — 7,317 — — —   7,317 
Loans, net of unearned income (d)
103,843 — — 100,480 — —   100,480 
Loans held for sale (b)
997 — — 997 — — 997 
Other
Cash and other short-term investments (a)
24,072 24,072 — — — — 24,072 
LIABILITIES (by measurement category)
Fair value - net income
Derivative liabilities - trading (b)
$836 $41 $1,122 $— $— $(327)
(f) 
$836 
Fair value - OCI
Derivative liabilities - hedging (b)(g)
4 — 20 — — (16)
(f) 
4 
Amortized cost
Time deposits (e)
18,352 — 18,505 — — —   18,505 
Short-term borrowings (a)
2,403 79 2,324 — — —   2,403 
Long-term debt (e)
15,677 11,842 3,796 — — —   15,638 
Other
Deposits with no stated maturity (a)
132,001 — 132,001 — — — 
  
132,001 
December 31, 2023
 Fair Value
Dollars in millions
Carrying
Amount
Level 1Level 2Level 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.
v3.24.3
Securities (Tables)
 9 Months Ended
Sep. 30, 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.

 September 30, 2024December 31, 2023
Dollars in millions
Amortized
Cost (a)
Gross Unrealized GainsGross Unrealized Losses
Fair
Value
Amortized
Cost (b)
Gross Unrealized GainsGross Unrealized Losses
Fair
Value
SECURITIES AVAILABLE FOR SALE
U.S. Treasury, agencies, and corporations$9,156 $97 $30 $9,223 $9,300 $6 $280 $9,026 
Agency residential collateralized mortgage obligations
15,647 7 2,663 12,991 18,911 4 3,437 15,478 
Agency residential mortgage-backed securities7,808 23 510 7,321 4,189 — 600 3,589 
Agency commercial mortgage-backed securities 5,002 — 368 4,634 10,295 — 1,203 9,092 
Total securities available for sale $37,613 $127 $3,571 $34,169 $42,695 $10 $5,520 $37,185 
HELD-TO-MATURITY SECURITIES
Agency residential collateralized mortgage obligations
$4,743 $8 $218 $4,533 $5,170 $9 $283 $4,896 
Agency residential mortgage-backed securities154 — 11 143 165 — 13 152 
Agency commercial mortgage-backed securities2,385 2 153 2,234 2,473 1 204 2,270 
Asset-backed securities (c)
394 — 13 381 738 — 29 709 
Other securities26 — — 26 29 — — 29 
Total held-to-maturity securities$7,702 $10 395 $7,317 $8,575 $10 $529 $8,056 
(a)Amortized cost amounts exclude accrued interest receivable which is recorded within Other Assets on the balance sheet. At September 30, 2024, accrued interest receivable on available for sale securities and held-to-maturity securities totaled $77 million and $22 million, respectively.
(b)Amortized cost amounts exclude accrued interest 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 $388 million of securities as of September 30, 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 September 30, 2024, and December 31, 2023.

 Duration of Unrealized Loss Position  
 Less than 12 Months12 Months or LongerTotal
Dollars in millions
Fair
Value
Gross
Unrealized
Losses
Fair
Value
Gross
Unrealized
Losses
Fair
Value
Gross
Unrealized
Losses
September 30, 2024
Securities available for sale:
U.S Treasury, agencies, and corporations
$3,228 $3 $766 $27 $3,994 $30 
Agency residential collateralized mortgage obligations
93 — 11,807 2,663 11,900 2,663 
Agency residential mortgage-backed securities
2,012 12 3,369 498 5,381 510 
Agency commercial mortgage-backed securities
— — 4,583 368 4,583 368 
Held-to-maturity securities:
Agency residential collateralized mortgage obligations
164 2 3,585 216 3,749 218 
Agency residential mortgage-backed securities
— — 143 11 143 11 
Agency commercial mortgage-backed securities
— — 2,162 153 2,162 153 
Asset-backed securities
— — 381 13 381 13 
Other securities
— — 8 — 8 — 
Total securities in an unrealized loss position$5,497 $17 $26,804 $3,949 $32,301 $3,966 
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 obligations1,123 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.
Schedule of Securities by Maturity
The following table shows our securities by remaining maturity at September 30, 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.
September 30, 2024Securities Available for SaleHeld to Maturity Securities
Dollars in millionsAmortized CostFair ValueAmortized CostFair Value
Due in one year or less$2,695 $2,688 $78 $76 
Due after one through five years12,034 11,778 3,444 3,336 
Due after five through ten years14,339 12,301 2,396 2,257 
Due after ten years8,545 7,402 1,784 1,648 
Total$37,613 $34,169 $7,702 $7,317 
v3.24.3
Derivatives and Hedging Activities (Tables)
 9 Months Ended
Sep. 30, 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 September 30, 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:
 September 30, 2024December 31, 2023
  
Fair Value(a)
 
Fair Value(a)
Dollars in millionsNotional
Amount
Derivative
Assets
Derivative
Liabilities
Notional
Amount
Derivative
Assets
Derivative
Liabilities
Derivatives designated as hedging instruments:
Interest rate$58,507 $(8)$20 $44,621 $39 $12 
Derivatives not designated as hedging instruments:
Interest rate72,584 194 675 78,051 134 973 
Foreign exchange6,383 70 63 6,034 89 73 
Commodity8,832 423 401 11,611 721 698 
Credit136 — 17 121 — 1 
Other (b)
3,147 11 7 2,683 16 20 
Total derivatives not designated as hedging instruments: 91,082 698 1,163 98,500 960 1,765 
Netting adjustments (c)
— (499)(343)— (818)(473)
Net derivatives in the balance sheet149,589 191 840 143,121 181 1,304 
Other collateral (d)
— — (2)— (1)(18)
Net derivative amounts$149,589 $191 $838 $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 September 30, 2024, excess collateral that has not been offset against net derivative instrument positions totaled $170 million of cash collateral and $261 million of securities collateral posted as well as $30 million of cash collateral and $188 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 September 30, 2024, and December 31, 2023, related to cumulative basis adjustments for fair value hedges.
September 30, 2024
Dollars in millionsBalance sheet line item in which the hedge item is included
Carrying amount of hedged item (a)
Hedge accounting basis adjustment (b)
Interest rate contractsLong-term debt$10,500 $(240)
Interest rate contracts
Securities Available for Sale(c)
12,286 (300)
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 contractsLong-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 adjustment by $5 million and $5 million at September 30, 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 last layer expected to be remaining at the end of the relationship. At September 30, 2024, and December 31, 2023, the amortized costs of the closed portfolios in these hedging relationships was $12.3 billion and $12.8 billion, respectively, of which $7.2 billion were designated in a portfolio layer hedging relationship for both period ends. At September 30, 2024, and December 31, 2023, the cumulative basis adjustments associated with these amounts totaled $195 million and $147 million, respectively.
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location
The following tables summarize the effect of fair value and cash flow hedge accounting on the income statement for the three- and nine-month periods ended September 30, 2024, and September 30, 2023.
Location and amount of net gains (losses) recognized in income on fair value and cash flow hedging relationships
Dollars in millionsInterest expense – long-term debtInterest income – loansInterest Income - securitiesInvestment banking and debt placement fees
Three months ended September 30, 2024
Total amounts presented in the consolidated statement of income$(292)$1,516 $298 $171 
Net gains (losses) on fair value hedging relationships
Interest contracts
Recognized on hedged items$(333)$— $329 $— 
Recognized on derivatives designated as hedging instruments258 — (285)— 
Net income (expense) recognized on fair value hedges$(75)$— $44 $— 
Net gain (loss) on cash flow hedging relationships
Interest contracts
Realized gains (losses) (pre-tax) reclassified from AOCI into net income$— $(184)$— $(3)
Net income (expense) recognized on cash flow hedges$— $(184)$— $(3)
Three months ended September 30, 2023
Total amounts presented in the consolidated statement of income$(351)$1,593 $192 $141 
Net gains (losses) on fair value hedging relationships
Interest contracts
Recognized on hedged items$3 $— $(54)$— 
Recognized on derivatives designated as hedging instruments(54)— 63 — 
Net income (expense) recognized on fair value hedges$(51)$— $9 $— 
Net gain (loss) on cash flow hedging relationships
Interest contracts
Realized gains (losses) (pre-tax) reclassified from AOCI into net income$— $(248)$— $2 
Net income (expense) recognized on cash flow hedges$— $(248)$— $2 

Location and amount of net gains (losses) recognized in income on fair value and cash flow hedging relationships
Dollars in millionsInterest expense – long-term debtInterest income – loansInterest Income - SecuritiesInvestment banking and debt placement fees
Nine months ended September 30, 2024
Total amounts presented in the consolidated statement of income$(952)$4,578 $789 $467 
Net gains (losses) on fair value hedging relationships
Interest contracts
Recognized on hedged items$(198)$— $156 $— 
Recognized on derivatives designated as hedging instruments(22)— (47)— 
Net income (expense) recognized on fair value hedges$(220)$— $109 $— 
Net gain (loss) on cash flow hedging relationships
Interest contracts
Realized gains (losses) (pre-tax) reclassified from AOCI into net income$(1)$(599)$— $(2)
Net income (expense) recognized on cash flow hedges$(1)$(599)$— $(2)
Nine months ended September 30, 2023
Total amounts presented in the consolidated statement of income$(975)$4,645 $580 $406 
Net gains (losses) on fair value hedging relationships
Interest contracts
Recognized on hedged items$226 $— $(72)$— 
Recognized on derivatives designated as hedging instruments(374)— 93 — 
Net income (expense) recognized on fair value hedges$(148)$— $21 $— 
Net gain (loss) on cash flow hedging relationships
Interest contracts
Realized gains (losses) (pre-tax) reclassified from AOCI into net income$(1)$(708)$— $3 
Net income (expense) recognized on cash flow hedges$(1)$(708)$— $3 
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- and nine-month periods ended September 30, 2024, and September 30, 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 millionsNet Gains (Losses) Recognized in OCIIncome Statement Location of Net Gains (Losses) Reclassified From OCI Into IncomeNet Gains (Losses) Reclassified From OCI Into Income
Three months ended September 30, 2024
Cash Flow Hedges
Interest rate$410 Interest income — Loans$(184)
Interest rate— Interest expense — Long-term debt— 
Interest rate(5)Investment banking and debt placement fees(3)
Total$405 $(187)
Three months ended September 30, 2023
Cash Flow Hedges
Interest rate$(228)Interest income — Loans$(248)
Interest rate12 Interest expense — Long-term debt— 
Interest rate5 Investment banking and debt placement fees2 
Total$(211)$(246)

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(a)
Nine months ended September 30, 2024
Cash Flow Hedges
Interest rate$49 Interest income — Loans$(599)
Interest rate1 Interest expense — Long-term debt(1)
Interest rate(4)Investment banking and debt placement fees(2)
Total$46 $(602)
Nine months ended September 30, 2023
Cash Flow Hedges
Interest rate$(584)Interest income — Loans$(708)
Interest rate8 Interest expense — Long-term debt(1)
Interest rate5 Investment banking and debt placement fees3 
Total$(571)$(706)
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- and nine-month periods ended September 30, 2024, and September 30, 2023, and where they are recorded on the income statement.
 Three months ended September 30, 2024Three months ended September 30, 2023
Dollars in millions
Corporate
services
income
Consumer mortgage incomeOther incomeTotalCorporate services incomeConsumer mortgage incomeOther incomeTotal
NET GAINS (LOSSES)
Interest rate$8 $— $3 $11 $8 $— $1 $9 
Foreign exchange13 — — 13 13 — — 13 
Commodity4 — — 4 5 — — 5 
Credit— — (22)(22)— — (12)(12)
Other— — 3 3 — 1 6 7 
Total net gains (losses)$25 $— $(16)$9 $26 $1 $(6)$22 

Nine months ended September 30, 2024Nine months ended September 30, 2023
Dollars in millions
Corporate
services
income
Consumer mortgage incomeOther incomeTotalCorporate services incomeConsumer mortgage incomeOther incomeTotal
NET GAINS (LOSSES)
Interest rate$27 $— $4 $31 $33 $— $— $33 
Foreign exchange39 — — 39 39 — — 39 
Commodity9 — — 9 19 — — 19 
Credit1 — (36)(35)2 — (43)(41)
Other— 1 9 10 — 4 2 6 
Total net gains (losses)$76 $1 $(23)$54 $93 $4 $(41)$56 
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 millionsSeptember 30, 2024December 31, 2023
Interest rate$139 $123 
Foreign exchange22 42 
Commodity237 409 
Credit— — 
Other11 15 
Derivative assets before collateral409 589 
Plus(Less): Related collateral(218)(408)
Total derivative assets$191 $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 September 30, 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.
 September 30, 2024December 31, 2023
Dollars in millionsNotional
Amount
Average
Term
(Years)
Payment /
Performance
Risk
Notional
Amount
Average
Term
(Years)
Payment /
Performance
Risk
Other$12 5.242.07 %$4 10.694.86 %
Total credit derivatives sold$12 — — $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 Key’s banking affiliate KeyBank that were in a net liability position.
Dollars in millionsSeptember 30, 2024December 31, 2023
Net derivative liabilities with credit-risk contingent features

$(27)$(45)
Collateral posted26 42 
v3.24.3
Mortgage Servicing Assets (Tables)
 9 Months Ended
Sep. 30, 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 September 30,Nine months ended September 30,
Dollars in millions2024202320242023
Balance at beginning of period$612 $627 $638 $653 
Servicing retained from loan sales17 40 44 66 
Purchases7 8 17 18 
Amortization(30)(30)(93)(92)
Temporary (impairments) recoveries— — — — 
Balance at end of period$606 $645 $606 $645 
Fair value at end of period$816 $871 $816 $871 
Changes in the carrying amount of residential mortgage servicing assets are summarized as follows:
Three months ended September 30,Nine months ended September 30,
Dollars in millions2024202320242023
Balance at beginning of period$109 $106 $108 $106 
Servicing retained from loan sales4 4 9 8 
Purchases— — — — 
Amortization(3)(3)(8)(7)
Temporary (impairments) recoveries(2)— (1)— 
Balance at end of period$108 $107 $108 $107 
Fair value at end of period$129 $137 $129 $137 
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 September 30, 2024, and September 30, 2023, along with the valuation techniques, are shown in the following table: 
September 30, 2024September 30, 2023
Valuation Technique
Significant
Unobservable Input
Range
Weighted Average		RangeWeighted Average
Discounted cash flowExpected defaults1.00 %2.00 %1.01 %1.00 %2.00 %1.01 %
Residual cash flows discount rate7.17 %10.72 %10.38 %7.44 %10.50 %10.13 %
Escrow earn rate4.51 %4.56 %4.51 %5.48 %5.61 %5.49 %
Loan assumption rate— %2.36 %1.99 %— %2.13 %1.96 %
The range and weighted-average of the significant unobservable inputs used to fair value our mortgage servicing assets at September 30, 2024, and September 30, 2023, along with the valuation techniques, are shown in the following table:
September 30, 2024September 30, 2023
Valuation Technique
Significant
Unobservable Input
RangeWeighted AverageRangeWeighted Average
Discounted cash flowPrepayment speed7.08 %53.34 %8.33 %5.24 %36.95 %6.87 %
Discount rate6.50 %8.75 %6.60 %6.50 %8.75 %6.59 %
Servicing cost$70.00 $3,582 $75.25 $70.00 $4,332 $74.70 
v3.24.3
Leases (Tables)
 9 Months Ended
Sep. 30, 2024
Leases [Abstract]  
Schedule of Operating Lease, Lease Income The components of equipment leasing income are summarized in the table below:
Three months ended September 30,Nine months ended September 30,
Dollars in millions2024202320242023
Sales-type and direct financing leases
Interest income on lease receivable$17 $19 $53 $58 
Interest income related to accretion of unguaranteed residual asset2 3 7 10 
Interest income on deferred fees and costs5 2 15 2 
Total sales-type and direct financing lease income$24 $24 $75 $70 
Operating leases
Operating lease income related to lease payments$16 $19 $53 $65 
Other operating leasing gains— 3 8 5 
Total operating lease income and other leasing gains16 22 61 70 
Total lease income$40 $46 $136 $140 
Schedule of Sales-type Lease, Lease Income The components of equipment leasing income are summarized in the table below:
Three months ended September 30,Nine months ended September 30,
Dollars in millions2024202320242023
Sales-type and direct financing leases
Interest income on lease receivable$17 $19 $53 $58 
Interest income related to accretion of unguaranteed residual asset2 3 7 10 
Interest income on deferred fees and costs5 2 15 2 
Total sales-type and direct financing lease income$24 $24 $75 $70 
Operating leases
Operating lease income related to lease payments$16 $19 $53 $65 
Other operating leasing gains— 3 8 5 
Total operating lease income and other leasing gains16 22 61 70 
Total lease income$40 $46 $136 $140 
Schedule of Direct Financing Lease, Lease Income The components of equipment leasing income are summarized in the table below:
Three months ended September 30,Nine months ended September 30,
Dollars in millions2024202320242023
Sales-type and direct financing leases
Interest income on lease receivable$17 $19 $53 $58 
Interest income related to accretion of unguaranteed residual asset2 3 7 10 
Interest income on deferred fees and costs5 2 15 2 
Total sales-type and direct financing lease income$24 $24 $75 $70 
Operating leases
Operating lease income related to lease payments$16 $19 $53 $65 
Other operating leasing gains— 3 8 5 
Total operating lease income and other leasing gains16 22 61 70 
Total lease income$40 $46 $136 $140 
v3.24.3
Goodwill (Tables)
 9 Months Ended
Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Carrying Amount of Goodwill
The carrying amount of goodwill by reporting segment is presented in the following table:
Dollars in millionsConsumer BankCommercial BankTotal
BALANCE AT SEPTEMBER 30, 2023$1,819 $933 $2,752 
BALANCE AT DECEMBER 31, 2023$1,819 $933 $2,752 
BALANCE AT SEPTEMBER 30, 2024$1,819 $933 $2,752 
v3.24.3
Variable Interest Entities (Tables)
 9 Months Ended
Sep. 30, 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 September 30, 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
September 30, 2024
LIHTC investments$10,008 $4,579 $2,674 
December 31, 2023
LIHTC investments$8,904 $3,848 $2,768 
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 September 30, 2024, and December 31, 2023.
 Unconsolidated VIEs
Dollars in millions
Total
Assets
Total
Liabilities
Maximum
Exposure to Loss
September 30, 2024
Indirect investments$2,372 $3 $17 
December 31, 2023
Indirect investments$2,741 $91 $18 
Other unconsolidated VIEs
Dollars in millionsTotal AssetsTotal Liabilities
September 30, 2024
Other unconsolidated VIEs$818 $1 
December 31, 2023
Other unconsolidated VIEs$1,149 $1 
v3.24.3
Securities Financing Activities (Tables)
 9 Months Ended
Sep. 30, 2024
Banking and Thrift, Other Disclosure [Abstract]  
Schedule of Summarized Securities Financing Agreements
The following table summarizes our securities financing agreements at September 30, 2024, and December 31, 2023:
 September 30, 2024December 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$3 $(3)$— $— $7 $(7)$— $— 
Securities borrowed— — — — — — — — 
Total$3 $(3)$— $— $7 $(7)$— $— 
Offsetting of financial liabilities:
Repurchase agreements (c)
$44 $(3)$(41)$— $38 $(7)$(31)$— 
Total$44 $(3)$(41)$— $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.
v3.24.3
Employee Benefits (Tables)
 9 Months Ended
Sep. 30, 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 September 30,Nine months ended September 30,
Dollars in millions2024202320242023
Interest cost on PBO$10 $11 $30 $33 
Expected return on plan assets(10)(11)(29)(32)
Amortization of losses3 3 8 8 
Settlement loss— — — — 
Net pension cost$3 $3 $9 $9 
v3.24.3
Trust Preferred Securities Issued by Unconsolidated Subsidiaries (Tables)
 9 Months Ended
Sep. 30, 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
September 30, 2024
KeyCorp Capital I$156 $6 $162 6.333 %2028
KeyCorp Capital II87 4 91 6.875 2029
KeyCorp Capital III113 4 117 7.750 2029
HNC Statutory Trust III21 1 22 6.763 2035
HNC Statutory Trust IV21 1 22 6.518 2037
Willow Grove Statutory Trust I18 1 19 6.797 2036
Westbank Capital Trust II8 — 8 7.265 2034
Westbank Capital Trust III8 — 8 7.265 2034
Total
$432 $17 $449 6.898 %— 
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 $20 million and $15 million at September 30, 2024, and December 31, 2023, respectively. 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.
v3.24.3
Contingent Liabilities and Guarantees (Tables)
 9 Months Ended
Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Guarantees The following table shows the types of guarantees that we had outstanding at September 30, 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.
September 30, 2024Maximum Potential Undiscounted Future PaymentsLiability Recorded
Dollars in millions
Financial guarantees:
Standby letters of credit$4,234 $77 
Recourse agreement with FNMA7,743 63 
Residential mortgage reserve3,385 8 
Written put options (a)
2,315 104 
Total$17,677 $252 
(a)The maximum potential undiscounted future payments represent notional amounts of derivatives qualifying as guarantees.
v3.24.3
Accumulated Other Comprehensive Income (Tables)
 9 Months Ended
Sep. 30, 2024
Equity [Abstract]  
Schedule of Changes in AOCI
Our changes in AOCI for the three and nine months ended September 30, 2024, and September 30, 2023, are as follows:
Dollars in millionsUnrealized gains (losses) on securities available for saleUnrealized gains (losses) on derivative financial instrumentsNet pension and postretirement benefit costsTotal
Balance at December 31, 2023$(4,190)$(763)$(276)$(5,229)
Other comprehensive income before reclassification, net of income taxes
850 (85)— 765 
Amounts reclassified from AOCI, net of income taxes (a)
721 458 4 1,183 
Net current-period other comprehensive income, net of income taxes1,571 373 4 1,948 
Balance at September 30, 2024$(2,619)$(390)$(272)$(3,281)
Balance at June 30, 2024$(4,282)$(589)$(273)$(5,144)
Other comprehensive income before reclassification, net of income taxes
951 57 (1)1,007 
Amounts reclassified from AOCI, net of income taxes (a)
712 142 2 856 
Net current-period other comprehensive income, net of income taxes1,663 199 1 1,863 
Balance at September 30, 2024$(2,619)$(390)$(272)$(3,281)
Balance at December 31, 2022$(4,895)$(1,124)$(276)$(6,295)
Other comprehensive income before reclassification, net of income taxes
(509)(376)— (885)
Amounts reclassified from AOCI, net of income taxes (a)
— 537 4 541 
Net current-period other comprehensive income, net of income taxes(509)161 4 (344)
Balance at September 30, 2023$(5,404)$(963)$(272)$(6,639)
Balance at June 30, 2023$(4,736)$(1,035)$(273)$(6,044)
Other comprehensive income before reclassification, net of income taxes
(668)(115)— (783)
Amounts reclassified from AOCI, net of income taxes (a)
— 187 1 188 
Net current-period other comprehensive income, net of income taxes(668)72 1 (595)
Balance at September 30, 2023$(5,404)$(963)$(272)$(6,639)
(a)See table below for details about these reclassifications.
Schedule of Reclassifications Out of AOCI
Our reclassifications out of AOCI for the three and nine months ended September 30, 2024, and September 30, 2023, are as follows:
Three months ended September 30,Affected Line Item in the Consolidated Statement of Income
Dollars in millions20242023
Unrealized gains (losses) on securities available for sale
Realized gains$— $— Net securities gains (losses)
Realized losses(935)— Net securities gains (losses)
(935)— Income (loss) from continuing operations before income taxes
(223)— Income taxes
$(712)$— Income (loss) from continuing operations
Unrealized gains (losses) on derivative financial instruments
Interest rate$(184)$(248)Interest income — Loans
Interest rate— — Interest expense — Long-term debt
Interest rate(3)2 Investment banking and debt placement fees
(187)(246)Income (loss) from continuing operations before income taxes
(45)(59)Income taxes
$(142)$(187)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— — Other expense
(3)(3)Income (loss) from continuing operations before income taxes
(1)(2)Income taxes
$(2)$(1)Income (loss) from continuing operations
Nine months ended September 30,Affected Line Item in the Consolidated Statement of Income
Dollars in millions20242023
Unrealized gains (losses) on securities available for sale
Realized gains$— $— Net securities gains (losses)
Realized losses(948)— Net securities gains (losses)
(948)— Income (loss) from continuing operations before income taxes
(227)— Income taxes
$(721)$— Income (loss) from continuing operations
Unrealized gains (losses) on derivative financial instruments
Interest rate$(599)$(708)Interest income — Loans
Interest rate(1)(1)Interest expense — Long-term debt
Interest rate(2)3 Investment banking and debt placement fees
(602)(706)Income (loss) from continuing operations before income taxes
(144)(169)Income taxes
$(458)$(537)Income (loss) from continuing operations
Net pension and postretirement benefit costs
Amortization of losses$(8)$(8)Other expense
Settlement loss— — Other expense
Amortization of unrecognized prior service credit1 1 Other expense
(7)(7)Income (loss) from continuing operations before income taxes
(3)(3)Income taxes
$(4)$(4)Income (loss) from continuing operations
v3.24.3
Shareholders' Equity (Tables)
 9 Months Ended
Sep. 30, 2024
Equity [Abstract]  
Schedule of Preferred Stock
The following table summarizes our preferred stock at September 30, 2024.

Preferred stock seriesAmount outstanding (in millions)Book value (net of capital surplus)Shares authorized and outstandingPar valueLiquidation preferenceOwnership interest per depositary shareLiquidation preference per depositary shareThird quarter 2024 dividends paid per depositary share
5.000% Fixed-to-Floating Rate Perpetual Noncumulative Series D
$525 $519 21,000 $1 $25,000 1/25th$1,000 $12.50 
6.125% Fixed-to-Floating Rate Perpetual Noncumulative Series E
500 490 500,000 1 1,000 1/40th25 .382813 
5.650% Fixed Rate Perpetual Noncumulative Series F
425 412 425,000 1 1,000 1/40th25 .353125 
5.625% Fixed Rate Perpetual Non-Cumulative Series G
450 435 450,000 1 1,000 1/40th25 .351563 
6.200% Fixed Rate Reset Perpetual Non-Cumulative Series H
600 590 600,000 1 1,000 1/40th25 .387500 
v3.24.3
Business Segment Reporting (Tables)
 9 Months Ended
Sep. 30, 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- and nine-month periods ended September 30, 2024, and September 30, 2023. Capital is assigned to each business segment based on a combination of regulatory and economic equity.
Three months ended September 30,Consumer BankCommercial BankOtherTotal Key
Dollars in millions20242023202420232024202320242023
SUMMARY OF OPERATIONS
Net interest income (TE)$584 $534 $460 $446 $(80)$(57)$964 $923 
Noninterest income230 241 408 363 (907)39 (269)643 
Total revenue (TE) (a)
814 775 868 809 (987)(18)695 1,566 
Provision for credit losses52 14 41 68 2 (1)95 81 
Depreciation and amortization expense17 21 18 21 18 13 53 55 
Other noninterest expense632 655 427 412 (18)(12)1,041 1,055 
Income (loss) from continuing operations before income taxes (TE)
113 85 382 308 (989)(18)(494)375 
Allocated income taxes and TE adjustments
27 20 82 68 (192)(15)(83)73 
Income (loss) from continuing operations86 65 300 240 (797)(3)(411)302 
Income (loss) from discontinued operations, net of taxes
— — — — 1 1 1 1 
Net income (loss)$86 $65 $300 $240 $(796)$(2)$(410)$303 
AVERAGE BALANCES (b)
Loans and leases$38,332 $41,610 $67,452 $75,598 $460 $419 $106,244 $117,627 
Total assets (a)
41,188 44,429 76,395 85,930 70,026 61,982 187,609 192,341 
Deposits86,431 82,683 58,696 56,078 2,644 6,064 147,771 144,825 
OTHER FINANCIAL DATA
Net loan charge-offs (b)
$54 $36 $99 $35 $1 $— $154 $71 
Return on average allocated equity (b)
10.34 %7.42 %11.98 %9.11 %(125.18)%11.90 %(10.35)%8.66 %
Return on average allocated equity10.34 7.42 11.98 9.11 (125.02)7.93 (10.32)8.69 
Average full-time equivalent employees (c)
7,388 7,666 2,387 2,549 7,030 7,451 16,805 17,666 
(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.

Nine months ended September 30,Consumer BankCommercial BankOtherTotal Key
Dollars in millions20242023202420232024202320242023
SUMMARY OF OPERATIONS
Net interest income (TE)$1,651 $1,677 $1,268 $1,414 $(170)$(76)$2,749 $3,015 
Noninterest income689 709 1,167 1,079 (851)72 1,005 1,860 
Total revenue (TE) (a)
2,340 2,386 2,435 2,493 (1,021)(4)3,754 4,875 
Provision for credit losses83 106 231 283 (18)(2)296 387 
Depreciation and amortization expense58 62 59 67 44 47 161 176 
Other noninterest expense1,943 1,938 1,258 1,213 (46)35 3,155 3,186 
Income (loss) from continuing operations before income taxes (TE)
256 280 887 930 (1,001)(84)142 1,126 
Allocated income taxes and TE adjustments
61 67 176 196 (176)(36)61 227 
Income (loss) from continuing operations195 213 711 734 (825)(48)81 899 
Income (loss) from discontinued operations, net of taxes
— — — — 2 3 2 3 
Net income (loss)$195 $213 $711 $734 $(823)$(45)$83 $902 
AVERAGE BALANCES (b)
Loans and leases$39,139 $42,118 $69,105 $76,816 $494 $437 $108,738 $119,371 
Total assets (a)
41,966 44,945 78,234 86,727 66,491 61,551 186,691 193,223 
Deposits85,305 82,535 57,467 53,983 2,182 7,198 144,954 143,716 
OTHER FINANCIAL DATA
Net loan charge-offs (b)
$144 $93 $200 $76 (18)(1)$326 $168 
Return on average allocated equity (b)
7.64 %8.04 %9.50 %9.37 %(68.90)%(713.06)%0.72 %8.57 %
Return on average allocated equity7.64 8.04 9.50 9.37 (68.74)(668.50)0.74 8.60 
Average full-time equivalent employees (c)
7,360 7,850 2,347 2,530 7,027 7,500 16,734 17,880 
(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.
v3.24.3
Revenue from Contracts with Customers (Tables)
 9 Months Ended
Sep. 30, 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- and nine-month periods ended September 30, 2024, and September 30, 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 September 30, 2024Three months ended September 30, 2023
Dollars in millionsConsumer BankCommercial BankTotal Contract RevenueConsumer BankCommercial BankTotal Contract Revenue
NONINTEREST INCOME
Trust and investment services income$114 $17 $131 $104 $16 $120 
Investment banking and debt placement fees— 128 128 — 70 70 
Services charges on deposit accounts35 32 67 41 28 69 
Cards and payments income45 45 90 43 42 85 
Other noninterest income3 — 3 3 — 3 
Total revenue from contracts with customers$197 $222 $419 $191 $156 $347 
Other noninterest income (a)
$219 $257 
Noninterest income from Other(b)
(907)39 
Total noninterest income$(269)$643 
(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.

Nine months ended September 30, 2024Nine months ended September 30, 2023
Dollars in millionsConsumer BankCommercial BankTotal Contract RevenueConsumer BankCommercial BankTotal Contract Revenue
NONINTEREST INCOME
Trust and investment services income$334 $51 $385 $306 $50 $356 
Investment banking and debt placement fees— 357 357 — 261 261 
Services charges on deposit accounts103 93 196 121 84 205 
Cards and payments income133 114 247 136 107 243 
Other noninterest income10 — 10 9 — 9 
Total revenue from contracts with customers$580 $615 $1,195 $572 $502 $1,074 
Other noninterest income (a)$661 $714 
Noninterest income from Other(b)(851)72 
Total noninterest income$1,005 $1,860 
v3.24.3
Earnings Per Common Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
EARNINGS        
Income (loss) from continuing operations $ (411) $ 302 $ 81 $ 899
Less: Dividends on Preferred Stock 36 36 108 108
Income (loss) from continuing operations attributable to Key common shareholders (447) 266 (27) 791
Income (loss) from discontinued operations, net of taxes 1 1 2 3
Net income (loss) attributable to Key common shareholders $ (446) $ 267 $ (25) $ 794
WEIGHTED-AVERAGE COMMON SHARES        
Weighted-average Common Shares outstanding (in shares) 948,979 927,131 936,962 927,019
Effect of Common Share options and other stock awards (in shares) [1] 0 4,613 0 5,213
Weighted-average Common Shares and potential Common Shares outstanding (in shares) [2] 948,979 931,744 936,962 932,232
EARNINGS PER COMMON SHARE        
Income (loss) from continuing operations attributable to Key common shareholders (in usd per share) $ (0.47) $ 0.29 $ (0.03) $ 0.85
Income (loss) from discontinued operations, net of taxes (in usd per share) 0 0 0 0
Net income (loss) attributable to Key common shareholders (in usd per share) [3] (0.47) 0.29 (0.03) 0.86
Income (loss) from continuing operations attributable to Key common shareholders - assuming dilution (in usd per share) (0.47) 0.29 (0.03) 0.85
Income (loss) from discontinued operations, net of taxes - assuming dilution (in usd per share) 0 0 0 0
Net income (loss) attributable to Key common shareholders (in usd per share) [3] $ (0.47) $ 0.29 $ (0.03) $ 0.85
[1] For periods ended in a loss from continuing operations attributable to Key common shareholders, anti-dilutive instruments have been excluded from the calculation of diluted earnings per share.
[2] Assumes conversion of Common Share options and other stock awards and/or convertible preferred stock, as applicable.
[3] EPS may not foot due to rounding.
v3.24.3
Loan Portfolio (Details) - USD ($)
Sep. 30, 2024
Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans $ 105,346,000,000 $ 112,606,000,000
Accrued interest 480,000,000 522,000,000
Discontinued operations | Education Lending    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 272,000,000 339,000,000
Total commercial loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 72,417,000,000 77,591,000,000
Accrued interest 344,000,000 383,000,000
Total commercial loans | Commercial and industrial    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 52,774,000,000 55,815,000,000
Total commercial loans | Commercial and industrial | Collateral Pledged    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 261,000,000 0
Total commercial loans | Total commercial real estate loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 16,730,000,000 18,253,000,000
Total commercial loans | Commercial mortgage    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 13,637,000,000 15,187,000,000
Total commercial loans | Construction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 3,093,000,000 3,066,000,000
Total commercial loans | Commercial lease financing    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 2,913,000,000 3,523,000,000
Total commercial loans | Commercial lease financing | Collateral Pledged    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 3,000,000 7,000,000
Total commercial loans | Credit cards    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 219,000,000 207,000,000
Total consumer loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 32,929,000,000 35,015,000,000
Accrued interest 135,000,000 139,000,000
Total consumer loans | Total residential — prime loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 26,677,000,000 28,097,000,000
Total consumer loans | Real estate — residential mortgage    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 20,122,000,000 20,958,000,000
Total consumer loans | Home equity loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 6,555,000,000 7,139,000,000
Total consumer loans | Other consumer loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 5,338,000,000 5,916,000,000
Total consumer loans | Credit cards    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 914,000,000 1,002,000,000
Total consumer loans | Credit cards    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans $ 914,000,000 $ 1,002,000,000
v3.24.3
Asset Quality - Schedule of Changes in Allowance for Loan and Lease Losses by Loan Category (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Beginning balance $ 1,547 $ 1,480 $ 1,508 $ 1,337
Provision 101 79 312 319
Charge-offs (167) (87) (395) (223)
Recoveries 13 16 69 55
Ending balance 1,494 1,488 1,494 1,488
Total ALLL, including discontinued operations, beginning balance 1,561 1,498 1,524 1,358
Total provision, including discontinued operations 101 78 311 317
Total charge-offs, including discontinued operations (168) (87) (398) (226)
Total recoveries, including discontinued operations 13 16 70 56
Total ALLL, including discontinued operations, ending balance 1,507 1,505 1,507 1,505
Provision (credit) for losses on lending-related commitments (6) 2 (16) 68
Total commercial loans        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Beginning balance 1,160 986 1,060 864
Provision 80 82 304 268
Charge-offs (138) (63) (307) (154)
Recoveries 8 11 53 38
Ending balance 1,110 1,016 1,110 1,016
Total consumer loans        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Beginning balance 387 494 448 473
Provision 21 (3) 8 51
Charge-offs (29) (24) (88) (69)
Recoveries 5 5 16 17
Ending balance 384 472 384 472
Commercial and Industrial | Total commercial loans        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Beginning balance 682 599 556 601
Provision 101 29 336 81
Charge-offs (131) (62) (279) (139)
Recoveries 7 10 46 33
Ending balance 659 576 659 576
Total commercial real estate loans | Total commercial loans        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Beginning balance 449 354 471 231
Provision (21) 55 (29) 191
Charge-offs (7) (1) (22) (15)
Recoveries 1 0 2 1
Ending balance 422 408 422 408
Real estate — commercial mortgage | Total commercial loans        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Beginning balance 383 315 419 203
Provision (19) 46 (41) 171
Charge-offs (7) (1) (22) (15)
Recoveries 1 0 2 1
Ending balance 358 360 358 360
Real estate — construction | Total commercial loans        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Beginning balance 66 39 52 28
Provision (2) 9 12 20
Charge-offs 0 0 0 0
Recoveries 0 0 0 0
Ending balance 64 48 64 48
Commercial lease financing | Total commercial loans        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Beginning balance 29 33 33 32
Provision 0 (2) (3) (4)
Charge-offs 0 0 (6) 0
Recoveries 0 1 5 4
Ending balance 29 32 29 32
Real estate — residential mortgage | Total consumer loans        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Beginning balance 115 200 162 196
Provision (5) (20) (53) (17)
Charge-offs 0 0 (2) (1)
Recoveries 1 1 4 3
Ending balance 111 181 111 181
Home equity loans | Total consumer loans        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Beginning balance 71 96 86 98
Provision 1 (5) (14) (6)
Charge-offs (1) (1) (2) (4)
Recoveries 1 1 2 3
Ending balance 72 91 72 91
Other consumer loans | Total consumer loans        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Beginning balance 128 126 122 113
Provision 15 11 49 42
Charge-offs (17) (14) (49) (37)
Recoveries 2 2 6 7
Ending balance 128 125 128 125
Credit cards | Total consumer loans        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Beginning balance 73 72 78 66
Provision 10 11 26 32
Charge-offs (11) (9) (35) (27)
Recoveries 1 1 4 4
Ending balance 73 75 73 75
Discontinued operations        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Beginning balance 14 18 16 21
Provision 0 (1) (1) (2)
Charge-offs (1) 0 (3) (3)
Recoveries 0 0 1 1
Ending balance $ 13 $ 17 $ 13 $ 17
v3.24.3
Asset Quality - Narrative (Details)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
USD ($)
Sep. 30, 2023
USD ($)
Sep. 30, 2024
USD ($)
loan
Sep. 30, 2023
USD ($)
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) 83.00%   83.00%    
Percentage of nonperforming loans outstanding face value (as a percent) 86.00%   86.00%    
Percentage of loans held for sale and other nonperforming assets (as a percent) 89.00%   89.00%    
Net reduction to interest income $ 14 $ 10 $ 41 $ 26  
Contractually current percentage of nonperforming loans 37.00%   37.00%   41.00%
Financial receivable, modifications, subsequent default, recorded investment $ 30 3 $ 48 10  
Loan restructuring trial modifications amount     430 262  
Commitments outstanding to lend additional funds 29 $ 67 $ 29 $ 67  
Trial Modification Plans          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Number of loan modifications | loan     110 115  
Loan restructuring trial modifications amount     $ 19 $ 17  
Non-performing Loans          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Nonperforming loans on nonaccrual status with no allowance 370   370   $ 301
Total commercial loans          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Financial receivable, modifications, subsequent default, recorded investment 30   47    
Loan restructuring trial modifications amount     400 242  
Total commercial loans | Continuing Operations          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Decrease in ALLL $ 50        
Decrease in ALLL (as a percent) 4.30%        
Total consumer loans          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Financial receivable, modifications, subsequent default, recorded investment $ 0   1    
Loan restructuring trial modifications amount     30 20  
Total consumer loans | Real Estate Residential Mortgage and Home Equity Loans          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Financial receivable, modifications, subsequent default, recorded investment     $ 73 $ 92  
Total consumer loans | Continuing Operations          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Decrease in ALLL $ 3        
Decrease in ALLL (as a percent) 0.80%        
v3.24.3
Asset Quality - Schedule of Commercial Credit Exposure (Details) - USD ($)
$ in Millions
 9 Months Ended 12 Months Ended
Sep. 30, 2024
Dec. 31, 2023
Financing Receivable, Credit Quality Indicator [Line Items]    
Total $ 105,346 $ 112,606
Accrued interest 480 522
Total commercial loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 5,252 6,150
Writeoff, current period   1
One year prior 5,715 16,998
Writeoff, one year period   8
Two years prior 14,259 11,508
Writeoff, two year period   36
Three years prior 8,606 4,178
Writeoff, three year period   19
Four years prior 3,296 4,375
Writeoff, four year period   13
Prior 9,296 7,448
Writeoff, prior   42
Revolving Loans Amortized Cost Basis 25,783 26,721
Writeoff, Revolving Loans Amortized Cost Basis   108
Revolving Loans Converted to Term Loans Amortized Cost Basis 210 213
Revolving Loans Converted to Term Loans Amortized Cost Basis, writeoff   0
Total 72,417 77,591
Writeoff, total   227
Accrued interest 344 383
Total commercial loans | Commercial and Industrial    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 4,313 4,118
Writeoff, current period   1
One year prior 3,573 10,555
Writeoff, one year period   7
Two years prior 8,382 6,618
Writeoff, two year period   35
Three years prior 4,786 2,774
Writeoff, three year period   8
Four years prior 2,159 2,219
Writeoff, four year period   11
Prior 4,547 3,774
Writeoff, prior   21
Revolving Loans Amortized Cost Basis 24,859 25,619
Writeoff, Revolving Loans Amortized Cost Basis   105
Revolving Loans Converted to Term Loans Amortized Cost Basis 155 138
Revolving Loans Converted to Term Loans Amortized Cost Basis, writeoff   0
Total 52,774 55,815
Writeoff, total   188
Total commercial loans | Commercial and Industrial | Pass    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 4,215 4,020
One year prior 3,330 10,145
Two years prior 7,612 6,141
Three years prior 4,309 2,539
Four years prior 1,895 2,064
Prior 4,090 3,534
Revolving Loans Amortized Cost Basis 22,943 24,395
Revolving Loans Converted to Term Loans Amortized Cost Basis 117 123
Total 48,511 52,961
Total commercial loans | Commercial and Industrial | Criticized (Accruing)    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 76 84
One year prior 224 361
Two years prior 664 427
Three years prior 442 233
Four years prior 261 127
Prior 414 170
Revolving Loans Amortized Cost Basis 1,779 1,140
Revolving Loans Converted to Term Loans Amortized Cost Basis 38 15
Total 3,898 2,557
Total commercial loans | Commercial and Industrial | Criticized (Nonaccruing)    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 22 14
One year prior 19 49
Two years prior 106 50
Three years prior 35 2
Four years prior 3 28
Prior 43 70
Revolving Loans Amortized Cost Basis 137 84
Revolving Loans Converted to Term Loans Amortized Cost Basis 0 0
Total 365 297
Total commercial loans | Commercial and Industrial    
Financing Receivable, Credit Quality Indicator [Line Items]    
Writeoff, current period 0  
Writeoff, one year period 6  
Writeoff, two year period 40  
Writeoff, three year period 105  
Writeoff, four year period 4  
Writeoff, prior 25  
Writeoff, Revolving Loans Amortized Cost Basis 99  
Revolving Loans Converted to Term Loans Amortized Cost Basis, writeoff 0  
Writeoff, total 279  
Total commercial loans | Real estate — commercial mortgage    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 642 1,090
Writeoff, current period 0 0
One year prior 874 4,310
Writeoff, one year period 0 1
Two years prior 3,887 3,334
Writeoff, two year period 0 1
Three years prior 2,787 822
Writeoff, three year period 0 11
Four years prior 718 1,738
Writeoff, four year period 0 2
Prior 3,787 2,755
Writeoff, prior 21 21
Revolving Loans Amortized Cost Basis 889 1,071
Writeoff, Revolving Loans Amortized Cost Basis 1 3
Revolving Loans Converted to Term Loans Amortized Cost Basis 53 67
Revolving Loans Converted to Term Loans Amortized Cost Basis, writeoff 0 0
Total 13,637 15,187
Writeoff, total 22 39
Total commercial loans | Real estate — commercial mortgage | Pass    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 623 1,084
One year prior 808 3,664
Two years prior 3,127 2,922
Three years prior 2,344 804
Four years prior 629 1,545
Prior 3,338 2,507
Revolving Loans Amortized Cost Basis 865 1,017
Revolving Loans Converted to Term Loans Amortized Cost Basis 42 66
Total 11,776 13,609
Total commercial loans | Real estate — commercial mortgage | Criticized (Accruing)    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 19 6
One year prior 66 646
Two years prior 705 411
Three years prior 372 15
Four years prior 87 186
Prior 406 193
Revolving Loans Amortized Cost Basis 22 20
Revolving Loans Converted to Term Loans Amortized Cost Basis 11 1
Total 1,688 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 55 1
Three years prior 71 3
Four years prior 2 7
Prior 43 55
Revolving Loans Amortized Cost Basis 2 34
Revolving Loans Converted to Term Loans Amortized Cost Basis 0 0
Total 173 100
Total commercial loans | Real estate — construction    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 60 411
Writeoff, current period 0 0
One year prior 773 1,225
Writeoff, one year period 0 0
Two years prior 1,288 972
Writeoff, two year period 0 0
Three years prior 608 221
Writeoff, three year period 0 0
Four years prior 156 103
Writeoff, four year period 0 0
Prior 171 95
Writeoff, prior 0 0
Revolving Loans Amortized Cost Basis 35 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 3,093 3,066
Writeoff, total 0 0
Total commercial loans | Real estate — construction | Pass    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 60 401
One year prior 757 1,185
Two years prior 1,172 912
Three years prior 466 157
Four years prior 88 62
Prior 93 48
Revolving Loans Amortized Cost Basis 35 31
Revolving Loans Converted to Term Loans Amortized Cost Basis 2 8
Total 2,673 2,804
Total commercial loans | Real estate — construction | Criticized (Accruing)    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 0 10
One year prior 16 40
Two years prior 116 60
Three years prior 142 64
Four years prior 68 41
Prior 78 47
Revolving Loans Amortized Cost Basis 0 0
Revolving Loans Converted to Term Loans Amortized Cost Basis 0 0
Total 420 262
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 237 531
Writeoff, current period 0 0
One year prior 495 908
Writeoff, one year period 0 0
Two years prior 702 584
Writeoff, two year period 0 0
Three years prior 425 361
Writeoff, three year period 0 0
Four years prior 263 315
Writeoff, four year period 0 0
Prior 791 824
Writeoff, prior 6 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 2,913 3,523
Writeoff, total 6 0
Total commercial loans | Commercial lease financing | Pass    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 235 520
One year prior 465 878
Two years prior 685 575
Three years prior 415 352
Four years prior 255 307
Prior 777 808
Revolving Loans Amortized Cost Basis 0 0
Revolving Loans Converted to Term Loans Amortized Cost Basis 0 0
Total 2,832 3,440
Total commercial loans | Commercial lease financing | Criticized (Accruing)    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 2 11
One year prior 30 30
Two years prior 17 9
Three years prior 10 9
Four years prior 8 8
Prior 14 16
Revolving Loans Amortized Cost Basis 0 0
Revolving Loans Converted to Term Loans Amortized Cost Basis 0 0
Total 81 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 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    
Financing Receivable, Credit Quality Indicator [Line Items]    
Writeoff, current period 0  
Writeoff, one year period 6  
Writeoff, two year period 40  
Writeoff, three year period 105  
Writeoff, four year period 4  
Writeoff, prior 52  
Writeoff, Revolving Loans Amortized Cost Basis 100  
Revolving Loans Converted to Term Loans Amortized Cost Basis, writeoff 0  
Writeoff, total $ 307  
v3.24.3
Asset Quality - Schedule of Consumer Credit Exposure (Details) - USD ($)
$ in Millions
 9 Months Ended 12 Months Ended
Sep. 30, 2024
Dec. 31, 2023
Financing Receivable, Credit Quality Indicator [Line Items]    
Total $ 105,346 $ 112,606
Accrued interest 480 522
Total consumer loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 415 1,295
Writeoff, current year 1 0
One year prior 1,201 8,602
Writeoff, one year 5 12
Two years prior 8,269 12,343
Writeoff, two year 13 10
Three years prior 10,698 4,151
Writeoff, three year 9 6
Four years prior 4,050 1,277
Writeoff, four year 5 5
Prior 3,477 2,131
Writeoff, prior 7 6
Revolving Loans Amortized Cost Basis 4,437 4,747
Writeoff, Revolving Loans Amortized Cost Basis 48 51
Revolving Loans Converted to Term Loans Amortized Cost Basis 382 469
Revolving Loans Converted to Term Loans Amortized Cost Basis, writeoff 0 1
Total 32,929 35,015
Writeoff, total 88 91
Accrued interest 135 139
Total consumer loans | Real estate — residential mortgage    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 214 877
Writeoff, current year 1 0
One year prior 828 6,790
Writeoff, one year 0 0
Two years prior 6,497 8,622
Writeoff, two year 0 0
Three years prior 8,052 2,663
Writeoff, three year 0 0
Four years prior 2,520 693
Writeoff, four year 0 0
Prior 2,010 1,311
Writeoff, prior 1 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 20,122 20,958
Writeoff, total 2 1
Total consumer loans | Real estate — residential mortgage | 750 and above    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 159 680
One year prior 692 5,992
Two years prior 5,786 7,785
Three years prior 7,290 2,392
Four years prior 2,275 586
Prior 1,566 923
Revolving Loans Amortized Cost Basis 0 0
Revolving Loans Converted to Term Loans Amortized Cost Basis 0 0
Total 17,768 18,358
Total consumer loans | Real estate — residential mortgage | 660 to 749    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 52 180
One year prior 119 739
Two years prior 628 780
Three years prior 697 248
Four years prior 218 90
Prior 289 240
Revolving Loans Amortized Cost Basis 0 0
Revolving Loans Converted to Term Loans Amortized Cost Basis 0 0
Total 2,003 2,277
Total consumer loans | Real estate — residential mortgage | Less than 660    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 2 15
One year prior 15 58
Two years prior 82 56
Three years prior 64 22
Four years prior 26 17
Prior 140 130
Revolving Loans Amortized Cost Basis 0 0
Revolving Loans Converted to Term Loans Amortized Cost Basis 0 0
Total 329 298
Total consumer loans | Real estate — residential mortgage | No Score    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 1 2
One year prior 2 1
Two years prior 1 1
Three years prior 1 1
Four years prior 1 0
Prior 15 18
Revolving Loans Amortized Cost Basis 1 2
Revolving Loans Converted to Term Loans Amortized Cost Basis 0 0
Total 22 25
Total consumer loans | Home equity loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 41 29
Writeoff, current year 0  
One year prior 58 163
Writeoff, one year 0  
Two years prior 212 1,842
Writeoff, two year 0  
Three years prior 1,029 614
Writeoff, three year 0  
Four years prior 795 197
Writeoff, four year 0  
Prior 1,044 620
Writeoff, prior 1  
Revolving Loans Amortized Cost Basis 2,994 3,205
Writeoff, Revolving Loans Amortized Cost Basis 1  
Revolving Loans Converted to Term Loans Amortized Cost Basis 382 469
Revolving Loans Converted to Term Loans Amortized Cost Basis, writeoff 0  
Total 6,555 7,139
Writeoff, total 2  
Total consumer loans | Home equity loans | 750 and above    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 26 0
One year prior 33 85
Two years prior 142 1,575
Three years prior 798 435
Four years prior 631 114
Prior 758 378
Revolving Loans Amortized Cost Basis 1,926 2,034
Revolving Loans Converted to Term Loans Amortized Cost Basis 269 331
Total 4,583 4,952
Total consumer loans | Home equity loans | 660 to 749    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 14 24
One year prior 20 65
Two years prior 54 229
Three years prior 191 152
Four years prior 134 66
Prior 198 164
Revolving Loans Amortized Cost Basis 792 886
Revolving Loans Converted to Term Loans Amortized Cost Basis 88 107
Total 1,491 1,693
Total consumer loans | Home equity loans | Less than 660    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 1 3
One year prior 5 13
Two years prior 16 38
Three years prior 40 27
Four years prior 30 17
Prior 87 77
Revolving Loans Amortized Cost Basis 272 281
Revolving Loans Converted to Term Loans Amortized Cost Basis 25 31
Total 476 487
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 1 1
Revolving Loans Amortized Cost Basis 4 4
Revolving Loans Converted to Term Loans Amortized Cost Basis 0 0
Total 5 7
Total consumer loans | Home equity loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Writeoff, current year   (1)
Writeoff, one year   0
Writeoff, two year   0
Writeoff, three year   0
Writeoff, four year   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 160 389
Writeoff, current year 0 1
One year prior 315 1,649
Writeoff, one year 5 12
Two years prior 1,560 1,879
Writeoff, two year 13 10
Three years prior 1,617 874
Writeoff, three year 9 6
Four years prior 735 387
Writeoff, four year 5 5
Prior 423 200
Writeoff, prior 5 3
Revolving Loans Amortized Cost Basis 528 538
Writeoff, Revolving Loans Amortized Cost Basis 12 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 5,338 5,916
Writeoff, total 49 51
Total consumer loans | Other consumer loans | 750 and above    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 76 185
One year prior 157 1,187
Two years prior 1,192 1,455
Three years prior 1,258 660
Four years prior 560 277
Prior 268 112
Revolving Loans Amortized Cost Basis 90 97
Revolving Loans Converted to Term Loans Amortized Cost Basis 0 0
Total 3,601 3,973
Total consumer loans | Other consumer loans | 660 to 749    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 51 150
One year prior 115 365
Two years prior 291 342
Three years prior 284 171
Four years prior 137 83
Prior 113 60
Revolving Loans Amortized Cost Basis 185 199
Revolving Loans Converted to Term Loans Amortized Cost Basis 0 0
Total 1,176 1,370
Total consumer loans | Other consumer loans | Less than 660    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 7 24
One year prior 25 64
Two years prior 60 65
Three years prior 59 32
Four years prior 31 17
Prior 28 16
Revolving Loans Amortized Cost Basis 56 57
Revolving Loans Converted to Term Loans Amortized Cost Basis 0 0
Total 266 275
Total consumer loans | Other consumer loans | No Score    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 26 30
One year prior 18 33
Two years prior 17 17
Three years prior 16 11
Four years prior 7 10
Prior 14 12
Revolving Loans Amortized Cost Basis 197 185
Revolving Loans Converted to Term Loans Amortized Cost Basis 0 0
Total 295 298
Total consumer loans | Credit cards    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 0 0
Writeoff, current year 0 0
One year prior 0 0
Writeoff, one year 0 0
Two years prior 0 0
Writeoff, two year 0 0
Three years prior 0 0
Writeoff, three year 0 0
Four years prior 0 0
Writeoff, four year 0 0
Prior 0 0
Writeoff, prior 0 0
Revolving Loans Amortized Cost Basis 914 1,002
Writeoff, Revolving Loans Amortized Cost Basis 35 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 914 1,002
Writeoff, total 35 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 438 489
Revolving Loans Converted to Term Loans Amortized Cost Basis 0 0
Total 438 489
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 368 400
Revolving Loans Converted to Term Loans Amortized Cost Basis 0 0
Total 368 400
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 107 112
Revolving Loans Converted to Term Loans Amortized Cost Basis 0 0
Total 107 112
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
v3.24.3
Asset Quality - Schedule of Aging Analysis of Past Due and Current Loans (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Financing Receivable, Past Due [Line Items]    
Total loans $ 105,346 $ 112,606
Accrued interest 480 522
Total commercial loans    
Financing Receivable, Past Due [Line Items]    
Total loans 72,417 77,591
Accrued interest 344 383
Total consumer loans    
Financing Receivable, Past Due [Line Items]    
Total loans 32,929 35,015
Accrued interest 135 139
Non-performing Loans    
Financing Receivable, Past Due [Line Items]    
Total loans 728 574
Non-performing Loans | Total commercial loans    
Financing Receivable, Past Due [Line Items]    
Total loans 541 397
Non-performing Loans | Total consumer loans    
Financing Receivable, Past Due [Line Items]    
Total loans 187 177
Current    
Financing Receivable, Past Due [Line Items]    
Total loans 104,268 111,703
Current | Total commercial loans    
Financing Receivable, Past Due [Line Items]    
Total loans 71,631 76,988
Current | Total consumer loans    
Financing Receivable, Past Due [Line Items]    
Total loans 32,637 34,715
30-59 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total loans 115 156
30-59 Days Past Due | Total commercial loans    
Financing Receivable, Past Due [Line Items]    
Total loans 64 90
30-59 Days Past Due | Total consumer loans    
Financing Receivable, Past Due [Line Items]    
Total loans 51 66
60-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total loans 69 66
60-89 Days Past Due | Total commercial loans    
Financing Receivable, Past Due [Line Items]    
Total loans 41 34
60-89 Days Past Due | Total consumer loans    
Financing Receivable, Past Due [Line Items]    
Total loans 28 32
90 and Greater Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total loans 166 107
90 and Greater Days Past Due | Total commercial loans    
Financing Receivable, Past Due [Line Items]    
Total loans 140 82
90 and Greater Days Past Due | Total consumer loans    
Financing Receivable, Past Due [Line Items]    
Total loans 26 25
Total Past Due and Non-performing Loans    
Financing Receivable, Past Due [Line Items]    
Total loans 1,078 903
Total Past Due and Non-performing Loans | Total commercial loans    
Financing Receivable, Past Due [Line Items]    
Total loans 786 603
Total Past Due and Non-performing Loans | Total consumer loans    
Financing Receivable, Past Due [Line Items]    
Total loans 292 300
Commercial and industrial | Total commercial loans    
Financing Receivable, Past Due [Line Items]    
Total loans 52,774 55,815
Commercial and industrial | Non-performing Loans | Total commercial loans    
Financing Receivable, Past Due [Line Items]    
Total loans 365 297
Commercial and industrial | Current | Total commercial loans    
Financing Receivable, Past Due [Line Items]    
Total loans 52,258 55,354
Commercial and industrial | 30-59 Days Past Due | Total commercial loans    
Financing Receivable, Past Due [Line Items]    
Total loans 41 62
Commercial and industrial | 60-89 Days Past Due | Total commercial loans    
Financing Receivable, Past Due [Line Items]    
Total loans 37 30
Commercial and industrial | 90 and Greater Days Past Due | Total commercial loans    
Financing Receivable, Past Due [Line Items]    
Total loans 73 72
Commercial and industrial | Total Past Due and Non-performing Loans | Total commercial loans    
Financing Receivable, Past Due [Line Items]    
Total loans 516 461
Total commercial real estate loans | Total commercial loans    
Financing Receivable, Past Due [Line Items]    
Total loans 16,730 18,253
Total commercial real estate loans | Non-performing Loans | Total commercial loans    
Financing Receivable, Past Due [Line Items]    
Total loans 176 100
Total commercial real estate loans | Current | Total commercial loans    
Financing Receivable, Past Due [Line Items]    
Total loans 16,460 18,114
Total commercial real estate loans | 30-59 Days Past Due | Total commercial loans    
Financing Receivable, Past Due [Line Items]    
Total loans 23 26
Total commercial real estate loans | 60-89 Days Past Due | Total commercial loans    
Financing Receivable, Past Due [Line Items]    
Total loans 4 3
Total commercial real estate loans | 90 and Greater Days Past Due | Total commercial loans    
Financing Receivable, Past Due [Line Items]    
Total loans 67 10
Total commercial real estate loans | Total Past Due and Non-performing Loans | Total commercial loans    
Financing Receivable, Past Due [Line Items]    
Total loans 270 139
Commercial mortgage | Total commercial loans    
Financing Receivable, Past Due [Line Items]    
Total loans 13,637 15,187
Commercial mortgage | Non-performing Loans | Total commercial loans    
Financing Receivable, Past Due [Line Items]    
Total loans 176 100
Commercial mortgage | Current | Total commercial loans    
Financing Receivable, Past Due [Line Items]    
Total loans 13,369 15,049
Commercial mortgage | Current | Total commercial loans | Government National Mortgage Association (GNMA)    
Financing Receivable, Past Due [Line Items]    
Total loans 100  
Commercial mortgage | 30-59 Days Past Due | Total commercial loans    
Financing Receivable, Past Due [Line Items]    
Total loans 23 25
Commercial mortgage | 60-89 Days Past Due | Total commercial loans    
Financing Receivable, Past Due [Line Items]    
Total loans 4 3
Commercial mortgage | 90 and Greater Days Past Due | Total commercial loans    
Financing Receivable, Past Due [Line Items]    
Total loans 65 10
Commercial mortgage | Total Past Due and Non-performing Loans | Total commercial loans    
Financing Receivable, Past Due [Line Items]    
Total loans 268 138
Construction | Total commercial loans    
Financing Receivable, Past Due [Line Items]    
Total loans 3,093 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 3,091 3,065
Construction | 30-59 Days Past Due | Total commercial loans    
Financing Receivable, Past Due [Line Items]    
Total loans 0 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 2 0
Construction | Total Past Due and Non-performing Loans | Total commercial loans    
Financing Receivable, Past Due [Line Items]    
Total loans 2 1
Commercial lease financing | Total commercial loans    
Financing Receivable, Past Due [Line Items]    
Total loans 2,913 3,523
Commercial lease financing | Non-performing Loans | Total commercial loans    
Financing Receivable, Past Due [Line Items]    
Total loans 0 0
Commercial lease financing | Current | Total commercial loans    
Financing Receivable, Past Due [Line Items]    
Total loans 2,913 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 0 0
Commercial lease financing | Total Past Due and Non-performing Loans | Total commercial loans    
Financing Receivable, Past Due [Line Items]    
Total loans 0 3
Real estate — residential mortgage | Total consumer loans    
Financing Receivable, Past Due [Line Items]    
Total loans 20,122 20,958
Real estate — residential mortgage | Non-performing Loans | Total consumer loans    
Financing Receivable, Past Due [Line Items]    
Total loans 87 71
Real estate — residential mortgage | Current | Total commercial loans | Government National Mortgage Association (GNMA)    
Financing Receivable, Past Due [Line Items]    
Total loans 5  
Real estate — residential mortgage | Current | Total consumer loans    
Financing Receivable, Past Due [Line Items]    
Total loans 20,022 20,863
Real estate — residential mortgage | 30-59 Days Past Due | Total consumer loans    
Financing Receivable, Past Due [Line Items]    
Total loans 7 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 100 95
Home equity loans | Total consumer loans    
Financing Receivable, Past Due [Line Items]    
Total loans 6,555 7,139
Home equity loans | Non-performing Loans | Total consumer loans    
Financing Receivable, Past Due [Line Items]    
Total loans 90 97
Home equity loans | Current | Total consumer loans    
Financing Receivable, Past Due [Line Items]    
Total loans 6,431 7,001
Home equity loans | 30-59 Days Past Due | Total consumer loans    
Financing Receivable, Past Due [Line Items]    
Total loans 22 27
Home equity loans | 60-89 Days Past Due | Total consumer loans    
Financing Receivable, Past Due [Line Items]    
Total loans 8 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 124 138
Other consumer loans | Total consumer loans    
Financing Receivable, Past Due [Line Items]    
Total loans 5,338 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 5,299 5,877
Other consumer loans | 30-59 Days Past Due | Total consumer loans    
Financing Receivable, Past Due [Line Items]    
Total loans 16 16
Other consumer loans | 60-89 Days Past Due | Total consumer loans    
Financing Receivable, Past Due [Line Items]    
Total loans 9 10
Other consumer loans | 90 and Greater Days Past Due | Total consumer loans    
Financing Receivable, Past Due [Line Items]    
Total loans 10 9
Other consumer loans | Total Past Due and Non-performing Loans | Total consumer loans    
Financing Receivable, Past Due [Line Items]    
Total loans 39 39
Credit cards | Total commercial loans    
Financing Receivable, Past Due [Line Items]    
Total loans 219 207
Credit cards | Total consumer loans    
Financing Receivable, Past Due [Line Items]    
Total loans 914 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 885 974
Credit cards | 30-59 Days Past Due | Total consumer loans    
Financing Receivable, Past Due [Line Items]    
Total loans 6 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 12 12
Credit cards | Total Past Due and Non-performing Loans | Total consumer loans    
Financing Receivable, Past Due [Line Items]    
Total loans $ 29 $ 28
v3.24.3
Asset Quality - Schedule of Modifications for Borrowers Experiencing Financial Difficulty (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized Cost Basis $ 430 $ 262
Amortized Cost Basis (as a percent) 0.41% 0.23%
Interest Rate Reduction    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized Cost Basis $ 32 $ 2
Term Extension    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized Cost Basis 344 166
Other    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized Cost Basis 15 47
Combination    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized Cost Basis 39 47
Total commercial real estate loans | Commercial and Industrial    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized Cost Basis $ 153 $ 235
Amortized Cost Basis (as a percent) 0.29% 0.41%
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 126 158
Total commercial real estate loans | Commercial and Industrial | Other    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized Cost Basis 11 46
Total commercial real estate loans | Commercial and Industrial | Combination    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized Cost Basis 16 31
Total commercial real estate loans | Total commercial real estate loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized Cost Basis $ 247 $ 7
Amortized Cost Basis (as a percent) 1.48% 0.04%
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 216 7
Total commercial real estate loans | Total commercial real estate loans | Other    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized Cost Basis 3 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 $ 220 $ 7
Amortized Cost Basis (as a percent) 1.61% 0.05%
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 189 7
Total commercial real estate loans | Commercial mortgage | Other    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized Cost Basis 3 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 $ 27 $ 0
Amortized Cost Basis (as a percent) 0.87% 0.00%
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 27 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 $ 400 $ 242
Amortized Cost Basis (as a percent) 0.55% 0.30%
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 342 165
Total commercial loans | Other    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized Cost Basis 14 46
Total commercial loans | Combination    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized Cost Basis 16 31
Total commercial loans | Commercial lease financing    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized Cost Basis $ 0 $ 0
Amortized Cost Basis (as a percent) 0.00% 0.00%
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 $ 30 $ 20
Amortized Cost Basis (as a percent) 0.09% 0.06%
Total consumer loans | Interest Rate Reduction    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized Cost Basis $ 4 $ 2
Total consumer loans | Term Extension    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized Cost Basis 2 1
Total consumer loans | Other    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized Cost Basis 1 1
Total consumer loans | Combination    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized Cost Basis 23 16
Total consumer loans | Real estate — residential mortgage    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized Cost Basis $ 12 $ 8
Amortized Cost Basis (as a percent) 0.06% 0.04%
Total consumer loans | Real estate — residential mortgage | Interest Rate Reduction    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized Cost Basis $ 1 $ 1
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
Total consumer loans | Real estate — residential mortgage | Combination    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized Cost Basis 11 7
Total consumer loans | Home equity loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized Cost Basis $ 11 $ 7
Amortized Cost Basis (as a percent) 0.17% 0.10%
Total consumer loans | Home equity loans | Interest Rate Reduction    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized Cost Basis $ 3 $ 1
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 1
Total consumer loans | Home equity loans | Combination    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized Cost Basis 6 5
Total consumer loans | Other consumer loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized Cost Basis $ 3 $ 2
Amortized Cost Basis (as a percent) 0.06% 0.03%
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 1
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 $ 3
Amortized Cost Basis (as a percent) 0.44% 0.30%
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 $ 3
v3.24.3
Asset Quality - Schedule of Financial Effects of Modifications to Borrowers Experiencing Financial Difficulty (Details)
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Total commercial real estate loans | Commercial and Industrial        
Financing Receivable, Troubled Debt Restructuring [Line Items]        
Weighted-average Interest Rate Change (17.00%) 0.21% (6.29%) 0.34%
Weighted-average Term Extension (in years) 5 months 1 day 10 months 6 days 1 year 1 month 20 days 6 months 14 days
Total commercial real estate loans | Commercial mortgage        
Financing Receivable, Troubled Debt Restructuring [Line Items]        
Weighted-average Interest Rate Change 0.00%   (1.91%) 0.00%
Weighted-average Term Extension (in years) 5 months 4 days   2 months 12 days 1 year 29 days
Total commercial real estate loans | Construction        
Financing Receivable, Troubled Debt Restructuring [Line Items]        
Weighted-average Interest Rate Change     0.00%  
Weighted-average Term Extension (in years)     3 years 2 months 12 days  
Total consumer loans | Real estate — residential mortgage        
Financing Receivable, Troubled Debt Restructuring [Line Items]        
Weighted-average Interest Rate Change (1.85%) (1.55%) (1.73%) (2.03%)
Weighted-average Term Extension (in years) 2 years 5 months 19 days 12 years 2 months 26 days 5 years 9 months 7 days 7 years 6 months 21 days
Total consumer loans | Home equity loans        
Financing Receivable, Troubled Debt Restructuring [Line Items]        
Weighted-average Interest Rate Change (4.68%) (3.71%) (3.75%) (4.13%)
Weighted-average Term Extension (in years) 5 years 7 months 6 days 5 years 6 months 21 days 6 years 5 months 8 days 6 years 1 month 24 days
Total consumer loans | Other consumer loans        
Financing Receivable, Troubled Debt Restructuring [Line Items]        
Weighted-average Interest Rate Change (4.18%) (4.65%) (3.90%) (4.38%)
Weighted-average Term Extension (in years) 4 months 24 days 1 year 3 months 25 days 7 months 13 days 11 months 26 days
Total consumer loans | Credit cards        
Financing Receivable, Troubled Debt Restructuring [Line Items]        
Weighted-average Interest Rate Change (12.13%) (11.52%) (15.21%) (14.05%)
Weighted-average Term Extension (in years) 3 months 9 months 9 months 9 months
v3.24.3
Asset Quality - Schedule of Amortized Cost Basis of Modified Loans That Subsequently Defaulted (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Financial receivable, modifications, subsequent default, recorded investment $ 30 $ 3 $ 48 $ 10
Interest Rate Reduction        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Financial receivable, modifications, subsequent default, recorded investment 28   28  
Term Extension        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Financial receivable, modifications, subsequent default, recorded investment 1   17  
Other        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Financial receivable, modifications, subsequent default, recorded investment 0   0  
Combination        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Financial receivable, modifications, subsequent default, recorded investment 1   3  
Total commercial loans        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Financial receivable, modifications, subsequent default, recorded investment 30   47  
Total commercial loans | Interest Rate Reduction        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Financial receivable, modifications, subsequent default, recorded investment 28   28  
Total commercial loans | Term Extension        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Financial receivable, modifications, subsequent default, recorded investment 1   17  
Total commercial loans | Other        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Financial receivable, modifications, subsequent default, recorded investment 0   0  
Total commercial loans | Combination        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Financial receivable, modifications, subsequent default, recorded investment 1   2  
Total commercial loans | Commercial and Industrial        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Financial receivable, modifications, subsequent default, recorded investment 1   18  
Total commercial loans | Commercial and Industrial | Interest Rate Reduction        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Financial receivable, modifications, subsequent default, recorded investment 0   0  
Total commercial loans | Commercial and Industrial | Term Extension        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Financial receivable, modifications, subsequent default, recorded investment 1   17  
Total commercial loans | Commercial and Industrial | Other        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Financial receivable, modifications, subsequent default, recorded investment 0   0  
Total commercial loans | Commercial and Industrial | Combination        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Financial receivable, modifications, subsequent default, recorded investment 0   1  
Total commercial real estate loans | Total commercial real estate loans        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Financial receivable, modifications, subsequent default, recorded investment 29   29  
Total commercial real estate loans | Total commercial real estate loans | Interest Rate Reduction        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Financial receivable, modifications, subsequent default, recorded investment 28   28  
Total commercial real estate loans | Total commercial real estate loans | Term Extension        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Financial receivable, modifications, subsequent default, recorded investment 0   0  
Total commercial real estate loans | Total commercial real estate loans | Other        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Financial receivable, modifications, subsequent default, recorded investment 0   0  
Total commercial real estate loans | Total commercial real estate loans | Combination        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Financial receivable, modifications, subsequent default, recorded investment 1   1  
Total commercial real estate loans | Commercial mortgage        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Financial receivable, modifications, subsequent default, recorded investment 29   29  
Total commercial real estate loans | Commercial mortgage | Interest Rate Reduction        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Financial receivable, modifications, subsequent default, recorded investment 28   28  
Total commercial real estate loans | Commercial mortgage | Term Extension        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Financial receivable, modifications, subsequent default, recorded investment 0   0  
Total commercial real estate loans | Commercial mortgage | Other        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Financial receivable, modifications, subsequent default, recorded investment 0    
Total commercial real estate loans | Commercial mortgage | Combination        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Financial receivable, modifications, subsequent default, recorded investment 1   1  
Total commercial real estate loans | Construction        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Financial receivable, modifications, subsequent default, recorded investment 0   0  
Total commercial real estate loans | Construction | Interest Rate Reduction        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Financial receivable, modifications, subsequent default, recorded investment 0   0  
Total commercial real estate loans | Construction | Term Extension        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Financial receivable, modifications, subsequent default, recorded investment 0   0  
Total commercial real estate loans | Construction | Other        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Financial receivable, modifications, subsequent default, recorded investment 0   0  
Total commercial real estate loans | Construction | Combination        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Financial receivable, modifications, subsequent default, recorded investment 0   0  
Total consumer loans        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Financial receivable, modifications, subsequent default, recorded investment 0   1  
Total consumer loans | Interest Rate Reduction        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Financial receivable, modifications, subsequent default, recorded investment 0   0  
Total consumer loans | Term Extension        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Financial receivable, modifications, subsequent default, recorded investment 0   0  
Total consumer loans | Other        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Financial receivable, modifications, subsequent default, recorded investment 0   0  
Total consumer loans | Combination        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Financial receivable, modifications, subsequent default, recorded investment 0   1  
Total consumer loans | Home equity loans        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Financial receivable, modifications, subsequent default, recorded investment 0   1  
Total consumer loans | Home equity loans | Interest Rate Reduction        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Financial receivable, modifications, subsequent default, recorded investment 0   0  
Total consumer loans | Home equity loans | Term Extension        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Financial receivable, modifications, subsequent default, recorded investment 0   0  
Total consumer loans | Home equity loans | Other        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Financial receivable, modifications, subsequent default, recorded investment 0   0  
Total consumer loans | Home equity loans | Combination        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Financial receivable, modifications, subsequent default, recorded investment $ 0   $ 1  
v3.24.3
Asset Quality - Schedule of Performance of Loans That Have Been Modified in the Last 12 Months (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Sep. 30, 2023
Financing Receivable, Past Due [Line Items]    
Total loans modified in last 12 months $ 430 $ 262
Current    
Financing Receivable, Past Due [Line Items]    
Total loans modified in last 12 months 373 258
30-89 Days  Past Due    
Financing Receivable, Past Due [Line Items]    
Total loans modified in last 12 months 22 1
90 and Greater Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total loans modified in last 12 months 35 3
Total commercial loans    
Financing Receivable, Past Due [Line Items]    
Total loans modified in last 12 months 400 242
Total commercial loans | Current    
Financing Receivable, Past Due [Line Items]    
Total loans modified in last 12 months 348 238
Total commercial loans | 30-89 Days  Past Due    
Financing Receivable, Past Due [Line Items]    
Total loans modified in last 12 months 18 1
Total commercial loans | 90 and Greater Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total loans modified in last 12 months 34 3
Total commercial loans | Commercial and Industrial    
Financing Receivable, Past Due [Line Items]    
Total loans modified in last 12 months 153 235
Total commercial loans | Commercial and Industrial | Current    
Financing Receivable, Past Due [Line Items]    
Total loans modified in last 12 months 132 231
Total commercial loans | Commercial and Industrial | 30-89 Days  Past Due    
Financing Receivable, Past Due [Line Items]    
Total loans modified in last 12 months 18 1
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 3 3
Total commercial loans | Total commercial real estate loans    
Financing Receivable, Past Due [Line Items]    
Total loans modified in last 12 months 400 242
Total commercial loans | Total commercial real estate loans | Current    
Financing Receivable, Past Due [Line Items]    
Total loans modified in last 12 months 348 238
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 18 1
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 34 3
Total commercial loans | Commercial mortgage    
Financing Receivable, Past Due [Line Items]    
Total loans modified in last 12 months 220 7
Total commercial loans | Commercial mortgage | Current    
Financing Receivable, Past Due [Line Items]    
Total loans modified in last 12 months 189 7
Total commercial loans | Commercial mortgage | 30-89 Days  Past Due    
Financing Receivable, Past Due [Line Items]    
Total loans modified in last 12 months 0 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 31 0
Total commercial loans | Construction    
Financing Receivable, Past Due [Line Items]    
Total loans modified in last 12 months 27 0
Total commercial loans | Construction | Current    
Financing Receivable, Past Due [Line Items]    
Total loans modified in last 12 months 27 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 30 20
Total consumer loans | Current    
Financing Receivable, Past Due [Line Items]    
Total loans modified in last 12 months 25 20
Total consumer loans | 30-89 Days  Past Due    
Financing Receivable, Past Due [Line Items]    
Total loans modified in last 12 months 4 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 12 8
Total consumer loans | Real estate — residential mortgage | Current    
Financing Receivable, Past Due [Line Items]    
Total loans modified in last 12 months 9 8
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 3 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 7
Total consumer loans | Home equity loans | Current    
Financing Receivable, Past Due [Line Items]    
Total loans modified in last 12 months 9 7
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 2
Total consumer loans | Other consumer loans | Current    
Financing Receivable, Past Due [Line Items]    
Total loans modified in last 12 months 3 2
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 3
Total consumer loans | Credit cards | Current    
Financing Receivable, Past Due [Line Items]    
Total loans modified in last 12 months 4 3
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
v3.24.3
Asset Quality - Schedule of Changes in Liability for Credit Losses on Lending Related Commitments (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Off-Balance Sheet, Credit Loss, Liability [Roll Forward]        
Balance at beginning of period $ 286 $ 291 $ 296 $ 225
Provision (credit) for losses on off balance sheet exposures (6) 2 (16) 68
Other 0 (3) 0 (3)
Balance at end of period $ 280 $ 290 $ 280 $ 290
v3.24.3
Fair Value Measurements - Schedule of Fair Value of Assets and Liabilities Measured on Recurring Basis (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
ASSETS MEASURED ON A RECURRING BASIS    
Total trading account securities $ 1,404 $ 1,142
Total securities available for sale 34,169 37,185
Loans, net of unearned income (residential) 105,346 112,606
Netting adjustments (499) (818)
Total derivative assets 191 181
LIABILITIES MEASURED ON A RECURRING BASIS    
Netting adjustments (343) (473)
U.S. Treasury, agencies and corporations    
ASSETS MEASURED ON A RECURRING BASIS    
Total securities available for sale 9,223 9,026
Agency residential mortgage-backed securities    
ASSETS MEASURED ON A RECURRING BASIS    
Total securities available for sale 7,321 3,589
Agency commercial mortgage-backed securities    
ASSETS MEASURED ON A RECURRING BASIS    
Total securities available for sale 4,634 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 1,399 1,139
Commercial loans 5 3
Total trading account assets 1,404 1,142
Total securities available for sale 34,169 37,185
Total other investments 73 63
Loans, net of unearned income (residential) 9 9
Loans held for sale (residential) 61 51
Derivative assets 690 999
Netting adjustments (499) (818)
Total derivative assets 191 181
Total assets on a recurring basis at fair value 35,907 38,631
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 1,183 1,777
Netting adjustments (343) (473)
Total derivative liabilities 840 1,304
Total liabilities on a recurring basis at fair value 1,699 2,108
Recurring | Short positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Short positions 859 804
Recurring | Interest rate    
ASSETS MEASURED ON A RECURRING BASIS    
Derivative assets 186 173
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 695 985
Recurring | Foreign exchange    
ASSETS MEASURED ON A RECURRING BASIS    
Derivative assets 70 89
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 63 73
Recurring | Commodity    
ASSETS MEASURED ON A RECURRING BASIS    
Derivative assets 423 721
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 401 698
Recurring | Credit    
ASSETS MEASURED ON A RECURRING BASIS    
Derivative assets 0 0
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 17 1
Recurring | Other    
ASSETS MEASURED ON A RECURRING BASIS    
Derivative assets 11 16
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 7 20
Recurring | Agency residential collateralized mortgage obligations    
ASSETS MEASURED ON A RECURRING BASIS    
Total securities available for sale 12,991 15,478
Recurring | Other mortgage-backed securities    
ASSETS MEASURED ON A RECURRING BASIS    
Total trading account securities 355 340
Recurring | U.S. Treasury, agencies and corporations    
ASSETS MEASURED ON A RECURRING BASIS    
Total trading account securities 928 685
Total securities available for sale 9,223 9,026
Recurring | States and political subdivisions    
ASSETS MEASURED ON A RECURRING BASIS    
Total trading account securities 102 93
Recurring | Agency residential mortgage-backed securities | Other mortgage-backed securities    
ASSETS MEASURED ON A RECURRING BASIS    
Total securities available for sale 7,321 3,589
Recurring | Agency commercial mortgage-backed securities    
ASSETS MEASURED ON A RECURRING BASIS    
Total securities available for sale 4,634 9,092
Recurring | Other securities    
ASSETS MEASURED ON A RECURRING BASIS    
Total trading account securities 14 21
Total securities available for sale 0 0
Recurring | Principal Investments    
ASSETS MEASURED ON A RECURRING BASIS    
Total other investments 16 17
Recurring | Direct    
ASSETS MEASURED ON A RECURRING BASIS    
Total other investments 0 0
Recurring | Equity Investments    
ASSETS MEASURED ON A RECURRING BASIS    
Total other investments 57 46
Recurring | Equity Investments, Direct    
ASSETS MEASURED ON A RECURRING BASIS    
Total other investments 9 2
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 48 74
Netting adjustments 0 0
Total derivative assets 48 74
Total assets on a recurring basis at fair value 48 74
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 41 58
Netting adjustments 0 0
Total derivative liabilities 41 58
Total liabilities on a recurring basis at fair value 120 88
Recurring | Level 1 | Short positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Short positions 79 30
Recurring | Level 1 | Interest rate    
ASSETS MEASURED ON A RECURRING BASIS    
Derivative assets 0 0
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 1 0
Recurring | Level 1 | Foreign exchange    
ASSETS MEASURED ON A RECURRING BASIS    
Derivative assets 48 74
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 40 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 | Other 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 | Other 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    
ASSETS MEASURED ON A RECURRING BASIS    
Total other investments 0 0
Recurring | Level 1 | 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 1 | Equity Investments, Direct    
ASSETS MEASURED ON A RECURRING BASIS    
Total other investments 0 0
Recurring | Level 2    
ASSETS MEASURED ON A RECURRING BASIS    
Total trading account securities 1,399 1,139
Commercial loans 5 3
Total trading account assets 1,404 1,142
Total securities available for sale 34,169 37,185
Total other investments 6 0
Loans, net of unearned income (residential) 0 0
Loans held for sale (residential) 61 51
Derivative assets 634 925
Netting adjustments 0 0
Total derivative assets 634 925
Total assets on a recurring basis at fair value 36,274 39,303
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 1,142 1,719
Netting adjustments 0 0
Total derivative liabilities 1,142 1,719
Total liabilities on a recurring basis at fair value 1,922 2,493
Recurring | Level 2 | Short positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Short positions 780 774
Recurring | Level 2 | Interest rate    
ASSETS MEASURED ON A RECURRING BASIS    
Derivative assets 179 175
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 694 985
Recurring | Level 2 | Foreign exchange    
ASSETS MEASURED ON A RECURRING BASIS    
Derivative assets 22 15
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 23 15
Recurring | Level 2 | Commodity    
ASSETS MEASURED ON A RECURRING BASIS    
Derivative assets 423 721
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 401 698
Recurring | Level 2 | Credit    
ASSETS MEASURED ON A RECURRING BASIS    
Derivative assets 0 0
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 17 1
Recurring | Level 2 | Other    
ASSETS MEASURED ON A RECURRING BASIS    
Derivative assets 10 14
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 7 20
Recurring | Level 2 | Agency residential collateralized mortgage obligations    
ASSETS MEASURED ON A RECURRING BASIS    
Total securities available for sale 12,991 15,478
Recurring | Level 2 | Other mortgage-backed securities    
ASSETS MEASURED ON A RECURRING BASIS    
Total trading account securities 355 340
Recurring | Level 2 | U.S. Treasury, agencies and corporations    
ASSETS MEASURED ON A RECURRING BASIS    
Total trading account securities 928 685
Total securities available for sale 9,223 9,026
Recurring | Level 2 | States and political subdivisions    
ASSETS MEASURED ON A RECURRING BASIS    
Total trading account securities 102 93
Recurring | Level 2 | Agency residential mortgage-backed securities | Other mortgage-backed securities    
ASSETS MEASURED ON A RECURRING BASIS    
Total securities available for sale 7,321 3,589
Recurring | Level 2 | Agency commercial mortgage-backed securities    
ASSETS MEASURED ON A RECURRING BASIS    
Total securities available for sale 4,634 9,092
Recurring | Level 2 | Other securities    
ASSETS MEASURED ON A RECURRING BASIS    
Total trading account securities 14 21
Total securities available for sale 0 0
Recurring | Level 2 | Principal Investments    
ASSETS MEASURED ON A RECURRING BASIS    
Total other investments 0 0
Recurring | Level 2 | 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 6 0
Recurring | Level 2 | Equity Investments, Direct    
ASSETS MEASURED ON A RECURRING BASIS    
Total other investments 6 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 3 2
Loans, net of unearned income (residential) 9 9
Loans held for sale (residential) 0 0
Derivative assets 8 0
Netting adjustments 0 0
Total derivative assets 8 0
Total assets on a recurring basis at fair value 20 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 7 (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 | Other 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 | Other 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    
ASSETS MEASURED ON A RECURRING BASIS    
Total other investments 0 0
Recurring | Level 3 | Direct    
ASSETS MEASURED ON A RECURRING BASIS    
Total other investments 0 0
Recurring | Level 3 | Equity Investments    
ASSETS MEASURED ON A RECURRING BASIS    
Total other investments 3 2
Recurring | Level 3 | Equity Investments, Direct    
ASSETS MEASURED ON A RECURRING BASIS    
Total other investments 3 2
Recurring | Measured at NAV | Indirect investments | Variable Interest Entity, Not Primary Beneficiary    
ASSETS MEASURED ON A RECURRING BASIS    
Total other investments 16 17
Recurring | Measured at NAV | Equity Investments Direct, NAV    
ASSETS MEASURED ON A RECURRING BASIS    
Total other investments 45 40
Recurring | Measured at NAV | Equity Investments Indirect, NAV    
ASSETS MEASURED ON A RECURRING BASIS    
Total other investments $ 3 $ 4
v3.24.3
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 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]        
Fair Value $ 16   $ 16  
Unfunded Commit-ments 1   1  
Funded Commit-ments 0 $ 0 0 $ 0
Funded Other 0 0 0 0
Direct investments        
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]        
Fair Value 0   0  
Unfunded Commit-ments 0   0  
Funded Commit-ments 0 0 0 0
Funded Other 0 0 0 0
Indirect investments (measured at NAV)        
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]        
Fair Value 16   16  
Unfunded Commit-ments 1   1  
Funded Commit-ments 0 0 0 0
Funded Other $ 0 $ 0 $ 0 $ 0
v3.24.3
Fair Value Measurements - Schedule of Change in Fair Values of Level 3 Financial Instruments (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]        
Beginning of Period Balance $ 2 $ 2 $ 2 $ 2
Gains (Losses) Included in Other Comprehensive Income 0 0 0 0
Gains (Losses) Included in Earnings 1 0 1 0
Purchases 0 0 0 0
Sales 0 0 0 0
Settlements 0 0 0 0
Transfers Other 0 0 0 0
Transfers into Level 3 0 0 0 0
Transfers out of Level 3 0 0 0 0
End of Period Balance 3 2 3 2
Unrealized Gains (Losses) Included in Earnings 0 0 0 0
Direct        
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]        
Beginning of Period Balance   1   1
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   1   1
Unrealized Gains (Losses) Included in Earnings   0   0
Interest rate        
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]        
Beginning of Period Balance (2) 5 (2) 2
Gains (Losses) Included in Other Comprehensive Income 0 0 0 0
Gains (Losses) Included in Earnings 2 (6) (5) (23)
Purchases 6 0 7 18
Sales 0 0 0 1
Settlements 0 0 0 0
Transfers Other 0 0 0 0
Transfers into Level 3 1 0 2 (3)
Transfers out of Level 3 0 2 5 6
End of Period Balance 7 1 7 1
Unrealized Gains (Losses) Included in Earnings 0 0 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   0
Purchases   0   0
Sales   0    
Settlements   0   0
Transfers Other   0   0
Transfers into Level 3   0   0
Transfers out of Level 3   0    
End of Period Balance   0   0
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 1 1 2 0
Gains (Losses) Included in Other Comprehensive Income 0 0 0 0
Gains (Losses) Included in Earnings 0 0 0 0
Purchases 0 0 0 0
Sales 0 0 0 0
Settlements 0 0 0 0
Transfers Other 0 (2) (1) 0
Transfers into Level 3 0 0 0 0
Transfers out of Level 3 0 0 0 (1)
End of Period Balance 1 (1) 1 (1)
Unrealized Gains (Losses) Included in Earnings 0 0 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 11 9 9 9
Gains (Losses) Included in Other Comprehensive Income 0 0 0 0
Gains (Losses) Included in Earnings 0 0 0 0
Purchases 0 0 0 0
Sales 0 0 0 0
Settlements 0 0 0 0
Transfers Other (2) 0 (2) 0
Transfers into Level 3 0 0 0 0
Transfers out of Level 3 0 0 2 0
End of Period Balance 9 9 9 9
Unrealized Gains (Losses) Included in Earnings $ 0 $ 0 $ 0 $ 0
v3.24.3
Fair Value Measurements - Narrative (Details) - USD ($)
 3 Months Ended
Sep. 30, 2024
Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Other equity investments $ 386,000,000 $ 339,000,000
Impairment loss 0  
Loans, net of allowance 103,852,000,000 111,098,000,000
Fair Value | Education Lending | Discontinued operations    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Loans, net of allowance 203,000,000 264,000,000
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 $ 272,000,000 $ 339,000,000
v3.24.3
Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on Nonrecurring Basis (Details) - Nonrecurring - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
ASSETS MEASURED ON A NONRECURRING BASIS    
Collateral-dependent loans $ 150 $ 104
Accrued income and other assets 25 29
Total assets on a recurring basis at fair value 175 133
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 150 104
Accrued income and other assets 25 29
Total assets on a recurring basis at fair value $ 175 $ 133
v3.24.3
Fair Value Measurements - Schedule of Quantitative Information about Level 3 Fair Value Measurements (Details)
$ in Millions
Sep. 30, 2024
USD ($)
Dec. 31, 2023
USD ($)
Fair Value, Option, Quantitative Disclosures [Line Items]    
Derivative assets $ 191 $ 181
Mortgage servicing assets excluded from OREO 12 8
Recurring    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Derivative assets 191 181
Nonrecurring    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Collateral-dependent loans 150 104
Level 3 | Recurring    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Derivative assets 8 0
Insignificant level 3 assets, net of liabilities 4 4
Level 3 | Nonrecurring    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Collateral-dependent loans 150 104
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 0.6171 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 0.9500 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 0.7333 0.7083
Discounted cash flow | Level 3 | Recurring | Interest rate    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Derivative assets $ 7 $ 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 0.0430 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 0.491 0.477
Fair value of collateral | Level 3 | Nonrecurring    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Collateral-dependent loans $ 150 $ 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 1.0000 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 0.2300 0.0500
Appraised value | Level 3 | Nonrecurring    
Fair Value, Option, Quantitative Disclosures [Line Items]    
OREO and other Level 3 assets $ 13 $ 21
v3.24.3
Fair Value Measurements - Schedule of Fair Value Disclosures of Financial Instruments (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
ASSETS    
Trading account assets $ 1,404 $ 1,142
Derivative assets 191 181
Securities available for sale 34,169 37,185
Held to maturity securities 7,702 8,575
Loans, net of unearned income (residential) 105,346 112,606
Loans held for sale [1] 1,058 483
LIABILITIES    
Long-term debt, carrying amount 15,677 19,554
Carrying Amount    
ASSETS    
Trading account assets 1,404 1,142
Other investments 1,117 1,244
Loans, net of unearned income (residential) 9 9
Loans held for sale (residential) 61 51
Securities available for sale 34,169 37,185
Held to maturity securities 7,702 8,575
Loans, net of unearned income (residential) 103,843 111,089
Loans held for sale 997 432
Cash and other short-term investments 24,072 11,758
LIABILITIES    
Time deposits, carrying amount 18,352 14,776
Short-term borrowings, carrying amount 2,403 3,091
Long-term debt, carrying amount 15,677 19,554
Deposits with no stated maturity 132,001 130,811
Carrying Amount | Derivatives Not Designated as Hedging Instruments    
ASSETS    
Derivative assets 212 168
LIABILITIES    
Derivative liabilities 836 1,304
Carrying Amount | Derivatives Designated as Hedging Instruments    
ASSETS    
Derivative assets (21) 13
LIABILITIES    
Derivative liabilities 4 0
Fair Value    
ASSETS    
Trading account assets 1,404 1,142
Other investments 1,117 1,244
Loans, net of unearned income (residential) 9 9
Loans held for sale (residential) 61 51
Securities available for sale 34,169 37,185
Held to maturity securities 7,317 8,056
Loans, net of unearned income (residential) 100,480 105,950
Loans held for sale 997 432
Cash and other short-term investments 24,072 11,758
LIABILITIES    
Time deposits, fair value 18,505 14,911
Short-term borrowings, fair value 2,403 3,091
Long-term debt, fair value 15,638 19,008
Deposits with no stated maturity 132,001 130,811
Fair Value | Derivatives Not Designated as Hedging Instruments    
ASSETS    
Derivative assets 212 168
Derivative assets, Netting Adjustment (486) (792)
LIABILITIES    
Derivative liabilities 836 1,304
Derivative liabilities, Netting Adjustment (327) (461)
Fair Value | Derivatives Designated as Hedging Instruments    
ASSETS    
Derivative assets (21) 13
Derivative assets, Netting Adjustment (13) (26)
LIABILITIES    
Derivative liabilities 4 0
Derivative liabilities, Netting Adjustment (16) (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 24,072 11,758
LIABILITIES    
Time deposits, fair value 0 0
Short-term borrowings, fair value 79 30
Long-term debt, fair value 11,842 11,288
Deposits with no stated maturity 0 0
Fair Value | Level 1 | Derivatives Not Designated as Hedging Instruments    
ASSETS    
Derivative assets 48 74
LIABILITIES    
Derivative liabilities 41 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 1,404 1,142
Other investments 6 0
Loans, net of unearned income (residential) 0 0
Loans held for sale (residential) 61 51
Securities available for sale 34,169 37,185
Held to maturity securities 7,317 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 18,505 14,911
Short-term borrowings, fair value 2,324 3,061
Long-term debt, fair value 3,796 7,720
Deposits with no stated maturity 132,001 130,811
Fair Value | Level 2 | Derivatives Not Designated as Hedging Instruments    
ASSETS    
Derivative assets 642 886
LIABILITIES    
Derivative liabilities 1,122 1,707
Fair Value | Level 2 | Derivatives Designated as Hedging Instruments    
ASSETS    
Derivative assets (8) 39
LIABILITIES    
Derivative liabilities 20 12
Fair Value | Level 3    
ASSETS    
Trading account assets 0 0
Other investments 1,047 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) 100,480 105,950
Loans held for sale 997 432
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 8 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 $ 64 $ 61
[1] Total loans held for sale include real estate — residential mortgage loans held for sale at fair value of $61 million at September 30, 2024, and $51 million at December 31, 2023.
v3.24.3
Securities - Schedule of Details of Securities (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
SECURITIES AVAILABLE FOR SALE    
Amortized Cost $ 37,613 $ 42,695
Gross Unrealized Gains 127 10
Gross Unrealized Losses 3,571 5,520
Fair Value 34,169 37,185
HELD-TO-MATURITY SECURITIES    
Total 7,702 8,575
Gross Unrealized Gains 10 10
Gross Unrealized Losses 395 529
Fair Value 7,317 8,056
Debt securities, available for sale, accrued interest 77 64
Debt securities, held to maturity, accrued interest 22 25
U.S. Treasury, agencies and corporations    
SECURITIES AVAILABLE FOR SALE    
Amortized Cost 9,156 9,300
Gross Unrealized Gains 97 6
Gross Unrealized Losses 30 280
Fair Value 9,223 9,026
Agency residential collateralized mortgage obligations    
SECURITIES AVAILABLE FOR SALE    
Amortized Cost 15,647 18,911
Gross Unrealized Gains 7 4
Gross Unrealized Losses 2,663 3,437
Fair Value 12,991 15,478
HELD-TO-MATURITY SECURITIES    
Total 4,743 5,170
Gross Unrealized Gains 8 9
Gross Unrealized Losses 218 283
Fair Value 4,533 4,896
Agency residential mortgage-backed securities    
SECURITIES AVAILABLE FOR SALE    
Amortized Cost 7,808 4,189
Gross Unrealized Gains 23 0
Gross Unrealized Losses 510 600
Fair Value 7,321 3,589
HELD-TO-MATURITY SECURITIES    
Total 154 165
Gross Unrealized Gains 0 0
Gross Unrealized Losses 11 13
Fair Value 143 152
Agency commercial mortgage-backed securities    
SECURITIES AVAILABLE FOR SALE    
Amortized Cost 5,002 10,295
Gross Unrealized Gains 0 0
Gross Unrealized Losses 368 1,203
Fair Value 4,634 9,092
HELD-TO-MATURITY SECURITIES    
Total 2,385 2,473
Gross Unrealized Gains 2 1
Gross Unrealized Losses 153 204
Fair Value 2,234 2,270
Asset-backed securities    
HELD-TO-MATURITY SECURITIES    
Total 394 738
Gross Unrealized Gains 0 0
Gross Unrealized Losses 13 29
Fair Value 381 709
Debt securities, held-to-maturity, purchase of senior notes 388 731
Other securities    
HELD-TO-MATURITY SECURITIES    
Total 26 29
Gross Unrealized Gains 0 0
Gross Unrealized Losses 0 0
Fair Value $ 26 $ 29
v3.24.3
Securities - Schedule of Available for Sale Securities in an Unrealized Loss Position (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Held-to-maturity securities:    
Temporarily impaired securities, fair value, less than 12 months $ 5,497 $ 2,055
Temporarily impaired securities, gross unrealized losses, less than 12 months 17 79
Temporarily impaired securities, fair value, 12 months or longer 26,804 41,416
Temporarily impaired securities, gross unrealized losses, 12 months or longer 3,949 5,970
Temporarily impaired securities, fair value 32,301 43,471
Temporarily impaired securities, gross unrealized losses 3,966 6,049
U.S. Treasury, agencies and corporations    
Securities available for sale:    
Fair value, less than 12 months 3,228 0
Gross unrealized losses, less than 12 months 3 0
Fair value, 12 months or longer 766 8,532
Gross unrealized losses, 12 months or longer 27 280
Fair Value 3,994 8,532
Gross Unrealized Losses 30 280
Agency residential collateralized mortgage obligations    
Securities available for sale:    
Fair value, less than 12 months 93 0
Gross unrealized losses, less than 12 months 0 0
Fair value, 12 months or longer 11,807 14,979
Gross unrealized losses, 12 months or longer 2,663 3,437
Fair Value 11,900 14,979
Gross Unrealized Losses 2,663 3,437
Held-to-maturity securities:    
Fair value, less than 12 months 164 1,123
Gross unrealized losses, less than 12 months 2 30
Fair value, 12 months or longer 3,585 3,070
Gross unrealized losses, 12 months or longer 216 253
Fair Value 3,749 4,193
Gross Unrealized Losses 218 283
Agency residential mortgage-backed securities    
Securities available for sale:    
Fair value, less than 12 months 2,012 24
Gross unrealized losses, less than 12 months 12 0
Fair value, 12 months or longer 3,369 3,562
Gross unrealized losses, 12 months or longer 498 600
Fair Value 5,381 3,586
Gross Unrealized Losses 510 600
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 143 152
Gross unrealized losses, 12 months or longer 11 13
Fair Value 143 152
Gross Unrealized Losses 11 13
Agency commercial mortgage-backed securities    
Securities available for sale:    
Fair value, less than 12 months 0 891
Gross unrealized losses, less than 12 months 0 49
Fair value, 12 months or longer 4,583 8,201
Gross unrealized losses, 12 months or longer 368 1,154
Fair Value 4,583 9,092
Gross Unrealized Losses 368 1,203
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 2,162 2,199
Gross unrealized losses, 12 months or longer 153 204
Fair Value 2,162 2,199
Gross Unrealized Losses 153 204
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 381 709
Gross unrealized losses, 12 months or longer 13 29
Fair Value 381 709
Gross Unrealized Losses 13 29
Other securities    
Held-to-maturity securities:    
Fair value, less than 12 months 0 17
Gross unrealized losses, less than 12 months 0 0
Fair value, 12 months or longer 8 12
Gross unrealized losses, 12 months or longer 0 0
Fair Value 8 29
Gross Unrealized Losses $ 0 $ 0
v3.24.3
Securities - Narrative (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]        
Gross realized gains $ 0 $ 0 $ 0 $ 0
Gross realized losses 935,000,000 $ 0 948,000,000 $ 0
Securities pledged to secure securities sold under repurchase agreements $ 22,900,000,000   $ 22,900,000,000  
v3.24.3
Securities - Schedule of Securities by Maturity (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Securities Available for Sale, Amortized Cost    
Due in one year or less $ 2,695  
Due after one through five years 12,034  
Due after five through ten years 14,339  
Due after ten years 8,545  
Total 37,613  
Securities Available for Sale, Fair Value    
Due in one year or less 2,688  
Due after one through five years 11,778  
Due after five through ten years 12,301  
Due after ten years 7,402  
Total 34,169 $ 37,185
Held-to-Maturity Securities, Amortized Cost    
Due in one year or less 78  
Due after one through five years 3,444  
Due after five through ten years 2,396  
Due after ten years 1,784  
Total 7,702 8,575
Held-to-Maturity Securities, Fair Value    
Due in one year or less 76  
Due after one through five years 3,336  
Due after five through ten years 2,257  
Due after ten years 1,648  
Total $ 7,317 $ 8,056
v3.24.3
Derivatives and Hedging Activities - Narrative (Details)
$ in Millions
 9 Months Ended
Sep. 30, 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 $ 21  
Derivative liabilities after effects of bilateral collateral and master netting agreements 4  
Derivative assets not designated as hedging instruments after effects of bilateral collateral and master netting agreements, and a reserve for potential future losses 212  
Derivative liabilities not designated as hedging instruments after effects of bilateral collateral and master netting agreements, and a reserve for potential future losses 836  
Reclassify of after-tax net losses on derivative instruments from AOCI 205  
Reclassification of net losses related to terminated cash flow hedges from AOCI to income $ 17  
Maximum length of time over which forecasted transactions are hedged (in years) 3 years 7 months 9 days  
Cash collateral netted against derivative assets $ 218 $ 408
Collateral netted against derivative liabilities $ 62 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 $ 474  
Net exposure on derivatives, after taking into account, the effects of bilateral collateral and master netting agreements 30  
Default reserve associated with uncollateralized contracts 7  
Gross exposure on derivatives after taking into account effects of master netting agreements 192  
Net exposure on derivatives with clients after application of master netting agreements collateral and related reserve 161  
Net liability position $ 2 $ 1
v3.24.3
Derivatives and Hedging Activities - Schedule of Fair Values, Volume of Activity and Gain (Loss) Information Related to Derivative Instruments (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Derivatives, Fair Value [Line Items]    
Notional Amount $ 149,589 $ 143,121
Derivative assets, netting adjustments (499) (818)
Derivative Assets, net 191 180
Derivative liabilities, netting adjustments (343) (473)
Derivative Liabilities, net 838 1,286
Amount of offset in excess of collateral posted 170 161
Amount of offset in excess of securities collateral posted 261 269
Amount of offset in excess of cash collateral held 30 16
Amount of offset in excess of securities collateral held 188 212
Derivatives Not Designated as Hedging Instruments    
Derivatives, Fair Value [Line Items]    
Notional Amount 91,082 98,500
Derivative Assets 698 960
Derivative Liabilities 1,163 1,765
Interest rate | Derivatives Designated as Hedging Instruments    
Derivatives, Fair Value [Line Items]    
Notional Amount 58,507 44,621
Derivative Assets (8) 39
Derivative Liabilities 20 12
Interest rate | Derivatives Not Designated as Hedging Instruments    
Derivatives, Fair Value [Line Items]    
Notional Amount 72,584 78,051
Derivative Assets 194 134
Derivative Liabilities 675 973
Foreign exchange | Derivatives Not Designated as Hedging Instruments    
Derivatives, Fair Value [Line Items]    
Notional Amount 6,383 6,034
Derivative Assets 70 89
Derivative Liabilities 63 73
Commodity | Derivatives Not Designated as Hedging Instruments    
Derivatives, Fair Value [Line Items]    
Notional Amount 8,832 11,611
Derivative Assets 423 721
Derivative Liabilities 401 698
Credit | Derivatives Not Designated as Hedging Instruments    
Derivatives, Fair Value [Line Items]    
Notional Amount 136 121
Derivative Assets 0 0
Derivative Liabilities 17 1
Other | Derivatives Not Designated as Hedging Instruments    
Derivatives, Fair Value [Line Items]    
Notional Amount 3,147 2,683
Derivative Assets 11 16
Derivative Liabilities 7 20
Net derivatives    
Derivatives, Fair Value [Line Items]    
Notional Amount 149,589 143,121
Derivative Assets, net 191 181
Derivative Liabilities, net 840 1,304
Other collateral    
Derivatives, Fair Value [Line Items]    
Notional Amount 0 0
Derivative Assets, net 0 (1)
Derivative Liabilities, net $ (2) $ (18)
v3.24.3
Derivatives and Hedging Activities - Schedule of Cumulative Basis Adjustments on Fair Value Hedges (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Derivatives, Fair Value [Line Items]    
Fair Value $ 34,169 $ 37,185
Long-term debt | Interest rate    
Derivatives, Fair Value [Line Items]    
Carrying amount of hedged item 10,500 9,919
Hedge accounting basis adjustment (240) (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 12,286 8,655
Hedge accounting basis adjustment (300) (152)
Fair Value 12,300 12,800
Hedged layer amount 7,200 7,200
Hedged asset portfolio layer method cumulative basis adjustments $ 195 $ 147
v3.24.3
Derivatives and Hedging Activities - Schedule of Effect of Fair Value and Cash Flow Hedges on Income (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]        
Interest expense — Long-term debt $ (292) $ (351) $ (952) $ (975)
Interest income – loans 1,516 1,593 4,578 4,645
Interest Income - securities 298 192 789 580
Investment banking and debt placement fees 171 141 467 406
Net gain (loss) on cash flow hedging relationships        
Realized gains (losses) (pre-tax) reclassified from AOCI into net income (187) (246) (602) (706)
Interest rate | Interest expense – long-term debt | Fair Value Hedging        
Net gains (losses) on fair value hedging relationships        
Recognized on hedged items (333) 3 (198) 226
Recognized on derivatives designated as hedging instruments 258 (54) (22) (374)
Net income (expense) recognized on fair value hedges (75) (51) (220) (148)
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 0 (1) (1)
Net income (expense) recognized on cash flow hedges 0 0 (1) (1)
Interest rate | Interest income – loans | Fair Value Hedging        
Net gains (losses) on fair value hedging relationships        
Recognized on hedged items 0 0 0 0
Recognized on derivatives designated as hedging instruments 0 0 0 0
Net income (expense) recognized on fair value hedges 0 0 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 (184) (248) (599) (708)
Net income (expense) recognized on cash flow hedges (184) (248) (599) (708)
Interest rate | Interest Income - securities | Fair Value Hedging        
Net gains (losses) on fair value hedging relationships        
Recognized on hedged items 329 (54) 156 (72)
Recognized on derivatives designated as hedging instruments (285) 63 (47) 93
Net income (expense) recognized on fair value hedges 44 9 109 21
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 0 0
Net income (expense) recognized on cash flow hedges 0 0 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 0 0
Recognized on derivatives designated as hedging instruments 0 0 0 0
Net income (expense) recognized on fair value hedges 0 0 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 (3) 2 (2) 3
Net income (expense) recognized on cash flow hedges $ (3) $ 2 $ (2) $ 3
v3.24.3
Derivatives and Hedging Activities - Schedule of Derivative Instrument Cash Flow Hedge Earning Recognized by Income Statement Location (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Derivatives, Fair Value [Line Items]        
Net Gains (Losses) Recognized in OCI $ 405 $ (211) $ 46 $ (571)
Realized gains (losses) (pre-tax) reclassified from AOCI into net income (187) (246) (602) (706)
Interest income – loans | Interest rate | Cash Flow Hedges        
Derivatives, Fair Value [Line Items]        
Net Gains (Losses) Recognized in OCI 410 (228) 49 (584)
Realized gains (losses) (pre-tax) reclassified from AOCI into net income (184) (248) (599) (708)
Interest expense — Long-term debt | Interest rate | Cash Flow Hedges        
Derivatives, Fair Value [Line Items]        
Net Gains (Losses) Recognized in OCI 0 12 1 8
Realized gains (losses) (pre-tax) reclassified from AOCI into net income 0 0 (1) (1)
Investment banking and debt placement fees | Interest rate | Cash Flow Hedges        
Derivatives, Fair Value [Line Items]        
Net Gains (Losses) Recognized in OCI (5) 5 (4) 5
Realized gains (losses) (pre-tax) reclassified from AOCI into net income $ (3) $ 2 $ (2) $ 3
v3.24.3
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 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]        
Total net gains (losses) $ 9 $ 22 $ 54 $ 56
Interest rate        
Derivative Instruments, Gain (Loss) [Line Items]        
Total net gains (losses) 11 9 31 33
Foreign exchange        
Derivative Instruments, Gain (Loss) [Line Items]        
Total net gains (losses) 13 13 39 39
Commodity        
Derivative Instruments, Gain (Loss) [Line Items]        
Total net gains (losses) 4 5 9 19
Credit        
Derivative Instruments, Gain (Loss) [Line Items]        
Total net gains (losses) (22) (12) (35) (41)
Other        
Derivative Instruments, Gain (Loss) [Line Items]        
Total net gains (losses) 3 7 10 6
Corporate services income        
Derivative Instruments, Gain (Loss) [Line Items]        
Total net gains (losses) 25 26 76 93
Corporate services income | Interest rate        
Derivative Instruments, Gain (Loss) [Line Items]        
Total net gains (losses) 8 8 27 33
Corporate services income | Foreign exchange        
Derivative Instruments, Gain (Loss) [Line Items]        
Total net gains (losses) 13 13 39 39
Corporate services income | Commodity        
Derivative Instruments, Gain (Loss) [Line Items]        
Total net gains (losses) 4 5 9 19
Corporate services income | Credit        
Derivative Instruments, Gain (Loss) [Line Items]        
Total net gains (losses) 0 0 1 2
Corporate services income | Other        
Derivative Instruments, Gain (Loss) [Line Items]        
Total net gains (losses) 0 0 0 0
Consumer mortgage income        
Derivative Instruments, Gain (Loss) [Line Items]        
Total net gains (losses) 0 1 1 4
Consumer mortgage income | Interest rate        
Derivative Instruments, Gain (Loss) [Line Items]        
Total net gains (losses) 0 0 0 0
Consumer mortgage income | Foreign exchange        
Derivative Instruments, Gain (Loss) [Line Items]        
Total net gains (losses) 0 0 0 0
Consumer mortgage income | Commodity        
Derivative Instruments, Gain (Loss) [Line Items]        
Total net gains (losses) 0 0 0 0
Consumer mortgage income | Credit        
Derivative Instruments, Gain (Loss) [Line Items]        
Total net gains (losses) 0 0 0 0
Consumer mortgage income | Other        
Derivative Instruments, Gain (Loss) [Line Items]        
Total net gains (losses) 0 1 1 4
Other income        
Derivative Instruments, Gain (Loss) [Line Items]        
Total net gains (losses) (16) (6) (23) (41)
Other income | Interest rate        
Derivative Instruments, Gain (Loss) [Line Items]        
Total net gains (losses) 3 1 4 0
Other income | Foreign exchange        
Derivative Instruments, Gain (Loss) [Line Items]        
Total net gains (losses) 0 0 0 0
Other income | Commodity        
Derivative Instruments, Gain (Loss) [Line Items]        
Total net gains (losses) 0 0 0 0
Other income | Credit        
Derivative Instruments, Gain (Loss) [Line Items]        
Total net gains (losses) (22) (12) (36) (43)
Other income | Other        
Derivative Instruments, Gain (Loss) [Line Items]        
Total net gains (losses) $ 3 $ 6 $ 9 $ 2
v3.24.3
Derivatives and Hedging Activities - Schedule of Fair Value of Derivative Assets by Type (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Credit Derivatives [Line Items]    
Derivative assets before collateral $ 409 $ 589
Plus(Less): Related collateral (218) (408)
Derivative assets 191 181
Interest rate    
Credit Derivatives [Line Items]    
Derivative assets before collateral 139 123
Foreign exchange    
Credit Derivatives [Line Items]    
Derivative assets before collateral 22 42
Commodity    
Credit Derivatives [Line Items]    
Derivative assets before collateral 237 409
Credit    
Credit Derivatives [Line Items]    
Derivative assets before collateral 0 0
Other    
Credit Derivatives [Line Items]    
Derivative assets before collateral $ 11 $ 15
v3.24.3
Derivatives and Hedging Activities - Schedule of Credit Derivatives Sold and Held (Details) - USD ($)
$ in Millions
 9 Months Ended 12 Months Ended
Sep. 30, 2024
Dec. 31, 2023
Credit Derivatives [Line Items]    
Notional Amount $ 12 $ 4
Payment / Performance Risk 0.00% 0.00%
Other    
Credit Derivatives [Line Items]    
Notional Amount $ 12 $ 4
Average Term (Years) 5 years 2 months 26 days 10 years 8 months 8 days
Payment / Performance Risk 2.07% 4.86%
v3.24.3
Derivatives and Hedging Activities - Schedule of Credit Risk Contingent Feature (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]    
Net derivative liabilities with credit-risk contingent features $ (27) $ (45)
Collateral posted $ 26 $ 42
v3.24.3
Mortgage Servicing Assets - Schedule of Changes in Carrying Amount of Mortgage Servicing Assets (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Commercial Mortgage Backed Securities        
Servicing Asset at Amortized Cost, Balance [Roll Forward]        
Balance at beginning of period $ 612 $ 627 $ 638 $ 653
Servicing retained from loan sales 17 40 44 66
Purchases 7 8 17 18
Amortization (30) (30) (93) (92)
Temporary (impairments) recoveries 0 0 0 0
Balance at end of period 606 645 606 645
Fair value at end of period 816 871 816 871
Agency residential mortgage-backed securities        
Servicing Asset at Amortized Cost, Balance [Roll Forward]        
Balance at beginning of period 109 106 108 106
Servicing retained from loan sales 4 4 9 8
Purchases 0 0 0 0
Amortization (3) (3) (8) (7)
Temporary (impairments) recoveries (2) 0 (1) 0
Balance at end of period 108 107 108 107
Fair value at end of period $ 129 $ 137 $ 129 $ 137
v3.24.3
Mortgage Servicing Assets - Schedule of Range and Weighted-Average of Significant Unobservable Inputs (Details) - Discounted cash flow - USD ($)
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Commercial Mortgage Backed Securities | Minimum    
Servicing Assets at Fair Value [Line Items]    
Expected defaults 1.00% 1.00%
Residual cash flows discount rate 7.17% 7.44%
Escrow earn rate 4.51% 5.48%
Loan assumption rate 0.00% 0.00%
Commercial Mortgage Backed Securities | Maximum    
Servicing Assets at Fair Value [Line Items]    
Expected defaults 2.00% 2.00%
Residual cash flows discount rate 10.72% 10.50%
Escrow earn rate 4.56% 5.61%
Loan assumption rate 2.36% 2.13%
Commercial Mortgage Backed Securities | Weighted Average    
Servicing Assets at Fair Value [Line Items]    
Expected defaults 1.01% 1.01%
Residual cash flows discount rate 10.38% 10.13%
Escrow earn rate 4.51% 5.49%
Loan assumption rate 1.99% 1.96%
Agency residential mortgage-backed securities | Minimum    
Servicing Assets at Fair Value [Line Items]    
Prepayment speed 7.08% 5.24%
Residual cash flows discount rate 6.50% 6.50%
Servicing cost $ 70.00 $ 70.00
Agency residential mortgage-backed securities | Maximum    
Servicing Assets at Fair Value [Line Items]    
Prepayment speed 53.34% 36.95%
Residual cash flows discount rate 8.75% 8.75%
Servicing cost $ 3,582 $ 4,332
Agency residential mortgage-backed securities | Weighted Average    
Servicing Assets at Fair Value [Line Items]    
Prepayment speed 8.33% 6.87%
Residual cash flows discount rate 6.60% 6.59%
Servicing cost $ 75.25 $ 74.70
v3.24.3
Mortgage Servicing Assets - Narrative (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Commercial Mortgage Backed Securities    
Servicing Assets at Fair Value [Line Items]    
Contractual fee income from servicing commercial mortgage loans $ 284 $ 234
Amortization of servicing commercial mortgage loans 93 92
Residential mortgage-backed securities    
Servicing Assets at Fair Value [Line Items]    
Contractual fee income from servicing commercial mortgage loans 29 25
Amortization of servicing commercial mortgage loans $ 8 $ 7
v3.24.3
Leases (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Sales-type and direct financing leases        
Interest income on lease receivable $ 17 $ 19 $ 53 $ 58
Interest income related to accretion of unguaranteed residual asset 2 3 7 10
Interest income on deferred fees and costs 5 2 15 2
Total sales-type and direct financing lease income 24 24 75 70
Operating leases        
Operating lease income related to lease payments 16 19 53 65
Other operating leasing gains 0 3 8 5
Total operating lease income and other leasing gains 16 22 61 70
Total lease income $ 40 $ 46 $ 136 $ 140
v3.24.3
Goodwill - Narrative (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2024
USD ($)
reporting_unit
Sep. 30, 2024
USD ($)
Dec. 31, 2023
USD ($)
Sep. 30, 2023
USD ($)
Goodwill [Line Items]        
Number of reporting units | reporting_unit 3      
Goodwill   $ 2,752 $ 2,752 $ 2,752
Commercial Bank        
Goodwill [Line Items]        
Goodwill $ 218 218    
Institutional Bank        
Goodwill [Line Items]        
Goodwill $ 715 $ 715    
v3.24.3
Goodwill - Schedule of Carrying Amount of Goodwill (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Goodwill [Roll Forward]    
Beginning balance   $ 2,752
Ending balance $ 2,752 2,752
Consumer Bank    
Goodwill [Roll Forward]    
Beginning balance   1,819
Ending balance 1,819 1,819
Commercial Bank    
Goodwill [Roll Forward]    
Beginning balance   933
Ending balance $ 933 $ 933
v3.24.3
Variable Interest Entities - Narrative (Details) - USD ($)
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Variable Interest Entity [Line Items]      
Accrued income and other assets $ 8,323,000,000   $ 8,601,000,000
Accrued expense and other liabilities 4,478,000,000   5,412,000,000
VIE, assets that can only be used to settle obligations 189,763,000,000   188,281,000,000
VIE, liabilities 172,911,000,000   173,644,000,000
Recurring      
Variable Interest Entity [Line Items]      
Other investments 73,000,000   63,000,000
Variable Interest Entity, Not Primary Beneficiary      
Variable Interest Entity [Line Items]      
VIE, assets that can only be used to settle obligations 818,000,000   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 1,100,000,000   1,400,000,000
VIE, assets that can only be used to settle obligations 10,008,000,000   8,904,000,000
VIE, liabilities 4,579,000,000   3,848,000,000
Variable Interest Entity, Not Primary Beneficiary | NMTC      
Variable Interest Entity [Line Items]      
Accrued income and other assets 29,000,000   25,000,000
Variable Interest Entity, Not Primary Beneficiary | Other Unconsolidated Variable Interest Entities      
Variable Interest Entity [Line Items]      
Other investments 388,000,000    
Variable Interest Entity, Not Primary Beneficiary | Investments      
Variable Interest Entity [Line Items]      
Amortization of investment 171,000,000 $ 163,000,000  
Tax credit of investment 166,000,000 151,000,000  
Other tax benefits 41,000,000 $ 39,000,000  
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 $ 16,000,000   $ 17,000,000
v3.24.3
Variable Interest Entities - Schedule of Variable Interest Entities Information (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Variable Interest Entity [Line Items]    
Total Assets $ 189,763 $ 188,281
Total Liabilities 172,911 173,644
Variable Interest Entity, Not Primary Beneficiary    
Variable Interest Entity [Line Items]    
Total Assets 818 1,149
Total Liabilities 1 1
Variable Interest Entity, Not Primary Beneficiary | LIHTC investments    
Variable Interest Entity [Line Items]    
Total Assets 10,008 8,904
Total Liabilities 4,579 3,848
Maximum Exposure to Loss 2,674 2,768
Variable Interest Entity, Not Primary Beneficiary | Indirect investments    
Variable Interest Entity [Line Items]    
Total Assets 2,372 2,741
Total Liabilities 3 91
Maximum Exposure to Loss $ 17 $ 18
v3.24.3
Income Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Income Tax Contingency [Line Items]      
Effective tax rate (as a percent) 18.80% 17.80%  
Combined federal and state statutory tax rate (as a percent) 23.90%    
Valuation allowance $ 15   $ 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 46    
Accrued Income And Other Assets      
Income Tax Contingency [Line Items]      
Net deferred tax assets $ 1,400   $ 1,800
v3.24.3
Discontinued Operations (Details) - USD ($)
$ in Millions
Sep. 30, 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 $ 272 $ 339
v3.24.3
Securities Financing Activities (Details) - USD ($)
$ in Millions
Sep. 30, 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 (41) (31)
Total (41) (31)
Federal Agency CMOs    
Securities Financing Transaction [Line Items]    
Assets pledged as collateral 44  
Liabilities pledged as collateral 41  
Gross Amount Presented in Balance Sheet    
Securities Financing Transaction [Line Items]    
Reverse repurchase agreements 3 7
Securities borrowed 0 0
Total 3 7
Repurchase agreements 44 38
Total 44 38
Netting Adjustments    
Securities Financing Transaction [Line Items]    
Reverse repurchase agreements (3) (7)
Securities borrowed 0 0
Total (3) (7)
Repurchase agreements (3) (7)
Total $ (3) $ (7)
v3.24.3
Employee Benefits (Details) - Pension Plans - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Defined Benefit Plan Disclosure [Line Items]        
Interest cost on PBO $ 10 $ 11 $ 30 $ 33
Expected return on plan assets (10) (11) (29) (32)
Amortization of losses 3 3 8 8
Settlement loss 0 0 0 0
Net pension cost $ 3 $ 3 $ 9 $ 9
v3.24.3
Trust Preferred Securities Issued by Unconsolidated Subsidiaries (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 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 20 15
Total    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Trust Preferred Securities, Net of Discount 432 431
Common Stock 17 17
Principal Amount of Debentures, Net of Discount $ 449 $ 448
Interest Rate of Trust Preferred Securities and Debentures 6.898% 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 6.333%  
KeyCorp Capital II    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Trust Preferred Securities, Net of Discount $ 87  
Common Stock 4  
Principal Amount of Debentures, Net of Discount $ 91  
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 $ 113  
Common Stock 4  
Principal Amount of Debentures, Net of Discount $ 117  
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 6.763%  
HNC Statutory Trust IV    
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 6.518%  
Willow Grove Statutory Trust I    
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 6.797%  
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 7.265%  
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 7.265%  
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%  
v3.24.3
Contingent Liabilities and Guarantees - Schedule of Guarantees (Details)
$ in Millions
Sep. 30, 2024
USD ($)
Guarantor Obligations [Line Items]  
Maximum Potential Undiscounted Future Payments $ 17,677
Liability Recorded 252
Standby letters of credit  
Guarantor Obligations [Line Items]  
Maximum Potential Undiscounted Future Payments 4,234
Liability Recorded 77
Recourse agreement with FNMA  
Guarantor Obligations [Line Items]  
Maximum Potential Undiscounted Future Payments 7,743
Liability Recorded 63
Residential mortgage reserve  
Guarantor Obligations [Line Items]  
Maximum Potential Undiscounted Future Payments 3,385
Liability Recorded 8
Written put options  
Guarantor Obligations [Line Items]  
Maximum Potential Undiscounted Future Payments 2,315
Liability Recorded $ 104
v3.24.3
Contingent Liabilities and Guarantees - Narrative (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2024
Jun. 30, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Dec. 31, 2022
Commitments Contingencies And Guarantees [Line Items]            
Reserve for potential losses $ 280 $ 286 $ 296 $ 290 $ 291 $ 225
Standby letters of credit            
Commitments Contingencies And Guarantees [Line Items]            
Remaining weighted-average life of standby letters of credit (in years) 1 year 4 months 24 days          
Recourse agreement with FNMA            
Commitments Contingencies And Guarantees [Line Items]            
Weighted-average remaining term for outstanding commercial mortgage loans (in years) 6 years 4 months 24 days          
Unpaid principal balance outstanding of loans sold $ 24,700          
Maximum potential amount of undiscounted future payments possibly required as percentage of principal balance of loans outstanding (as a percent) 31.30%          
Reserve for potential losses $ 63          
Residential mortgage reserve            
Commitments Contingencies And Guarantees [Line Items]            
Unpaid principal balance outstanding of loans sold $ 11,300          
Maximum potential amount of undiscounted future payments possibly required as percentage of principal balance of loans outstanding (as a percent) 30.00%          
Liability for estimated repurchase obligations on loans sold $ 8          
Written put options            
Commitments Contingencies And Guarantees [Line Items]            
Weighted average life of written put options (in years) 1 year 1 month 6 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) 0.00%          
Minimum | Moderate            
Commitments Contingencies And Guarantees [Line Items]            
Guarantee obligations (as a percent) 30.00%          
Minimum | High            
Commitments Contingencies And Guarantees [Line Items]            
Guarantee obligations (as a percent) 70.00%          
Maximum | Standby letters of credit            
Commitments Contingencies And Guarantees [Line Items]            
Remaining actual life of standby letters of credit (in years) 10 years 2 months 12 days          
Maximum | Low            
Commitments Contingencies And Guarantees [Line Items]            
Guarantee obligations (as a percent) 30.00%          
Maximum | Moderate            
Commitments Contingencies And Guarantees [Line Items]            
Guarantee obligations (as a percent) 70.00%          
v3.24.3
Accumulated Other Comprehensive Income - Schedule of Changes in AOCI (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balance $ 14,789 $ 13,844 $ 14,637 $ 13,454
Other comprehensive income before reclassification, net of income taxes 1,007 (783) 765 (885)
Amounts reclassified from AOCI, net of income taxes 856 188 1,183 541
Total other comprehensive income (loss), net of tax 1,863 (595) 1,948 (344)
Ending balance 16,852 13,356 16,852 13,356
Accumulated Other Comprehensive Income (Loss)        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balance (5,144) (6,044) (5,229) (6,295)
Ending balance (3,281) (6,639) (3,281) (6,639)
Unrealized gains (losses) on securities available for sale        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balance (4,282) (4,736) (4,190) (4,895)
Other comprehensive income before reclassification, net of income taxes 951 (668) 850 (509)
Amounts reclassified from AOCI, net of income taxes 712 0 721 0
Total other comprehensive income (loss), net of tax 1,663 (668) 1,571 (509)
Ending balance (2,619) (5,404) (2,619) (5,404)
Unrealized gains (losses) on derivative financial instruments        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balance (589) (1,035) (763) (1,124)
Other comprehensive income before reclassification, net of income taxes 57 (115) (85) (376)
Amounts reclassified from AOCI, net of income taxes 142 187 458 537
Total other comprehensive income (loss), net of tax 199 72 373 161
Ending balance (390) (963) (390) (963)
Net pension and postretirement benefit costs        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balance (273) (273) (276) (276)
Other comprehensive income before reclassification, net of income taxes (1) 0 0 0
Amounts reclassified from AOCI, net of income taxes 2 1 4 4
Total other comprehensive income (loss), net of tax 1 1 4 4
Ending balance $ (272) $ (272) $ (272) $ (272)
v3.24.3
Accumulated Other Comprehensive Income - Schedule of Reclassifications Out of AOCI (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Net securities gains (losses) $ (935) $ 0 $ (948) $ (7)
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (506) 367 107 1,103
Income taxes (95) 65 26 204
Income (loss) from continuing operations (411) 302 81 899
Interest income — Loans 1,516 1,593 4,578 4,645
Interest expense — Long-term debt (292) (351) (952) (975)
Investment banking and debt placement fees 171 141 467 406
Other expense 670 663 1,980 1,986
Reclassification out of Accumulated Other Comprehensive Income | Unrealized gains (losses) on securities available for sale        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (935) 0 (948) 0
Income taxes (223) 0 (227) 0
Income (loss) from continuing operations (712) 0 (721) 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]        
Net securities gains (losses) 0 0 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]        
Net securities gains (losses) (935) 0 (948) 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 (187) (246) (602) (706)
Income taxes (45) (59) (144) (169)
Income (loss) from continuing operations (142) (187) (458) (537)
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 (184) (248) (599) (708)
Interest expense — Long-term debt 0 0 (1) (1)
Investment banking and debt placement fees (3) 2 (2) 3
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) (3) (7) (7)
Income taxes (1) (2) (3) (3)
Income (loss) from continuing operations (2) (1) (4) (4)
Reclassification out of Accumulated Other Comprehensive Income | Amortization of losses        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Other expense (3) (3) (8) (8)
Reclassification out of Accumulated Other Comprehensive Income | Settlement loss        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Other expense 0 0 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 $ 0 $ 1 $ 1
v3.24.3
Shareholders' Equity - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 9 Months Ended
Aug. 30, 2024
Aug. 12, 2024
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]            
Amount repurchased during period less than           $ 38
Cash dividends declared on Common Shares (in usd per share)     $ 0.205 $ 0.205 $ 0.615 $ 0.615
Gross proceeds         $ 811 $ 0
Scotiabank Investment Agreement            
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]            
Investments   $ 2,800        
Sale of stock, percentage of ownership after transaction 4.90% 14.90%        
Fixed price per share (in dollars per share)   $ 17.17        
Initial purchase of common shares (in shares) 47,829,359          
Gross proceeds $ 821          
Sale of stock, expected consideration received   $ 2,000        
Proceeds from issuance costs $ 10          
Equity Compensation Programs            
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]            
Amount repurchased during period less than     $ 1      
v3.24.3
Shareholders' Equity - Schedule of Stockholders Equity (Details)
 9 Months Ended
Sep. 30, 2024
USD ($)
$ / shares
shares
Series D Preferred Stock  
Class of Stock [Line Items]  
Preferred stock, dividend rate (as a percent) 5.00%
Preferred stock, amount outstanding | $ $ 525,000,000
Book value (net of capital surplus) | $ $ 519,000,000
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) | $ / shares $ 1
Liquidation preference | $ $ 25,000
Ownership interest per depositary share ratio 0.04
Preferred stock, liquidation preference (in usd per share) | $ / shares $ 1,000
Dividend payable per share (in usd per share) | $ / shares $ 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
Book value (net of capital surplus) | $ $ 490,000,000
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) | $ / shares $ 1
Liquidation preference | $ $ 1,000
Ownership interest per depositary share ratio 0.025
Preferred stock, liquidation preference (in usd per share) | $ / shares $ 25
Dividend payable per share (in usd per share) | $ / shares $ 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
Book value (net of capital surplus) | $ $ 412,000,000
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) | $ / shares $ 1
Liquidation preference | $ $ 1,000
Ownership interest per depositary share ratio 0.025
Preferred stock, liquidation preference (in usd per share) | $ / shares $ 25
Dividend payable per share (in usd per share) | $ / shares $ 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
Book value (net of capital surplus) | $ $ 435,000,000
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) | $ / shares $ 1
Liquidation preference | $ $ 1,000
Ownership interest per depositary share ratio 0.025
Preferred stock, liquidation preference (in usd per share) | $ / shares $ 25
Dividend payable per share (in usd per share) | $ / shares $ 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
Book value (net of capital surplus) | $ $ 590,000,000
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) | $ / shares $ 1
Liquidation preference | $ $ 1,000
Ownership interest per depositary share ratio 0.025
Preferred stock, liquidation preference (in usd per share) | $ / shares $ 25
Dividend payable per share (in usd per share) | $ / shares $ 0.387500
v3.24.3
Business Segment Reporting - Narrative (Details)
Sep. 30, 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
v3.24.3
Business Segment Reporting - Schedule of Selected Financial Data for Our Business Segments (Details)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
USD ($)
employee
Sep. 30, 2023
USD ($)
employee
Sep. 30, 2024
USD ($)
employee
Sep. 30, 2023
USD ($)
employee
SUMMARY OF OPERATIONS        
Net interest income (TE) $ 964 $ 923 $ 2,749 $ 3,015
Noninterest income (269) 643 1,005 1,860
Total revenue (TE) 695 1,566 3,754 4,875
Provision for credit losses 95 81 296 387
Depreciation and amortization expense 53 55 161 176
Other noninterest expense 1,041 1,055 3,155 3,186
Income (loss) from continuing operations before income taxes (TE) (494) 375 142 1,126
Allocated income taxes and TE adjustments (83) 73 61 227
Income (loss) from continuing operations (411) 302 81 899
Income (loss) from discontinued operations, net of taxes 1 1 2 3
NET INCOME (LOSS) (410) 303 83 902
AVERAGE BALANCES        
Loans and leases 106,244 117,627 108,738 119,371
Total assets 187,609 192,341 186,691 193,223
Deposits 147,771 144,825 144,954 143,716
OTHER FINANCIAL DATA        
Net loan charge-offs $ 154 $ 71 $ 326 $ 168
Return on average allocated equity, continuing operations (as a percent) (10.35%) 8.66% 0.72% 8.57%
Return on average allocated equity (10.32%) 8.69% 0.74% 8.60%
Average full-time equivalent employees | employee 16,805 17,666 16,734 17,880
Operating Segments | Consumer Bank        
SUMMARY OF OPERATIONS        
Net interest income (TE) $ 584 $ 534 $ 1,651 $ 1,677
Noninterest income 230 241 689 709
Total revenue (TE) 814 775 2,340 2,386
Provision for credit losses 52 14 83 106
Depreciation and amortization expense 17 21 58 62
Other noninterest expense 632 655 1,943 1,938
Income (loss) from continuing operations before income taxes (TE) 113 85 256 280
Allocated income taxes and TE adjustments 27 20 61 67
Income (loss) from continuing operations 86 65 195 213
Income (loss) from discontinued operations, net of taxes 0 0 0 0
NET INCOME (LOSS) 86 65 195 213
AVERAGE BALANCES        
Loans and leases 38,332 41,610 39,139 42,118
Total assets 41,188 44,429 41,966 44,945
Deposits 86,431 82,683 85,305 82,535
OTHER FINANCIAL DATA        
Net loan charge-offs $ 54 $ 36 $ 144 $ 93
Return on average allocated equity, continuing operations (as a percent) 10.34% 7.42% 7.64% 8.04%
Return on average allocated equity 10.34% 7.42% 7.64% 8.04%
Average full-time equivalent employees | employee 7,388 7,666 7,360 7,850
Operating Segments | Commercial Bank        
SUMMARY OF OPERATIONS        
Net interest income (TE) $ 460 $ 446 $ 1,268 $ 1,414
Noninterest income 408 363 1,167 1,079
Total revenue (TE) 868 809 2,435 2,493
Provision for credit losses 41 68 231 283
Depreciation and amortization expense 18 21 59 67
Other noninterest expense 427 412 1,258 1,213
Income (loss) from continuing operations before income taxes (TE) 382 308 887 930
Allocated income taxes and TE adjustments 82 68 176 196
Income (loss) from continuing operations 300 240 711 734
Income (loss) from discontinued operations, net of taxes 0 0 0 0
NET INCOME (LOSS) 300 240 711 734
AVERAGE BALANCES        
Loans and leases 67,452 75,598 69,105 76,816
Total assets 76,395 85,930 78,234 86,727
Deposits 58,696 56,078 57,467 53,983
OTHER FINANCIAL DATA        
Net loan charge-offs $ 99 $ 35 $ 200 $ 76
Return on average allocated equity, continuing operations (as a percent) 11.98% 9.11% 9.50% 9.37%
Return on average allocated equity 11.98% 9.11% 9.50% 9.37%
Average full-time equivalent employees | employee 2,387 2,549 2,347 2,530
Other        
SUMMARY OF OPERATIONS        
Net interest income (TE) $ (80) $ (57) $ (170) $ (76)
Noninterest income (907) 39 (851) 72
Total revenue (TE) (987) (18) (1,021) (4)
Provision for credit losses 2 (1) (18) (2)
Depreciation and amortization expense 18 13 44 47
Other noninterest expense (18) (12) (46) 35
Income (loss) from continuing operations before income taxes (TE) (989) (18) (1,001) (84)
Allocated income taxes and TE adjustments (192) (15) (176) (36)
Income (loss) from continuing operations (797) (3) (825) (48)
Income (loss) from discontinued operations, net of taxes 1 1 2 3
NET INCOME (LOSS) (796) (2) (823) (45)
AVERAGE BALANCES        
Loans and leases 460 419 494 437
Total assets 70,026 61,982 66,491 61,551
Deposits 2,644 6,064 2,182 7,198
OTHER FINANCIAL DATA        
Net loan charge-offs $ 1 $ 0 $ (18) $ (1)
Return on average allocated equity, continuing operations (as a percent) (125.18%) 11.90% (68.90%) (713.06%)
Return on average allocated equity (125.02%) 7.93% (68.74%) (668.50%)
Average full-time equivalent employees | employee 7,030 7,451 7,027 7,500
v3.24.3
Revenue from Contracts with Customers (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Disaggregation of Revenue [Line Items]        
Total revenue from contracts with customers $ 419 $ 347 $ 1,195 $ 1,074
Total noninterest income (269) 643 1,005 1,860
Contract assets 0 0 0 0
Contract liabilities 0 0 0 0
Trust and investment services income        
Disaggregation of Revenue [Line Items]        
Total revenue from contracts with customers 131 120 385 356
Investment banking and debt placement fees        
Disaggregation of Revenue [Line Items]        
Total revenue from contracts with customers 128 70 357 261
Services charges on deposit accounts        
Disaggregation of Revenue [Line Items]        
Total revenue from contracts with customers 67 69 196 205
Cards and payments income        
Disaggregation of Revenue [Line Items]        
Total revenue from contracts with customers 90 85 247 243
Other noninterest income        
Disaggregation of Revenue [Line Items]        
Total revenue from contracts with customers 3 3 10 9
Total noninterest income 219 257 661 714
Operating Segments | Consumer Bank        
Disaggregation of Revenue [Line Items]        
Total revenue from contracts with customers 197 191 580 572
Operating Segments | Consumer Bank | Trust and investment services income        
Disaggregation of Revenue [Line Items]        
Total revenue from contracts with customers 114 104 334 306
Operating Segments | Consumer Bank | Investment banking and debt placement fees        
Disaggregation of Revenue [Line Items]        
Total revenue from contracts with customers 0 0 0 0
Operating Segments | Consumer Bank | Services charges on deposit accounts        
Disaggregation of Revenue [Line Items]        
Total revenue from contracts with customers 35 41 103 121
Operating Segments | Consumer Bank | Cards and payments income        
Disaggregation of Revenue [Line Items]        
Total revenue from contracts with customers 45 43 133 136
Operating Segments | Consumer Bank | Other noninterest income        
Disaggregation of Revenue [Line Items]        
Total revenue from contracts with customers 3 3 10 9
Operating Segments | Commercial Bank        
Disaggregation of Revenue [Line Items]        
Total revenue from contracts with customers 222 156 615 502
Operating Segments | Commercial Bank | Trust and investment services income        
Disaggregation of Revenue [Line Items]        
Total revenue from contracts with customers 17 16 51 50
Operating Segments | Commercial Bank | Investment banking and debt placement fees        
Disaggregation of Revenue [Line Items]        
Total revenue from contracts with customers 128 70 357 261
Operating Segments | Commercial Bank | Services charges on deposit accounts        
Disaggregation of Revenue [Line Items]        
Total revenue from contracts with customers 32 28 93 84
Operating Segments | Commercial Bank | Cards and payments income        
Disaggregation of Revenue [Line Items]        
Total revenue from contracts with customers 45 42 114 107
Operating Segments | Commercial Bank | Other noninterest income        
Disaggregation of Revenue [Line Items]        
Total revenue from contracts with customers 0 0 0 0
Other        
Disaggregation of Revenue [Line Items]        
Total noninterest income $ (907) $ 39 $ (851) $ 72