KEYCORP /NEW/, 10-K filed on 2/23/2026
Annual Report
v3.25.4
Cover - USD ($)
 12 Months Ended
Dec. 31, 2025
Feb. 19, 2026
Jun. 30, 2025
Entity Information [Line Items]      
Document Type 10-K    
Document Period End Date Dec. 31, 2025    
Current Fiscal Year End Date --12-31    
Entity File Number 1-11302    
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 Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
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    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction false    
Entity Shell Company false    
Entity Public Float     $ 19,378,924,449
Entity Common Stock, Shares Outstanding   1,089,647,432  
Documents Incorporated by Reference
Certain specifically designated portions of KeyCorp’s definitive Proxy Statement for its 2026 Annual Meeting of Shareholders are incorporated by reference into Part III of this Form 10-K.
    
Entity Central Index Key 0000091576    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
Amendment Flag false    
Document Annual Report true    
Document Transition Report false    
Common Shares      
Entity Information [Line Items]      
Title of 12(b) Security Common Shares, $1 par value    
Trading Symbol KEY    
Security Exchange Name NYSE    
Series E Preferred Stock      
Entity Information [Line Items]      
Title of 12(b) Security Perpetual Non-Cumulative Preferred Stock, Series E)    
Trading Symbol KEY PrI    
Security Exchange Name NYSE    
Series F Preferred Stock      
Entity Information [Line Items]      
Title of 12(b) Security Cumulative Preferred Stock, Series F)    
Trading Symbol KEY PrJ    
Security Exchange Name NYSE    
Series G Preferred Stock      
Entity Information [Line Items]      
Title of 12(b) Security Cumulative Preferred Stock, Series G)    
Trading Symbol KEY PrK    
Security Exchange Name NYSE    
Series H Preferred Stock      
Entity Information [Line Items]      
Title of 12(b) Security Cumulative Preferred Stock, Series H)    
Trading Symbol KEY PrL    
Security Exchange Name NYSE    
v3.25.4
Audit Information
 12 Months Ended
Dec. 31, 2025
Audit Information [Abstract]  
Auditor Name Ernst & Young LLP
Auditor Location Cleveland, Ohio
Auditor Firm ID 42
v3.25.4
Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
ASSETS      
Cash and due from banks $ 1,287 $ 1,743  
Short-term investments 10,163 17,504  
Trading account assets 1,061 1,283  
Securities available for sale 39,596 37,707  
Held-to-maturity securities (fair value: $8,313 and $6,837) 8,622 7,395  
Other investments 949 1,041  
Loans, net of unearned income of $303 and $311 106,541 104,260  
Allowance for loan and lease losses (1,427) (1,409) $ (1,508)
Net loans 105,114 102,851  
Loans held for sale [1] 1,077 797  
Premises and equipment 628 614  
Goodwill 2,752 2,752 2,752
Other intangible assets 8 27  
Corporate-owned life insurance 4,432 4,394  
Accrued income and other assets 8,481 8,797  
Discontinued assets 211 263  
Total assets 184,381 187,168  
Deposits:      
Interest-bearing deposits 121,100 120,132  
Noninterest-bearing deposits 27,613 29,628  
Total deposits 148,713 149,760  
Federal funds purchased and securities sold under repurchase agreements 13 14  
Bank notes and other short-term borrowings 1,071 2,130  
Accrued expense and other liabilities 4,286 4,983  
Long-term debt 9,917 12,105  
Total liabilities 164,000 168,992  
EQUITY      
Preferred stock 2,500 2,500  
Common Shares, $1 par value; authorized 2,100,000,000 shares; issued 1,256,702,081 shares at December 31, 2025 and 2024 1,257 1,257  
Capital surplus 6,035 6,038  
Retained earnings 15,359 14,584  
Treasury stock, at cost (154,301,387 and 149,915,630 shares) (2,810) (2,733)  
Accumulated other comprehensive income (loss) (1,960) (3,470)  
Total equity 20,381 18,176 $ 14,637
Total liabilities and equity $ 184,381 $ 187,168  
[1] Total loans held for sale include Real estate — residential mortgage loans held for sale at fair value of $149 million at December 31, 2025, and $93 million at December 31, 2024
v3.25.4
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Held-to-maturity securities fair value $ 8,313 $ 6,837
Financing receivable, unearned income $ 303 $ 311
Common shares, par value (in dollars 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) 154,301,387 149,915,630
Residential Mortgage    
Loans held for sale (residential) $ 149 $ 93
v3.25.4
Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
INTEREST INCOME      
Loans $ 5,749 $ 6,026 $ 6,219
Loans held for sale 61 60 61
Securities available for sale 1,599 1,142 793
Held-to-maturity securities 264 284 312
Trading account assets 56 61 55
Short-term investments 624 792 414
Other investments 33 62 73
Total interest income 8,386 8,427 7,927
INTEREST EXPENSE      
Deposits 2,919 3,307 2,322
Federal funds purchased and securities sold under repurchase agreements 13 4 79
Bank notes and other short-term borrowings 84 164 308
Long-term debt 734 1,187 1,305
Total interest expense 3,750 4,662 4,014
NET INTEREST INCOME 4,636 3,765 3,913
Provision for credit losses 471 335 489
Net interest income after provision for credit losses 4,165 3,430 3,424
NONINTEREST INCOME      
Trust and investment services income 591 557 516
Investment banking and debt placement fees 780 688 542
Cards and payments income 337 331 340
Service charges on deposit accounts 295 261 270
Corporate services income 294 275 302
Commercial mortgage servicing fees 287 258 190
Corporate-owned life insurance income 140 138 132
Consumer mortgage income 58 58 51
Operating lease income and other leasing gains 43 76 92
Other income 23 23 46
Net securities gains (losses) (6) (1,856) (11)
Total noninterest income 2,842 809 2,470
NONINTEREST EXPENSE      
Personnel 2,917 2,714 2,660
Net occupancy 270 266 267
Computer processing 425 414 368
Business services and professional fees 193 174 168
Equipment 83 80 88
Operating lease expense 38 63 77
Marketing 95 94 109
Other expense 682 740 997
Total noninterest expense 4,703 4,545 4,734
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 2,304 (306) 1,160
Income taxes 476 (143) 196
INCOME (LOSS) FROM CONTINUING OPERATIONS 1,828 (163) 964
Income (loss) from discontinued operations 1 2 3
NET INCOME (LOSS) 1,829 (161) 967
Income (loss) from continuing operations attributable to Key common shareholders 1,685 (306) 821
Net income (loss) attributable to Key common shareholders $ 1,686 $ (304) $ 824
Per Common Share:      
Income (loss) from continuing operations attributable to Key common shareholders (in dollars per share) $ 1.53 $ (0.32) $ 0.88
Income (loss) from discontinued operations, net of taxes (in dollars per share) 0 0 0
Net income (loss) attributable to Key common shareholders (in dollars per share) [1] 1.53 (0.32) 0.89
Per Common Share — assuming dilution:      
Income (loss) from continuing operations attributable to Key common shareholders (in dollars per share) 1.52 (0.32) 0.88
Income (loss) from discontinued operations, net of taxes (in dollars per share) 0 0 0
Net income (loss) attributable to Key common shareholders (in dollars per share) [1] $ 1.52 $ (0.32) $ 0.88
Weighted-average Common Shares outstanding (in shares) 1,098,558 949,561 927,217
Effect of Common Share options and other stock awards (in shares) [2] 9,436 0 5,542
Weighted-average Common Shares and potential Common Shares outstanding (in shares) [3] 1,107,994 949,561 932,759
[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.
v3.25.4
Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Comprehensive Income [Abstract]      
Net income (loss) $ 1,829 $ (161) $ 967
Other comprehensive income (loss), net of tax:      
Net unrealized gains (losses) on securities available for sale, net of income taxes of $(326), $(459), and $(222) 1,018 1,456 705
Net unrealized gains (losses) on derivative financial instruments, net of income taxes of $(137), $(104), and $(114) 427 329 361
Net pension and postretirement benefit costs, net of income taxes of $(20), $8, and $0 65 (26) 0
Total other comprehensive income (loss), net of tax 1,510 1,759 1,066
Comprehensive income (loss) attributable to Key $ 3,339 $ 1,598 $ 2,033
v3.25.4
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Comprehensive Income [Abstract]      
Net unrealized gains (losses) on securities available for sale, tax $ (326) $ (459) $ (222)
Net unrealized gains (losses) on derivative instruments, tax (137) (104) (114)
Net pension and postretirement benefit costs, tax $ (20) $ 8 $ 0
v3.25.4
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) 967                 967              
Other comprehensive income (loss) 1,066                               1,066
Deferred compensation (5)               (5)                
Cash dividends declared                                  
Cash dividends declared on common shares (768)                 (768)              
Cash dividends declared on preferred stock   $ (26) $ (31) $ (24) $ (25) $ (37)         $ (26) $ (31) $ (24) $ (25) $ (37)    
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)               (1,833,000)                  
Employee equity compensation program Common Share repurchases (34)                             (34)  
Common shares reissued (returned) for stock options and other employee benefit plans (in shares)               7,622,000                  
Common shares reissued (returned) for stock options and other employee benefit plans 138                             138  
Ending balance, preferred shares (in shares) at Dec. 31, 2023             1,996,000                    
Ending balance, common shares (in shares) at Dec. 31, 2023               936,564,000                  
Ending 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) (161)                 (161)              
Other comprehensive income (loss) 1,759                               1,759
Deferred compensation (3)               (3)                
Cash dividends declared                                  
Cash dividends declared on common shares (784)                 (784)              
Cash dividends declared on preferred stock   (26) (31) (24) (25) (37)         (26) (31) (24) (25) (37)    
Employee equity compensation program Common Share repurchases (in shares)               (1,991,000)                  
Employee equity compensation program Common Share repurchases (28)                             (28)  
Common shares reissued (returned) for stock options and other employee benefit plans (in shares)               9,342,000                  
Common shares reissued (returned) for stock options and other employee benefit plans 128               (42)             170  
Common Shares reissued under Scotiabank investment agreement, net of issuance costs (in shares)               162,871,000                  
Common Shares reissued under Scotiabank investment agreement, net of issuance costs 2,771               (198)             2,969  
Ending balance, preferred shares (in shares) at Dec. 31, 2024             1,996,000                    
Ending balance, common shares (in shares) at Dec. 31, 2024               1,106,786,000                  
Ending balance at Dec. 31, 2024 18,176           $ 2,500 $ 1,257 6,038 14,584           (2,733) (3,470)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                  
Net income (loss) 1,829                 1,829              
Other comprehensive income (loss) 1,510                               1,510
Deferred compensation 1               1                
Cash dividends declared                                  
Cash dividends declared on common shares (911)                 (911)              
Cash dividends declared on preferred stock   $ (26) $ (31) $ (24) $ (25) $ (37)         $ (26) $ (31) $ (24) $ (25) $ (37)    
Open market Common Share repurchases (in shares)               (11,109,000)                  
Open market Common Share repurchases (200)                             (200)  
Employee equity compensation program Common Share repurchases (in shares)               (1,963,000)                  
Employee equity compensation program Common Share repurchases (35)                             (35)  
Common shares reissued (returned) for stock options and other employee benefit plans (in shares)               8,687,000                  
Common shares reissued (returned) for stock options and other employee benefit plans 154               (4)             158  
Ending balance, preferred shares (in shares) at Dec. 31, 2025   21,000 500,000 425,000 450,000 600,000 1,996,000                    
Ending balance, common shares (in shares) at Dec. 31, 2025               1,102,401,000                  
Ending balance at Dec. 31, 2025 $ 20,381           $ 2,500 $ 1,257 $ 6,035 $ 15,359           $ (2,810) $ (1,960)
v3.25.4
Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash dividends declared on Common Shares (in dollars per share) $ 0.82 $ 0.82 $ 0.82
Series D Preferred Stock      
Cash dividends declared on Preferred Stock (in dollars per share) 50.00 50.00 50.00
Series E Preferred Stock      
Cash dividends declared on Preferred Stock (in dollars per share) 1.531252 1.531252 1.531252
Series F Preferred Stock      
Cash dividends declared on Preferred Stock (in dollars per share) 1.4125 1.4125 1.4125
Series G Preferred Stock      
Cash dividends declared on Preferred Stock (in dollars per share) 1.406252 1.406252 1.406252
Series H Preferred Stock      
Cash dividends declared on Preferred Stock (in dollars per share) $ 1.55 $ 1.55 $ 1.55
v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
OPERATING ACTIVITIES      
Net income (loss) $ 1,829 $ (161) $ 967
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Provision for credit losses 471 335 489
Depreciation, amortization, and accretion, net 21 73 154
Increase in cash surrender value of corporate-owned life insurance (123) (118) (110)
Stock-based compensation expense 132 104 121
Deferred income taxes (benefit) 4 (351) (108)
Proceeds from sales of loans held for sale 10,042 8,174 8,859
Originations of loans held for sale, net of repayments (10,280) (8,490) (8,434)
Net losses (gains) from sale of loans held for sale (147) (120) (135)
Net losses (gains) on leased equipment 0 (9) (9)
Net securities and other investments losses (gains) 6 1,856 11
Net losses (gains) on sales of fixed assets 0 (7) 18
Net change in:      
Trading account assets 222 (141) (313)
Accrued income and other assets 221 (270) 554
Accrued expense and other liabilities (723) (72) 450
Other operating activities, net 533 (139) 389
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 2,208 664 2,903
INVESTING ACTIVITIES      
Net decrease (increase) in short-term investments, excluding acquisitions 7,341 (6,687) (8,385)
Purchases of securities available for sale (7,813) (21,078) (2,160)
Proceeds from sales of securities available for sale 5 17,932 1,752
Proceeds from prepayments and maturities of securities available for sale 7,338 2,758 3,225
Purchases of held-to-maturity securities (2,273) 0 (1,194)
Proceeds from prepayments and maturities of held-to-maturity securities 1,054 1,190 1,343
Net decrease (increase) in other investments 92 202 58
Net decrease (increase) in loans, excluding acquisitions, sales, and transfers (2,664) 7,920 6,668
Proceeds from sales of portfolio loans 156 194 151
Proceeds from corporate-owned life insurance 86 107 96
Purchases of premises, equipment, and software (107) (65) (142)
Proceeds from sales of premises and equipment 4 24 5
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES 3,219 2,497 1,417
FINANCING ACTIVITIES      
Net increase (decrease) in deposits (1,047) 4,173 2,992
Net increase (decrease) in short-term borrowings (1,060) (947) (6,372)
Net proceeds from issuance of long-term debt 1,556 1,646 5,240
Payments on long-term debt (4,052) (9,057) (5,052)
Repurchases of long-term debt 0 0 (92)
Open market common share repurchases (200) 0 (38)
Employee equity compensation program Common Share repurchases (35) (28) (34)
Net proceeds from reissuance of Common Shares 9 10 1
Net proceeds from Scotiabank investment 0 2,771 0
Cash dividends paid (1,054) (927) (911)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES (5,883) (2,359) (4,266)
NET INCREASE (DECREASE) IN CASH AND DUE FROM BANKS (456) 802 54
CASH AND DUE FROM BANKS AT BEGINNING OF YEAR 1,743 941 887
CASH AND DUE FROM BANKS AT END OF YEAR 1,287 1,743 941
Additional disclosures relative to cash flows:      
Interest paid 3,710 4,160 3,109
Income taxes paid [1] 71 68 156
Noncash items:      
Reduction of secured borrowing and related collateral 2 4 6
Loans transferred to portfolio from held for sale 106 124 208
Loans transferred to held for sale from portfolio 6 3 19
Loans transferred to other real estate owned $ 5 $ 6 $ 7
[1] Refer to Note 13 Income Taxes for additional details on income taxes paid by jurisdiction.
v3.25.4
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies
1. Summary of Significant Accounting Policies

Organization

We are one of the nation’s largest bank-based financial services companies, providing deposit, lending, cash management, and investment services to individuals and small and medium-sized businesses through our subsidiary, KeyBank. We also provide a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications, and derivatives to middle market companies in selected industries throughout the United States through our subsidiary, KBCM. As of December 31, 2025, KeyBank operated 940 full-service retail banking branches and 1,120 ATMs in 15 states, as well as additional offices, online and mobile banking capabilities, and a telephone banking call center. Additional information pertaining to our two reportable business segments, Consumer Bank and Commercial Bank, is included in Note 23 (“Business Segment Reporting”).

Use of Estimates

Our accounting policies conform to US GAAP and prevailing practices within the financial services industry. We must make certain estimates and judgments when determining the amounts presented in our consolidated financial statements and the related notes. If these estimates prove to be inaccurate, actual results could differ from those reported.

Principles of Consolidation and Basis of Presentation

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 Consolidated 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 Consolidated Statements of Income from “other income” to “net securities gains (losses)”.

The consolidated financial statements also include the accounts of any voting rights entities in which we have a controlling financial interest and certain VIEs. 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 12 (“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% generally are carried at fair value or a cost measurement alternative. 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.

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.

Cash and Cash Equivalents

Cash and due from banks are considered “cash and cash equivalents” for financial reporting purposes. We do not consider cash on deposit with the Federal Reserve to be restricted.
Loans

We assess all loan modifications to determine whether one is granted to a borrower experiencing financial difficulty, regardless of whether the modification loan terms include a concession. Modifications granted to borrowers experiencing financial difficulty may be in the form of an interest rate reduction, payment delay, other modifications, or some combination thereof. A borrower is considered to be experiencing financial difficulty when there is significant doubt about the borrower’s ability to make required payments on the loan or to get equivalent financing from another creditor at a market rate for a similar loan.

Loans held in portfolio, which management has the intent and ability to hold for the foreseeable future or until maturity or payoff, are carried at the principal amount outstanding, net of unearned income, including net deferred loan fees and costs and unamortized premiums and discounts. We defer certain nonrefundable loan origination and commitment fees, and the direct costs of originating or acquiring loans. The net deferred amount is amortized over the estimated lives of the related loans as an adjustment to the yield.

Accrued interest on loans is included in "other assets" on the balance sheet and is excluded from the calculation of the allowance for credit losses due to our charge-off policy to reverse accrued interest on nonperforming loans against interest income in a timely manner.

Sales-type leases are carried at the aggregate of the lease receivable, estimated unguaranteed residual values, and deferred initial direct fees and costs if certain criteria are met. Direct financing leases are carried at the aggregate of the lease receivable, estimated unguaranteed residual values, and deferred initial direct fees and costs, less unearned income. Unearned income on direct financing leases is amortized over the lease terms using a method approximating the interest method that produces a constant rate of return. Deferred initial direct fees and costs for both sales-type and direct financing leases are amortized over the lease terms as an adjustment to the yield.

Expected credit losses on net investments in leases, including any unguaranteed residual asset, are included in the ALLL. Net gains or losses on sales of lease residuals are included in “other income” or “other expense” on the income statement. Additional information pertaining to the value of lease residuals is provided in Note 9 (“Leases”).

Loans Held for Sale

Loans held for sale generally include certain residential and commercial mortgage loans, other commercial loans, and student loans. Loans are initially classified as held for sale when they are individually identified as being available for immediate sale and a formal plan exists to sell them. Loans held for sale are recorded at either fair value, if elected, or the lower of cost or fair value. Fair value is determined based on available market data for similar assets. When a loan is originated as held-for-sale, origination fees and costs are deferred but not amortized. Upon sale of the loans, deferred origination fees and costs are recognized as part of the calculated gain or loss on sale. Our commercial loans (including commercial mortgage and non-mortgage loans) and student loans, which we originated and intend to sell, are carried at the lower of aggregate cost or fair value. Subsequent declines in fair value for loans held for sale are recognized as a charge to “other income” on the income statement. Consumer real estate - residential mortgages loans have been elected to be carried at fair value. Subsequent increases and decreases in fair value for loans elected to be measured at fair value are recorded to “consumer mortgage income” on the income statement. Additional information regarding fair value measurements associated with our loans held for sale is provided in Note 5 (“Fair Value Measurements”).

We may transfer certain loans to held for sale at the lower of cost or fair value. If a loan is transferred from the loan portfolio to the held-for-sale category, any write-down in the carrying amount of the loan at the date of transfer is recorded as a reduction in the ALLL. When a loan is transferred into the held for sale category, we stop amortizing the related deferred fees and costs. The remaining unamortized fees and costs are recognized as part of the cost basis of the loan at the time it is sold. We may also transfer loans from held for sale to the loan portfolio held for investment. If a loan held for sale for which fair value accounting was elected is transferred to held for investment, it will continue to be accounted for at fair value in the loan portfolio.

Nonperforming Loans

Nonperforming loans are loans for which we do not accrue interest income and may include commercial and consumer loans and leases, modified loans to borrowers experiencing financial difficulty. Nonperforming loans do not include loans held for sale. Once a loan is designated nonaccrual, the interest accrued but not collected is
reversed against interest income, and payments subsequently received are applied to principal until qualifying for return to accrual.

We generally classify commercial loans as nonperforming and stop accruing interest (i.e., designate the loan “nonaccrual”) when the borrower’s principal or interest payment is 90 days past due unless the loan is well-secured and in the process of collection. Commercial loans are also placed on nonaccrual status when payment is not past due but we have serious doubts about the borrower’s ability to comply with existing repayment terms. Once a loan is designated nonaccrual (and as a result assessed for impairment), the interest accrued but not collected is reversed against loan interest income, and payments subsequently received are applied to principal. Commercial loans are typically charged off in full or charged down to the fair value of the underlying collateral when the borrower’s payment is 180 days past due.

We classify consumer loans as nonperforming and stop accruing interest when the borrower’s payment is 120 days past due, unless the loan is well-secured and in the process of collection. Any second lien home equity loan with an associated first lien that is 120 days or more past due or in foreclosure, or for which the first mortgage delinquency timeframe is unknown, is reported as a nonperforming loan. Secured loans that are discharged through Chapter 7 bankruptcy and not formally re-affirmed are designated as nonperforming loans. Our charge-off policy for most consumer loans takes effect when payments are 120 days past due. Home equity and residential mortgage loans generally are charged down to net realizable value when payment is 180 days past due. Credit card loans and similar unsecured products continue to accrue interest until the account is charged off at 180 days past due.

Commercial and consumer loans may be returned to accrual status if we are reasonably assured that all contractually due principal and interest are collectible and the borrower has demonstrated a sustained period (generally six months) of repayment performance under the contracted terms of the loan and applicable regulation.

Purchased Loans

Purchased performing loans that do not have evidence of deterioration in credit quality at acquisition are recorded at fair value at the acquisition date. Any premium or discount associated with purchased performing loans is recognized in interest income based on the effective yield method of amortization for term loans or the straight-line method of amortization for revolving loans. The methods utilized to estimate the required ALLL for purchased performing loans is similar to originated loans.

Purchased loans that have experienced a more-than-insignificant deterioration in credit quality since origination are deemed PCD loans. PCD loans are initially recorded at fair value along with an allowance for credit losses determined using the same methodology as originated loans. The sum of the loan's purchase price and allowance for credit losses becomes its initial amortized cost basis. The difference between the initial amortized cost basis and the par value of the loan is a noncredit discount or premium, which is amortized into interest income over the life of the loan. Subsequent changes to the allowance for credit losses are recorded through provision for credit losses.

Allowance for Loan and Lease Losses

We estimate the ALLL using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. The ALLL is measured on a collective (pool) basis when similar risk characteristics exist. Our portfolio segments include commercial and consumer. Each of these two segments comprises multiple loan classes. Classes are characterized by similarities in initial measurement, risk attributes, and the manner in which we monitor and assess credit risk. The commercial segment is composed of commercial and industrial, commercial real estate, and commercial lease financing loan classes. The consumer lending segment is composed of residential mortgage, home equity, consumer direct, credit card, student lending and consumer indirect loan classes.

The ALLL represents our current estimate of lifetime credit losses inherent in our loan portfolio at the balance sheet date. In determining the ALLL, we estimate expected future losses for the loan's entire contractual term adjusted for expected prepayments when appropriate. The contractual term excludes expected extensions, renewals, and modifications.

The ALLL is the sum of three components: (i) asset specific/ individual loan reserves; (ii) quantitative (formulaic or pooled) reserves; and (iii) qualitative (judgmental) reserves.
Asset Specific / Individual Component

Loans that do not share risk characteristics are evaluated on an individual basis. Loans evaluated individually are not included in the collective evaluation. We have elected to apply the practical expedient to measure expected credit losses of a collateral dependent asset using the fair value of the collateral, less any costs to sell, when foreclosure is not probable, when repayment of the loan is expected to be provided substantially through the operation or sale of the collateral, and the borrower is experiencing financial difficulty.

Individual reserves are determined as follows:
•    For commercial non-accruing loans greater than or equal to a defined dollar threshold, individual reserves     
are determined based on an analysis of the present value of the loan's expected future cash flows or the fair     
value of the collateral less costs to sell.
•    For commercial non-accruing loans below the defined dollar threshold, an established LGD percentage is     
multiplied by the loan balance and the results are aggregated for purposes of measuring specific reserve
impairment.
•    The population of individually assessed consumer loans includes loans deemed collateral dependent. These loans are written down based on the collateral's fair market value less costs to sell.

Quantitative Component

We use a non-DCF factor-based approach to estimate expected credit losses that include component PD/LGD/EAD
models as well as less complex estimation methods for smaller loan portfolios.
•     PD: This component model is used to estimate the likelihood that a borrower will cease making payments
as agreed. The major contributors to this are the borrower credit attributes and macro-economic trends. The
objective of the PD model is to produce default likelihood forecasts based on the observed loan-level
information and projected paths of macroeconomic variables.
•     LGD: This component model is used to estimate the loss on a loan once a loan is in default.
•     EAD: This component model estimates the loan balance at the time the borrower stops making payments.
For all term loans, an amortization based formulaic approach is used for account level EAD estimates. We
calculate EAD using a portfolio specific method in each of our revolving product portfolios. For line products
that are unconditionally cancellable, the balances will either use a paydown curve or be held flat through the
life of the loan.
Qualitative Component
The ALLL also includes identified qualitative factors related to idiosyncratic risk factors, changes in current economic conditions that may not be reflected in quantitatively derived results, and other relevant factors to ensure the ALLL reflects our best estimate of current expected credit losses. While our reserve methodologies strive to reflect all relevant risk factors, there continues to be uncertainty associated with, but not limited to, potential imprecision in the estimation process due to the inherent time lag of obtaining information and normal variations between estimates
and actual outcomes. We provide additional reserves that are designed to provide coverage for losses attributable to such risks. The ALLL also includes factors that may not be directly measured in the determination of individual or collective reserves. Such qualitative factors may include:

•    The nature and volume of the institution’s financial assets;
•    The existence, growth, and effect of any concentrations of credit;
•    The volume and severity of past due financial assets, the volume of nonaccrual assets, and the volume and     
severity of adversely classified or graded assets;
•    The value of the underlying collateral for loans that are not collateral dependent;
•    The institution’s lending policies and procedures, including changes in underwriting standards and practices
for collections, write-offs, and recoveries;
•    The quality of the institution’s credit review function;
•    The experience, ability, and depth of the institution’s lending, investment, collection, and other relevant
management and staff;
•    The effect of other external factors such as the regulatory, legal and technological environments;
competition; and events such as natural disasters; and
•    Actual and expected changes in international, national, regional, and local economic and business
conditions and developments in which the institution operates that affect the collectability of financial assets.
Liability for Credit Losses on Lending-Related Commitments

The liability for credit losses on lending-related commitments, such as letters of credit and unfunded loan commitments, is included in “accrued expense and other liabilities” on the balance sheet. Expected credit losses are estimated over the contractual period in which we are exposed to credit risk via a contractual obligation unless that obligation is unconditionally cancellable by us. The liability for credit losses on lending-related commitments is adjusted as a provision for credit losses. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated useful life. Consistent with our estimation process on our loan and lease portfolio, we use a non-DCF factor-based approach to estimate expected credit losses that include component PD/LGD/EAD models as well as less complex estimation methods for smaller portfolios.

Allowance for Credit Losses on Other Financial Assets

The allowance for credit losses on other financial assets, such as other receivables and servicing advances, is
determined based on historical loss information and other available indicators. If such information does not indicate
any expected credit losses, Key may estimate the allowance for credit losses on other financial assets to be zero or
close to zero.    

Fair Value Measurements

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. Therefore, fair value represents an exit price at the measurement date. We value our assets and liabilities based on the principal or most advantageous market where each would be sold (in the case of assets) or transferred (in the case of liabilities). In the absence of observable market transactions, we consider liquidity valuation adjustments to reflect the uncertainty in pricing the instruments.

Valuation inputs can be observable or unobservable. Observable inputs are assumptions based on market data obtained from an independent source. Unobservable inputs are assumptions based on our own information or assessment of assumptions used by other market participants in pricing the asset or liability. Our unobservable inputs are based on the best and most current information available on the measurement date.

All inputs, whether observable or unobservable, are ranked in accordance with a prescribed fair value hierarchy that gives the highest ranking to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest ranking to unobservable inputs (Level 3). Fair values for Level 2 assets and liabilities are based on one or a combination of the following factors: (i) quoted market prices for similar assets or liabilities; (ii) observable inputs, such as interest rates or yield curves; or (iii) inputs derived principally from or corroborated by observable market data. The level in the fair value hierarchy ascribed to a fair value measurement in its entirety is based on the lowest level input that is significant to the measurement. Assets and liabilities may transfer between levels based on the observable and unobservable inputs used at the valuation date.

Assets and liabilities are recorded at fair value on a recurring or nonrecurring basis. Nonrecurring fair value adjustments are typically recorded as a result of the application of lower of cost or fair value accounting; or impairment. At a minimum, we conduct our valuations quarterly.

Additional information regarding fair value measurements and disclosures is provided in Note 5 (“Fair Value Measurements”).

Short-Term Investments

Short-term investments consist of segregated, interest-bearing deposits due from banks, the Federal Reserve, and certain non-U.S. banks as well as reverse repurchase agreements and United States Treasury Bills with an original maturity of three months or less.

Trading Account Assets

Trading account assets are debt and equity securities, as well as commercial loans, that we purchase and hold but intend to sell in the near term. These assets are reported at fair value. Realized and unrealized gains and losses on trading account assets are reported in “other income” on the income statement.
Securities

Securities available for sale. Debt securities that we intend to hold for an indefinite period of time but that may be sold in response to changes in interest rates, prepayment risk, liquidity needs, or other factors are classified as available-for-sale and reported at fair value. Realized gains and losses resulting from sales of securities using the specific identification method, are included in “net securities gains (losses)” on the income statement. Unrealized holding gains are recorded through other comprehensive income. Unrealized losses in fair value below the amortized cost basis are assessed to determine whether the impairment gets recorded through other comprehensive income or through earnings using a valuation allowance.

For available-for-sale securities in an unrealized loss position, we first assess whether we intend to sell, or it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis. If either of these criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value in “net securities gains (losses)” on the income statement. For debt securities that do not meet the aforementioned criteria, we evaluate whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized costs, the nature of the security, the underlying collateral, and the financial condition of the issuers, among other factors. If this assessment indicates a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of the cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for available-for-sale securities is recorded for the credit loss, limited by the amount that the fair value is less than the amortized costs basis. Any impairment that has not been recorded through an allowance for available-for-sale securities is recognized in other comprehensive income.

Changes in the allowance for available-for-sale securities are recorded as provision for (or reversal of) credit loss. Losses are charged against the allowance for available-for-sale securities when management believes the uncollectibility of an available-for-sale security is confirmed or when either criteria regarding intent or requirement to sell is met.

For additional information on our available-for-sale portfolio, refer to Note 6 (“Securities”).

Held-to-maturity securities. Debt securities that we have the intent and ability to hold until maturity are classified as held-to-maturity and are carried at cost and adjusted for amortization of premiums and accretion of discounts using the interest method. This method produces a constant rate of return on the adjusted carrying amount.

The held-to-maturity portfolio is classified by the following major security types: agency residential collateralized mortgage obligations, agency residential mortgage-backed securities, agency commercial mortgage-backed securities, asset backed securities, and other. “Other securities” held in the held-to-maturity portfolio consist of foreign bonds and capital securities. Management measures expected credit losses on held-to-maturity securities on a collective basis by major security type. The estimate of expected losses considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. We do not measure expected credit losses on held-to-maturity securities in which historical credit loss information adjusted for current conditions and reasonable and supportable forecasts results in an expectation that nonpayment of the amortized cost basis is zero.

For additional information on our held-to-maturity portfolio, refer to Note 6 (“Securities”).

Other Investments

Other investments include equity and mezzanine instruments as well as other types of investments that generally are carried at the alternative cost method. The alternative cost method results in these investments being recorded at cost, less any impairment, plus or minus changes resulting from observable market transactions. Adjustments are included in “other income” on the income statement. At each reporting period, we assess if these investments
continue to qualify for this measurement alternative.
Derivatives and Hedging

All derivatives are recognized on the balance sheet at fair value in “accrued income and other assets” or “accrued expense and other liabilities.” The net increase or decrease in derivatives is included in “other operating activities, net” within the statement of cash flows. Accounting for changes in fair value (i.e., gains or losses) of derivatives differs depending on whether the derivative has been designated and qualifies as part of a hedge relationship, and on the type of hedge relationship. For derivatives that are not in a hedge relationship, any gain or loss, as well as any premium paid or received, is recognized immediately in earnings in “corporate services income” or “other income” on the income statement, depending whether the derivative is for customer accommodation or risk management, respectively. A derivative that is designated and qualifies as a hedging instrument must be designated as a fair value hedge, a cash flow hedge, or a hedge of a net investment in a foreign operation.

A fair value hedge is used to limit exposure to changes in the fair value of existing assets, liabilities, and commitments caused by changes in interest rates or other economic factors. The change in the fair value of an instrument designated as a fair value hedge is recorded in earnings at the same time as a change in fair value of the hedged item attributable to the hedged risk and recorded in the same income statement line as the change in fair value of the hedged item.

A cash flow hedge is used to minimize the variability of future cash flows that is caused by changes in interest rates or other economic factors. The gain or loss on a cash flow hedge is recorded as a component of AOCI on the balance sheet and reclassified to earnings in the same period in which the hedged transaction affects earnings (e.g., when we incur variable-rate interest on debt, earn variable-rate interest on loans, or sell commercial real estate loans) and recorded in the same income statement line as the hedged transaction.

A net investment hedge is used to hedge the exposure of changes in the carrying value of investments as a result of changes in the related foreign exchange rates. The gain or loss on a net investment hedge is recorded as a component of AOCI on the balance sheet when the terms of the derivative match the notional and currency risk being hedged. The amount in AOCI is reclassified into income when the hedged transaction affects earnings (e.g., when we dispose or liquidate a foreign subsidiary).

Hedge “effectiveness” is determined by the extent to which changes in the fair value of a derivative instrument offset changes in the fair value, cash flows, or carrying value attributable to the risk being hedged. If the relationship between the change in the fair value of the derivative instrument and the change in the hedged item falls within a range considered to be the industry norm, the hedge is considered “highly effective” and qualifies for hedge accounting. A hedge is “ineffective” if the relationship between the changes falls outside the acceptable range. In that case, hedge accounting is discontinued on a prospective basis. Hedge effectiveness is tested at least quarterly.

We take into account the impact of 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 on the balance sheet and contracts with positive fair values included in derivative liabilities. Derivative assets and derivative liabilities are recorded within “accrued income and other assets” and “accrued expense and other liabilities,” respectively.

Additional information regarding the accounting for derivatives is provided in Note 7 (“Derivatives and Hedging Activities”).

Loan Sales and Securitizations

We sell and at times may securitize loans and other financial assets. We recognize the sale and securitization of loans or other financial assets when the transferred assets are legally isolated from our creditors and the appropriate accounting criteria are met. When we securitize loans or other financial assets, we may retain a portion of the securities issued, including senior interests, subordinated interests, interest-only strips, servicing rights, and other interests, all of which are considered retained interests in the transferred assets. The interests are initially measured at fair value which is based on independent third party market prices or market prices for similar assets. If market prices are not available, fair value is estimated based on the present value of expected future cash flows using assumptions as to discount rates, interest rates, prepayment speeds, and credit losses. Loans sold or securitized are removed from the balance sheet and a net gain or loss is recorded depending on the fair value of the
loans sold and the retained interests at the date of sale. The net gain or loss is recognized in “other income,” “consumer mortgage income,” or “investment banking and debt placement fees” at the time of sale.

Servicing Assets

We service commercial real estate and residential mortgage loans. Servicing assets and liabilities purchased or retained are initially measured at fair value and are recorded as a component of “accrued income and other assets” on the balance sheet. When no ready market value (such as quoted market prices, or prices based on sales or purchases of similar assets) is available to determine the fair value of servicing assets, fair value is determined by calculating the present value of future cash flows associated with servicing the loans. This calculation is based on a number of assumptions, including the market cost of servicing, the discount rate, the prepayment rate, and the default rate.

We account for our servicing assets using the amortization method. The amortization of servicing assets is determined in proportion to, and over the period of, the estimated net servicing income and recorded in either “consumer mortgage income” or “commercial mortgage servicing fees” on the income statement.

Servicing assets are evaluated quarterly for possible impairment. This process involves stratifying the assets based upon one or more predominant risk characteristics and determining the fair value of each class. The characteristics may include financial asset type, size, interest rate, date of origination, term and geographic location. If the evaluation indicates that the carrying amount of the servicing assets exceeds their fair value, the carrying amount is reduced by recording a charge to income in the amount of such excess and establishing a valuation reserve allowance. If impairment is determined to be other-than-temporary, a direct write-off of the carrying amount would be recorded. Additional information pertaining to servicing assets is included in Note 8 (“Mortgage Servicing Assets”).

Leases

For leases where Key is the lessee that have initial terms greater than one year, right-of-use assets and corresponding lease liabilities are reported on the balance sheet. Leases with an initial term of less than one year are not recorded on the balance sheet. Our leases where Key is the lessee are primarily classified as operating leases. Operating lease expense is recognized in "net occupancy" and "equipment" on a straight-line basis over the lease term. For additional information, see Note 9 (“Leases”).

Premises and Equipment

Premises and equipment, including leasehold improvements, are stated at cost less accumulated depreciation and amortization. We determine depreciation of premises and equipment using the straight-line method over the estimated useful lives of the particular assets. Leasehold improvements are amortized using the straight-line method over the shorter of their useful lives or terms of the leases. Premises and equipment are evaluated for impairment whenever events or circumstances indicate that the carrying value of the asset may not be recoverable.

Goodwill and Other Intangible Assets

Goodwill represents the amount by which the cost of net assets acquired in a business combination exceeds their fair value. Goodwill is assigned to reporting units as of the acquisition date based on the expected benefit to such reporting unit from the synergies of the business combination. Goodwill is not amortized. Goodwill is tested at the reporting unit level for impairment, at least annually as of October 1, or when indicators of impairment exist.

We may elect to perform a qualitative analysis to determine whether or not it is more-likely-than-not that the fair value of a reporting unit is less than its carrying amount. When conducting a qualitative analysis, we evaluate both internal and external factors, including recent performance, updated projections, stock prices and economic conditions. If we elect to bypass this qualitative analysis, or conclude via qualitative analysis that it is more-likely-than-not that the fair value of a reporting unit is less than its carrying value, a quantitative goodwill impairment test is performed. If the fair value is less than the carrying value, an impairment charge is recorded for the difference, to the extent that the loss recognized does not exceed the amount of the goodwill allocated to that reporting unit.

The amount of capital being allocated to our reporting units as a proxy for the carrying value is based on a combination of regulatory and economic equity. Fair values are estimated using a combination of market and
income approaches. The market approach incorporates comparable public company multiples along with data related to recent merger and acquisition activity. The income approach consists of discounted cash flow modeling that utilizes internal forecasts and various other inputs and assumptions. A multi-year internal forecast is prepared for each reporting unit and a terminal growth rate is estimated for each one based on market expectations of inflation and economic conditions in the financial services industry. Earnings projections for reporting units are adjusted for after tax cost savings expected to be realized by a market participant. The discount rate applied to our cash flows is derived from the CAPM. The buildup to the discount rate includes a risk-free rate, 5-year adjusted beta based on peer companies, a market equity risk premium, a size premium and a company specific risk premium. The discount rates differ between our reporting units as they have different levels of risk. A sensitivity analysis is typically performed on key assumptions, such as the discount rates, net interest margin and cost savings estimates.

Other intangible assets with finite lives are amortized on either an accelerated or straight-line basis. We monitor for impairment indicators for goodwill and other intangible assets on a quarterly basis. Additional information pertaining to goodwill and other intangible assets is included in Note 11 (“Goodwill and Other Intangible Assets”).

Business Combinations

We account for our business combinations using the acquisition method of accounting. Under this accounting method, the acquired company’s assets and liabilities are recorded at fair value at the date of acquisition, except as provided for by the applicable accounting guidance, and the results of operations of the acquired company are combined with Key’s results from the date of acquisition forward. Acquisition costs are expensed when incurred. The difference between the purchase price and the fair value of the net assets acquired (including identifiable intangible assets) is recorded as goodwill. Our accounting policy for intangible assets is summarized in this note under the heading “Goodwill and Other Intangible Assets.”

Securities Financing Activities

We enter into repurchase agreements to finance overnight customer sweep deposits. We also enter into repurchase and reverse repurchase agreements to settle other securities obligations. We account for these securities financing agreements as collateralized financing transactions. Repurchase and reverse repurchase agreements are recorded on the balance sheet at the amounts that the securities will be subsequently sold or repurchased. Securities borrowed transactions are recorded on the balance sheet at the amounts of cash collateral advanced. While our securities financing agreements incorporate a right of set off, the assets and liabilities are reported on a gross basis. Reverse repurchase agreements and securities borrowed transactions are included in “short-term investments” on the balance sheet; repurchase agreements are included in “federal funds purchased and securities sold under repurchase agreements.” Fees received in connection with these transactions are recorded in interest income; fees paid are recorded in interest expense.

Contingencies and Guarantees

We recognize liabilities for the fair value of our obligations under certain guarantees issued. These liabilities are included in “accrued expense and other liabilities” on the balance sheet. If we receive a fee for a guarantee requiring liability recognition, the amount of the fee represents the initial fair value of the “stand ready” obligation. If there is no fee, the fair value of the stand ready obligation is determined using expected present value measurement techniques, unless observable transactions for comparable guarantees are available. The subsequent accounting for these stand ready obligations depends on the nature of the underlying guarantees. We account for our release from risk under a particular guarantee when the guarantee expires or is settled, or by a systematic and rational amortization method, depending on the risk profile of the guarantee. Contingent aspects of certain guarantees are assessed a reserve under CECL if required.

Contingent liabilities may result from litigation, claims and assessments, loss or damage to Key. We recognize liabilities from contingencies when a loss is probable and can be reasonably estimated.

Additional information regarding contingencies and guarantees is included in Note 19 (“Commitments, Contingent Liabilities, and Guarantees”).
Revenue Recognition

We recognize revenues as they are earned based on contractual terms, as transactions occur, or as services are provided and collectability is reasonably assured. Our principal source of revenue is interest income from loans and investments. We also earn noninterest income from various banking and financial services offered through both the Commercial and Consumer banks.

Interest Income. The largest source of revenue for us is interest income. Interest income is primarily recognized on an accrual basis according to nondiscretionary formulas in written contracts, such as loan agreements or securities contracts.

Noninterest Income. We earn noninterest income through a variety of financial and transaction services provided to commercial and consumer clients. Revenue is recorded for noninterest income based on the contractual terms for the service or transaction performed. In certain circumstances, noninterest income is reported net of associated expenses.

Trust and Investment Services Income. Trust and investment services revenues include brokerage commissions trust and asset management commissions.

Revenue from trade execution and brokerage services is earned through commissions from trade execution on behalf of clients. Revenue from these transactions is recognized at the trade date. Any ongoing service fees are recognized on a monthly basis as services are performed.

Trust and asset management services include asset custody and investment management services provided to individual and institutional customers. Revenue is recognized monthly based on a minimum annual fee, and the market value of assets in custody. Additional fees are recognized for transactional activity at a point in time.

Investment Banking and Debt Placement Fees. Investment banking and debt placement fees consist of syndication fees, debt and equity underwriting fees, financial advisor fees, gains on sales of commercial mortgages, and agency origination fees. Revenues for these services are recorded at a point in time, upon completion of a contractually identified transaction, or when an advisory opinion is provided. Investment banking and debt placement costs are reported on a gross basis within other expense on the income statement.

Service Charges on Deposit Accounts. Revenue from service charges on deposit accounts is earned through cash management, wire transfer, and other deposit-related services as well as overdraft, non-sufficient funds, account management and other deposit-related fees. Revenue is recognized for these services either over time, corresponding with deposit accounts’ monthly cycle, or at a point in time for transactional related services and fees. Certain reward costs are netted within revenues from service charges on deposits.

Corporate Services Income. Corporate services income includes various ancillary service revenue including letter of credit fees, loan fees, non-hedging derivatives gains and losses, and certain capital market fees. Revenue from these fees is recorded in a manner that reflects the timing of when transactions occur, and as services are provided.

Cards and Payments Income. Cards and payments income consists of debit card, consumer and commercial credit card, and merchant services income. Revenue sources include interchange fees from credit and debit cards processed through card association networks, merchant services, and other card related services. Interchange rates are generally set by the credit card associations and based on purchase volumes and other factors. Interchange fees are recognized as transactions occur. Certain card network costs and reward costs are netted within interchange revenues. Merchant services income represents account management fees and transaction fees charged to merchants for the processing of card association network transactions. Merchant services revenue is recognized as transactions occur, or as services are performed.

Corporate-Owned Life Insurance Income. Income from corporate-owned life insurance primarily represents changes in the cash surrender value of life insurance policies held on certain key employees. Revenue is recognized in each period based on the change in the cash surrender value during the period.
Stock-Based Compensation

Stock-based compensation is measured using the fair value method of accounting on the grant date. The measured cost is recognized over the period during which the recipient is required to provide service in exchange for the award. We estimate expected forfeitures when stock-based awards are granted and record compensation expense only for awards that are expected to vest. Compensation expense related to awards granted to employees is recorded in “personnel expense” on the Consolidated Statements of Income while compensation expense related to awards granted to directors is recorded in “other expense.”

We recognize compensation expense for stock-based, mandatory deferred incentive compensation awards using the accelerated method of amortization over a period of approximately five years (the current year performance period and a four-year vesting period, which generally starts in the first quarter following the performance period).

We estimate the fair value of options granted using the Black-Scholes option-pricing model, as further described in Note 15 (“Stock-Based Compensation”). Employee stock options typically become exercisable at the rate of 25% per year, beginning one year after the grant date. Options expire no later than 10 years after their grant date. We recognize stock-based compensation expense for stock options with graded vesting using an accelerated method of amortization.

We use shares repurchased under our annual capital plan submitted to our regulators (treasury shares) for share issuances under all stock-based compensation programs.

Income Taxes

Deferred tax assets and liabilities are determined based on temporary differences between financial statement asset and liability amounts and their respective tax bases and are measured using enacted tax laws and rates that are expected to apply in the periods in which the deferred tax assets or liabilities are expected to be realized. Deferred tax assets are also recorded for any tax attributes, such as tax credit and net operating loss carryforwards. The net balance of deferred tax assets and liabilities is reported in “Accrued income and other assets” or “Accrued expense and other liabilities” in the consolidated balance sheets, as appropriate. Subsequent changes in the tax laws require adjustment to these assets and liabilities with the cumulative effect included in the provision for income taxes for the period in which the change is enacted. A valuation allowance is recognized for a deferred tax asset if, based on the weight of available evidence, it is more-likely-than-not that some portion or all of the deferred tax asset will not be realized.

We use the proportional amortization method for LIHTC and certain NMTC investments, whereby the associated investment tax credits are recognized as a reduction to tax expense. Certain federal tax credits that are nonrefundable and transferable under applicable regulations are accounted for as government grants and recorded as a reduction to the amortized cost or net investment in the applicable asset generating the credit, generally within “Accrued income and other assets” or “Loans, net of unearned income”. Amounts are amortized through depreciation or as an adjustment to yield over the estimated life of the asset. Any gain or loss on the transfer of a tax credit is recorded within noninterest income.

Earnings Per Share

Basic net income per common share is calculated using the two-class method. The two-class method is an earnings allocation formula that determines earnings per share for each share of common stock and participating securities according to dividends declared (distributed earnings) and participation rights in undistributed earnings. Distributed and undistributed earnings are allocated between common and participating security shareholders based on their respective rights to receive dividends. Nonvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents are considered participating securities (e.g., nonvested service-based restricted stock units). Undistributed net losses are not allocated to nonvested restricted shareholders, as these shareholders do not have a contractual obligation to fund the incurred losses. Net income attributable to common shares is then divided by the weighted-average number of common shares outstanding during the period.

Diluted net income per common share is calculated using the more dilutive of either the treasury method or the two-class method. The dilutive calculation considers the potential dilutive effect of common stock equivalents determined under the treasury stock method. Common stock equivalents include stock options and service- and performance-based restricted stock and stock units granted under our stock plans. Net income attributable to
common shares is then divided by the total of weighted-average number of common shares and common stock equivalents outstanding during the period.

Accounting Guidance Adopted in 2025

StandardDate of AdoptionDescriptionEffect on Financial Statements or Other Significant Matters
ASU 2023-09 Income Taxes (Topic 740)Annual periods beginning January 1, 2025

Early adoption is permitted.		This guidance requires certain tax disclosures related to rate reconciliation and income taxes paid.

The guidance should be applied on a prospective or retrospective basis.		The guidance did not have a material impact on Key’s disclosures.

See Note 13 (“Income Taxes”) for enhanced disclosures.
v3.25.4
Earnings Per Common Share
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Earnings Per Common Share
2. Earnings Per Common Share

Basic earnings per share is the amount of earnings (adjusted for dividends declared on our preferred stock) available to each Common Share outstanding during the reporting periods. Diluted earnings per share is the amount of earnings available to each Common Share outstanding during the reporting periods adjusted to include the effects of potentially dilutive Common Shares. Potentially dilutive Common Shares include stock options and other stock-based awards. Potentially dilutive Common Shares are excluded from the computation of diluted earnings per share in the periods where the effect would be antidilutive.

Our basic and diluted earnings per Common Share are calculated as follows:
Year ended December 31,   
Dollars in millions, except per share amounts202520242023
EARNINGS
Income (loss) from continuing operations$1,828 $(163)$964 
Less: Dividends on preferred stock143 143 143 
Income (loss) from continuing operations attributable to Key common shareholders1,685 (306)821 
Income (loss) from discontinued operations, net of taxes1 2 3 
Net income (loss) attributable to Key common shareholders$1,686 $(304)$824 
WEIGHTED-AVERAGE COMMON SHARES
Weighted-average Common Shares outstanding (000)1,098,558 949,561 927,217 
Effect of common share options and other stock awards(a)
9,436 — 5,542 
Weighted-average common shares and potential Common Shares outstanding (000) (b)
1,107,994 949,561 932,759 
EARNINGS PER COMMON SHARE
Income (loss) from continuing operations attributable to Key common shareholders$1.53 $(.32)$.88 
Income (loss) from discontinued operations, net of taxes— — — 
Net income (loss) attributable to Key common shareholders (c)
1.53 (.32).89 
Income (loss) from continuing operations attributable to Key common shareholders — assuming dilution1.52 (.32).88 
Income (loss) from discontinued operations, net of taxes — assuming dilution— — — 
Net income (loss) attributable to Key common shareholders — assuming dilution (c)
1.52 (.32).88 
(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.
v3.25.4
Loan Portfolio
 12 Months Ended
Dec. 31, 2025
Financing Receivable, before Allowance for Credit Loss [Abstract]  
Loan Portfolio
3. Loan Portfolio
Loan Portfolio by Portfolio Segment and Class of Financing Receivable (a)
December 31,  
Dollars in millions20252024
Commercial and industrial (b)(c)
$57,688 $52,909 
Commercial real estate:
Commercial mortgage13,707 13,310 
Construction2,844 2,936 
Total commercial real estate loans16,551 16,246 
Commercial lease financing (c)
2,270 2,736 
Total commercial loans76,509 71,891 
Real estate — residential mortgage18,732 19,886 
Home equity loans5,703 6,358 
Other consumer loans4,644 5,167 
Credit cards953 958 
Total consumer loans30,032 32,369 
Total loans (d)
$106,541 $104,260 
(a)Accrued interest of $459 million and $456 million at December 31, 2025, and December 31, 2024, respectively, is presented in "Accrued income and other assets" on the Consolidated Balance Sheets and is excluded from the amortized cost basis disclosed in this table.
(b)Loan balances include $205 million and $212 million of commercial credit card balances at December 31, 2025, and December 31, 2024, respectively.
(c)Commercial and industrial includes receivables held as collateral for a secured borrowing of $211 million at December 31, 2024. Commercial lease financing includes receivables of $1 million and $3 million held as collateral for a secured borrowing at December 31, 2025, and December 31, 2024, respectively. Principal reductions are based on the cash payments received from these related receivables. Additional information pertaining to this secured borrowing is included in Note 17 (“Borrowings”).
(d)Total loans exclude loans of $205 million at December 31, 2025, and $257 million at December 31, 2024, related to the discontinued operations of the education lending business. These amounts are included within “Discontinued assets” on the Consolidated Balance Sheet.

We have access to secured borrowings from the Federal Reserve and advances from the FHLB. As of December 31, 2025 and December 31, 2024, loans and leases totaling $71.0 billion and $67.5 billion, respectively, were pledged to the FRB and FHLB for access to these contingent funding sources.
v3.25.4
Asset Quality
 12 Months Ended
Dec. 31, 2025
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" of this report.

The ALLL at December 31, 2025, 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:

Twelve Months Ended December 31, 2025:
Dollars in millionsDecember 31, 2024ProvisionCharge-offsRecoveriesDecember 31, 2025
Commercial and Industrial $639 $361 $(312)$57 $745 
Commercial real estate:
Real estate — commercial mortgage320 19 (94)7 252 
Real estate — construction51 4 — — 55 
Total commercial real estate loans371 23 (94)7 307 
Commercial lease financing27 5 (6)— 26 
Total commercial loans1,037 389 (412)64 1,078 
Real estate — residential mortgage90 (26)(2)4 66 
Home equity loans70 (19)(2)3 52 
Other consumer loans136 61 (56)8 149 
Credit cards76 43 (45)8 82 
Total consumer loans372 59 (105)23 349 
Total ALLL — continuing operations1,409 448 
(a)
(517)87 1,427 
Discontinued operations13 — (3)1 11 
Total ALLL — including discontinued operations$1,422 $448 $(520)$88 $1,438 
(a)Excludes a provision related to reserves on lending-related commitments of $23 million.
Twelve Months Ended December 31, 2024:
Dollars in millionsDecember 31, 2023ProvisionCharge-offsRecoveriesDecember 31, 2024
Commercial and Industrial $556 $388 $(363)$58 $639 
Commercial real estate:
Real estate — commercial mortgage419 (61)(40)2 320 
Real estate — construction52 (1)— — 51 
Total commercial real estate loans471 (62)(40)2 371 
Commercial lease financing33 (4)(7)5 27 
Total commercial loans1,060 322 (410)65 1,037 
Real estate — residential mortgage162 (74)(3)5 90 
Home equity loans86 (16)(2)2 70 
Other consumer loans122 70 (64)8 136 
Credit cards78 39 (47)6 76 
Total consumer loans448 19 (116)21 372 
Total ALLL — continuing operations1,508 341 
(a)
(526)86 1,409 
Discontinued operations16 — (4)1 13 
Total ALLL — including discontinued operations$1,524 $341 $(530)$87 $1,422 
(a)Excludes a credit related to reserves on lending-related commitments of $6 million.

Twelve Months Ended December 31, 2023
Dollars in millionsDecember 31, 2022Provision Charge-offsRecoveriesDecember 31, 2023
Commercial and industrial$601 $99   $(188)$44 $556 
Commercial real estate:
Real estate — commercial mortgage203 253 (39)2 419 
Real estate — construction28 23 — 1 52 
Total commercial real estate loans231 276 (39)3 471 
Commercial lease financing32 (4)— 5 33 
Total commercial loans864 371 (227)52 1,060 
Real estate — residential mortgage196 (37)(1)4 162 
Home equity loans98 (13)(2)3 86 
Other consumer loans113 52   (51)8 122 
Credit cards66 42   (37)7 78 
Total consumer loans473 44   (91)22 448 
Total ALLL — continuing operations1,337 415 
(a)
(318)74 1,508 
Discontinued operations21 (2)  (4)1 16 
Total ALLL — including discontinued operations$1,358 $413 $(322)$75 $1,524 
(a)Excludes a provision related to reserves on lending-related commitments of $74 million.

As described in Note 1 ("Summary of Significant Accounting Policies"), 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, 30 year mortgage rate and U.S. household income
Home equityHome price index, unemployment rate, and 30 year mortgage rate
Other consumerUnemployment rate, prime 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 December 31, 2025, the economy in 2025 has unfolded better than expected and the outlook is for continued, but slowing, expansion in 2026. As growth weakens and inflationary pressures continue, policy uncertainty adds significant economic strain.

We utilized the Moody’s November 2025 Consensus forecast as the baseline forecast to estimate our expected credit losses as of December 31, 2025. This baseline scenario reflects slowing growth over the next two years, but no recession. U.S. GDP is forecasted to grow at an annual rate of 1.8% for 2026 and 2.0% for 2027. The labor market is weakening and the National Unemployment Rate is expected to increase modestly over 2026. The U.S. Consumer Price Index is forecasted to remain at 3% for 2026. The Federal Funds Rate decreases to 3.0-3.25% by late 2026.

Tariffs and the geopolitical environment remain uncertain, which poses potential downside-risks to the economic outlook over the next two years. These economic uncertainty considerations continue to be addressed through a qualitative reserve adjustment, which leverages downside economic assumptions.

As a result of the current economic uncertainty, our future loss estimates may vary considerably from our December 31, 2025 assumptions.

Commercial Loan Portfolio

The commercial ALLL increased by $41 million, or 4.0%, from December 31, 2024, through December 31, 2025. The change in the reserve levels is reflective of the elevated economic uncertainty and loan growth. The reserve build due to these drivers was partly offset by a reserve release due to the net impacts of improving credit quality trends, particularly in commercial real estate.

Consumer Loan Portfolio

The consumer ALLL decreased $23 million, or 6.2%, from December 31, 2024, through December 31, 2025. The decrease is driven by the impact of ongoing loan reductions and continued strong credit performance, particularly for the residential mortgage loan book which represents the largest segment of the consumer portfolio.
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 December 31, 2025Term 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 millions20252024202320222021PriorTotal
Commercial and Industrial
Risk Rating:
Pass$9,473 $5,864 $2,263 $5,313 $2,648 $4,115 $24,267 $174 $54,117 
Criticized (Accruing)139 218 171 463 259 493 1,535 37 3,315 
Criticized (Nonaccruing)1 14 18 54 21 33 115 — 256 
Total commercial and industrial9,613 6,096 2,452 5,830 2,928 4,641 25,917 211 57,688 
Current period gross write-offs13 272227828187— 312 
Real estate — commercial mortgage
Risk Rating:
Pass3,246 826 651 1,911 1,519 2,997 1,366 29 12,545 
Criticized (Accruing)8 99 60 326 237 246 20 9 1,005 
Criticized (Nonaccruing)— 16 3 95 31 9 3 — 157 
Total real estate — commercial mortgage
3,254 941 714 2,332 1,787 3,252 1,389 38 13,707 
Current period gross write-offs19 1411829103— 94 
Real estate — construction
Risk Rating:
Pass468 565 771 262 130 72 296 2 2,566 
Criticized (Accruing)— — 20 95 36 127 — — 278 
Criticized (Nonaccruing)— — — — — — — — — 
Total real estate — construction468 565 791 357 166 199 296 2 2,844 
Current period gross write-offs— — — — — — — — — 
Commercial lease financing
Risk Rating:
Pass322 228 293 433 249 609 — — 2,134 
Criticized (Accruing)5 4 26 55 18 21 — — 129 
Criticized (Nonaccruing)— — 5 2 — — — — 7 
Total commercial lease financing327 232 324 490 267 630 — — 2,270 
Current period gross write-offs— — 3 1 — 2 — — 6 
Total commercial loans$13,662 $7,834 $4,281 $9,009 $5,148 $8,722 $27,602 $251 $76,509 
Total commercial loan current period gross write-offs$32 $41 $26 $46 $37 $40 $190 $— $412 
As of December 31, 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$6,345 $3,097 $7,119 $3,934 $1,617 $3,969 $22,709 $115 $48,905 
Criticized (Accruing)172 219 597 419 208 476 1,550 41 3,682 
Criticized (Nonaccruing)23 13 68 30 2 31 153 2 322 
Total commercial and industrial6,540 3,329 7,784 4,383 1,827 4,476 24,412 158 52,909 
Current year gross write-offs1 12 65 106 4 31 144 — 363 
Real estate — commercial mortgage
Risk Rating:
Pass1,052 748 2,818 2,202 594 3,194 1,001 41 11,650 
Criticized (Accruing)31 85 571 281 93 316 30 9 1,416 
Criticized (Nonaccruing)— — 123 52 3 66 — — 244 
Total real estate — commercial mortgage
1,083 833 3,512 2,535 690 3,576 1,031 50 13,310 
Current year gross write-offs— — 1 6 — 32 1 — 40 
Real estate — construction
Risk Rating:
Pass199 846 1,021 340 87 67 42 2 2,604 
Criticized (Accruing)— 17 112 58 68 77 — — 332 
Criticized (Nonaccruing)— — — — — — — — — 
Total real estate — construction199 863 1,133 398 155 144 42 2 2,936 
Current year gross write-offs— — — — — — — — — 
Commercial lease financing
Risk Rating:
Pass301 430 626 368 217 679 — — 2,621 
Criticized (Accruing)2 34 33 9 16 21 — — 115 
Criticized (Nonaccruing)— — — — — — — — — 
Total commercial lease financing303 464 659 377 233 700 — — 2,736 
Current year gross write-offs— — — — — 7 — — 7 
Total commercial loans$8,125 $5,489 $13,088 $7,693 $2,905 $8,896 $25,485 $210 $71,891 
Total commercial loan current year gross write-offs$1 $12 $66 $112 $4 $70 $145 $— $410 
(a)Accrued interest of $338 million and $322 million as of December 31, 2025, and December 31, 2024, respectively, presented in “Accrued income and 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 both the twelve months ended December 31, 2025 and December 31, 2024.
Consumer Credit Exposure
Credit Risk Profile by FICO Score and Vintage (a)(b)
As of December 31, 2025Term LoansRevolving Loans Amortized Cost BasisRevolving Loans Converted to Term Loans Amortized Cost Basis
Amortized Cost Basis by Origination Year and FICO Score
Dollars in millions20252024202320222021PriorTotal
Real estate — residential mortgage
FICO Score:
750 and above$358 $224 $607 $5,342 $6,738 $3,403 $— $— $16,672 
660 to 74969 36 86 504 582 420 — — 1,697 
Less than 6602 11 23 87 73 149 — — 345 
No Score2 2 2 1 — 9 2 — 18 
Total real estate — residential mortgage431 273 718 5,934 7,393 3,981 2 — 18,732 
Current period gross write-offs— — — — — 2 — — 2 
Home equity loans
FICO Score:
750 and above43 26 23 117 676 1,164 1,749 179 3,977 
660 to 74918 13 13 41 149 258 718 58 1,268 
Less than 6602 3 5 15 44 109 253 21 452 
No Score— — — — — 1 5 — 6 
Total home equity loans63 42 41 173 869 1,532 2,725 258 5,703 
Current period gross write-offs— — — — — — 2 — 2 
Other consumer loans
FICO Score:
750 and above175 73 104 986 1,032 595 81 — 3,046 
660 to 749112 48 74 220 218 179 172 — 1,023 
Less than 66017 12 21 54 52 46 54 — 256 
No Score12 8 5 10 13 6 265 — 319 
Total consumer direct loans316 141 204 1,270 1,315 826 572 — 4,644 
Current period gross write-offs4 5 7 9 9 7 15 — 56 
Credit cards
FICO Score:
750 and above— — — — — — 479 — 479 
660 to 749— — — — — — 364 — 364 
Less than 660— — — — — — 108 — 108 
No Score— — — — — — 2 — 2 
Total credit cards— — — — — — 953 — 953 
Current period gross write-offs— — — — — — 45 — 45 
Total consumer loans$810 $456 $963 $7,377 $9,577 $6,339 $4,252 $258 $30,032 
Total consumer loan current period gross write-offs$4 $5 $7 $9 $9 $9 $62 $— $105 
As of December 31, 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$281 $669 $5,720 $7,203 $2,247 $1,510 $— $— $17,630 
660 to 74967 116 597 655 199 280 — — 1,914 
Less than 6604 13 81 63 24 134 — — 319 
No Score3 2 1 — 1 15 1 — 23 
Total real estate — residential mortgage355 800 6,399 7,921 2,471 1,939 1 — 19,886 
Current period gross write-offs1 — 1 — — 1 — — 3 
Home equity loans
FICO Score:
750 and above33 31 139 775 612 731 1,886 251 4,458 
660 to 74917 17 50 181 129 186 772 80 1,432 
Less than 6602 5 15 40 31 82 263 25 463 
No Score— — — — — 1 4 — 5 
Total home equity loans52 53 204 996 772 1,000 2,925 356 6,358 
Current period gross write-offs— — — — — 1 1 — 2 
Other consumer loans
FICO Score:
750 and above107 143 1,149 1,210 527 245 88 — 3,469 
660 to 74970 109 275 268 128 108 184 — 1,142 
Less than 6609 23 59 59 29 24 56 — 259 
No Score35 12 18 17 7 12 196 — 297 
Total consumer direct loans221 287 1,501 1,554 691 389 524 — 5,167 
Current period gross write-offs— 7 17 12 7 6 15 — 64 
Credit cards
FICO Score:
750 and above— — — — — — 476 — 476 
660 to 749— — — — — — 372 — 372 
Less than 660— — — — — — 109 — 109 
No Score— — — — — — 1 — 1 
Total credit cards— — — — — — 958 — 958 
Current period gross write-offs— — — — — — 47 — 47 
Total consumer loans$628 $1,140 $8,104 $10,471 $3,934 $3,328 $4,408 $356 $32,369 
Total consumer current period gross write-offs$1 $7 $18 $12 $7 $8 $63 $— $116 
(a)Accrued interest of $121 million and $134 million as of December 31, 2025, and December 31, 2024, respectively, presented in “Accrued income and 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 both the twelve months ended December 31, 2025 and December 31, 2024.

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”.

The following aging analysis of past due and current loans as of December 31, 2025, and December 31, 2024, provides further information regarding Key’s credit exposure.
Aging Analysis of Loan Portfolio(a)
December 31, 2025
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
Total
Loans (d)
Dollars in millions
LOAN TYPE(a)
Commercial and industrial$57,336 $38 $17 $41 $256 $352 $57,688 
Commercial real estate:
Commercial mortgage13,450 47 20 33 157 257 13,707 
Construction2,843 — — 1 — 1 2,844 
Total commercial real estate loans16,293 47 20 34 157 258 16,551 
Commercial lease financing2,260 3 — — 7 10 2,270 
Total commercial loans$75,889 $88 $37 $75 $420 $620 $76,509 
Real estate — residential mortgage$18,593 $21 $14 $— $104 $139 $18,732 
Home equity loans5,593 18 7 5 80 110 5,703 
Other consumer loans4,606 15 10 9 4 38 4,644 
Credit cards926 6 4 10 7 27 953 
Total consumer loans$29,718 $60 $35 $24 $195 $314 $30,032 
Total loans$105,607 $148 $72 $99 $615 $934 $106,541 
(a)Amounts in table represent amortized cost and exclude loans held for sale.
(b)Accrued interest of $459 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 $66 million in Commercial mortgage and $6 million in Real estate - residential mortgage associated with loans sold to GNMA that are 90 days or more past due where Key has the right but not the obligation to repurchase and whose payments are insured by the Federal Housing Administration or guaranteed by the United States Department of Veteran Affairs.
(d)Net of unearned income, net of deferred fees and costs, and unamortized discounts and premiums.

December 31, 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
Total
Loans (d)
Dollars in millions
LOAN TYPE(a)
Commercial and industrial$52,473 $48 $21 $45 $322 $436 $52,909 
Commercial real estate:
Commercial mortgage13,018 4 29 16 243 292 13,310 
Construction2,932 — — 4 — 4 2,936 
Total commercial real estate loans15,950 4 29 20 243 296 16,246 
Commercial lease financing2,728 1 6 1 — 8 2,736 
Total commercial loans$71,151 $53 $56 $66 $565 $740 $71,891 
Real estate — residential mortgage$19,766 $20 $8 $— $92 $120 $19,886 
Home equity loans6,232 26 8 3 89 126 6,358 
Other consumer loans5,129 15 9 9 5 38 5,167 
Credit cards928 6 5 12 7 30 958 
Total consumer loans$32,055 $67 $30 $24 $193 $314 $32,369 
Total loans$103,206 $120 $86 $90 $758 $1,054 $104,260 
(a)Amounts in table represent amortized cost and exclude loans held for sale.
(b)Accrued interest of $456 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 $75 million in Commercial mortgage and $7 million in Real estate - residential mortgage associated with loans sold to GNMA that are 90 days or more past due where Key has the right but not the obligation to repurchase and whose payments are insured by the Federal Housing Administration or guaranteed by the United States Department of Veteran Affairs.
(d)Net of unearned income, net of deferred fees and costs, and unamortized discounts and premiums.

At December 31, 2025, the carrying amount of our commercial nonperforming loans outstanding represented 76% of their original contractual amount owed, total nonperforming loans outstanding represented 82% of their original contractual amount owed, and nonperforming assets in total were carried at 83% of their original contractual amount owed.

Nonperforming loans reduced expected interest income by $49 million, $54 million, and $37 million for each of the twelve months ended December 31, 2025, December 31, 2024, and December 31, 2023, respectively.

The amortized cost basis of nonperforming loans on nonaccrual status for which there is no related allowance for credit losses was $386 million at December 31, 2025.
Collateral-dependent Financial Assets

We classify financial assets as collateral-dependent when our borrower is experiencing financial difficulty, and we expect repayment to be provided substantially through the operation or sale of the collateral. Our commercial loans have collateral that includes cash, accounts receivable, inventory, commercial machinery, commercial properties, commercial real estate construction projects, enterprise value, and stock or ownership interests in the borrowing entity. When appropriate we also consider the enterprise value of the borrower as a repayment source for collateral-dependent loans. Our consumer loans have collateral that includes residential real estate, automobiles, boats, and RVs.

At December 31, 2025 and December 31, 2024, the recorded investment of consumer residential mortgage loans in the process of foreclosure was approximately $70 million and $72 million, respectively.

There were no significant changes in the extent to which collateral secures our collateral-dependent financial assets during 2025.

Loan Modifications Made to Borrowers Experiencing Financial Difficulty

As part of our loss mitigation activities, we may agree to modify the contractual terms of a loan to a borrower experiencing financial difficulty. Our loan modifications are handled on a case-by-case basis and are negotiated to achieve mutually agreeable terms that maximize loan collectability and meet the borrower’s financial needs. Such modifications may include an extension of maturity date, interest rate reduction, an other than insignificant payment delay, other modifications, or some combination thereof. Many factors can go into what is considered an other than insignificant payment delay such as the significance of the restricted payment amount relative to the normal loan payment or the relative significance of the delay to the original loan terms. Generally, Key considers any delay in payment of greater than 90 days in the last 12 months to be significant. 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”).

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 of the noted periods. 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 December 31, 2025, there were 167 loans totaling $26 million in a trial modification period. As of December 31, 2024, there were 120 loans totaling $20 million in a trial modification period.

Commitments outstanding to lend additional funds to borrowers experiencing financial difficulty whose loans were modified were $110 million and $15 million at December 31, 2025 and December 31, 2024, respectively.
As of December 31, 2025Interest Rate ReductionTerm ExtensionOther
Combination(a)
Total
Dollars in millionsAmortized Cost BasisAmortized Cost BasisAmortized Cost BasisAmortized Cost BasisAmortized Cost Basis% of Total Loan Type
LOAN TYPE
Commercial and Industrial$2 $236 $22 $44 $304 0.53 %
Commercial real estate:
Commercial mortgage— 159 5 67 231 1.69 
Construction— 30 — — 30 1.05 
Total commercial real estate loans— 189 5 67 261 1.58 
Total commercial loans$2 $425 $27 $111 $565 0.74 %
Real estate — residential mortgage$3 $1 $— $10 $14 0.07 %
Home equity loans4 1 — 4 9 0.16 
Other consumer loans— 2 — 2 4 0.09 
Credit cards— — — 3 3 0.31 
Total consumer loans$7 $4 $— $19 $30 0.10 %
Total loans$9 $429 $27 $130 $595 0.56 %
(a)Combination modifications consist primarily of loans modified with both an interest rate reduction and a term extension.

As of December 31, 2024Interest Rate ReductionTerm ExtensionOther
Combination(a)
Total
Dollars in millionsAmortized Cost BasisAmortized Cost BasisAmortized Cost BasisAmortized Cost BasisAmortized Cost Basis% of Total Loan Type
LOAN TYPE
Commercial and Industrial$— $118 $25 $20 $163 0.31 %
Commercial real estate:
Commercial mortgage28 236 22 21 307 2.31 
Construction— 29 — — 29 0.99 
Total commercial real estate loans28 265 22 21 336 2.07 
Total commercial loans$28 $383 $47 $41 $499 0.69 %
Real estate — residential mortgage$1 $1 $— $12 $14 0.07 %
Home equity loans3 1 2 7 13 0.20 
Other consumer loans— 2 — 3 5 0.10 
Credit cards— — — 3 3 0.31 
Total consumer loans$4 $4 $2 $25 $35 0.11 %
Total loans$32 $387 $49 $66 $534 0.51 %
(a)Combination modifications consist primarily of loans modified with both an interest rate reduction and a term extension.

As of December 31, 2023Interest Rate ReductionTerm ExtensionOther
Combination(a)
Total
Dollars in millionsAmortized Cost BasisAmortized Cost BasisAmortized Cost BasisAmortized Cost BasisAmortized Cost Basis% of Total Loan Type
LOAN TYPE
Commercial and Industrial$— $180 $49 $34 $263 0.47 %
Commercial real estate:
Commercial mortgage— 4 2 — 6 0.04 
Construction— — — — — — 
Total commercial real estate loans— 4 2 — 6 0.03 
Total commercial loans$— $184 $51 $34 $269 0.35 %
Real estate — residential mortgage$— $— $1 $9 $10 0.05 %
Home equity loans2 1 1 5 9 0.13 
Other consumer loans— 1 — 2 3 0.05 
Credit cards— — — 4 4 0.40 
Total consumer loans$2 $2 $2 $20 $26 0.07 %
Total loans$2 $186 $53 $54 $295 0.26 %
(a)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.
Twelve months ended December 31, 2025Weighted-average Interest Rate ChangeWeighted-average Term Extension (in years)
LOAN TYPE
Commercial and Industrial(0.87)%1.24
Commercial mortgage— %0.96
Construction— %0.50
Real estate — residential mortgage(1.86)%5.85
Home equity loans(2.97)%7.55
Other consumer loans(3.65)%1.20
Credit cards(8.27)%1.00
Twelve months ended December 31, 2024Weighted-average Interest Rate ChangeWeighted-average Term Extension (in years)
LOAN TYPE
Commercial and Industrial(4.12)%1.75
Commercial mortgage(1.49)%0.66
Construction— %2.87
Real estate — residential mortgage(1.81)%6.15
Home equity loans(4.03)%6.53
Other consumer loans(4.06)%0.77
Credit cards(16.26)%1.00
Twelve months ended December 31, 2023Weighted-average Interest Rate ChangeWeighted-average Term Extension (in years)
LOAN TYPE
Commercial and Industrial(5.69)%0.59
Commercial mortgage— %1.37
Real estate — residential mortgage(1.97)%7.58
Home equity loans(4.02)%6.87
Other consumer loans(3.62)%1.01
Credit cards(14.90)%1.00

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 to borrowers experiencing financial difficulty that were within 12 months of their modification and subsequently defaulted within the noted periods.
Twelve months ended December 31, 2025Interest Rate Reduction
Dollars in millionsTerm ExtensionOtherCombinationTotal
LOAN TYPE
Commercial and Industrial$— $2 $5 $— $7 
Commercial real estate
Commercial mortgage— 18 — — 18 
Total commercial real estate loans— 18 — — 18 
Total commercial loans$— $20 $5 $— $25 
Real estate — residential mortgage$— $— $— $1 $1 
Home equity loans— — 1 — 1 
Total consumer loans$— $— $1 $1 $2 
Total loans$— $20 $6 $1 $27 
Twelve months ended December 31, 2024Interest Rate Reduction
Dollars in millionsTerm ExtensionOtherCombinationTotal
LOAN TYPE
Commercial and Industrial$— $22 $— $1 $23 
Commercial real estate
Commercial mortgage11 — — 11 
Total commercial real estate loans11 — — — 11 
Total commercial loans$11 $22 $— $1 $34 
Real estate — residential mortgage$— $— $— $1 $1 
Home equity loans— — — 2 2 
Total consumer loans$— $— $— $3 $3 
Total loans$11 $22 $— $4 $37 
Twelve months ended December 31, 2023
Dollars in millionsInterest Rate ReductionTerm ExtensionOtherCombinationTotal
LOAN TYPE
Commercial and Industrial$— $7 $— $3 $10 
Commercial real estate
Commercial mortgage— — 1 — 1 
Total commercial real estate loans— 7 1 3 11 
Commercial lease financing— — — — — 
Total commercial loans$— $7 $1 $3 $11 
Total consumer loans$— $— $— $— $— 
Total loans$— $7 $1 $3 $11 

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 presents the amortized cost as of December 31, 2025, of loans modified during the 12 months then ended, by aging.

As of December 31, 2025Current30-89 Days
Past Due		90 and Greater Days Past DueTotal
Dollars in millions
LOAN TYPE
Commercial and Industrial$286 $7 $11 $304 
Commercial real estate
Commercial mortgage184 42 5 231 
Construction30 — — 30 
Total commercial real estate loans214 42 5 261 
Commercial lease financing— — — — 
Total commercial loans$500 $49 $16 $565 
Real estate — residential mortgage$12 $1 $1 $14 
Home equity loans9 — — 9 
Other consumer loans4 — — 4 
Credit cards3 — — 3 
Total consumer loans$28 $1 $1 $30 
Total loans$528 $50 $17 $595 

The following table presents the amortized cost as of December 31, 2024, of loans modified during the 12 months then ended, by aging.
As of December 31, 2024Current30-89 Days 
Past Due		90 and Greater
Days Past Due		Total
Dollars in millions
LOAN TYPE
Commercial and Industrial$154 $3 $6 $163 
Commercial real estate
Commercial mortgage260 19 28 307 
Construction29 — — 29 
Total commercial real estate loans289 19 28 336 
Total commercial loans$443 $22 $34 $499 
Real estate — residential mortgage$12 $1 $1 $14 
Home equity loans11 1 1 13 
Other consumer loans5 — — 5 
Credit cards3 — — 3 
Total consumer loans$31 $2 $2 $35 
Total loans$474 $24 $36 $534 

The following table presents the amortized cost as of December 31, 2023, of loans modified during the 12 months then ended, by aging.

As of December 31, 2023Current30-89 Days 
Past Due		90 and Greater
Days Past Due		Total
Dollars in millions
LOAN TYPE
Commercial and Industrial$238 $25 $— $263 
Commercial real estate
Commercial mortgage6 — — 6 
Total commercial real estate loans$244 $25 $— $269 
Total commercial loans$244 $25 $— $269 
Real estate — residential mortgage$9 $1 $— $10 
Home equity loans8 — 1 9 
Other consumer loans3 — — 3 
Credit cards3 1 — 4 
Total consumer loans$23 $2 $1 $26 
Total loans$267 $27 $1 $295 

Liability for Credit Losses on Lending-related Commitments

The liability for credit losses on lending-related commitments 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 on lending-related commitments are summarized as follows:
 Twelve months ended December 31,
Dollars in millions20252024
Balance at beginning of period$290 $296 
Provision (credit) for losses on off balance sheet exposures23 (6)
Other— — 
Balance at end of period$313 $290 
v3.25.4
Fair Value Measurements
 12 Months Ended
Dec. 31, 2025
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 1 (“Summary of Significant Accounting Policies”) under the heading “Fair Value Measurements.”
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, see below. The following tables present assets and liabilities measured at fair value on a recurring basis at December 31, 2025, and December 31, 2024.
December 31, 2025December 31, 2024
Dollars in millionsLevel 1Level 2Level 3TotalLevel 1Level 2Level 3Total
ASSETS MEASURED ON A RECURRING BASIS
Trading account assets:
U.S. Treasury, agencies and corporations$— $674 $— $674 $— $930 $— $930 
States and political subdivisions— 60 — 60 — 127 — 127 
Other mortgage-backed securities— 316 — 316 — 183 — 183 
Other securities— 6 — 6 — 25 — 25 
Total trading account securities— 1,056 — 1,056 — 1,265 — 1,265 
Commercial loans— 5 — 5 — 18 — 18 
Total trading account assets— 1,061 — 1,061 — 1,283 — 1,283 
Securities available for sale:
U.S. Treasury, agencies and corporations— 7,886 — 7,886 — 8,904 — 8,904 
States and political subdivisions— — — — — — — — 
Agency residential collateralized mortgage obligations— 8,565 — 8,565 — 9,224 — 9,224 
Agency residential mortgage-backed securities— 19,195 — 19,195 — 15,169 — 15,169 
Agency commercial mortgage-backed securities— 3,950 — 3,950 — 4,410 — 4,410 
Other securities— — — — — — — — 
Total securities available for sale$— $39,596 $— $39,596 $— $37,707 $— $37,707 
Other investments:
Principal investments:
Indirect (measured at NAV) (a)
$— $— $— $9 $— $— $— $14 
Total principal investments— — — 9 — — — 14 
Equity investments:
Direct— — 3 3 — — 2 2 
Direct (measured at NAV) (a)
— — — 71 — — — 54 
Indirect (measured at NAV) (a)
— — — 3 — — — 3 
Total equity investments— — 3 77 — — 2 59 
Total other investments— — 3 86 — — 2 73 
Loans, net of unearned income (residential)— — 11 11 — — 10 10 
Loans held for sale (residential)— 149 — 149 — 93 — 93 
Derivative assets:
Interest rate— 135 (3)132 — 114 (4)110 
Foreign exchange39 44 — 83 93 31 — 124 
Commodity— 249 — 249 — 363 — 363 
Credit— — — — — — — — 
Other— 7 1 8 — 15 — 15 
Derivative assets39 435 (2)472 93 523 (4)612 
Netting adjustments (b)
— — — (297)— — — (363)
Total derivative assets39 435 (2)175 93 523 (4)249 
Total assets on a recurring basis at fair value$39 $41,241 $12 $41,078 $93 $39,606 $8 $39,415 
LIABILITIES MEASURED ON A RECURRING BASIS
Bank notes and other short-term borrowings:
Short positions$412 $409 $— $821 $107 $773 $— $880 
Derivative liabilities:
Interest rate— 577 — 577 — 965 — 965 
Foreign exchange36 44 — 80 85 32 — 117 
Commodity— 237 — 237 — 343 — 343 
Credit— 8 — 8 — — — — 
Other— 25 — 25 — 14 — 14 
Derivative liabilities36 891 — 927 85 1,354 — 1,439 
Netting adjustments (b)
— — — (274)— — — (411)
Total derivative liabilities36 891 — 653 85 1,354 — 1,028 
Total liabilities on a recurring basis at fair value$448 $1,300 $— $1,474 $192 $2,127 $— $1,908 
(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.
Qualitative Disclosures of Valuation Techniques
The following table describes the valuation techniques and significant inputs used to measure the classes of assets and liabilities reported at fair value on a recurring basis, as well as the classification of each within the valuation hierarchy.
Asset/liability classValuation techniqueValuation hierarchy classification(s)
Securities (includes trading account assets, securities available for sale, and U.S. Treasury Bills classified as short-term investments)
Fair value of level 1 securities is determined by:
• Quoted market prices available in an active market for identical securities. This includes exchange-traded equity securities.
Fair value of level 2 securities is determined by:
• Pricing models (either by a third party pricing service or internally). Inputs include: yields, benchmark securities, bids, offers, actual trade data (i.e., spreads, credit ratings, and interest rates) for comparable assets, spread tables, matrices, high-grade scales, and option-adjusted spreads.
• Observable market prices of similar securities.

The valuations provided by the third-party pricing service are based on observable market inputs, which include benchmark yields, reported trades, issuer spreads, benchmark securities, bids, offers, and reference data obtained from market research publications. Inputs used by the third-party pricing service in valuing CMOs and other mortgage-backed securities also include new issue data, monthly payment information, whole loan collateral performance, and “To Be Announced” prices. In valuations of securities issued by state and political subdivisions, inputs used by the third-party pricing service also include material event notices. We regularly validate the pricing methodologies of valuations derived from a third-party pricing service to ensure the fair value determination is consistent with applicable accounting guidance and that our assets are properly classified in the fair value hierarchy. To perform this validation, we:

•review documentation received from our third-party pricing service regarding the inputs used in its valuations and determine a level assessment for each category of securities;
•substantiate actual inputs used for a sample of securities by comparing the actual inputs used by our third-party pricing service to comparable inputs for similar securities; and
•substantiate the fair values determined for a sample of securities by comparing the fair values provided by our third-party pricing service to prices from other independent sources for the same and similar securities.

We analyze variances and conduct additional research with our third-party pricing service and take appropriate steps based on our findings.
Level 1 and 2 (primarily Level 2)
Commercial loans (trading account assets)
Fair value is based on:
• Observable market price spreads for similar loans. Valuations reflect prices within the bid-ask spread that are most representative of fair value.
Level 2
Principal investments (indirect)
Indirect principal investments include primary and secondary investments in private equity funds engaged mainly in venture- and growth-oriented investing. These investments do not have readily determinable fair values and qualify for the practical expedient to estimate fair value based upon net asset value per share (or its equivalent, such as member units or an ownership interest in partners’ capital to which a proportionate share of net assets is attributed).
Indirect principal investments are also accounted for as investment companies, whereby each investment is adjusted to fair value with any net realized or unrealized gain/loss recorded in the current period’s earnings.

The fair value and related unfunded commitments of our indirect principal investments at December 31, 2025, was $9 million and $1 million, respectively. No additional financial support was provided for the years ended December 31, 2025, and December 31, 2024. At December 31, 2025, no significant liquidation of the underlying investments has been communicated to Key.
NAV
Asset/liability classValuation techniqueValuation hierarchy classification(s)
Other direct equity investments
Fair value is determined using:
• Discounted cash flows
• Operating performance and market/exit multiples of comparable businesses
• Other unique facts and circumstances related to each individual investment
For level 3 securities, increases in the discount rate applied in the discounted cash flow models would negatively affect the fair value. Increases in valuation multiples of comparable companies would positively affect the fair value.
Level 3
Other direct and indirect equity investments (NAV)
Certain direct and indirect investments do not have readily determinable fair values and qualify for the practical expedient in the accounting guidance that allows us to estimate fair value based upon net asset value per share. These are typically comprised of investments in venture capital funds engaged mainly in venture- and growth-oriented investing. The unfunded commitments of these investments as of December 31, 2025, totaled $57 million.
NAV
Loans held for sale and held for investment (residential)
Residential mortgage loans held for sale are accounted for at fair value. Fair values are based on:
• Quoted market prices, where available
• Prices for other traded mortgage loans with similar characteristics
• Purchase commitments and bid information received from market participants
Prices are adjusted as necessary to include:
• The embedded servicing value in the loans
• The specific characteristics of certain loans that are priced based on the pricing of similar loans.
Residential loans held for investment: Certain residential loans held for sale contain salability exceptions that make them unable to be sold into the performing loan sales market. Loans in this category are transferred to the held to maturity loan portfolio and are included in “Loans, net of unearned income” on the balance sheet. This type of loan is classified as level 3 in the valuation hierarchy as transaction details regarding sales of this type of loan are often unavailable.
  Fair value is based upon:
• Unobservable bid information from brokers and investors

Higher (lower) unobservable bid information would have resulted in higher (lower) fair value measurements.
Level 2 and 3 (primarily level 2)
Derivatives
Certain foreign exchanged derivative instruments are able to be valued using quoted prices in active markets and are therefore classified as Level 1 instruments.

The majority of our derivative positions are Level 2 and are valued using internally developed models based on market convention and observable market inputs. These derivative contracts include interest rate swaps, commodity swaps, certain options, floors, cross currency swaps, credit default swaps, and forward mortgage loan sale commitments. Significant inputs used in the valuation models include:
• SOFR and Overnight Index Swap (OIS) curves, index pricing curves, foreign currency curves
• Volatility surfaces (a three-dimensional graph of implied volatility against strike price and maturity)
We have customized derivative instruments and risk participations that are classified as Level 3 instruments. These derivative positions are valued using internally developed models, with inputs consisting of available market data, including:

• Credit spreads and interest rates

The unobservable internally derived assumptions include:

• Loss given default
• Internal risk assessments of customers
The fair value represents an estimate of the amount that the risk participation counterparty would need to pay/receive as of the measurement date based on the probability of customer default on the swap transaction and the fair value of the underlying customer swap. Therefore, for sold risk participation agreements, a higher loss probability and a lower credit rating would negatively affect the fair value of the risk participations and a lower loss probability and higher credit rating would positively affect the fair value of the risk participations. (For purchased risk participation agreements, higher loss probabilities and lower credit ratings would positively affect the fair value.)
Level 1, 2, and 3 (primarily level 2)
Asset/liability classValuation techniqueValuation hierarchy classification(s)
Derivatives (continued)
We use interest rate lock commitments for our residential mortgage business, which are classified as Level 3 instruments. The significant components of the valuation model include:
 
• Interest rates observable in the market
• Investor supplied prices for similar loans and securities
• The probability of the loan closing (i.e. the "pull-through" amount, a significant unobservable input). Increases (decreases) in the probability of the loan closing would have resulted in higher (lower) fair value measurements.
Valuation of residential mortgage forward sale commitments utilizes observable market prices of comparable commitments and mortgage securities (Level 2).

The fair values of our derivatives include a credit valuation adjustment related to both counterparty and our own creditworthiness. The credit component considers master netting and collateral agreements and is determined by the individual counterparty based on potential future exposures, expected recovery rates, and market-implied probabilities of default.
Level 1, 2, and 3 (primarily level 2)
Liability for short positions
This includes fixed income securities held by our broker dealer in its trading inventory. Fair value of level 1 securities is determined by:
• Quoted market prices available in an active market for identical securities
Fair value of level 2 securities is determined by:
• Observable market prices of similar securities
• Market activity, spreads, credit ratings and interest rates for each security type
Level 1 and 2
We also make liquidity valuation adjustments to the fair value of certain assets to reflect the uncertainty in the pricing and trading of the instruments when we are unable to observe recent market transactions for identical or similar instruments. Liquidity valuation adjustments are based on the following factors:
 
•the amount of time since the last relevant valuation;
•whether there is an actual trade or relevant external quote available at the measurement date; and
•volatility associated with the primary pricing components.

Changes in Level 3 Fair Value Measurements

The change in the fair values of our Level 3 financial instruments measured at fair value on a recurring basis for the years ended December 31, 2025, and December 31, 2024 was not material.

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. There were no liabilities measured at fair value on a nonrecurring basis at December 31, 2025, and December 31, 2024.

The following table presents our assets measured at fair value on a nonrecurring basis at December 31, 2025, and December 31, 2024:
 December 31, 2025December 31, 2024
Dollars in millionsLevel 1Level 2Level 3TotalLevel 1Level 2Level 3Total
ASSETS MEASURED ON A NONRECURRING BASIS
Collateral-dependent loans$— $— $56 $56 $— $— $152 $152 
Accrued income and other assets— — 32 32 — — 14 14 
Total assets on a nonrecurring basis at fair value$— $— $88 $88 $— $— $166 $166 
Qualitative Disclosures of Valuation Techniques
The following table describes the valuation techniques and significant inputs used to measure the significant classes of assets and liabilities reported at fair value on a nonrecurring basis, as well as the classification of each within the valuation hierarchy.
Asset/liability classValuation techniqueValuation hierarchy classification(s)
Collateral-dependent loansWhen a loan is collateral-dependent, the fair value of the loan is determined based on the fair value of the underlying collateral less estimated selling costs. Level 3
OREO, other repossessed personal properties, and right-of-use assets(a)
OREO, other repossessed properties, and right-of-use assets are valued based on:

• Appraisals and third-party price opinions, less estimated selling costs 

Generally, we classify these assets as Level 3, but OREO and other repossessed properties for which we receive binding purchase agreements are classified as Level 2. Returned lease inventory is valued based on market data for similar assets and is classified as Level 2. 
Level 2 and 3
Other equity investments
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 December 31, 2025, and December 31, 2024, the carrying amount of equity investments recorded under this method was $467 million and $394 million, respectively. We recorded no impairment for the year ended December 31, 2025. We recorded $5 million impairment for the year ended December 31, 2024.
Level 3
Mortgage Servicing Rights(a)
Refer to Note 8 (“Mortgage Servicing Assets”)
Level 3
(a)Asset classes included in “Accrued income and other assets” on the Consolidated Balance Sheets

Quantitative Information about Level 3 Fair Value Measurements

The range and weighted-average of the significant unobservable inputs used to measure the fair value our material Level 3 recurring and nonrecurring assets at December 31, 2025, and December 31, 2024, along with the valuation techniques used, are shown in the following table:
Level 3 Asset (Liability) Valuation TechniqueSignificant
Unobservable Input
Range
(Weighted-Average) (a)
Dollars in millions
December 31, 2025December 31, 2024December 31, 2025December 31, 2024
Recurring    
Loans, net of unearned income (residential)$11 $10 Market comparable pricingComparability factor
74.30%-99.00% (84.99%)
68.00 - 95.00% (77.48%)
Derivative instruments:
Interest rate(3)(4)Discounted cash flowsProbability of default
.02 - 100% (4.40%)
.02 - 100% (5.00%)
Loss given default
0 - 1 (.49)
0 - 1 (.50)
Insignificant level 3 assets, net of liabilities(b)
4 2 
Nonrecurring   
Collateral dependent loans56 152 Fair value of underlying collateralLiquidity discount
0 - 100.00% (40.00%)
0 - 100.00% (33.00%)
Accrued income and other assets:(c)
OREO and other assets8 14 Appraised valueAppraised valueN/MN/M
(a)The weighted average of significant unobservable inputs is calculated using a weighting relative to fair value.
(b)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.
(c)Excludes $24 million pertaining to mortgage servicing assets measured as of December 31, 2025. Refer to Note 8 (“Mortgage Servicing Assets”) for significant unobservable inputs pertaining to these assets.

Fair Value Disclosures of Financial Instruments

The carrying amounts and estimated fair value for certain financial instruments that are not recorded at fair value in the consolidated balance sheet as of December 31, 2025, and December 31, 2024, are shown in the following table.
 December 31, 2025
 Carrying
Amount		Fair Value
Dollars in millionsLevel 1Level 2Level 3Total
FINANCIAL ASSETS
Cash and short-term investments (a)
$11,450 $11,450 $— $— $11,450 
Held-to-maturity securities (b)
8,622 — 8,313 — 8,313 
Other investments (c)
863 — — 863 863 
Loans, net of unearned income (d)
105,103 — — 101,946 101,946 
Loans held for sale (c)
928 — — 928 928 
FINANCIAL LIABILITIES
Time deposits (e)
$12,680 $— $12,731 $— $12,731 
Short-term borrowings (a)
263 — 263 — 263 
Long-term debt (e)
9,917 9,318 729 — 10,047 
Deposits with no stated maturity (a)
136,033 — 136,033 — 136,033 
December 31, 2024
 Carrying
Amount		Fair Value
Dollars in millionsLevel 1Level 2Level 3Total
FINANCIAL ASSETS
Cash and short-term investments (a)
$19,247 $19,247 $— $— $19,247 
Held-to-maturity securities (b)
7,395 — 6,837 — 6,837 
Other investments (c)
967 — — 967 967 
Loans, net of unearned income (d)
102,841 — — 99,105 99,105 
Loans held for sale (c)
704 — — 704 704 
FINANCIAL LIABILITIES
Time deposits (e)
$16,952 $— $17,068 $— $17,068 
Short-term borrowings (a)
1,264 — 1,264 — 1,264 
Long-term debt (e)
12,105 11,430 $477 — 11,907 
Deposits with no stated maturity (a)
132,808 — 132,808 — 132,808 
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)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.
(c)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” in this Note.
(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 non-publicly traded long-term debt are based on discounted cash flows utilizing relevant market inputs.

We determine fair value based on assumptions pertaining to the factors that a market participant would consider in valuing the asset. A substantial portion of our fair value adjustments are related to liquidity. During 2025 and 2024, the fair values of our loan portfolios generally remained stable, primarily due to sustained liquidity in the loan markets. If we were to use different assumptions, the fair values shown in the preceding table could change. 

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 and loans recorded at fair value. All of these loans were excluded from the table above as follows:

•Loans at carrying value, net of allowance, of $205 million ($155 million at fair value) at December 31, 2025, and $257 million ($192 million at fair value) at December 31, 2024
These loans are classified as Level 3 because we rely on unobservable inputs when determining fair value since observable market data is not available.
v3.25.4
Securities
 12 Months Ended
Dec. 31, 2025
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.
 20252024
December 31,
Dollars in millions
Amortized
Cost (a)(b)
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
Amortized
Cost(a)(b)
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
SECURITIES AVAILABLE FOR SALE
U.S. Treasury, agencies, and corporations$7,842 $61 $17 $7,886 $8,928 $20 $44 $8,904 
Agency residential collateralized mortgage obligations
10,269 4 1,708 8,565 11,409 8 2,193 9,224 
Agency residential mortgage-backed securities19,451 201 457 19,195 16,038 3 872 15,169 
Agency commercial mortgage-backed securities 4,284 1 335 3,950 4,927 — 517 4,410 
Total securities available for sale$41,846 $267 $2,517 $39,596 $41,302 $31 $3,626 $37,707 
HELD-TO-MATURITY SECURITIES
Agency residential collateralized mortgage obligations
$4,026 $8 $176 $3,858 $4,577 $3 $332 $4,248 
Agency residential mortgage-backed securities2,374 12 13 2,373 151 — 17 134 
Agency commercial mortgage-backed securities2,121 1 139 1,983 2,333 — 203 2,130 
Asset-backed securities(c)
77 — 2 75 308 — 8 300 
Other securities24 — — 24 26 — 1 25 
Total held-to-maturity securities$8,622 $21 $330 $8,313 $7,395 $3 $561 $6,837 
(a)Amortized cost amounts exclude accrued interest receivable which is recorded within “other assets” on the balance sheet. At December 31, 2025, accrued interest receivable on available for sale securities and held-to-maturity securities totaled $121 million and $26 million, respectively. At December 31, 2024, accrued interest receivable on available for sale securities and held-to-maturity securities totaled $109 million and $21 million, respectively.
(b)Excluded from the amortized cost of securities available for sale are basis adjustments for securities designated in active fair value hedges. Basis adjustments totaled $99 million and $(6) million as of December 31, 2025 and December 31, 2024, respectively. The securities being hedged are primarily U.S Treasuries, Agency RMBS, and Agency CMBS.
(c)Amortized costs includes $74 million of securities as of December 31, 2025, and $303 million of securities as of December 31, 2024, 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 December 31, 2025, and December 31, 2024:
 Duration of Unrealized Loss Position  
 Less than 12 Months12 Months or LongerTotal
Dollars in millionsFair Value
Gross
Unrealized
Losses
Fair Value
Gross
Unrealized
Losses
Fair Value
Gross
Unrealized
Losses
December 31, 2025
Securities available for sale:
U.S. Treasury, agencies, and corporations$— $— $525 $17 $525 $17 
Agency residential collateralized mortgage obligations— — 7,677 1,708 7,677 1,708 
Agency residential mortgage-backed securities1,226 7 5,583 450 6,809 457 
Agency commercial mortgage-backed securities 7 — 3,777 335 3,784 335 
Held-to-maturity securities:
Agency residential collateralized mortgage obligations240 2 3,023 174 3,263 176 
Agency residential mortgage-backed securities526 2 125 11 651 13 
Agency commercial mortgage-backed securities— — 1,914 139 1,914 139 
Asset-backed securities— — 75 2 75 2 
Other securities5 — 6 — 11 — 
Total securities in an unrealized loss position$2,004 $11 $22,705 $2,836 $24,709 $2,847 
December 31, 2024      
Securities available for sale:
U.S. Treasury, agencies, and corporations$3,647 $8 $508 $36 $4,155 $44 
Agency residential collateralized mortgage obligations91 — 8,108 2,193 8,199 2,193 
Agency residential mortgage-backed securities11,364 254 3,145 618 14,509 872 
Agency commercial mortgage-backed securities 50 1 4,360 516 4,410 517 
Held-to-maturity securities:
Agency residential collateralized mortgage obligations569 18 3,387 314 3,956 332 
Agency residential mortgage-backed securities— — 134 17 134 17 
Agency commercial mortgage-backed securities — — 2,060 203 2,060 203 
Asset-backed securities— — 300 8 300 8 
Other securities7 — 8 1 15 1 
Total securities in an unrealized loss position$15,728 $281 $22,010 $3,906 $37,738 $4,187 

Based on our evaluation at December 31, 2025, 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.
The following table presents gross realized gains and losses associated with our securities available for sale portfolio for the noted periods. Realized losses for the year ended December 31, 2024, relate primarily to the strategic repositioning completed in the third and fourth quarters of 2024.
Year ended December 31,
Dollars in millions
202520242023
Securities available for sale
Realized gains$— $— $4 
Realized (losses)— (1,863)(8)

At December 31, 2025, securities available-for-sale and held-to-maturity securities totaling $18.7 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 December 31, 2025. 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.
 Securities
Available for Sale		Held-to-Maturity
Securities
December 31, 2025Amortized
Cost
Fair
Value
Amortized
Cost
Fair
Value
Dollars in millions
Due in one year or less$3,070 $3,085 $472 $467 
Due after one through five years10,796 10,504 2,231 2,176 
Due after five through ten years21,855 20,214 4,796 4,671 
Due after ten years6,125 5,793 1,123 999 
Total$41,846 $39,596 $8,622 $8,313 
v3.25.4
Derivatives and Hedging Activities
 12 Months Ended
Dec. 31, 2025
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.

Additional information regarding our accounting policies for derivatives is provided in Note 1 (“Summary of Significant Accounting Policies”) under the heading “Derivatives and Hedging.”
Derivatives Designated in Hedge Relationships
Net interest income and the EVE change in response to changes in the mix of assets, liabilities, and off-balance sheet instruments and the associated interest rates tied to each instrument. In addition, differences in the repricing and maturity characteristics of interest-earning assets and interest-bearing liabilities cause net interest income and the EVE to fluctuate. We utilize derivatives that have been designated as part of a hedge relationship in accordance with the applicable accounting guidance to manage net interest income and EVE to within our stated risk tolerances. The primary derivative instruments used to manage interest rate risk are interest rate swaps.
We designate certain “receive fixed/pay variable” interest rate swaps as fair value hedges. These contracts convert certain fixed-rate long-term debt into variable-rate obligations, thereby modifying our exposure to changes in interest rates. As a result, we receive fixed-rate interest payments in exchange for making variable-rate payments over the lives of the contracts without exchanging the notional amounts.
Similarly, we designate certain “receive fixed/pay variable” interest rate swaps as cash flow hedges. These contracts effectively convert certain floating-rate loans into fixed-rate loans to reduce the potential adverse effect of interest
rate decreases on future interest income. Again, we receive fixed-rate interest payments in exchange for making variable-rate payments over the lives of the contracts without exchanging the notional amounts.
We designate interest rate floors as cash flow hedges. Interest rate floors also reduce the potential adverse effect of interest rate decreases on future interest income. We receive interest payments when the reference rate specified in the contracts falls below a strike price or floor rate in exchange for an upfront premium.
We designate certain “pay fixed/receive variable” interest rate swaps as fair value hedges. These swaps convert certain fixed-rate securities into floating rate securities. The swaps reduce the potential adverse effects from higher interest rates on valuations and future interest income.
We designate certain “pay fixed/receive variable” interest rate swaps as cash flow hedges. These swaps convert certain floating-rate debt into fixed-rate debt. We also use these swaps to manage the interest rate risk associated with anticipated sales of certain commercial real estate loans. The swaps protect against the possible short-term decline in the value of the loans that could result from changes in interest rates between the time they are originated and the time they are sold.
Derivatives Not Designated in Hedge Relationships

We may enter into interest rate swap contracts to manage economic risks but do not designate the instruments in hedge relationships. Excluding contracts addressing customer exposures, the amount of derivatives hedging risks on an economic basis at December 31, 2025, was not significant.
Like other financial services institutions, we originate loans and extend credit, both of which expose us to credit risk. We actively manage our overall loan portfolio and the associated credit risk in a manner consistent with asset quality objectives and concentration risk tolerances to mitigate portfolio credit risk. Purchasing credit protection through default swaps and risk participation agreements enables us to transfer to a third party a portion of the credit risk associated with a particular extension of credit, including situations where there is a forecasted sale of loans. We purchase credit default swaps to reduce the credit risk associated with the debt securities held in our trading portfolio.

We also enter into derivative contracts for other purposes, including:
 
•interest rate swap, cap, and floor contracts entered into generally to accommodate the needs of commercial loan clients;
•energy and base metal swap and option contracts entered into to accommodate the needs of clients;
•foreign exchange forward and option contracts entered into primarily to accommodate the needs of clients; and
•futures contracts and positions with third parties that are intended to offset or mitigate the interest rate or market risk related to client positions discussed above.
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 December 31, 2025, and December 31, 2024. The change in the notional amounts of these derivatives by type from December 31, 2024, to December 31, 2025, indicates the volume of our derivative transaction activity during 2025. The notional amounts are not affected by bilateral collateral and master netting agreements. The derivative asset and liability balances are presented on a gross basis, prior to the application of bilateral collateral and master netting agreements. 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. Where master netting agreements are not in effect or are not enforceable under bankruptcy laws, we do not adjust those derivative assets and liabilities with counterparties. 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 indicated in the following table:
 December 31, 2025December 31, 2024
  
Fair Value (a)
 
Fair Value (a)
Dollars in millions
Notional
Amount
Derivative
Assets
Derivative
Liabilities
Notional
Amount
Derivative
Assets
Derivative
Liabilities
Derivatives designated as hedging instruments:
Interest rate$64,228 $(13)$4 $64,701 $(4)$3 
Derivatives not designated as hedging instruments:
Interest rate74,994 145 573 72,215 114 962 
Foreign exchange5,767 83 80 6,516 124 117 
Commodity5,553 249 237 8,778 363 343 
Credit107 — 8 60 — — 
Other (b)
4,217 8 25 3,145 15 14 
Total derivatives not designated as hedging instruments:90,638 485 923 90,714 616 1,436 
Total154,866 472 927 155,415 612 1,439 
Netting adjustments (c)
— (297)(274)— (363)(411)
Net derivatives in the balance sheet154,866 175 653 155,415 249 1,028 
Other collateral (d)
— (22)(1)— — (1)
Net derivative amounts$154,866 $153 $652 $155,415 $249 $1,027 
(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 December 31, 2025, excess collateral that has not been offset against net derivative instrument positions totaled $165 million of cash collateral and $218 million of securities collateral posted as well as $3 million of cash collateral and $78 million of securities collateral held. As of December 31, 2024, excess collateral that has not been offset against net derivative instrument positions totaled $168 million of cash collateral and $215 million of securities collateral posted as well as $13 million of cash collateral and $32 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 year ended December 31, 2025, 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 December 31, 2025 and December 31, 2024, related to cumulative basis adjustments for fair value hedges.
December 31, 2025
Dollars in millionsBalance sheet line item in which the hedge item is included
Carrying amount of hedged item(a)
Hedge accounting basis adjustment - active hedgesHedge accounting basis adjustment - discontinued hedges
Interest rate contractsLong-term debt$8,504 $(199)$(3)
Interest rate contracts
Securities available for sale(b)
12,843 (100)14 
December 31, 2024
Dollars in millionsBalance sheet line item in which the hedge item is included
Carrying amount of hedged item(a)
Hedge accounting basis adjustment - active hedgesHedge accounting basis adjustment - discontinued hedges
Interest rate contractsLong-term debt$10,249 $(490)$(4)
Interest rate contracts
Securities available for sale(b)
12,097 5 17 
(a)The carrying amount represents the portion of the asset or liability designated as the hedged item.
(b)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 December 31, 2025 and December 31, 2024, the amortized cost of the closed portfolios used in these hedging relationships was $7 billion and $5 billion, respectively, of which $5 billion and $4 billion were designated in a portfolio layer hedging relationship. At December 31, 2025 and December 31, 2024, the cumulative basis adjustments associated with these amounts totaled $(35) million and $41 million, which is comprised of $(50) million and $24 million in active hedging relationships and $14 million and no adjustments for discontinued hedging relationships.

Cash flow hedges. During the year ended December 31, 2025, we did not exclude any portion of these hedging instruments from the assessment of hedge effectiveness.

Considering the interest rates, yield curves, and notional amounts as of December 31, 2025, we expect to reclassify an estimated $25 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 $1 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 December 31, 2025. As of December 31, 2025, the maximum length of time over which we hedge forecasted transactions is 3.76 years.
The following tables summarize the effect of fair value and cash flow hedge accounting on the income statement for the years ended December 31, 2025, December 31, 2024, and December 31, 2023.

Location and amount of net gains (losses) recognized in income on fair value and cash flow hedging relationships
Year ended December 31, 2025
Dollars in millions
Interest expense – long-term debtInterest income – loansInterest Income - securitiesInvestment banking and debt placement fees
Twelve Months Ended December 31, 2025
Total amounts presented in the consolidated statement of income$(734)$5,749 $1,599 $780 
Net gains (losses) on fair value hedging relationships
Interest contracts
Recognized on hedged items(296)— 105 — 
Recognized on derivatives designated as hedging instruments126 — (86)— 
Net income (expense) recognized on fair value hedges$(170)$— $19 $— 
Net gain (loss) on cash flow hedging relationships
Realized gains (losses) (pre-tax) reclassified from AOCI into net income
Interest contracts$(2)$(358)$— $— 
Net income (expense) recognized on cash flow hedges$(2)$(358)$— $— 

Location and amount of net gains (losses) recognized in income on fair value and cash flow hedging relationships
Year ended December 31, 2024
Dollars in millions
Interest expense – long-term debtInterest income – loansInterest Income - securitiesInvestment banking and debt placement fees
Twelve Months Ended December 31, 2024
Total amounts presented in the consolidated statement of income$(1,187)$6,026 $1,142 $688 
Net gains (losses) on fair value hedging relationships
Interest contracts
Recognized on hedged items56 — (111)— 
Recognized on derivatives designated as hedging instruments(332)— 239 — 
Net income (expense) recognized on fair value hedges$(276)$— $128 $— 
Net gain (loss) on cash flow hedging relationships
Realized gains (losses) (pre-tax) reclassified from AOCI into net income
Interest contracts$(2)$(733)$— $— 
Net income (expense) recognized on cash flow hedges$(2)$(733)$— $— 

Location and amount of net gains (losses) recognized in income on fair value and cash flow hedging relationships
Year ended December 31, 2023
Dollars in millions
Interest expense – long-term debtInterest income – loansInterest Income - securitiesInvestment banking and debt placement fees
Twelve Months Ended December 31, 2023
Total amounts presented in the consolidated statement of income$(1,305)$6,219 $793 $542 
Net gains (losses) on fair value hedging relationships
Interest contracts
Recognized on hedged items(119)— 181 — 
Recognized on derivatives designated as hedging instruments(135)— (132)— 
Net income (expense) recognized on fair value hedges$(254)$— $49 $— 
Net gain (loss) on cash flow hedging relationships
Realized gains (losses) (pre-tax) reclassified from AOCI into net income
Interest contracts$(2)$(956)$— $5 
Net income (expense) recognized on cash flow hedges$(2)$(956)$— $5 

The following table summarizes the pre-tax effect of cash flow hedges for the years ended December 31, 2025, December 31, 2024, and December 31, 2023.

Year ended December 31,
Dollars in millions
202520242023
Net Gains (Losses) Recognized in OCI
Interest contracts$309 $(448)$(289)
Net Gains (Losses) Reclassified From AOCI Into Income
Interest income — Loans$(358)$(733)$(956)
Interest expense — Long-term debt(2)(2)(2)
Investment banking and debt placement fees— — 5 
Total$(360)$(735)$(953)
Nonhedging instruments. The following table summarizes the pre-tax net gains (losses) on our derivatives that are not designated as hedging instruments for the years ended December 31, 2025, December 31, 2024, and December 31, 2023, and where they are recorded on the income statement.
 202520242023
Year ended December 31,
Dollars in millions
Corporate
services
income		Consumer mortgage incomeOther
income		TotalCorporate
services
income		Consumer mortgage incomeOther
income		TotalCorporate
services
income		Consumer mortgage incomeOther
income		Total
NET GAINS (LOSSES)
Interest rate$51 $— $6 $57 $35 $— $— $35 $41 $— $— $41 
Foreign exchange49 — — 49 50 — — 50 50 — — 50 
Commodity7 — — 7 12 — — 12 22 — — 22 
Credit— — (47)(47)1 — (58)(57)2 — (52)(50)
Other— — (7)(7)— 2 5 7 — (1)(6)(7)
Total net gains (losses)$107 $— $(48)$59 $98 $2 $(53)$47 $115 $(1)$(58)$56 

Counterparty Credit Risk

We enter into derivative transactions with two primary groups: broker-dealers and banks, and clients. We use several means to mitigate and manage exposure to credit risk on derivative contracts. We enter into bilateral collateral and master netting agreements that provide for the net settlement of all contracts with a single counterparty in the event of default. Additionally, we monitor counterparty credit risk exposure on each contract to determine appropriate limits on our total credit exposure across all product types. We review our collateral positions on a daily basis and exchange collateral with our counterparties in accordance with standard ISDA documentation, central clearing rules, and other related agreements. 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 $103 million was netted against derivative assets on the balance sheet at December 31, 2025, compared to $75 million of cash collateral netted against derivative assets at December 31, 2024. The cash collateral netted against derivative liabilities totaled $80 million at December 31, 2025, and $124 million at December 31, 2024.

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.
December 31,
Dollars in millions
20252024
Interest rate$82 $58 
Foreign exchange39 81 
Commodity149 170 
Credit— — 
Other8 15 
Derivative assets before collateral278 324 
Plus (Less): Related collateral(103)(75)
Total derivative assets$175 $249 
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 $1 million as of December 31, 2025 and a nominal net liability position as of December 31, 2024. Our credit derivative portfolio consists of traded credit default swap indices and risk participation agreements.

Our credit derivative portfolio may consist of the following:

•Single-name credit default swap: A bilateral contract whereby the seller agrees, for a premium, to provide protection against the credit risk of a specific entity (the “reference entity”) in connection with a specific debt obligation. The protected credit risk is related to adverse credit events, such as bankruptcy, failure to make payments, and acceleration or restructuring of obligations, identified in the credit derivative contract.
•Traded credit default swap index: Represents a position on a basket or portfolio of reference entities.
•Risk participation agreement: A transaction in which the lead participant has a swap agreement with a customer. The lead participant (purchaser of protection) then enters into a risk participation agreement with a counterparty (seller of protection), under which the counterparty receives a fee to accept a portion of the lead participant’s
credit risk. If the customer defaults on the swap contract, the counterparty to the risk participation agreement must reimburse the lead participant for the counterparty’s percentage of the positive fair value of the customer swap as of the default date. If the customer swap has a negative fair value, the counterparty has no reimbursement requirements. If the customer defaults on the swap contract and the seller fulfills its payment obligations under the risk participation agreement, the seller is entitled to a pro rata share of the lead participant’s claims against the customer under the terms of the swap agreement.

The following table provides information on the types of credit derivatives sold by us and held on the balance sheet at December 31, 2025, and December 31, 2024. 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. 
 20252024
December 31,
Dollars in millions
Notional
Amount		Average
Term
(Years)		Payment /
Performance
Risk 		Notional
Amount		Average
Term
(Years)		Payment /
Performance
Risk
Other$9 3.621.76 %$2 7.642.03 %
Total credit derivatives sold$9 — — $2 — — 
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 December 31, 2025, KeyBank’s rating was “Baa1” with Moody’s and “BBB+” with S&P, and KeyCorp’s rating was “Baa2” with Moody’s and “BBB” with S&P. Refer to the table below for the aggregate fair value of all derivative contracts with credit risk contingent features held by KeyBank that were in a net liability position.

Dollars in millionsDecember 31, 2025December 31, 2024
Net derivative liabilities with credit-risk contingent features

$(49)$(83)
Collateral posted49 80 

As of December 31, 2025, and December 31, 2024, 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 December 31, 2025 and December 31, 2024, only KeyBank held derivative contacts with credit risk contingent features.
v3.25.4
Mortgage Servicing Assets
 12 Months Ended
Dec. 31, 2025
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 for 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.”
Commercial

Changes in the carrying amount of commercial mortgage servicing assets are summarized as follows:
Year ended December 31,
Dollars in millions
20252024
Balance at beginning of period$609 $638 
Servicing retained from loan sales83 67 
Purchases11 28 
Amortization(125)(124)
Balance at end of period$578 $609 
Fair value at end of period$736 $819 

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 fair value our commercial mortgage servicing assets along with the valuation techniques, are shown in the following table:

dollars in millionsDecember 31, 2025December 31, 2024
Valuation Technique
Significant
Unobservable Input
RangeWeighted-AverageRangeWeighted-Average
Discounted cash flowExpected defaults1.00 %2.00 %1.01 %1.00 %2.00 %1.01 %
Residual cash flows discount rate6.96 %10.84 %10.58 %7.00 %10.61 %10.31 %
Escrow earn rate3.94 %4.09 %4.08 %4.62 %4.70 %4.69 %
Prepayment rate8.00 %45.00 %10.05 %8.00 %45.00 %10.29 %

If these economic assumptions change or prove incorrect, the fair value of commercial mortgage servicing assets may also change. Expected credit losses, escrow earn 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 earn 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 impact the valuation of our commercial mortgage servicing assets. Unlike residential mortgages, commercial mortgages experience significantly lower prepayments due to certain contractual restrictions impacting the borrower’s ability to prepay the mortgage.

The sensitivity of the fair value of commercial mortgage servicing assets to adverse fluctuations in key assumptions as of December 31, 2025, is presented below:

Dollars in millions
2025
Key assumptions:
Escrow earn rate assumptions4.08 %
Effect on fair value from 10% adverse change$(29)
Effect on fair value from 20% adverse change(57)
Discount rate assumptions10.58 %
Effect on fair value from 10% adverse change$(19)
Effect on fair value from 20% adverse change(36)
Default rate assumptions1.01 %
Effect on fair value from 10% adverse change$(2)
Effect on fair value from 20% adverse change(3)
Prepayment rate assumptions10.05 %
Effect on fair value from 10% adverse change$(6)
Effect on fair value from 20% adverse change(13)

The sensitivity calculations above are hypothetical and should not be considered to be predictive of future performance. Changes in fair value based on adverse changes in assumptions generally cannot be extrapolated because the relationship of the change in assumption to the change in fair value may not be linear. Also, the
effect of an adverse variation in a particular assumption on the fair value is calculated without changing any other assumption, while in reality changes in one factor may result in changes in another, which may either magnify or counteract the effect of the change.

Assumptions and information for originated mortgage servicing right additions for the year ended December 31, 2025 are shown in the following table:

Dollars in millions
2025
Unpaid principal balance of loans sold during the period$8,511 
Pretax gains related to the sale of mortgage loans131 
Weighted average servicing fee rate0.16 %
Weighted average assumptions:
Escrow earn rate assumption4.88 %
Discount rate assumption9.82 %
Default rate assumption1.04 %
Prepayment rate assumption12.71 %

The amortization of commercial mortgage 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 $400 million for the year ended December 31, 2025, $382 million for the year ended December 31, 2024, and $314 million for the year ended December 31, 2023. This fee income was partially offset by $125 million of amortization for the year ended December 31, 2025, $124 million for the year ended December 31, 2024, and $123 million for the year ended December 31, 2023. Both the contractual fee income and the amortization are recorded, net, in “commercial mortgage servicing fees” on the income statement.

Residential

Changes in the carrying amount of residential mortgage servicing assets are summarized as follows:
Dollars in millions20252024
Balance at beginning of period
$111 $108 
Servicing retained from loan sales
14 13 
Amortization(12)(11)
Temporary recoveries (impairments)— 1 
Balance at end of period$113 $111 
Fair value at end of period
$137 $138 

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 December 31, 2025, and December 31, 2024, along with the valuation techniques, are shown in the following table:
December 31, 2025December 31, 2024
Valuation Technique
Significant
Unobservable Input
RangeWeighted-AverageRangeWeighted-Average
Discounted cash flowPrepayment speed6.01 %33.07 %8.33 %5.42 %46.30 %7.69 %
Discount rate6.50 %8.75 %6.62 %6.50 %8.75 %6.61 %
Servicing cost$70.00 $4,332 $76.47 $70.00 $4,332 $75.99 
If these economic assumptions change or prove incorrect, the fair value of residential mortgage servicing assets may also change. Prepayment speed, discount rates, and servicing cost    are critical to the valuation of residential mortgage servicing assets. Estimates of these assumptions are based on how a market participant would view the respective rates and reflect historical data associated with the residential mortgage loans, industry trends, and other considerations. Actual rates may differ from those estimated due to changes in a variety of economic factors. An increase in the prepayment speed would cause a decrease in the fair value of our residential mortgage servicing assets. An increase in the assigned discount rates and servicing cost assumptions would cause a decrease in the fair value of our residential mortgage servicing assets.
The sensitivity of the fair value of residential mortgage servicing assets to adverse fluctuations in key assumptions as of December 31, 2025, is presented below:
Dollars in millions2025
Key Assumptions:
Prepayment speed8.33 %
Effect on Fair Value of a 10% adverse change$(4)
Effect on Fair Value of a 20% adverse change(8)
Discount rate6.62 %
Effect on Fair Value of a 10% adverse change$(4)
Effect on Fair Value of a 20% adverse change(7)

The sensitivity calculations above are hypothetical and should not be considered to be predictive of future performance. Changes in fair value based on adverse changes in assumptions generally cannot be extrapolated because the relationship of the change in assumption to the change in fair value may not be linear. Also, the
effect of an adverse variation in a particular assumption on the fair value is calculated without changing any other assumption, while in reality changes in one factor may result in changes in another, which may either magnify or counteract the effect of the change.

The amortization of residential servicing assets for December 31, 2025, 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 $41 million for the year ended December 31, 2025, $40 million for the year ended December 31, 2024, and $38 million for the year ended December 31, 2023. This fee income was offset by $12 million of amortization for the year ended December 31, 2025, $11 million for the year ended December 31, 2024, and $9 million for the year ended December 31, 2023. Both the contractual fee income and the amortization are recorded, net, in “consumer mortgage income” on the income statement.
v3.25.4
Leases
 12 Months Ended
Dec. 31, 2025
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.

Lessee

Our leases are classified as either operating or financing and have remaining terms ranging from 1 to 20 years with the exception of certain ground leases that have terms over 30 years although certain leases have extension or termination options. Lease payments are discounted using Key’s incremental borrowing rate, consistent with what Key would pay to borrow on a collateralized basis over a term similar to each lease. Certain lease payments are variable and are based on a contractually defined index or transaction volume.

Operating lease expense is recognized in "net occupancy" and "equipment" on the income statement. The components of lease expense and cash flows related to leases are summarized as follows:
Dollars in millionsDecember 31, 2025December 31, 2024December 31, 2023
Operating lease cost$118 $118 $122 
Variable lease cost20 21 19 
Finance lease cost— 1 1 
Total lease cost $138 $140 $142 
Cash paid for amounts included in the measurement of lease liabilities$129 $134 $136 
Right-of-use assets obtained in exchange for lease obligations91 70 65 


Additional balance sheet information related to leases is summarized as follows:
Dollars in millionsBalance sheet classificationDecember 31, 2025December 31, 2024
Right-of-use assetsAccrued income and other assets$444 $453 
Operating lease liabilitiesAccrued expense and other liabilities484 506 
Information pertaining to the lease term and weighted-average discount rate, and maturities of operating lease liabilities are summarized as follows:
Dollars in millionsDecember 31, 2025
2026$127 
2027117 
202895 
202972 
203049 
Thereafter78 
Total lease payments$538 
Less imputed interest54 
Total operating lease liabilities$484 
December 31, 2025December 31, 2024
Weighted-average remaining lease term (years)5.375.42
Weighted-average discount rate3.72 %3.40 %

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 Consolidated Statements of Income. Income related to operating leases is recognized in “operating lease income and other leasing gains” on the Consolidated Statements of Income. The components of equipment leasing income are summarized in the table below:
Dollars in millionsDecember 31, 2025December 31, 2024December 31, 2023
Sales-type and direct financing leases
Interest income on lease receivable$54 $69 $78 
 Interest income related to accretion of unguaranteed residual asset7 9 13 
 Interest income on deferred fees and costs21 20 4 
Total sales-type and direct financing lease income82 98 95 
Operating leases
Operating lease income related to lease payments43 68 84 
Other operating leasing gains and (losses)— 8 8 
Total operating lease income and other leasing gains43 76 92 
Total lease income$125 $174 $187 

Equipment leasing receivables relate to sales-type and direct financing leases. The composition of the net investment in sales-type and direct financing leases is as follows:
Dollars in millionsDecember 31, 2025December 31, 2024
Lease receivables$1,916 $2,345 
Unearned income(276)(270)
Unguaranteed residual value454 421 
Deferred fees and costs5 1 
Net investment in sales-type and direct financing leases$2,099 $2,497 

The residual value component of a lease represents the fair value of the leased asset at the end of the lease term. We rely on industry data, historical experience, independent appraisals and the experience of the equipment leasing asset management team to value lease residuals. Relationships with a number of equipment vendors give the asset management team insight into the life cycle of the leased equipment, pending product upgrades and competing products. Key assesses net investments in leases, including residual values, for impairment and recognizes any impairment losses in accordance with the impairment guidance for financial instruments. The carrying amount of residual assets covered by residual value guarantees at December 31, 2025, and December 31, 2024, was $269 million and $238 million, respectively.
At December 31, 2025, minimum future lease payments to be received for leases are as follows:
Dollars in millionsSales-type and direct financing lease paymentsOperating lease payments
2026$583 $27 
2027410 19 
2028256 10 
2029182 5 
2030141 4 
Thereafter344 14 
Total lease payments$1,916 $79 

The carrying amount of operating lease assets at December 31, 2025 and December 31, 2024, was $153 million and $224 million, respectively.
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.

Lessee

Our leases are classified as either operating or financing and have remaining terms ranging from 1 to 20 years with the exception of certain ground leases that have terms over 30 years although certain leases have extension or termination options. Lease payments are discounted using Key’s incremental borrowing rate, consistent with what Key would pay to borrow on a collateralized basis over a term similar to each lease. Certain lease payments are variable and are based on a contractually defined index or transaction volume.

Operating lease expense is recognized in "net occupancy" and "equipment" on the income statement. The components of lease expense and cash flows related to leases are summarized as follows:
Dollars in millionsDecember 31, 2025December 31, 2024December 31, 2023
Operating lease cost$118 $118 $122 
Variable lease cost20 21 19 
Finance lease cost— 1 1 
Total lease cost $138 $140 $142 
Cash paid for amounts included in the measurement of lease liabilities$129 $134 $136 
Right-of-use assets obtained in exchange for lease obligations91 70 65 


Additional balance sheet information related to leases is summarized as follows:
Dollars in millionsBalance sheet classificationDecember 31, 2025December 31, 2024
Right-of-use assetsAccrued income and other assets$444 $453 
Operating lease liabilitiesAccrued expense and other liabilities484 506 
Information pertaining to the lease term and weighted-average discount rate, and maturities of operating lease liabilities are summarized as follows:
Dollars in millionsDecember 31, 2025
2026$127 
2027117 
202895 
202972 
203049 
Thereafter78 
Total lease payments$538 
Less imputed interest54 
Total operating lease liabilities$484 
December 31, 2025December 31, 2024
Weighted-average remaining lease term (years)5.375.42
Weighted-average discount rate3.72 %3.40 %

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 Consolidated Statements of Income. Income related to operating leases is recognized in “operating lease income and other leasing gains” on the Consolidated Statements of Income. The components of equipment leasing income are summarized in the table below:
Dollars in millionsDecember 31, 2025December 31, 2024December 31, 2023
Sales-type and direct financing leases
Interest income on lease receivable$54 $69 $78 
 Interest income related to accretion of unguaranteed residual asset7 9 13 
 Interest income on deferred fees and costs21 20 4 
Total sales-type and direct financing lease income82 98 95 
Operating leases
Operating lease income related to lease payments43 68 84 
Other operating leasing gains and (losses)— 8 8 
Total operating lease income and other leasing gains43 76 92 
Total lease income$125 $174 $187 

Equipment leasing receivables relate to sales-type and direct financing leases. The composition of the net investment in sales-type and direct financing leases is as follows:
Dollars in millionsDecember 31, 2025December 31, 2024
Lease receivables$1,916 $2,345 
Unearned income(276)(270)
Unguaranteed residual value454 421 
Deferred fees and costs5 1 
Net investment in sales-type and direct financing leases$2,099 $2,497 

The residual value component of a lease represents the fair value of the leased asset at the end of the lease term. We rely on industry data, historical experience, independent appraisals and the experience of the equipment leasing asset management team to value lease residuals. Relationships with a number of equipment vendors give the asset management team insight into the life cycle of the leased equipment, pending product upgrades and competing products. Key assesses net investments in leases, including residual values, for impairment and recognizes any impairment losses in accordance with the impairment guidance for financial instruments. The carrying amount of residual assets covered by residual value guarantees at December 31, 2025, and December 31, 2024, was $269 million and $238 million, respectively.
At December 31, 2025, minimum future lease payments to be received for leases are as follows:
Dollars in millionsSales-type and direct financing lease paymentsOperating lease payments
2026$583 $27 
2027410 19 
2028256 10 
2029182 5 
2030141 4 
Thereafter344 14 
Total lease payments$1,916 $79 

The carrying amount of operating lease assets at December 31, 2025 and December 31, 2024, was $153 million and $224 million, respectively.
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.

Lessee

Our leases are classified as either operating or financing and have remaining terms ranging from 1 to 20 years with the exception of certain ground leases that have terms over 30 years although certain leases have extension or termination options. Lease payments are discounted using Key’s incremental borrowing rate, consistent with what Key would pay to borrow on a collateralized basis over a term similar to each lease. Certain lease payments are variable and are based on a contractually defined index or transaction volume.

Operating lease expense is recognized in "net occupancy" and "equipment" on the income statement. The components of lease expense and cash flows related to leases are summarized as follows:
Dollars in millionsDecember 31, 2025December 31, 2024December 31, 2023
Operating lease cost$118 $118 $122 
Variable lease cost20 21 19 
Finance lease cost— 1 1 
Total lease cost $138 $140 $142 
Cash paid for amounts included in the measurement of lease liabilities$129 $134 $136 
Right-of-use assets obtained in exchange for lease obligations91 70 65 


Additional balance sheet information related to leases is summarized as follows:
Dollars in millionsBalance sheet classificationDecember 31, 2025December 31, 2024
Right-of-use assetsAccrued income and other assets$444 $453 
Operating lease liabilitiesAccrued expense and other liabilities484 506 
Information pertaining to the lease term and weighted-average discount rate, and maturities of operating lease liabilities are summarized as follows:
Dollars in millionsDecember 31, 2025
2026$127 
2027117 
202895 
202972 
203049 
Thereafter78 
Total lease payments$538 
Less imputed interest54 
Total operating lease liabilities$484 
December 31, 2025December 31, 2024
Weighted-average remaining lease term (years)5.375.42
Weighted-average discount rate3.72 %3.40 %

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 Consolidated Statements of Income. Income related to operating leases is recognized in “operating lease income and other leasing gains” on the Consolidated Statements of Income. The components of equipment leasing income are summarized in the table below:
Dollars in millionsDecember 31, 2025December 31, 2024December 31, 2023
Sales-type and direct financing leases
Interest income on lease receivable$54 $69 $78 
 Interest income related to accretion of unguaranteed residual asset7 9 13 
 Interest income on deferred fees and costs21 20 4 
Total sales-type and direct financing lease income82 98 95 
Operating leases
Operating lease income related to lease payments43 68 84 
Other operating leasing gains and (losses)— 8 8 
Total operating lease income and other leasing gains43 76 92 
Total lease income$125 $174 $187 

Equipment leasing receivables relate to sales-type and direct financing leases. The composition of the net investment in sales-type and direct financing leases is as follows:
Dollars in millionsDecember 31, 2025December 31, 2024
Lease receivables$1,916 $2,345 
Unearned income(276)(270)
Unguaranteed residual value454 421 
Deferred fees and costs5 1 
Net investment in sales-type and direct financing leases$2,099 $2,497 

The residual value component of a lease represents the fair value of the leased asset at the end of the lease term. We rely on industry data, historical experience, independent appraisals and the experience of the equipment leasing asset management team to value lease residuals. Relationships with a number of equipment vendors give the asset management team insight into the life cycle of the leased equipment, pending product upgrades and competing products. Key assesses net investments in leases, including residual values, for impairment and recognizes any impairment losses in accordance with the impairment guidance for financial instruments. The carrying amount of residual assets covered by residual value guarantees at December 31, 2025, and December 31, 2024, was $269 million and $238 million, respectively.
At December 31, 2025, minimum future lease payments to be received for leases are as follows:
Dollars in millionsSales-type and direct financing lease paymentsOperating lease payments
2026$583 $27 
2027410 19 
2028256 10 
2029182 5 
2030141 4 
Thereafter344 14 
Total lease payments$1,916 $79 

The carrying amount of operating lease assets at December 31, 2025 and December 31, 2024, was $153 million and $224 million, respectively.
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.

Lessee

Our leases are classified as either operating or financing and have remaining terms ranging from 1 to 20 years with the exception of certain ground leases that have terms over 30 years although certain leases have extension or termination options. Lease payments are discounted using Key’s incremental borrowing rate, consistent with what Key would pay to borrow on a collateralized basis over a term similar to each lease. Certain lease payments are variable and are based on a contractually defined index or transaction volume.

Operating lease expense is recognized in "net occupancy" and "equipment" on the income statement. The components of lease expense and cash flows related to leases are summarized as follows:
Dollars in millionsDecember 31, 2025December 31, 2024December 31, 2023
Operating lease cost$118 $118 $122 
Variable lease cost20 21 19 
Finance lease cost— 1 1 
Total lease cost $138 $140 $142 
Cash paid for amounts included in the measurement of lease liabilities$129 $134 $136 
Right-of-use assets obtained in exchange for lease obligations91 70 65 


Additional balance sheet information related to leases is summarized as follows:
Dollars in millionsBalance sheet classificationDecember 31, 2025December 31, 2024
Right-of-use assetsAccrued income and other assets$444 $453 
Operating lease liabilitiesAccrued expense and other liabilities484 506 
Information pertaining to the lease term and weighted-average discount rate, and maturities of operating lease liabilities are summarized as follows:
Dollars in millionsDecember 31, 2025
2026$127 
2027117 
202895 
202972 
203049 
Thereafter78 
Total lease payments$538 
Less imputed interest54 
Total operating lease liabilities$484 
December 31, 2025December 31, 2024
Weighted-average remaining lease term (years)5.375.42
Weighted-average discount rate3.72 %3.40 %

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 Consolidated Statements of Income. Income related to operating leases is recognized in “operating lease income and other leasing gains” on the Consolidated Statements of Income. The components of equipment leasing income are summarized in the table below:
Dollars in millionsDecember 31, 2025December 31, 2024December 31, 2023
Sales-type and direct financing leases
Interest income on lease receivable$54 $69 $78 
 Interest income related to accretion of unguaranteed residual asset7 9 13 
 Interest income on deferred fees and costs21 20 4 
Total sales-type and direct financing lease income82 98 95 
Operating leases
Operating lease income related to lease payments43 68 84 
Other operating leasing gains and (losses)— 8 8 
Total operating lease income and other leasing gains43 76 92 
Total lease income$125 $174 $187 

Equipment leasing receivables relate to sales-type and direct financing leases. The composition of the net investment in sales-type and direct financing leases is as follows:
Dollars in millionsDecember 31, 2025December 31, 2024
Lease receivables$1,916 $2,345 
Unearned income(276)(270)
Unguaranteed residual value454 421 
Deferred fees and costs5 1 
Net investment in sales-type and direct financing leases$2,099 $2,497 

The residual value component of a lease represents the fair value of the leased asset at the end of the lease term. We rely on industry data, historical experience, independent appraisals and the experience of the equipment leasing asset management team to value lease residuals. Relationships with a number of equipment vendors give the asset management team insight into the life cycle of the leased equipment, pending product upgrades and competing products. Key assesses net investments in leases, including residual values, for impairment and recognizes any impairment losses in accordance with the impairment guidance for financial instruments. The carrying amount of residual assets covered by residual value guarantees at December 31, 2025, and December 31, 2024, was $269 million and $238 million, respectively.
At December 31, 2025, minimum future lease payments to be received for leases are as follows:
Dollars in millionsSales-type and direct financing lease paymentsOperating lease payments
2026$583 $27 
2027410 19 
2028256 10 
2029182 5 
2030141 4 
Thereafter344 14 
Total lease payments$1,916 $79 

The carrying amount of operating lease assets at December 31, 2025 and December 31, 2024, was $153 million and $224 million, respectively.
v3.25.4
Premises and Equipment
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Premises and Equipment
10. Premises and Equipment

Premises and Equipment

Our premises and equipment consisted of the following:
December 31,
Dollars in millions
Useful life (in years)
20252024
LandIndefinite$111 $111 
Buildings and improvements
15-40
655 644 
Leasehold improvements
1-15
575 556 
Furniture and equipment
2-15
757 787 
Capitalized building leases
   1-14 (a)
18 18 
Construction in processN/A42 24 
Total premises and equipment2,158 2,140 
Less: Accumulated depreciation and amortization(1,530)(1,526)
Premises and equipment, net$628 $614 
(a)Capitalized building and equipment leases are amortized over the lesser of the useful life of asset or lease term.

Depreciation and amortization expense related to premises and equipment for the years ended December 31, 2025, December 31, 2024, and December 31, 2023 was $87 million, $91 million, and $89 million, respectively. This includes amortization of assets under capital leases.

Software

Eligible costs related to computer software developed or obtained for internal use that add functionality, improve efficiency or extend the useful life of a system are capitalized. Amortization of capitalized software begins when it is ready for its intended use, which is after all substantial testing is completed. Capitalized costs are amortized using the straight-line or accelerated method over its useful life. Balances are included in “Accrued income and other assets”.

Key had capitalized software assets, including internally-developed and purchased software and costs associated with certain cloud computing arrangements of $692 million and $597 million and related accumulated amortization of $399 million and $308 million as of December 31, 2025, and December 31, 2024, respectively. This includes in-process software that has not started amortizing. Amortization expense related to internal-use software for the years ended December 31, 2025, December 31, 2024, and December 31, 2023, was $93 million, $84 million, and $78 million, respectively.
v3.25.4
Goodwill and Other Intangible Assets
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets
11. Goodwill and Other Intangible Assets
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. The reporting units at which goodwill is tested for impairment are the Consumer Bank, Commercial Bank and Institutional Bank reporting units. The Commercial Bank and Institutional Bank reporting units are aggregated within Key’s overall Commercial Bank reporting segment. 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.”

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 for purposes of goodwill impairment testing. As a result, interim 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 interim 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 utilized a combination of market and income approaches to calculate the estimated fair values of our reporting units. We determined in that interim quantitative test that the estimated fair value of the Consumer Bank reporting unit was 18% greater than its carrying amount, the estimated fair value of the Commercial Bank reporting unit was 25% greater than its carrying amount, and the estimated fair value of the Institutional Bank reporting unit was 34% greater than its carrying amount. The carrying amounts of the reporting units represent the average equity based on blended capital for goodwill impairment testing and management reporting purposes. Based on the results of the 2024 interim quantitative test, there was no goodwill impairment. This was the most recent quantitative goodwill test performed by Key.

For our latest annual impairment test, we conducted a qualitative test as of October 1, 2025. This test involved reviewing updated internal forecasts, evaluating market data, assessing reasonableness of critical assumptions used in the last quantitative goodwill impairment test as of February 29, 2024 and considering recent transactions and events that could impact the goodwill at each reporting unit. Key concluded it was not more likely than not that goodwill was impaired as of October 1, 2025, our annual testing date.

Additionally, we monitored events and circumstances during the period from October 1, 2025 through December 31, 2025, including an evaluation of macroeconomic and market factors, industry and banking sector events, Key specific performance indicators and updated management forecasts. Based on these considerations, we concluded that it was not more-likely-than-not that goodwill was impaired as of December 31, 2025.

Changes in the carrying amount of goodwill by reporting segment are presented in the following table:
Dollars in millionsConsumer BankCommercial Bank
Total(a)
BALANCE AT DECEMBER 31, 2023$1,819 $933 $2,752 
BALANCE AT DECEMBER 31, 20241,819 933 2,752 
BALANCE AT DECEMBER 31, 2025$1,819 $933 $2,752 
(a) There were no accumulated impairment losses related to any of Key’s reporting units at December 31, 2025, December 31, 2024, and December 31, 2023.
The following table shows the gross carrying amount and the accumulated amortization of intangible assets subject to amortization:
 20252024
December 31,
Dollars in millions
Gross Carrying
Amount		Accumulated
Amortization
Gross Carrying
Amount
Accumulated
Amortization
Intangible assets subject to amortization:
Core deposit intangibles$356 $352 $356 $342 
PCCR intangibles16 16 16 16 
Other intangible assets154 150 154 141 
Total$526 $518 $526 $499 
The following table presents estimated intangible asset amortization expense for the next five years.

Estimated
Dollars in millions20262027202820292030
Intangible asset amortization expense $7 $1 $— $— $— 
v3.25.4
Variable Interest Entities
 12 Months Ended
Dec. 31, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Variable Interest Entities
12. Variable Interest Entities

A VIE is a partnership, limited liability company, trust, or other legal entity that meets any one of the following criteria:
 
•The entity does not have sufficient equity to conduct its activities without additional subordinated financial support from another party.
•The entity’s investors lack the power to direct the activities that most significantly impact the entity’s economic performance.
•The entity’s equity at risk holders do not have the obligation to absorb losses or the right to receive residual returns.
•The voting rights of some investors are not proportional to their economic interests in the entity, and substantially all of the entity’s activities involve, or are conducted on behalf of, investors with disproportionately few voting rights.

In the normal course of business, we engage in a variety of activities that involve VIEs. We evaluate our interests in VIEs to determine whether Key is the primary beneficiary and should consolidate the entity.

LIHTC investments. Through KCDC, we have made investments directly and indirectly in LIHTC operating partnerships formed by third parties. As a limited partner in these operating partnerships, we are allocated tax credits and deductions associated with the underlying properties. We have determined that we are not the primary beneficiary of these investments because the general partners have the power to direct the activities that most significantly influence the economic performance of their respective partnerships and have the obligation to absorb expected losses and the right to receive residual returns. As we are not the primary beneficiary of these investments, we do not consolidate them.

Through KCIC, formed as a wholly-owned subsidiary of KeyBank National Association, we create funds that hold interests in LIHTC investments. KCIC is the managing member of the fund. We have determined that we are not the primary beneficiary of the fund because although we have the power to direct the activities that most significantly influence its economic performance, we do not have benefits that could potentially be deemed significant to the fund. Therefore, we do not consolidate the fund.

Our maximum exposure to loss in connection with these partnerships consists of our unamortized investment balance plus any unfunded equity commitments and tax credits claimed but subject to recapture. We had $2.4 billion and $2.5 billion of investments in LIHTC operating partnerships at December 31, 2025, and December 31, 2024, 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 is remote. For all legally binding unfunded equity commitments, we increase our recognized investment and recognize a liability. As of December 31, 2025, and December 31, 2024, 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 expense 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 December 31, 2025, and December 31, 2024. As these investments represent unconsolidated VIEs, the assets and liabilities of the investments themselves are not recorded on our Consolidated Balance Sheets.
 Unconsolidated VIEs
Dollars in millions
Total
Assets
Total
Liabilities
Maximum
Exposure to Loss
December 31, 2025
LIHTC investments$11,212 $5,026 $2,913 
December 31, 2024
LIHTC investments$9,901 $4,468 $2,996 

We had $18 million and $29 million in NMTC investments at December 31, 2025 and December 31, 2024, 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 twelve months ended December 31, 2025, we recognized $268 million of amortization, $258 million of tax credits and $65 million of other tax benefits associated with these investments within “income taxes” on our income statement. During the twelve months ended December 31, 2024, we recognized $234 million of amortization, $223 million of tax credits and $56 million of other tax benefits associated with these investments within “income taxes” on our income statement.

Principal investments. Through our principal investing entity, KCC, we have made investments in private equity funds engaged in venture- and growth-oriented investing. As a limited partner to these funds, KCC records these investments at fair value and receives distributions from the funds in accordance with the funds’ partnership agreements. We are not the primary beneficiary of these investments as we do not hold the power to direct the activities that most significantly affect the funds’ economic performance. Such power rests with the funds’ general partners. In addition, we neither have the obligation to absorb the funds’ expected losses nor the right to receive their residual returns. Our voting rights are also disproportionate to our economic interests, and substantially all of the funds’ activities are conducted on behalf of investors with disproportionately few voting rights. Because we are not the primary beneficiary of these investments, we do not consolidate them.

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 $9 million and $14 million at December 31, 2025, and December 31, 2024, respectively. These investments are recorded in “other investments” on our Consolidated Balance Sheets. Additional information on indirect principal investments is provided in Note 5 (“Fair Value Measurements”). 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 December 31, 2025.
 Unconsolidated VIEs
Dollars in millions
Total
Assets
Total
Liabilities
Maximum
Exposure to Loss
December 31, 2025
Indirect investments$1,858 $3 $10 
December 31, 2024
Indirect investments$2,352 $3 $15 

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. In return for providing services to our direct investment funds, these entities’ receive a minority equity interest in the funds. This minority equity ownership is recorded at fair value on the entities’ financial statements. Additional information on our direct principal investments is provided in Note 5 (“Fair Value Measurements”). While other equity investors manage the daily operations of these entities, we retain the power, through voting rights, to direct the activities of the entities that most significantly impact their economic performance. In addition, we have the obligation to absorb losses and the right to receive residual returns that could potentially be significant to these entities. As a result, we have determined that we are the primary beneficiary of these funds and have consolidated them since formation. The entities had no liabilities at December 31, 2025, and December 31, 2024, and other equity investors have no recourse to our general credit.

Other unconsolidated VIEs. We are involved with other various entities in the normal course of business which we have determined to be VIEs, and include investments in Small Business Investment Companies, Historic Tax Credit Investments, certain equity method investments, and other miscellaneous investments. 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 December 31, 2025, and December 31, 2024.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. Our maximum exposure to loss is equal to the value of the assets recorded. Of the total balance as of December 31, 2025, $74 million related to the purchase of senior notes from a securitization collateralized by sold indirect auto loans. In addition, where we only have a lending arrangement in the normal course of business with unconsolidated VIEs we present the balances related to the lending arrangements in Note 4 (“Asset Quality”).
Other unconsolidated VIEs
Dollars in millionsTotal AssetsTotal Liabilities
December 31, 2025
Other unconsolidated VIEs$508 $— 
December 31, 2024
Other unconsolidated VIEs$733 $1 
v3.25.4
Income Taxes
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes
13. Income Taxes
Income taxes included in the income statement are summarized below. We file a consolidated federal income tax return.
Year ended December 31,
Dollars in millions
202520242023
Currently payable:
Federal$391 $211 $257 
State82 (3)48 
Total currently payable$473 $208 $305 
Deferred:
Federal$(10)$(307)$(84)
State13 (44)(25)
Total deferred3 (351)(109)
Total income tax (benefit) expense (a)
$476 $(143)$196 
(a)There was income tax (benefit) expense on securities transactions of $(1) million in 2025, $(445) million in 2024, and $(3) million in 2023. Income tax expense excludes equity- and gross receipts-based taxes, which are assessed in lieu of an income tax in certain states in which we operate. These non-income taxes, which are recorded in “noninterest expense” on the income statement, totaled $43 million in 2025, $32 million in 2024, and $34 million in 2023.

Significant components of our deferred tax assets and liabilities included in “accrued income and other assets” on our Consolidated Balance Sheets, are as follows:
December 31,
Dollars in millions
20252024
Allowance for loan and lease losses$422 $411 
Employee benefits212 209 
Net unrealized securities losses566 1,045 
Federal tax credits226 303 
Non-tax accruals79 109 
Operating lease liabilities121 127 
State net operating losses and credits5 20 
Partnership investments91 79 
Other137 149 
Gross deferred tax assets1,859 2,452 
Less: Valuation Allowance5 15 
Total deferred tax assets$1,854 $2,437 
Leasing transactions$306 $378 
State taxes25 76 
Operating lease right-of-use assets112 114 
Goodwill195 178 
Other67 68 
Total deferred tax liabilities705 814 
Net deferred tax assets (liabilities) (a)
$1,149 $1,623 
(a)From continuing operations.
We conduct quarterly assessments of all available evidence to determine the amount of deferred tax assets that are more-likely-than-not to be realized, and therefore recorded. The available evidence used in connection with these assessments includes taxable income in prior periods, projected future taxable income, potential tax-planning strategies, and projected future reversals of deferred tax items. These assessments involve a degree of subjectivity and may undergo significant change.

At December 31, 2025, we had net capital loss carryforwards of $4 million for which we have recorded $4 million of valuation allowances. The capital loss carryforwards, if not utilized, will expire beginning in 2027. Realization of this tax benefit is dependent upon Key's ability to generate sufficient capital gain in an appropriate tax year to offset the capital loss carryforward. Currently, generation of sufficient gain income is uncertain.

At December 31, 2025, we had no federal net operating loss carryforwards and federal credit carryforwards of $226 million. The federal credit carryforward consists of general business credits generated of $226 million, which expire in 2045, under the Internal Revenue Code. We currently expect to fully utilize these credits.

We had state net operating loss carryforwards of $80 million, resulting in a net state deferred tax asset of $3 million, for which we have recorded $1 million of valuation allowances, and state credit carryforwards of $2 million. If not utilized, the state net operating losses and state tax credits begin to expire in 2027 and 2029, respectively. We currently do not expect to utilize the state net operating losses for which we have recorded a valuation allowance. We currently expect to fully utilize these state credits.

The following table shows how our total income tax expense (benefit) and the resulting effective tax rate were derived:
Year ended December 31,
Dollars in millions
202520242023
AmountRateAmountRateAmountRate
Income (loss) before income taxes times 21% statutory federal tax rate$484 21.0 %$(64)21.0 %$244 21.0 %
State and local income taxes, net of federal income tax effect(a)
75 3.3 (33)10.8 13 1.1 
Tax credits
Low-income housing/New markets(252)(10.9)(211)69.1 (196)(16.9)
Change in valuation allowances(2)(.1)3 (1.0)— — 
Nontaxable or nondeductible items
Tax-exempt interest income(27)(1.2)(27)8.8 (35)(3.0)
Corporate-owned life insurance income(29)(1.3)(29)9.5 (28)(2.4)
Share-based compensation expense(2)(.1)5 (1.6)1 .1 
Federal deposit insurance20 .9 25 (8.2)22 1.9 
Amortization of tax-advantaged investments212 9.2 185 (60.5)171 14.7 
Other permanent differences(3)(.1)7 (2.4)(1)(.1)
Changes in reserves of tax positions— — (4)1.3 5 .4 
Total income tax expense (benefit)$476 20.7 %$(143)46.6 %$196 16.9 %
(a)In 2025, New York, New York City, California, and Illinois comprised the majority of the state and local income taxes, net of federal income tax effect. In 2024, New York, New York City, California, Illinois, and Oregon comprised the majority of this category. In 2023, New York, New York City, California, and Illinois comprised the majority of this category.
The following table shows income taxes paid, net of refunds. Amounts presented for individual jurisdictions represented 5% or more of total income taxes paid, net of refunds, for each respective year.
Year ended December 31,
Dollars in millions
202520242023
U.S. Federal$51 $30 $119 
U.S. state and local
California5 — 11 
Illinois— 4 — 
New Jersey— 6 — 
New York City7 — 9 
New York State— — (16)
Other8 28 33 
Total$71 $68 $156 

Liability for Unrecognized Tax Benefits
The change in our liability for unrecognized tax benefits is as follows:
Year ended December 31,
Dollars in millions
202520242023
Balance at beginning of year$39 $45 $40 
Increase for other tax positions of prior years— — 5 
Decrease for payments and settlements— (3)— 
Decrease related to tax positions taken in prior years(36)(3)— 
Balance at end of year$3 $39 $45 

Each quarter, we review the amount of unrecognized tax benefits recorded in accordance with the applicable accounting guidance. Any adjustment to unrecognized tax benefits is recorded in income tax expense. The amount of unrecognized tax benefits that, if recognized, would affect our effective tax rate was $3 million at December 31, 2025, $39 million at December 31, 2024 and $45 million at December 31, 2023.

As permitted under the applicable accounting guidance, it is our policy to record interest and penalties related to unrecognized tax benefits in income tax expense. We recorded net interest benefit of $16 million, less than $1 million, and $4 million in 2025, 2024, and 2023, respectively. We did not recover any state tax penalties in 2025, 2024, or 2023. At December 31, 2025, we had $1 million accrued interest payable, compared to $1 million at December 31, 2024 and $0.6 million at December 31, 2023.
We file federal income tax returns, as well as returns in various state and foreign jurisdictions. We are subject to income tax examination by the IRS for the tax years 2020 and forward. Currently, we are under IRS audit for tax year 2020. We are not subject to income tax examinations by other tax authorities for years prior to 2016.
There were no unrecognized tax benefits presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss or a tax credit carryforward, at December 31, 2025, and December 31, 2024, respectively.
One Big Beautiful Bill Act (“OBBBA”)

On July 4, 2025, new U.S. tax legislation was signed into law, OBBBA, which makes permanent many of the tax provisions enacted in 2017 as part of the Tax Cuts and Jobs Act that were set to expire at the end of 2025. In addition, the OBBBA makes changes to certain U.S. corporate tax provisions, but many are generally not effective until 2026. Key does not expect any material change to our ongoing tax rate or any material impact on our results of operations.
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.
v3.25.4
Discontinued Operations
 12 Months Ended
Dec. 31, 2025
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations
14. Discontinued Operations

Discontinued operations includes our government-guaranteed and private education lending business.  At December 31, 2025, and December 31, 2024, approximately $205 million and $257 million, respectively, of education loans are included in discontinued assets on our 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.
v3.25.4
Stock-Based Compensation
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation
15. Stock-Based Compensation
We maintain several stock-based compensation plans, which are described below. Total compensation expense for these plans was $132 million for 2025, $104 million for 2024, and $121 million for 2023. The total income tax benefit recognized in the income statement for these plans was $32 million for 2025, $25 million for 2024, and $29 million for 2023.
Our compensation plans allow us to grant stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares, performance units, or other awards which may be denominated or payable in or valued by reference to our Common Shares or other factors, discounted stock purchases, and deferred compensation to eligible employees and directors. In 2019, shareholders approved the 2019 Equity Compensation Plan, under which 71,600,000 shares may be issued as equity awards. In 2023, shareholders approved an Amended and Restated 2019 Equity Compensation Plan, under which the number of shares that may be issued as equity awards was increased by 40,000,000 to 111,600,000. The Compensation and Organization Committee has authority to approve all stock option grants but may delegate some of its authority to grant awards from time to time. The committee has delegated to our Chief Executive Officer the authority to grant equity awards, including stock options, to any employee who is not designated an “officer” for purposes of Section 16 of the Exchange Act. No more than 3,000,000 Common Shares may be issued under this authority.
At December 31, 2025, we had 13,856,968 Common Shares available for future grant under our compensation plans. In accordance with a resolution adopted by the Compensation and Organization Committee of KeyCorp’s Board of Directors, we may not grant options to purchase Common Shares, restricted stock or other shares under any long-term compensation plan in an aggregate amount that exceeds 6% of our outstanding Common Shares in any rolling three-year period.
Long-Term Incentive Compensation Program
Our Long-Term Incentive Compensation Program (the “Program”) rewards senior executives and other employees critical to our long-term financial success. Awards are granted annually in a variety of forms:
 
•deferred cash payments that generally vest and are payable at the rate of 25% per year;
•time-lapsed (service condition) restricted stock units payable in stock or cash, which generally vest at the rate of 25% per year;
•performance units payable in cash, which vest at the end of the three-year performance cycle and will not vest unless Key attains defined performance levels and the service condition is met; and
•stock options that generally become exercisable at the rate of 25% per year.
During 2025, no performance units vested that were payable in stock and 36,078 performance units vested that were payable in cash. The total fair value of the performance units that vested in stock and cash during 2025 was zeroand $1 million, respectively. During 2024, 30,323 performance units vested that were payable in stock and 1,556,149 performance units vested that were payable in cash. The total fair value of the performance units that vested in stock and cash during 2024 totaled $1 million and $22 million, respectively.

The following table summarizes activity and pricing information for the nonvested shares in the Program for the year ended December 31, 2025.
 Vesting Contingent on
Service Conditions		Vesting Contingent on
Performance and Service
Conditions - Payable in Stock		Vesting Contingent on
Performance and Service
Conditions - Payable in Cash
  Number of
Nonvested
Shares		Weighted-
Average
Grant-Date
Fair Value		Number of
Nonvested
Shares		Weighted-
Average
Grant-Date
Fair Value		Number of
Nonvested
Shares		Weighted-
Average
Grant-Date
Fair Value
Outstanding at December 31, 202414,995,501 $17.66 1,440,087 $15.42 5,420,941 $19.70 
Granted7,306,761 17.72 68,991 15.42 1,575,553 20.82 
Vested(5,552,419)18.82 — — (36,078)19.02 
Forfeited(a)
(461,624)17.53 — — (3,682,521)18.52 
Outstanding at December 31, 202516,288,219 $17.27 1,509,078 $15.42 3,277,895 $20.99 
(a)Includes awards that did not vest
The compensation cost of time-lapsed and performance-based restricted stock or unit awards granted under the Program is calculated using the closing trading price of our Common Shares on the grant date (or the prior business day if the grant date is not a business day).
Unlike time-lapsed and performance-based restricted stock or units, we do not pay dividends during the vesting period for performance shares or units that may become payable in excess of targeted performance.
The weighted-average grant-date fair value of awards granted under the Program was $18.25 during 2025, $13.06 during 2024, and $17.81 during 2023. As of December 31, 2025, unrecognized compensation cost related to nonvested shares under the Program totaled $113 million. We expect to recognize this cost over a weighted-average period of 2.2 years. The total fair value of shares vested was $105 million in 2025, $130 million in 2024, and $133 million in 2023.
Stock Options
Stock options granted to employees generally become exercisable at the rate of 25% per year. No option granted by KeyCorp will be exercisable less than one year after, or expire later than ten years from, the grant date. The exercise price is 100-110% of the closing price of our Common Shares on the grant date (or the prior business day if the grant date is not a business day).
We determine the fair value of options granted using the Black-Scholes option-pricing model. This model was originally developed to determine the fair value of exchange-traded equity options, which (unlike employee stock options) have no vesting period or transferability restrictions. Because of these differences, the Black-Scholes model does not precisely value an employee stock option, but it is commonly used for this purpose. The model assumes that the estimated fair value of an option is amortized as compensation expense over the option’s vesting period.
The Black-Scholes model requires several assumptions, which we developed and update based on historical trends and current market observations. Our determination of the fair value of options is only as accurate as the underlying assumptions. The assumptions pertaining to options issued during 2025, 2024, and 2023 are shown in the following table.
Year ended December 31,202520242023
Average option life7.0 years7.0 years6.7 years
Future dividend yield4.55 %5.75 %4.28 %
Historical share price volatility.410 .422 .347 
Weighted-average risk-free interest rate4.5 %4.2 %3.9 %
The following table summarizes activity, pricing and other information for our stock options for the year ended December 31, 2025:
Number of
Options		Weighted-Average
Exercise Price Per
Option		Weighted-Average
Remaining Life (in years)
Aggregate
Intrinsic
Value(a)
Outstanding at December 31, 20244,378,773 $18.73 4.6$5 
Granted427,986 19.49 
Exercised(655,461)12.99 
Lapsed or canceled(281,661)19.75 
Outstanding at December 31, 20253,869,637 $19.71 5.1$7 
Expected to vest1,157,330 19.14 7.93 
Exercisable at December 31, 20252,672,495 $19.98 3.8$4 
(a)The intrinsic value of a stock option is the amount by which the fair value of the underlying stock exceeds the exercise price of the option.
The weighted-average grant-date fair value of options was $4.93 for options granted during 2025, $3.43 for options granted during 2024, and $4.23 for options granted during 2023. Stock option exercises numbered 655,461 in 2025, 819,268 in 2024, and 134,484 in 2023. The aggregate intrinsic value of exercised options was $4 million for 2025, $3 million for 2024, and $1 million for 2023. As of December 31, 2025, unrecognized compensation cost related to nonvested options under the plans totaled $1 million. We expect to recognize this cost over a weighted-average period of 2.3 years.
Cash received from options exercised was $8 million, $10 million, and $1 million in 2025, 2024, and 2023, respectively. The actual tax benefit realized for the tax deductions from options exercised was less than $1 million in 2025 and less than $1 million in 2024.
Deferred Compensation and Other Restricted Stock Awards
Our deferred compensation arrangements include voluntary and mandatory deferral programs for Common Shares awarded to certain employees and directors. Mandatory deferred incentive awards vest at the rate of 25% per year beginning one year after the deferral date. Deferrals under the voluntary programs are immediately vested.
We also may grant, upon approval by the Compensation and Organization Committee (or our Chief Executive Officer with respect to their delegated authority), other time-lapsed restricted stock or unit awards under various programs to recognize outstanding performance.
The following table summarizes activity and pricing information for the nonvested shares granted under our deferred compensation plans and these other restricted stock or unit award programs for the year ended December 31, 2025.
Number of
Nonvested
Shares		Weighted-Average
Grant-Date
Fair Value
Outstanding at December 31, 20242,296,263 $16.28 
Granted575,556 16.61 
Vested(854,963)18.29 
Forfeited(40,228)14.05 
Outstanding at December 31, 20251,976,628 $15.50 

The weighted-average grant-date fair value of awards granted was $16.61 during 2025, $15.69 during 2024, and $12.93 during 2023. As of December 31, 2025, unrecognized compensation cost related to nonvested shares granted under our deferred compensation plans and the other restricted stock or unit award programs totaled $9 million. We expect to recognize this cost over a weighted-average period of 2.5 years. The total fair value of shares vested was $16 million in 2025, $18 million in 2024, and $20 million in 2023.
Discounted Stock Purchase Plan
Our Discounted Stock Purchase Plan provides employees the opportunity to purchase our Common Shares at a 10% discount through payroll deductions. Purchases are limited to $10,000 in any month and $50,000 in any calendar year, and are immediately vested. To accommodate employee purchases, we issue treasury shares on or around the fifteenth day of the month following the month employee payments are received. We issued 430,033 Common Shares at a weighted-average cost to employees of $15.61 during 2025, 459,778 Common Shares at a weighted-average cost to employees of $13.96 during 2024, and 720,280 Common Shares at a weighted-average cost to employees of $10.62 during 2023.

Information pertaining to our method of accounting for stock-based compensation is included in Note 1 (“Summary of Significant Accounting Policies”) under the heading “Stock-Based Compensation.”
v3.25.4
Employee Benefits
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Employee Benefits
16. Employee Benefits
Pension Plans and Other Postretirement Benefit Plans
Key maintains a qualified cash balance pension plan and other nonqualified defined benefit plans. These plans are frozen and closed to new employees. We continue to credit participants’ existing account balances for interest until they receive their plan benefits. Plans provide benefits based upon length of service and compensation levels.
We also sponsor a retiree healthcare plan in which all employees age 55 with five years of service (or employees age 50 with 15 years of service who are terminated under conditions that entitle them to a severance benefit) are eligible to participate. Participant contributions are adjusted annually. Key may provide a subsidy toward the cost of coverage for certain employees hired before 2001 with a minimum of 15 years of service at the time of termination. We use a separate VEBA trust to fund the retiree healthcare plan.
Key utilizes its fiscal year-end as the measurement date for its pension and other postretirement employee benefit plans. Actuarial gains and losses are deferred and amortized over the future service periods of active employees. We determine the expected return on plan assets using a calculated market-related value of plan assets. Gain or loss amounts in AOCI are only amortized to the extent that they exceed 10% of the greater of the market-related value or the projected benefit obligation.
During 2025 and 2024, Key did not recognize a settlement loss. In 2023, we recognized a settlement loss for lump sum payments made under certain pension plans. In accordance with the applicable accounting guidance for defined benefit plans, we performed a remeasurement of the affected plans in conjunction with the settlement and recognized the settlement loss reflected in the following table.
Net pension cost is recorded within “other expense.” The components of net pension cost and the amount recognized in OCI for all funded and unfunded pension plans and postretirement benefit plan are as follows:
Year ended December 31,
Dollars in millions
Pension PlansPostretirement Benefit Plan
202520242023202520242023
Interest cost on PBO$43 $41 $45 $2 $2 $2 
Expected return on plan assets(44)(39)(42)(2)(2)(2)
Amortization of losses (gains)8 9 9 (1)(1)(1)
Amortization of prior service credit— — — (1)(1)(1)
Settlement loss— — 18 — — — 
Net pension cost$7 $11 $30 $(2)$(2)$(2)
Other changes in plan assets and benefit obligations recognized in OCI:
Net (gain) loss$6 $26 $26 $1 $1 $1 
Amortization of (gains)(8)6 (27)— — — 
Amortization of prior service credit— — — 1 1 1 
Total recognized in comprehensive income$(2)$32 $(1)$2 $2 $2 
Total recognized in net pension cost and comprehensive income$5 $43 $29 $— $— $— 

The information related to our pension plans and postretirement benefit plan presented in the following tables is based on current actuarial reports using measurement dates of December 31, 2025, and December 31, 2024.
The following table summarizes changes in the PBO and changes in the FVA related to our pension plans and post retirement benefit plan. Actuarial losses in 2025 associated with the postretirement benefit plan are a result of asset performance. Actuarial gains in 2024 associated with the pension plans were primarily driven by an increase in discount rates.
Year ended December 31,
Dollars in millions
Pension PlansPostretirement Benefit Plan
2025202420252024
PBO at beginning of year$846 $923 $41 $40 
Interest cost43 41 2 2 
Actuarial losses (gains)14 (34)7 6 
Plan participants’ contributions— — 2 1 
Benefit payments(81)(84)(8)(8)
PBO at end of year$822 $846 $44 $41 
FVA at beginning of year$805 $827 $41 $40 
Actual return on plan assets53 $49 9 $8 
Employer contributions13 $13 — $— 
Plan participants’ contributions— $— 2 $1 
Benefit payments(81)$(84)(8)$(8)
FVA at end of year$790 $805 $44 $41 

The following table summarizes the funded status of the pension plans, which equals the amounts recognized in the balance sheets at December 31, 2025, and December 31, 2024, as well as the amount of pre-tax AOCI not yet recognized as net pension cost for the pension plans and postretirement benefit plan. The postretirement benefit plan’s PBO equaled its FVA at both December 31, 2025, and December 31, 2024. Therefore, no asset or liability was recognized on our Consolidated Balance Sheets with respect to that plan.
December 31,
Dollars in millions
Pension PlansPostretirement Benefit Plan
2025202420252024
Funded status (a)
$(32)$(40)
Net prepaid pension cost recognized consists of:  
Noncurrent assets$85 $80 
Current liabilities(13)(13)
Noncurrent liabilities(104)(107)
Net prepaid pension cost recognized (b)
$(32)$(40)
Net unrecognized losses (gains)$329 $415 $(8)$(8)
Net unrecognized prior service credit— — (8)(9)
Total unrecognized AOCI$329 $415 $(16)$(17)
(a)The shortage of the FVA under the PBO.
(b)Represents the accrued benefit liability of the pension plans.
At December 31, 2025, our primary qualified cash balance pension plan was sufficiently funded under the requirements of ERISA. Consequently, we are not required to make a minimum contribution to that plan in 2026. We also do not expect to make any significant discretionary contributions during 2026. There are no regulations that require contributions to the VEBA trust that funds our retiree healthcare plan, so there is no minimum funding requirement. We are permitted to make discretionary contributions to the VEBA trust, subject to certain IRS restrictions and limitations. We anticipate that our discretionary contributions in 2026, if any, will be minimal.
At December 31, 2025, we expect to pay the benefits from all funded and unfunded pension plans and postretirement benefit plan as follows:
Dollars in millions
Pension PlansPostretirement Benefit Plan
2026$78 $4 
202777 4 
202876 4 
202974 4 
203072 4 
2030-2034324 16 
The ABO for all of our pension plans was $822 million at December 31, 2025, and $845 million at December 31, 2024. As indicated in the table below, collectively our pension plans had an ABO in excess of plan assets as follows: 
December 31,20252024
Dollars in millionsCash Balance Pension PlanOther Defined Benefit PlansCash Balance Pension PlanOther Defined Benefit Plans
PBO$705 $117 $725 $121 
ABO705 117 725 121 
Fair value of plan assets790 — 805 — 

To determine the actuarial present value of benefit obligations, we assumed the following weighted-average rates.
December 31,20252024
Pension Plans:
Discount rate5.05 %5.33 %
Weighted-average interest crediting rate4.84 %4.74 %
Postretirement Benefit Plan:
Discount rate4.50 %4.50 %
To determine net pension cost, we assumed the following weighted-average rates.
Year ended December 31,
202520242023
Pension Plans:
Discount rate5.33 %4.68 %4.85 %
Expected return on plan assets5.25 %4.50 %4.50 %
Postretirement Benefit Plan:
Discount rate4.50 %4.50 %4.50 %
Expected return on plan assets4.50 %4.50 %4.50 %
We estimate that we will recognize $9 million in net pension cost for 2026 related to our pension plans. We estimate that a 25 basis point increase or decrease in the expected return on plan assets would change our net pension cost for 2026 by approximately $2 million. Pension cost also is affected by an assumed discount rate. We estimate that a 25 basis point change in the assumed discount rate would change net pension cost for 2026 by approximately $1 million.
We expect to recognize a $2 million credit in net postretirement benefit cost for 2026 related to our postretirement benefit plan. The realized net investment income for the postretirement healthcare plan VEBA trust is subject to federal income taxes, which are reflected in the weighted-average expected return on plan assets shown above. Assumed healthcare cost trend rates do not have a material impact on net postretirement benefit cost or obligations since the postretirement plan has cost-sharing provisions and benefit limitations
Pension Plan Assets
The expected return on plan assets for our qualified cash balance pension plan is determined by considering a number of factors, the most significant of which are:
 
•Our expectations for returns on plan assets over the long term, weighted for the investment mix of the assets. These expectations consider, among other factors, historical capital market returns of equity, fixed income, convertible, and other securities, and forecasted returns that are modeled under various economic scenarios.
•Historical returns on our plan assets. Based on an annual reassessment of current and expected future capital market returns, our expected return on plan assets for estimating the year-end pension benefit obligation of our qualified cash balance pension plan was 5.25% for 2025, 5.25% for 2024 and 4.5% for 2023. We deemed a rate of 5.25% to be appropriate in estimating 2025 pension cost.
The investment objectives of the pension fund are developed to reflect the characteristics of the plan, such as pension formulas, cash lump sum distribution features, and the liability profiles of the plan’s participants. An executive oversight committee reviews the plan’s investment performance at least quarterly, and compares performance against appropriate market indices. The pension fund’s investment objectives are to balance total return objectives with a continued management of plan liabilities, and to minimize the mismatch between assets and liabilities. The following table shows the asset target allocations prescribed by the pension fund’s investment policies based on the plan’s funded status at December 31, 2025.
Asset Class2025
Global equity 16 %
Fixed income84 
Total100 %
  
Investments consist of mutual funds, collective investment funds and insurance investments that invest in underlying assets in accordance with the target asset allocations shown above.

Although the pension funds’ investment policies conditionally permit the use of derivative contracts, we have not entered into any such contracts, and we do not expect to employ such contracts in the future.

The valuation methodologies used to measure the fair value of pension plan assets vary depending on the type of asset, as described below. For an explanation of the fair value hierarchy, see Note 1 (“Summary of Significant Accounting Policies”) under the heading “Fair Value Measurements.”

Mutual funds. Exchange-traded mutual funds listed or traded on securities exchanges are valued at the closing price on the exchange or system where the security is principally traded. These securities are classified as Level 1 because quoted prices for identical securities in active markets are available. Non exchange-traded mutual funds are classified as Level 2.

Collective investment funds. Investments in collective investment funds are valued using the net asset value practical expedient and are not classified within the fair value hierarchy. Fair value is determined based on Key’s proportionate share of total net assets in the fund.

Insurance investment contracts and pooled separate accounts. Deposits under insurance investment contracts and pooled separate accounts with insurance companies do not have readily determinable fair values and are valued using a methodology that is consistent with accounting guidance that allows the plan to estimate fair value based upon net asset value per share (or its equivalent, such as member units or an ownership in partners’ capital to which a proportionate share of net assets is attributed); thus, these investments are not classified within the fair value hierarchy.

The following tables show the fair values of our pension plan assets by asset class at December 31, 2025, and December 31, 2024.

December 31, 2025    
Dollars in millionsLevel 1Level 2Level 3Total
ASSET CLASS
Mutual funds:
Fixed income — U.S.$— $321 $— $321 
Collective investment funds (measured at NAV) (a)
— — — 446 
Insurance investment contracts and pooled separate accounts (measured at NAV) (a)
— — — 23 
Total net assets at fair value$— $321 $— $790 
(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 fair value of plan assets presented elsewhere within this footnote.

December 31, 2024    
Dollars in millionsLevel 1Level 2Level 3Total
ASSET CLASS
Mutual funds:
Fixed income — U.S.$— $324 $— $324 
Collective investment funds (measured at NAV) (a)
— — — 459 
Insurance investment contracts and pooled separate accounts (measured at NAV) (a)
— — — 22 
Total net assets at fair value$— $324 $— $805 
(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 fair value of plan assets presented elsewhere within this footnote.
Postretirement Benefit Plan Assets
We estimate the expected returns on plan assets for the VEBA trust much the same way we estimate returns on our pension funds. The primary investment objectives of the VEBA trust are to obtain a market rate of return, take into consideration the safety and/or risk of the investment, and to diversify the portfolio in order to satisfy the trust’s anticipated liquidity requirements. The following table shows the asset target allocations prescribed by the trust’s investment policy.
Target Allocation
Asset Class2025
U.S. equity securities64 %
International equity securities16 
Fixed income securities20 
Total100 %
  
Investments consist of mutual funds and other assets that invest in underlying assets in accordance with the target asset allocations shown above. Exchange-traded mutual funds are valued using quoted prices and, therefore, are classified as Level 1. Investments in other assets are valued using the Net Asset Value practical expedient and are not classified within the fair value hierarchy. These investments do not have readily determinable fair values and are valued using a methodology consistent with accounting guidance that allows the plan to estimate fair value based upon net asset value per share (or its equivalent, such as member units or an ownership in partners’ capital to which a proportionate share of net assets is attributed).
The following tables show the fair values of our postretirement plan assets by asset class at December 31, 2025, and December 31, 2024.
December 31, 2025    
Dollars in millionsLevel 1Level 2Level 3Total
ASSET CLASS
Mutual funds:
Equity — U.S.$30 $— $— $30 
Equity — International5 — — 5 
Fixed income — U.S.8 — — 8 
Other assets (measured at NAV)(a)
— — — 1 
Total net assets at fair value$43 $— $— $44 
(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 fair value of plan assets presented elsewhere within this footnote.
December 31, 2024    
Dollars in millionsLevel 1Level 2Level 3Total
ASSET CLASS
Mutual funds:
Equity — U.S.$26 $— $— $26 
Equity — International6 — — 6 
Fixed income — U.S.8 — — 8 
Other assets (measured at NAV)— — — 1 
Total net assets at fair value$40 $— $— $41 
(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 fair value of plan assets presented elsewhere within this footnote.
Employee 401(k) Savings Plan
A substantial number of our employees are covered under a savings plan that is qualified under Section 401(k) of the Internal Revenue Code. The plan permits employees to contribute from 1% to 100% of eligible compensation, with up to 7% being eligible for matching contributions in 2024 and 2025. The plan also permits us to provide a discretionary annual profit sharing contribution to eligible employees who have at least one year of service. We did not accrue profit sharing contributions for 2025, 2024 or 2023. We also maintain a deferred savings plan that provides certain employees with benefits they otherwise would not have been eligible to receive under the qualified plan once their compensation for the plan year reached the IRS contribution limits. Total expense associated with the above plans was $132 million in 2025, $145 million in 2024, and $99 million in 2023.
v3.25.4
Borrowings
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Borrowings
17. Borrowings
The following table presents a summary of our short-term borrowings:
December 31,  
Dollars in millions20252024
Federal funds purchased$— $— 
Securities sold under repurchase agreements13 14 
Other short-term borrowings1,071 2,130 
As described below KeyCorp and KeyBank have a number of programs and facilities that support our short-term financing needs. Certain subsidiaries maintain credit facilities with third parties, which provide alternative sources of funding. KeyCorp is the guarantor of some of the third-party facilities.

Short-term credit facilities

We maintain cash on deposit in our Federal Reserve account, which can reduce our need to obtain funds through various short-term unsecured money market products. This account, which was maintained at $9.3 billion at December 31, 2025, and the unpledged securities in our investment portfolio provide a buffer to address unexpected short-term liquidity needs. We also have secured borrowing facilities at the FHLB and the Federal Reserve Bank of Cleveland to satisfy short-term liquidity requirements. As of December 31, 2025, our unused secured borrowing capacity was $39.5 billion at the Federal Reserve Bank of Cleveland and $18.9 billion at the FHLB.

Long-term borrowings

The following table presents the contractual rates and maturity dates of our long-term debt as of December 31, 2025 and the carrying values as of December 31, 2025 and December 31, 2024. We use interest rate swaps and caps, which modify the repricing characteristics of certain long-term debt, to manage interest rate risk. For more information about such financial instruments, see Note 7 (“Derivatives and Hedging Activities”). 

December 31,Stated RateMaturityCarrying Value
Dollars in millions2025202520252024
Parent Company
Senior notes
2.25% - 6.40%
2027 - 2035
$4,659 $4,251 
Junior subordinated debentures
4.99% - 7.75%
2028 - 2037
447 444 
Other variable rate notes— 599 
Total parent company$5,106 $5,294 
Subsidiaries
Senior notes
3.97% - 5.85%
2027 - 2039
$2,229 $4,540 
Subordinated notes
3.40% - 6.95%
2026 - 2032
1,932 1,869 
Federal Home Loan Bank advances
1.39% - 7.36%
2026 - 2042
560 79 
Other long-term debt(a)
90 112 
Revolving loans— 211 
Total subsidiaries$4,811 $6,811 
Total long-term debt$9,917 $12,105 
(a)Includes debt associated with secured borrowings, investment fund financing, and capital lease obligations.
Junior Subordinated Debentures
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. KeyCorp does not consolidate these trusts, The outstanding common stock of these business trusts is recorded in “Other Investments” on our 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 must be redeemed when the related debentures mature, or earlier if provided in the governing structure. Each issue of trust preferred securities carries an interest rate identical to that of the related debenture.
At December 31, 2025, scheduled principal payments on long-term debt were as follows:
Dollars in millionsParentSubsidiariesTotal
2026$— $1,111 $1,111 
2027771 1,275 2,046 
2028903 307 1,210 
2029881 345 1,226 
2030— 15 15 
All subsequent years2,551 1,758 4,309 
v3.25.4
Time Deposits
 12 Months Ended
Dec. 31, 2025
Time Deposits [Abstract]  
Time Deposits
18. Time Deposits
The table below shows the total amount of time deposits at December 31, 2025, by future contractual maturity range:
Dollars in millionsTime Deposits
2026$12,229 
2027410 
202818 
20298 
20305 
All subsequent years10 
     Total time deposits$12,680 
v3.25.4
Commitments, Contingent Liabilities, and Guarantees
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments, Contingent Liabilities, and Guarantees
19. Commitments, Contingent Liabilities, and Guarantees
Commitments to Extend Credit or Funding
Loan commitments provide for financing on predetermined terms as long as the client continues to meet specified criteria. These agreements generally carry variable rates of interest and have fixed expiration dates or termination clauses. We typically charge a fee for our loan commitments. Since a commitment may expire without resulting in a loan, our aggregate outstanding commitments may significantly exceed our eventual cash outlay.
Loan commitments involve credit risk not reflected on our Consolidated Balance Sheets. We mitigate exposure to credit risk with internal controls that guide how we review and approve applications for credit, establish credit limits and, when necessary, demand collateral. In particular, we evaluate the creditworthiness of each prospective borrower on a case-by-case basis and, when appropriate, adjust the allowance for credit losses on lending-related commitments. Additional information pertaining to this allowance is included in Note 1 (“Summary of Significant Accounting Policies”) under the heading “Liability for Credit Losses on Lending-Related Commitments,” and in Note 4 (“Asset Quality”).
We also provide financial support to private equity investments, including existing direct portfolio companies and indirect private equity funds, to satisfy unfunded commitments. These unfunded commitments are not recorded on our Consolidated Balance Sheets. Additional information on principal investing commitments is provided in Note 5 (“Fair Value Measurements”). Other unfunded equity investment commitments at December 31, 2025, and December 31, 2024, related to tax credit investments and were primarily attributable to LIHTC investments. Unfunded tax credit investment commitments are recorded on our Consolidated Balance Sheets in “other liabilities.” Additional information on LIHTC commitments is provided in Note 12 (“Variable Interest Entities”).
The following table shows the remaining contractual amount of each class of commitment related to extending credit or funding principal investments. For loan commitments and commercial letters of credit, this amount represents our maximum possible accounting loss on the unused commitment if the borrower were to draw upon the full amount of the commitment and subsequently default on payment for the total amount of the then outstanding loan.
December 31,
Dollars in millions
20252024
Loan commitments:
Commercial and other$59,731 $57,010 
Commercial real estate and construction3,561 2,855 
Home equity7,793 8,360 
Credit cards6,027 6,784 
Total loan commitments77,112 75,009 
Commercial letters of credit49 63 
Purchase card commitments993 1,048 
Principal investing commitments1 1 
Tax credit investment commitments1,132 1,362 
Total loan and other commitments$79,287 $77,483 

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 or actual class action lawsuits with potentially thousands of class members, as well as arbitrations and mass arbitrations. Investigations may involve both formal and informal proceedings, by both government agencies and self-regulatory bodies. These matters may involve claims for substantial monetary or non-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 accruals. 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.

On at least a quarterly basis, we assess our liabilities and contingencies in connection with outstanding legal proceedings utilizing the latest information available. Where it is probable that we will incur a loss and the amount of the loss can be reasonably estimated, we record a liability in our consolidated financial statements. These legal accruals may be increased or decreased to reflect any relevant developments on a quarterly basis. Where a loss is not probable or the amount of the loss is not estimable, we have not accrued a liability for said loss, consistent with applicable accounting guidance. Based on information currently available to us and advice of counsel, we believe that our established accruals are adequate and the liabilities arising from the legal proceedings will not have a material adverse effect on our consolidated 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 December 31, 2025. 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.”
December 31, 2025Maximum Potential Undiscounted Future PaymentsLiability Recorded
Dollars in millions
Financial guarantees:
Standby letters of credit$6,453 $69 
Recourse agreement with FNMA8,187 57 
Residential mortgage reserve3,418 8 
Written options (a)
3,524 27 
Total$21,582 $161 
(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 December 31, 2025, is low.

Standby letters of credit. KeyBank issues standby letters of credit to address clients’ financing needs. These instruments obligate us to pay a specified third party when a client fails to repay an outstanding loan or debt instrument or fails to perform some contractual nonfinancial obligation. Any amounts drawn under standby letters of credit are treated as loans to the client; they bear interest (generally at variable rates) and pose the same credit risk to us as a loan. At December 31, 2025, our standby letters of credit had a remaining weighted-average life of 2.0 years, with remaining actual lives ranging from less than 1 year to 8.9 years.

Recourse agreement with FNMA. At December 31, 2025, the outstanding commercial mortgage loans in this program had a weighted-average remaining term of 5.9 years, and the unpaid principal balance outstanding of loans sold by us as a participant was $25.1 billion. The maximum potential amount of undiscounted future payments that we could be required to make under this program, as shown in the preceding table, is equal to approximately 33% of the principal balance of loans outstanding at December 31, 2025. 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 $57 million that we believe approximates the fair value of our liability for the guarantee as described in Note 4 (“Asset Quality”).
Residential Mortgage Banking. We often originate and sell residential mortgage loans and retain the servicing rights. Our loan sales activity is generally conducted through loan sales in a secondary market sponsored by FNMA and FHLMC and through the issuance of GNMA mortgage backed securities. Subsequent to the sale of mortgage loans, we do not typically retain any interest in the underlying loans except through our relationship as the servicer of the loans.
As is customary in the mortgage banking industry, we, or banks we have acquired, have made certain representations and warranties related to the sale of residential mortgage loans (including loans sold with servicing rights released) and to the performance of our obligations as servicer. The breach of any such representations or warranties could result in losses for us. Our maximum exposure to loss is equal to the outstanding principal balance of the sold loans; however, any loss would be reduced by any payments received on the loans or through the sale of collateral.
At December 31, 2025, the unpaid principal balance outstanding of loans sold by us was $11.4 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 December 31, 2025. 
Our liability for estimated repurchase obligations on loans sold, which is included in “accrued expenses and other liabilities” on our Consolidated Balance Sheets, was $8 million at December 31, 2025.

Written 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 December 31, 2025, our written put options had an average life of 1.7 years. These instruments are considered to be guarantees, as we are required to make payments to the counterparty (the client) based on changes in an underlying variable that is related to an asset, a liability, or an equity security that the client holds. We are obligated to pay the client if the applicable benchmark interest rate or commodity price is above or below a specified level (known as the “strike rate”). These written put options are accounted for as derivatives at fair value, as further discussed in Note 7 (“Derivatives and Hedging Activities”). We mitigate our potential future payment obligations by entering into offsetting positions with third parties.
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.

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.
Indemnifications provided in the ordinary course of business. We provide certain indemnifications, primarily through representations and warranties in contracts that we execute in the ordinary course of business in connection with loan and lease sales and other ongoing activities, as well as in connection with purchases and sales of businesses. We maintain reserves, when appropriate, with respect to liability that reasonably could arise as a result of these indemnities.
Intercompany guarantees. KeyCorp, KeyBank, and certain of our affiliates are parties to various guarantees that facilitate the ongoing business activities of other affiliates. These business activities encompass issuing debt, assuming certain lease and insurance obligations, purchasing or issuing investments and securities, and engaging in certain leasing transactions involving clients.
v3.25.4
Accumulated Other Comprehensive Income
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Accumulated Other Comprehensive Income
20. Accumulated Other Comprehensive Income

The following table summarizes our changes in AOCI:
Dollars in millions
Unrealized gains
(losses) on securities
available for sale
Unrealized gains
(losses) on derivative
financial instruments
Net pension and
postretirement
benefit costs
Total
Balance at December 31, 2022$(4,895)$(1,124)$(276)$(6,295)
Other comprehensive income before reclassification, net of income taxes
702 (364)(18)320 
Amounts reclassified from accumulated other comprehensive income, net of income taxes (a)
3 725 18 746 
Net current-period other comprehensive income, net of income taxes705 361 — 1,066 
Balance at December 31, 2023$(4,190)$(763)$(276)$(5,229)
Other comprehensive income before reclassification, net of income taxes
38 (230)(30)(222)
Amounts reclassified from accumulated other comprehensive income, net of income taxes (a)
1,418 559 4 1,981 
Net current-period other comprehensive income, net of income taxes1,456 329 (26)1,759 
Balance at December 31, 2024$(2,734)$(434)$(302)$(3,470)
Other comprehensive income before reclassification, net of income taxes
1,018 154 61 1,233 
Amounts reclassified from accumulated other comprehensive income, net of income taxes (a)
— 273 4 277 
Net current-period other comprehensive income, net of income taxes1,018 427 65 1,510 
Balance at December 31, 2025$(1,716)$(7)$(237)$(1,960)
(a)See table below for details about these reclassifications.

Our reclassifications out of AOCI, are as follows:
Twelve Months Ended December 31,Affected Line Item in the Consolidated Statement of Income
Dollars in millions202520242023
Unrealized gains (losses) on available for sale securities
Realized losses$— $(1,863)$(4)Net securities gains (losses)
— (1,863)(4)
Income (loss) from continuing operations before income taxes
— (445)(1)Income taxes
$— $(1,418)$(3)Income (loss) from continuing operations
Unrealized gains (losses) on derivative financial instruments
Interest rate$(358)$(733)$(956)Interest income — Loans
Interest rate(2)(2)(2)Interest expense — Long-term debt
Interest rate— — 5 Investment banking and debt placement fees
(360)(735)(953)
Income (loss) from continuing operations before income taxes
(87)(176)(228)Income taxes
$(273)$(559)$(725)Income (loss) from continuing operations
Net pension and postretirement benefit costs
Amortization of losses$(7)$(8)$(8)Other expense
Settlement loss— — (18)Other expense
Amortization of prior service credit1 1 1 Other expense
(6)(7)(25)
Income (loss) from continuing operations before income taxes
(2)(3)(7)Income taxes
$(4)$(4)$(18)Income (loss) from continuing operations
v3.25.4
Shareholders' Equity
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Shareholders' Equity
21. Shareholders' Equity
Comprehensive Capital Plan

On March 13, 2025, Key announced that its Board of Directors has authorized a share repurchase program pursuant to which we may purchase up to $1.0 billion of KeyCorp Common Shares, in the open market or in privately negotiated transactions.

As contemplated by the Investment Agreement, dated as of August 12, 2024, between KeyCorp and Scotiabank, in February 2025, we entered into an agreement with Scotiabank to permit Scotiabank to participate, through a periodic “true-up” right, in any repurchase by KeyCorp of its common stock on a pro rata basis. During 2025, Key completed $200 million in share repurchases, all within the fourth quarter, including $17 million from Scotiabank pursuant to the agreement noted above. We also repurchased $35 million of shares related to equity compensation programs in 2025.

Consistent with our capital plan, the Board declared a quarterly dividend of $.205 per common share for each of the four quarters in 2025. These quarterly dividend payments brought our annual dividend to $.82 per common share for 2025.

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 owned approximately 4.9% of KeyCorp’s Common Shares. 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.

On December 27, 2024, following the receipt of all necessary bank regulatory approvals, Scotiabank completed the final purchase of 115,042,316 of the KeyCorp’s Common Shares, contemplated under the Investment Agreement with an investment of approximately $2.0 billion. Following the Second Closing, Scotiabank owns approximately 14.9% of our Common Shares. In connection with the completion of the Second Closing of the Scotiabank investment, we incurred $16 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 December 31, 2025:
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 share2025 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 $50.00 
6.125% Fixed-to-Floating Rate Perpetual Noncumulative Series E
500 490 500,000 1 1,000 1/40th25 1.531252 
5.650% Fixed Rate Perpetual Noncumulative Series F
425 412 425,000 1 1,000 1/40th25 1.412500 
5.625% Fixed Rate Perpetual Non-Cumulative Series G
450 435 450,000 1 1,000 1/40th25 1.406252 
6.200% Fixed Rate Reset Perpetual Non-Cumulative Series H
600 590 600,000 1 1,000 1/40th25 1.550000 
v3.25.4
Regulatory Matters
 12 Months Ended
Dec. 31, 2025
Regulated Operations [Abstract]  
Regulatory Matters
22. Regulatory Matters

Capital Adequacy
KeyCorp and KeyBank (consolidated) must meet specific capital requirements imposed by federal banking regulators. Sanctions for failure to meet applicable capital requirements may include regulatory enforcement actions that restrict dividend payments, require the adoption of remedial measures to increase capital, terminate FDIC deposit insurance, and mandate the appointment of a conservator or receiver in severe cases. In addition, failure to maintain a “well capitalized” status affects how regulators evaluate applications for certain endeavors, including acquisitions, continuation and expansion of existing activities, and commencement of new activities, and could make clients and potential investors less confident. As of December 31, 2025, KeyCorp and KeyBank (consolidated) met all regulatory capital requirements.

KeyBank (consolidated) qualified for the “well capitalized” prompt corrective action capital category at December 31, 2025, because its capital and leverage ratios exceeded the prescribed threshold ratios for that capital category and it was not subject to any written agreement, order, or directive to meet and maintain a specific capital level for any capital measure. Since that date, we believe there has been no change in condition or event that has occurred that would cause the capital category for KeyBank (consolidated) to change.

BHCs are not assigned to any of the five prompt corrective action capital categories applicable to insured depository institutions. If, however, those categories applied to BHCs, we believe that KeyCorp would satisfy the criteria for a “well capitalized” institution at December 31, 2025, and since that date, we believe there has been no change in condition or event that has occurred that would cause such capital category to change. Because the regulatory capital categories under the prompt corrective action regulations serve a limited supervisory function, investors should not use them as a representation of the overall financial condition or prospects of KeyBank or KeyCorp.

At December 31, 2025, Key and KeyBank (consolidated) had regulatory capital in excess of all current minimum risk-based capital (including all adjustments for market risk) and leverage ratio requirements as shown in the following table.

 ActualRegulatory MinimumRegulatory Minimum with Stress Capital BufferWell Capitalized
Dollars in millionsAmountRatioRatioRatioRatio
December 31, 2025
Total risk-based capital
Key$22,910 15.70 %8.00 %11.20 %N/A
KeyBank (consolidated)21,198 14.71 8.00 11.20 10.00 %
Common equity Tier 1 risk-based capital
Key$17,195 11.78 %4.50 %7.70 %N/A
KeyBank (consolidated)18,376 12.75 4.50 7.70 6.50 %
Tier 1 risk-based capital
Key$19,641 13.46 %6.00 %9.20 %N/A
KeyBank (consolidated)18,376 12.75 6.00 9.20 8.00 %
Leverage
Key$19,641 10.50 %4.00 %4.00 %N/A
KeyBank (consolidated)18,376 9.96 4.00 4.00 5.00 %
December 31, 2024
Total risk-based capital
Key$22,336 16.15 %8.00 %11.10 %N/A
KeyBank (consolidated)20,518 15.12 8.00 11.10 10.00 %
Common equity Tier 1 risk-based capital
Key$16,489 11.92 %4.50 %7.60 %N/A
KeyBank (consolidated)17,560 12.94 4.50 7.60 6.50 
Tier 1 risk-based capital
Key$18,934 13.69 %6.00 %9.10 %N/A
KeyBank (consolidated)17,560 12.94 6.00 9.10 8.00 %
Leverage
Key$18,934 10.03 %4.00 %4.00 %N/A
KeyBank (consolidated)17,560 9.42 4.00 4.00 5.00 %

Restrictions on Cash, Dividends, and Lending Activities

Capital distributions from KeyBank and other subsidiaries are our principal source of cash flows for paying dividends on our common and preferred shares, servicing our debt, and financing corporate operations. Federal banking law limits the amount of capital distributions that a bank can make to its holding company without prior regulatory approval. A national bank’s dividend-paying capacity is affected by several factors, including net profits (as defined by statute) for the previous two calendar years and for the current year, up to the date the dividend is declared.
During 2025, KeyBank paid $1.4 billion in dividends to KeyCorp. At December 31, 2025, KeyBank had $783 million in regulatory capacity to pay any dividends to KeyCorp without prior regulatory approval. At December 31, 2025, KeyCorp held $4.9 billion in cash and short-term investments, which can be used to pay dividends to shareholders, service debt, and finance corporate operations
v3.25.4
Business Segment Reporting
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Business Segment Reporting
23. Business Segment Reporting

The following is a description of the segments and their primary businesses at December 31, 2025.

Consumer Bank

The Consumer Bank serves individuals and small businesses throughout our 15-state branch footprint as well as healthcare professionals nationally through our digital channel 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, 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 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.

The table on the following page shows selected financial data for our reportable business segments for the years ended December 31, 2025, 2024, and 2023. The information was derived from the internal financial reporting system that we use to monitor and manage our financial performance. GAAP guides financial accounting, but there is no authoritative guidance for “management accounting” — the way we use our judgment and experience to make reporting decisions. Consequently, the line of business results we report may not be comparable to line of business results presented by other companies. The information from our internal financial reporting system is utilized by Key’s Chief Operating Decision Maker (“CODM”) in assessing performance of the business segments. Key’s CODM is composed of its Chief Executive Officer and Chief Financial Officer.

The selected financial data is based on internal accounting policies designed to compile results on a consistent basis and in a manner that reflects the underlying economics of the businesses. In accordance with our policies:
 
•Net income (loss) is the primary measure of segment profit or loss utilized by the CODM in determining segment performance and resource allocation. It is compared to both budgeted and comparative historical amounts. Drivers of any significant variations from budgeted and comparative historical amounts are assessed to determine specific areas of focus for the business as needed.
•Net interest income (TE) is determined by assigning a standard cost for funds used or a standard credit for funds provided based on their assumed maturity, prepayment, and/or repricing characteristics.
•The consolidated provision for credit losses is allocated among the lines of business primarily based on their actual net loan charge-offs, adjusted periodically for loan growth and changes in risk profile. The amount of the consolidated provision is based on the methodology that we use to estimate our consolidated ALLL. This methodology is described in Note 1 (“Summary of Significant Accounting Policies”) under the heading “Allowance for Loan and Lease Losses.”
•Other direct noninterest expense represents other noninterest expenses such as business and professional fees, marketing, equipment, and other expenses that are incurred by each segment directly.
•Support and overhead consists of indirect expenses, such as computer servicing costs and corporate overhead, and is allocated based on assumptions regarding the extent that each line of business actually uses the services.
 
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.

Year ended December 31,
Consumer BankCommercial Bank
Dollars in millions202520242023202520242023
SUMMARY OF OPERATIONS
Net interest income (TE)
$2,709 $2,246 $2,221 $2,294 $1,805 $1,866 
Noninterest income
957 924 937 1,745 1,629 1,429 
Total revenue (TE) (a)
3,666 3,170 3,158 4,039 3,434 3,295 
Provision for credit losses
169 126 111 299 227 379 
Personnel expense904 850 833 779 729 697 
Other direct noninterest expense561 600 690 288 347 436 
Support and overhead1,337 1,264 1,256 838 758 673 
Allocated income taxes (benefit) and TE adjustments
168 79 64 388 282 227 
Income (loss) from continuing operations
527 251 204 1,447 1,091 883 
Income (loss) from discontinued operations, net of taxes
— — — — — — 
Net income (loss)
$527 $251 $204 $1,447 $1,091 $883 
AVERAGE BALANCES (b)
     
Loans and leases
$35,744 $38,744 $41,777 $69,407 $68,498 $75,782 
Total assets (a)
38,760 41,613 44,593 78,833 77,782 85,542 
Deposits
87,932 85,851 82,793 58,070 58,025 55,045 
OTHER FINANCIAL DATA
Expenditures for additions to long-lived assets (a), (b)
$71 $75 $72 $4 $— $3 
Year ended December 31,OtherKey
Dollars in millions202520242023202520242023
SUMMARY OF OPERATIONS
Net interest income (TE)$(332)$(241)$(144)$4,671 $3,810 $3,943 
Noninterest income140 (1,744)104 2,842 809 2,470 
Total revenue (TE) (a)
(192)(1,985)(40)7,513 4,619 6,413 
Provision for credit losses3 (18)(1)471 335 489 
Personnel expense1,234 1,135 1,130 2,917 2,714 2,660 
Other direct noninterest expense937 884 948 1,786 1,831 2,074 
Support and overhead(2,175)(2,022)(1,929)— — — 
Allocated income taxes (benefit) and TE adjustments(45)(459)(65)511 (98)226 
Income (loss) from continuing operations(146)(1,505)(123)1,828 (163)964 
Income (loss) from discontinued operations, net of taxes1 2 3 1 2 3 
Net income (loss)$(145)$(1,503)$(120)$1,829 $(161)$967 
AVERAGE BALANCES (b)
Loans and leases$509 $482 $445 $105,660 $107,724 $118,004 
Total assets (a)
69,171 67,420 61,492 186,764 186,815 191,627 
Deposits3,274 2,279 6,221 149,276 146,155 144,059 
OTHER FINANCIAL DATA
Expenditures for additions to long-lived assets (a), (b)
$69 $115 $118 $144 $190 $193 
(a)Substantially all revenue generated by our reportable 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 reportable business segments, are located in the United States.
(b)From continuing operations.
v3.25.4
Condensed Financial Information of the Parent Company
 12 Months Ended
Dec. 31, 2025
Condensed Financial Information Disclosure [Abstract]  
Condensed Financial Information of the Parent Company
24. Condensed Financial Information of the Parent Company
CONDENSED BALANCE SHEETS
December 31,
Dollars in millions
20252024
ASSETS
Cash and due from banks$4,868 $5,149 
Short-term investments28 26 
Other investments119 96 
Loans to:
Banks300 300 
Nonbank subsidiaries— — 
Total loans300 300 
Investment in subsidiaries:
Banks19,075 16,770 
Nonbank subsidiaries914 888 
Total investment in subsidiaries19,989 17,658 
Accrued income and other assets756 777 
Total assets$26,060 $24,006 
LIABILITIES
Accrued expense and other liabilities$573 $536 
Long-term debt due to:
Subsidiaries447 444 
Unaffiliated companies (a)
4,659 4,850 
Total long-term debt5,106 5,294 
Total liabilities5,679 5,830 
SHAREHOLDERS’ EQUITY (b)
20,381 18,176 
Total liabilities and shareholders’ equity$26,060 $24,006 
(a)See Note 17 (“Borrowings”) for information regarding contractual rates and maturity dates of debt that is held by the parent company.
(b)See Key’s Consolidated Statements of Changes in Equity.

CONDENSED STATEMENTS OF INCOME
Year ended December 31,
Dollars in millions202520242023
INCOME
Dividends from subsidiaries:
Bank subsidiaries$1,375 $750 $675 
Nonbank subsidiaries— — — 
Interest income from subsidiaries16 20 15 
Other income16 14 24 
Total income1,407 784 714 
EXPENSE
Interest on long-term debt with subsidiary trusts30 33 33 
Interest on other borrowed funds317 341 273 
Personnel and other expense84 77 111 
Total expense431 451 417 
Income (loss) before income taxes and equity in net income (loss) less dividends from subsidiaries976 333 297 
Income tax (expense) benefit80 94 95 
Income (loss) before equity in net income (loss) less dividends from subsidiaries1,056 427 392 
Equity in net income (loss) less dividends from subsidiaries773 (588)575 
NET INCOME (LOSS)$1,829 $(161)$967 
Total other comprehensive income (loss), net of tax (a)
1,510 1,759 1,066 
Comprehensive income (loss)$3,339 $1,598 $2,033 
(a) See Key’s Consolidated Statements of Comprehensive Income.
CONDENSED STATEMENTS OF CASH FLOWS
Year ended December 31,
Dollars in millions202520242023
OPERATING ACTIVITIES
Net income (loss) attributable to Key$1,829 $(161)$967 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Equity in net (income) loss less dividends from subsidiaries(773)588 (575)
Other operating activities, net329 (752)172 
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES1,385 (325)564 
INVESTING ACTIVITIES
Net (increase) decrease in securities available for sale and in short-term and other investments(26)(19)(14)
Advances to subsidiaries— (250)— 
Sale or repayments of advances to subsidiaries— 200 16 
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES(26)(69)2 
FINANCING ACTIVITIES
Net proceeds (payments) from issuance of long-term debt(350)1,000 — 
Repurchase of Treasury Shares(236)(28)(73)
Net proceeds from Scotiabank investment— 2,771 — 
Cash dividends paid(1,054)(927)(912)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES(1,640)2,816 (985)
NET INCREASE (DECREASE) IN CASH AND DUE FROM BANKS(281)2,422 (419)
CASH AND DUE FROM BANKS AT BEGINNING OF YEAR5,149 2,727 3,146 
CASH AND DUE FROM BANKS AT END OF YEAR$4,868 $5,149 $2,727 
KeyCorp paid interest on borrowed funds totaling $244 million in 2025, $215 million in 2024, and $171 million in 2023.
v3.25.4
Revenue from Contracts with Customers
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue from Contracts with Customers
25. Revenue from Contracts with Customers

The following table represents a disaggregation of revenue from contracts with customers, by business segment. 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. Additional details of our revenue recognition policies and components of our noninterest income line items is provided within Note 1 (“Summary of Significant Accounting Policies”) under the heading “Revenue Recognition.”

Year ended December 31,2025
Dollars in millionsConsumer BankCommercial BankTotal Contract Revenue
NONINTEREST INCOME
Trust and investment services income$483 $75 $558 
Investment banking and debt placement fees— 551 551 
Services charges on deposit accounts144 151 295 
Cards and payments income175 162 337 
Other noninterest income8 — 8 
Total revenue from contracts with customers$810 $939 $1,749 
Other noninterest income (a)
$953 
Noninterest income from other segments (b)
140 
Total noninterest income$2,842 
Year ended December 31,2024
Dollars in millionsConsumer BankCommercial BankTotal Contract Revenue
NONINTEREST INCOME
Trust and investment services income$449 $69 $518 
Investment banking and debt placement fees— 521 521 
Services charges on deposit accounts135 126 261 
Cards and payments income178 153 331 
Other noninterest income12 — 12 
Total revenue from contracts with customers$774 $869 $1,643 
Other noninterest income (a)
$910 
Noninterest income from other segments (b)
(1,744)
Total noninterest income$809 
Year ended December 31,2023
Dollars in millionsConsumer BankCommercial BankTotal Contract Revenue
NONINTEREST INCOME
Trust and investment services income$410 $68 $478 
Investment banking and debt placement fees— 344 344 
Services charges on deposit accounts158 111 269 
Cards and payments income187 145 332 
Other noninterest income12 — 12 
Total revenue from contracts with customers$767 $668 $1,435 
Other noninterest income (a)
$931 
Noninterest income from other segments (b)
104 
Total noninterest income$2,470 
(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. Corporate treasury includes realized gains and loss from transaction associated with Key’s investment securities portfolio. 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 23 (“Business Segment Reporting”) for more information.

We had no material contract assets or contract liabilities for the twelve months ended December 31, 2025, and December 31, 2024.
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
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
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
As a financial services institution, Key faces heightened risk of cybersecurity incidents. Risks and exposures related
to cybersecurity incidents are expected to remain high for the foreseeable future due to the rapidly evolving nature
and increasing sophistication of cybersecurity threats and geopolitical events, as well as the fact that threat actors frequently target technologies and systems commonly used by us and our clients. In addition, our use of emerging technology-based products and services, including cloud computing and artificial intelligence may introduce new and evolving cybersecurity risks and may create additional avenues for exploitation by threat actors. To date, Key has not experienced material disruption to our operations, or material harm to our client base, from cyberattacks. However, we have incurred, and may again incur, expenses related to the investigation of cybersecurity incidents involving third-party providers or related to the protection of our clients from identity theft as a result of such incidents. We have also incurred, and may continue to incur, expenses to enhance our systems or processes to protect against cyber or other security incidents. For more information, see “Risk Factors—We and third parties on which we rely (including their downstream service providers) may experience a cyberattack, technology failure, information system or security breach or interruption” in Item 1A. Risk Factors of this report.

Key maintains an Information Security Program (the “IS Program”) to support the management of information security risk, including cybersecurity risk, across the organization. The IS Program is designed to protect Key’s
clients, employees, third parties, and assets from threats by managing the confidentiality, availability, and integrity of
Key’s information assets. Our Chief Information Security Officer (“CISO”), who is also the Enterprise Security
Executive, oversees the IS Program and its related policy and has overall responsibility for managing the appropriate identification and ownership of cybersecurity risks. Key’s Corporate Information Security Team, under the oversight of the CISO, is responsible for maintaining the IS Program, assessing program-level risks and threats to our information assets, and overseeing the proper level of investment in security resources.

The IS Program is designed to provide safeguards for Key’s assets through a series of administrative, technical,
and physical controls. Key employs a variety of security practices and controls to protect information and assets,
including, but not limited to, access controls, vulnerability scans, network monitoring, internal and external
penetration testing, monitoring of vendor vulnerability notices and patch releases, firewalls and intrusion detection and prevention systems, and dedicated security personnel.

As described in more detail in “Risk Management — Overview” in Item 7 of this report and in “Cybersecurity
Governance” below, Key employs the “Three Lines of Defense” in its risk governance framework. Assessing,
identifying, and managing cybersecurity risk across the organization in support of the IS Program is a cross-functional effort that requires collaboration and direction from all lines of defense – the lines of business and support functions (First Line of Defense), Risk Management (Second Line of Defense), and Key’s Internal Audit (IA) function (Third Line of Defense):

•First Line of Defense – Lines of Business and Support Functions. Primary responsibility for day-to-day management of cybersecurity risk lies with the senior management of each of Key’s lines of business (LOB) and support functions. The LOB and support functions own and manage the individual processes and procedures that are used throughout the IS Program, implement and manage business-specific security controls, and enforce behavioral controls throughout the management structure.
•Second Line of Defense – Risk Management. Risk Management oversees risk and monitors the First Line of Defense controls. Operational Risk Management performs review and challenge of controls, monitors the operational and technology risk profiles, and ensures Key operates within its operational and technology risk appetite. Compliance Risk Management provides an independent, enterprise-wide function that focuses on compliance with laws, rules, regulations, and guidance applicable to Key. Privacy Compliance, which sits within Compliance Risk Management, provides advisory support, governance, and oversight of privacy-related statutes, regulations, and risks related to Key’s customers, employees, and other individuals from who Key collects personally identifiable information.
•Third Line of Defense – Internal Audit (IA). IA reviews and evaluates the scope and breadth of security activities throughout Key and the effectiveness of the IS Program. IA conducts independent internal audits on Key’s
LOBs, operations, information systems, and technologies. These internal audits provide an independent perspective on Key’s processes and risks. Technology risks are evaluated in areas including cybersecurity and information security, data control, acquisition and development, delivery and support, business continuity, and information technology governance. IA shares the results of its audits with the LOB management, Key’s Operational and Compliance Risk Management Groups, the Board’s Audit Committee, and banking regulators.

As part of its cybersecurity risk management strategy, Key regularly reviews its security and privacy controls in the context of industry standard practices, frameworks, evolving laws, and changing client expectations. Annually, we benchmark ourselves against industry-leading frameworks, such as the National Institute of Standards and Technology Cybersecurity Framework and the Cyber Risk Institute Profile. We also engage external providers periodically to perform a maturity assessment of the IS Program against industry cybersecurity frameworks and to perform security posture assessments of our environment to proactively identify weakness within our security policy and/or configurations. Summary level results from these assessments are shared to internal stakeholders through Key’s Risk Governance committee structure. Key is also subject to cybersecurity and privacy regulatory exams, as required by law for financial institutions operating in the U.S.

Key has implemented cybersecurity, privacy, and fraud education and awareness programs across the
enterprise to educate teammates on how to identify and report cybersecurity and privacy concerns. Employees and
contractors with access to assets or data owned or maintained by Key receive mandatory enterprise-wide
cybersecurity, privacy, and fraud training on an annual basis. In addition, our management team from time to time participates in cybersecurity tabletop exercises that simulate cybersecurity incidents. These exercises are intended to test our response to potential incidents and assess the procedures outlined in our incident response playbooks.

With respect to third party service providers, Key maintains a third party management program that is designed to
identify, review, monitor, escalate, and, if necessary, remediate third party information security risks. Key’s third
party onboarding process includes risk-based due diligence and security-relevant contract language. Risk-based
due diligence can also include an assessment of the strength of certain control areas, including, but not limited to,
information security management, physical security, network security, platform security, application security, cloud
security, encryption management, business resiliency, and privacy. Once a business relationship is established with a service provider, Key performs risk-based periodic reviews of the third party service provider's security programs. In addition to an established governance approval process for new engagements, Key has established a Third Party Management Committee to oversee compliance with Key’s Third Party Management Policy and Program.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]
Key maintains an Information Security Program (the “IS Program”) to support the management of information security risk, including cybersecurity risk, across the organization. The IS Program is designed to protect Key’s
clients, employees, third parties, and assets from threats by managing the confidentiality, availability, and integrity of
Key’s information assets.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
As described in more detail in “Risk Management — Overview” in Item 7 of this report, the Board serves in an
oversight capacity to ensure that Key’s risks, including risk from cybersecurity threats, are managed in a manner that is effective and balanced and adds value for our shareholders. The Board’s Risk Committee exercises primary oversight over enterprise-wide risk at Key, including technology risk, which includes (but is not limited to) cybersecurity, business resiliency, and other technology-related risks, and provides oversight of management’s activities related to the same. The Board’s Technology Committee, in consultation with the Risk Committee, provides additional oversight of the technology-related risks listed above, and is expected to escalate to the Risk Committee on certain risk management issues. The Technology Committee also oversees major technology investments supporting Key’s strategic objectives in areas such as cybersecurity, fraud and data, project management, technology strategy, technology innovation, and emerging technology trends. The Board’s Audit Committee also shares in oversight of cybersecurity risk.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] The Board’s Risk Committee exercises primary oversight over enterprise-wide risk at Key, including technology risk, which includes (but is not limited to) cybersecurity, business resiliency, and other technology-related risks, and provides oversight of management’s activities related to the same. The Board’s Technology Committee, in consultation with the Risk Committee, provides additional oversight of the technology-related risks listed above, and is expected to escalate to the Risk Committee on certain risk management issues. The Technology Committee also oversees major technology investments supporting Key’s strategic objectives in areas such as cybersecurity, fraud and data, project management, technology strategy, technology innovation, and emerging technology trends. The Board’s Audit Committee also shares in oversight of cybersecurity risk.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] The Board’s Risk Committee exercises primary oversight over enterprise-wide risk at Key, including technology risk, which includes (but is not limited to) cybersecurity, business resiliency, and other technology-related risks, and provides oversight of management’s activities related to the same. The Board’s Technology Committee, in consultation with the Risk Committee, provides additional oversight of the technology-related risks listed above, and is expected to escalate to the Risk Committee on certain risk management issues. The Technology Committee also oversees major technology investments supporting Key’s strategic objectives in areas such as cybersecurity, fraud and data, project management, technology strategy, technology innovation, and emerging technology trends. The Board’s Audit Committee also shares in oversight of cybersecurity risk.
Cybersecurity Risk Role of Management [Text Block]
The CISO is responsible for reporting on information security matters, including cybersecurity risk, to the Board. The CISO provides regular updates on cybersecurity matters to the Audit Committee (six times in 2025). These updates typically address the cybersecurity threat landscape, information security trends, strategic initiatives related to information security, and cybersecurity program reviews. The CISO also provides regular updates to the Risk Committee on cybersecurity matters as well as Key’s compliance with the Gramm-Leach-Bliley Act (at least
annually) and presents the Information Security Policy for Risk Committee approval. In addition, the CISO, together with Key’s Deputy CISO, reports annually to the Technology Committee to seek approval of Key’s Cyber Strategy and Investment Plan. The CISO provides additional updates to the Board and its committees as circumstances warrant.

Key’s Deputy CISO leads the Corporate Information Security function, including Cyber Defense, Identity
& Access Management, Information Security Governance and Data Protection, and Security Architecture, Engineering and Platform Operations. The Deputy CISO has over 18 years of cybersecurity and technology risk management experience across financial services and retail, previously served as the Head of Information Security Governance within KeyCorp’s Corporate Information Security group, as well as the Head of Cybersecurity and Technology Risk Oversight within KeyCorp’s Risk Management group. The Deputy CISO holds a bachelor’s degree in Finance and Management Information Systems and an MBA.

The CISO reports to Key’s Chief Information Officer who oversees all of Key’s shared services for technology,
operations, data, servicing, cyber and physical security, and corporate real estate solutions. Our Chief Information Officer, who has served in the role since 2012, has extensive experience overseeing technology and operations delivery for critical enterprise functions and has held various leadership roles during her over 30-year career in the financial services industry.

At the management level, our ERM Committee, chaired by the Chief Risk Officer and comprising other senior level executives, including the Chief Information Officer, reports to the Board’s Risk Committee and supports the management of all risks by providing governance, direction, oversight and high-level management of risk. The ERM Committee serves as a senior level forum for review and discussion of material risk issues, including cybersecurity risk. The Operational Risk Committee also reports to the Board’s Risk Committee and provides governance, direction, and oversight of operational risks, including technology risks, and includes senior management representation from the LOB and support areas. The Chief Information Officer is a voting member of the Operational Risk Committee.

The Operational Risk Committee also includes subcommittees, including the Security & Technology Committee (the “SecTec Committee”). The SecTec Committee is responsible for ensuring a cohesive and coordinated approach to security and technology risk management and provides an enterprise-wide perspective of security and technology risk management.

Key also has a Privacy Team led by a Chief Privacy Officer (CPO) who has over ten years of experience in legal,
compliance, and risk roles at financial institutions, focusing primarily on data protection and privacy. Our CPO holds
an undergraduate degree in finance, a master’s degree in business administration, and a juris doctorate. The CPO is licensed to practice law in the state of Ohio and has obtained the CIPP/US certification through the International
Association of Privacy Professionals. The CPO and Privacy team have the authority to escalate privacy risks to the Board. The Privacy and Information Security teams work together to implement controls around how personally identifiable information is managed and protected and to comply with applicable laws and regulations.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] Our Chief Information Security Officer (“CISO”), who is also the Enterprise Security
Executive, oversees the IS Program and its related policy and has overall responsibility for managing the appropriate identification and ownership of cybersecurity risks. Key’s Corporate Information Security Team, under the oversight of the CISO, is responsible for maintaining the IS Program, assessing program-level risks and threats to our information assets, and overseeing the proper level of investment in security resources.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]
Key’s CISO oversees the IS Program and its related policies and is responsible for determining whether relevant security risk information is properly integrated into strategic and business decisions, overseeing the appropriate identification and ownership of security risks, monitoring critical risks, and maintaining the appropriate oversight and governance of information security through associated programs and/or standards. Our CISO has served in various roles in information technology and information security at Key for over 30 years, including serving as Enterprise Security Executive. The CISO holds a B.S.B.A in Management Information Systems.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]
The CISO is responsible for reporting on information security matters, including cybersecurity risk, to the Board. The CISO provides regular updates on cybersecurity matters to the Audit Committee (six times in 2025). These updates typically address the cybersecurity threat landscape, information security trends, strategic initiatives related to information security, and cybersecurity program reviews. The CISO also provides regular updates to the Risk Committee on cybersecurity matters as well as Key’s compliance with the Gramm-Leach-Bliley Act (at least
annually) and presents the Information Security Policy for Risk Committee approval. In addition, the CISO, together with Key’s Deputy CISO, reports annually to the Technology Committee to seek approval of Key’s Cyber Strategy and Investment Plan. The CISO provides additional updates to the Board and its committees as circumstances warrant.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Use of Estimates
Our accounting policies conform to US GAAP and prevailing practices within the financial services industry. We must make certain estimates and judgments when determining the amounts presented in our consolidated financial statements and the related notes. If these estimates prove to be inaccurate, actual results could differ from those reported.
Principles of Consolidation and Basis of Presentation
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 Consolidated 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 Consolidated Statements of Income from “other income” to “net securities gains (losses)”.
VIE Consolidation The consolidated financial statements also include the accounts of any voting rights entities in which we have a controlling financial interest and certain VIEs. 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.
Equity Method Investments
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% generally are carried at fair value or a cost measurement alternative. 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.

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.
Cash and Cash Equivalents
Cash and due from banks are considered “cash and cash equivalents” for financial reporting purposes. We do not consider cash on deposit with the Federal Reserve to be restricted.
Loans
We assess all loan modifications to determine whether one is granted to a borrower experiencing financial difficulty, regardless of whether the modification loan terms include a concession. Modifications granted to borrowers experiencing financial difficulty may be in the form of an interest rate reduction, payment delay, other modifications, or some combination thereof. A borrower is considered to be experiencing financial difficulty when there is significant doubt about the borrower’s ability to make required payments on the loan or to get equivalent financing from another creditor at a market rate for a similar loan.

Loans held in portfolio, which management has the intent and ability to hold for the foreseeable future or until maturity or payoff, are carried at the principal amount outstanding, net of unearned income, including net deferred loan fees and costs and unamortized premiums and discounts. We defer certain nonrefundable loan origination and commitment fees, and the direct costs of originating or acquiring loans. The net deferred amount is amortized over the estimated lives of the related loans as an adjustment to the yield.

Accrued interest on loans is included in "other assets" on the balance sheet and is excluded from the calculation of the allowance for credit losses due to our charge-off policy to reverse accrued interest on nonperforming loans against interest income in a timely manner.

Sales-type leases are carried at the aggregate of the lease receivable, estimated unguaranteed residual values, and deferred initial direct fees and costs if certain criteria are met. Direct financing leases are carried at the aggregate of the lease receivable, estimated unguaranteed residual values, and deferred initial direct fees and costs, less unearned income. Unearned income on direct financing leases is amortized over the lease terms using a method approximating the interest method that produces a constant rate of return. Deferred initial direct fees and costs for both sales-type and direct financing leases are amortized over the lease terms as an adjustment to the yield.
Expected credit losses on net investments in leases, including any unguaranteed residual asset, are included in the ALLL. Net gains or losses on sales of lease residuals are included in “other income” or “other expense” on the income statement.
Loans Held for Sale
Loans held for sale generally include certain residential and commercial mortgage loans, other commercial loans, and student loans. Loans are initially classified as held for sale when they are individually identified as being available for immediate sale and a formal plan exists to sell them. Loans held for sale are recorded at either fair value, if elected, or the lower of cost or fair value. Fair value is determined based on available market data for similar assets. When a loan is originated as held-for-sale, origination fees and costs are deferred but not amortized. Upon sale of the loans, deferred origination fees and costs are recognized as part of the calculated gain or loss on sale. Our commercial loans (including commercial mortgage and non-mortgage loans) and student loans, which we originated and intend to sell, are carried at the lower of aggregate cost or fair value. Subsequent declines in fair value for loans held for sale are recognized as a charge to “other income” on the income statement. Consumer real estate - residential mortgages loans have been elected to be carried at fair value. Subsequent increases and decreases in fair value for loans elected to be measured at fair value are recorded to “consumer mortgage income” on the income statement. Additional information regarding fair value measurements associated with our loans held for sale is provided in Note 5 (“Fair Value Measurements”).
We may transfer certain loans to held for sale at the lower of cost or fair value. If a loan is transferred from the loan portfolio to the held-for-sale category, any write-down in the carrying amount of the loan at the date of transfer is recorded as a reduction in the ALLL. When a loan is transferred into the held for sale category, we stop amortizing the related deferred fees and costs. The remaining unamortized fees and costs are recognized as part of the cost basis of the loan at the time it is sold. We may also transfer loans from held for sale to the loan portfolio held for investment. If a loan held for sale for which fair value accounting was elected is transferred to held for investment, it will continue to be accounted for at fair value in the loan portfolio.
Nonperforming Loans
Nonperforming loans are loans for which we do not accrue interest income and may include commercial and consumer loans and leases, modified loans to borrowers experiencing financial difficulty. Nonperforming loans do not include loans held for sale. Once a loan is designated nonaccrual, the interest accrued but not collected is
reversed against interest income, and payments subsequently received are applied to principal until qualifying for return to accrual.

We generally classify commercial loans as nonperforming and stop accruing interest (i.e., designate the loan “nonaccrual”) when the borrower’s principal or interest payment is 90 days past due unless the loan is well-secured and in the process of collection. Commercial loans are also placed on nonaccrual status when payment is not past due but we have serious doubts about the borrower’s ability to comply with existing repayment terms. Once a loan is designated nonaccrual (and as a result assessed for impairment), the interest accrued but not collected is reversed against loan interest income, and payments subsequently received are applied to principal. Commercial loans are typically charged off in full or charged down to the fair value of the underlying collateral when the borrower’s payment is 180 days past due.

We classify consumer loans as nonperforming and stop accruing interest when the borrower’s payment is 120 days past due, unless the loan is well-secured and in the process of collection. Any second lien home equity loan with an associated first lien that is 120 days or more past due or in foreclosure, or for which the first mortgage delinquency timeframe is unknown, is reported as a nonperforming loan. Secured loans that are discharged through Chapter 7 bankruptcy and not formally re-affirmed are designated as nonperforming loans. Our charge-off policy for most consumer loans takes effect when payments are 120 days past due. Home equity and residential mortgage loans generally are charged down to net realizable value when payment is 180 days past due. Credit card loans and similar unsecured products continue to accrue interest until the account is charged off at 180 days past due.

Commercial and consumer loans may be returned to accrual status if we are reasonably assured that all contractually due principal and interest are collectible and the borrower has demonstrated a sustained period (generally six months) of repayment performance under the contracted terms of the loan and applicable regulation.
Purchased Loans
Purchased performing loans that do not have evidence of deterioration in credit quality at acquisition are recorded at fair value at the acquisition date. Any premium or discount associated with purchased performing loans is recognized in interest income based on the effective yield method of amortization for term loans or the straight-line method of amortization for revolving loans. The methods utilized to estimate the required ALLL for purchased performing loans is similar to originated loans.

Purchased loans that have experienced a more-than-insignificant deterioration in credit quality since origination are deemed PCD loans. PCD loans are initially recorded at fair value along with an allowance for credit losses determined using the same methodology as originated loans. The sum of the loan's purchase price and allowance for credit losses becomes its initial amortized cost basis. The difference between the initial amortized cost basis and the par value of the loan is a noncredit discount or premium, which is amortized into interest income over the life of the loan. Subsequent changes to the allowance for credit losses are recorded through provision for credit losses.
Allowance for Loan and Lease Losses
We estimate the ALLL using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. The ALLL is measured on a collective (pool) basis when similar risk characteristics exist. Our portfolio segments include commercial and consumer. Each of these two segments comprises multiple loan classes. Classes are characterized by similarities in initial measurement, risk attributes, and the manner in which we monitor and assess credit risk. The commercial segment is composed of commercial and industrial, commercial real estate, and commercial lease financing loan classes. The consumer lending segment is composed of residential mortgage, home equity, consumer direct, credit card, student lending and consumer indirect loan classes.

The ALLL represents our current estimate of lifetime credit losses inherent in our loan portfolio at the balance sheet date. In determining the ALLL, we estimate expected future losses for the loan's entire contractual term adjusted for expected prepayments when appropriate. The contractual term excludes expected extensions, renewals, and modifications.

The ALLL is the sum of three components: (i) asset specific/ individual loan reserves; (ii) quantitative (formulaic or pooled) reserves; and (iii) qualitative (judgmental) reserves.
Asset Specific / Individual Component

Loans that do not share risk characteristics are evaluated on an individual basis. Loans evaluated individually are not included in the collective evaluation. We have elected to apply the practical expedient to measure expected credit losses of a collateral dependent asset using the fair value of the collateral, less any costs to sell, when foreclosure is not probable, when repayment of the loan is expected to be provided substantially through the operation or sale of the collateral, and the borrower is experiencing financial difficulty.

Individual reserves are determined as follows:
•    For commercial non-accruing loans greater than or equal to a defined dollar threshold, individual reserves     
are determined based on an analysis of the present value of the loan's expected future cash flows or the fair     
value of the collateral less costs to sell.
•    For commercial non-accruing loans below the defined dollar threshold, an established LGD percentage is     
multiplied by the loan balance and the results are aggregated for purposes of measuring specific reserve
impairment.
•    The population of individually assessed consumer loans includes loans deemed collateral dependent. These loans are written down based on the collateral's fair market value less costs to sell.

Quantitative Component

We use a non-DCF factor-based approach to estimate expected credit losses that include component PD/LGD/EAD
models as well as less complex estimation methods for smaller loan portfolios.
•     PD: This component model is used to estimate the likelihood that a borrower will cease making payments
as agreed. The major contributors to this are the borrower credit attributes and macro-economic trends. The
objective of the PD model is to produce default likelihood forecasts based on the observed loan-level
information and projected paths of macroeconomic variables.
•     LGD: This component model is used to estimate the loss on a loan once a loan is in default.
•     EAD: This component model estimates the loan balance at the time the borrower stops making payments.
For all term loans, an amortization based formulaic approach is used for account level EAD estimates. We
calculate EAD using a portfolio specific method in each of our revolving product portfolios. For line products
that are unconditionally cancellable, the balances will either use a paydown curve or be held flat through the
life of the loan.
Qualitative Component
The ALLL also includes identified qualitative factors related to idiosyncratic risk factors, changes in current economic conditions that may not be reflected in quantitatively derived results, and other relevant factors to ensure the ALLL reflects our best estimate of current expected credit losses. While our reserve methodologies strive to reflect all relevant risk factors, there continues to be uncertainty associated with, but not limited to, potential imprecision in the estimation process due to the inherent time lag of obtaining information and normal variations between estimates
and actual outcomes. We provide additional reserves that are designed to provide coverage for losses attributable to such risks. The ALLL also includes factors that may not be directly measured in the determination of individual or collective reserves. Such qualitative factors may include:

•    The nature and volume of the institution’s financial assets;
•    The existence, growth, and effect of any concentrations of credit;
•    The volume and severity of past due financial assets, the volume of nonaccrual assets, and the volume and     
severity of adversely classified or graded assets;
•    The value of the underlying collateral for loans that are not collateral dependent;
•    The institution’s lending policies and procedures, including changes in underwriting standards and practices
for collections, write-offs, and recoveries;
•    The quality of the institution’s credit review function;
•    The experience, ability, and depth of the institution’s lending, investment, collection, and other relevant
management and staff;
•    The effect of other external factors such as the regulatory, legal and technological environments;
competition; and events such as natural disasters; and
•    Actual and expected changes in international, national, regional, and local economic and business
conditions and developments in which the institution operates that affect the collectability of financial assets.
Liability for Credit Losses on Lending-Related Commitments
The liability for credit losses on lending-related commitments, such as letters of credit and unfunded loan commitments, is included in “accrued expense and other liabilities” on the balance sheet. Expected credit losses are estimated over the contractual period in which we are exposed to credit risk via a contractual obligation unless that obligation is unconditionally cancellable by us. The liability for credit losses on lending-related commitments is adjusted as a provision for credit losses. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated useful life. Consistent with our estimation process on our loan and lease portfolio, we use a non-DCF factor-based approach to estimate expected credit losses that include component PD/LGD/EAD models as well as less complex estimation methods for smaller portfolios.
Allowance for Credit Losses on Other Financial Assets
The allowance for credit losses on other financial assets, such as other receivables and servicing advances, is
determined based on historical loss information and other available indicators. If such information does not indicate
any expected credit losses, Key may estimate the allowance for credit losses on other financial assets to be zero or
close to zero.
Fair Value Measurements
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. Therefore, fair value represents an exit price at the measurement date. We value our assets and liabilities based on the principal or most advantageous market where each would be sold (in the case of assets) or transferred (in the case of liabilities). In the absence of observable market transactions, we consider liquidity valuation adjustments to reflect the uncertainty in pricing the instruments.

Valuation inputs can be observable or unobservable. Observable inputs are assumptions based on market data obtained from an independent source. Unobservable inputs are assumptions based on our own information or assessment of assumptions used by other market participants in pricing the asset or liability. Our unobservable inputs are based on the best and most current information available on the measurement date.

All inputs, whether observable or unobservable, are ranked in accordance with a prescribed fair value hierarchy that gives the highest ranking to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest ranking to unobservable inputs (Level 3). Fair values for Level 2 assets and liabilities are based on one or a combination of the following factors: (i) quoted market prices for similar assets or liabilities; (ii) observable inputs, such as interest rates or yield curves; or (iii) inputs derived principally from or corroborated by observable market data. The level in the fair value hierarchy ascribed to a fair value measurement in its entirety is based on the lowest level input that is significant to the measurement. Assets and liabilities may transfer between levels based on the observable and unobservable inputs used at the valuation date.
Assets and liabilities are recorded at fair value on a recurring or nonrecurring basis. Nonrecurring fair value adjustments are typically recorded as a result of the application of lower of cost or fair value accounting; or impairment. At a minimum, we conduct our valuations quarterly.
Short-Term Investments
Short-term investments consist of segregated, interest-bearing deposits due from banks, the Federal Reserve, and certain non-U.S. banks as well as reverse repurchase agreements and United States Treasury Bills with an original maturity of three months or less.
Trading Account Assets
Trading account assets are debt and equity securities, as well as commercial loans, that we purchase and hold but intend to sell in the near term. These assets are reported at fair value. Realized and unrealized gains and losses on trading account assets are reported in “other income” on the income statement.
Securities and Other Investments
Securities available for sale. Debt securities that we intend to hold for an indefinite period of time but that may be sold in response to changes in interest rates, prepayment risk, liquidity needs, or other factors are classified as available-for-sale and reported at fair value. Realized gains and losses resulting from sales of securities using the specific identification method, are included in “net securities gains (losses)” on the income statement. Unrealized holding gains are recorded through other comprehensive income. Unrealized losses in fair value below the amortized cost basis are assessed to determine whether the impairment gets recorded through other comprehensive income or through earnings using a valuation allowance.

For available-for-sale securities in an unrealized loss position, we first assess whether we intend to sell, or it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis. If either of these criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value in “net securities gains (losses)” on the income statement. For debt securities that do not meet the aforementioned criteria, we evaluate whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized costs, the nature of the security, the underlying collateral, and the financial condition of the issuers, among other factors. If this assessment indicates a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of the cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for available-for-sale securities is recorded for the credit loss, limited by the amount that the fair value is less than the amortized costs basis. Any impairment that has not been recorded through an allowance for available-for-sale securities is recognized in other comprehensive income.

Changes in the allowance for available-for-sale securities are recorded as provision for (or reversal of) credit loss. Losses are charged against the allowance for available-for-sale securities when management believes the uncollectibility of an available-for-sale security is confirmed or when either criteria regarding intent or requirement to sell is met.

For additional information on our available-for-sale portfolio, refer to Note 6 (“Securities”).

Held-to-maturity securities. Debt securities that we have the intent and ability to hold until maturity are classified as held-to-maturity and are carried at cost and adjusted for amortization of premiums and accretion of discounts using the interest method. This method produces a constant rate of return on the adjusted carrying amount.

The held-to-maturity portfolio is classified by the following major security types: agency residential collateralized mortgage obligations, agency residential mortgage-backed securities, agency commercial mortgage-backed securities, asset backed securities, and other. “Other securities” held in the held-to-maturity portfolio consist of foreign bonds and capital securities. Management measures expected credit losses on held-to-maturity securities on a collective basis by major security type. The estimate of expected losses considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. We do not measure expected credit losses on held-to-maturity securities in which historical credit loss information adjusted for current conditions and reasonable and supportable forecasts results in an expectation that nonpayment of the amortized cost basis is zero.

For additional information on our held-to-maturity portfolio, refer to Note 6 (“Securities”).

Other Investments

Other investments include equity and mezzanine instruments as well as other types of investments that generally are carried at the alternative cost method. The alternative cost method results in these investments being recorded at cost, less any impairment, plus or minus changes resulting from observable market transactions. Adjustments are included in “other income” on the income statement. At each reporting period, we assess if these investments
continue to qualify for this measurement alternative.
Derivatives and Hedging
All derivatives are recognized on the balance sheet at fair value in “accrued income and other assets” or “accrued expense and other liabilities.” The net increase or decrease in derivatives is included in “other operating activities, net” within the statement of cash flows. Accounting for changes in fair value (i.e., gains or losses) of derivatives differs depending on whether the derivative has been designated and qualifies as part of a hedge relationship, and on the type of hedge relationship. For derivatives that are not in a hedge relationship, any gain or loss, as well as any premium paid or received, is recognized immediately in earnings in “corporate services income” or “other income” on the income statement, depending whether the derivative is for customer accommodation or risk management, respectively. A derivative that is designated and qualifies as a hedging instrument must be designated as a fair value hedge, a cash flow hedge, or a hedge of a net investment in a foreign operation.

A fair value hedge is used to limit exposure to changes in the fair value of existing assets, liabilities, and commitments caused by changes in interest rates or other economic factors. The change in the fair value of an instrument designated as a fair value hedge is recorded in earnings at the same time as a change in fair value of the hedged item attributable to the hedged risk and recorded in the same income statement line as the change in fair value of the hedged item.

A cash flow hedge is used to minimize the variability of future cash flows that is caused by changes in interest rates or other economic factors. The gain or loss on a cash flow hedge is recorded as a component of AOCI on the balance sheet and reclassified to earnings in the same period in which the hedged transaction affects earnings (e.g., when we incur variable-rate interest on debt, earn variable-rate interest on loans, or sell commercial real estate loans) and recorded in the same income statement line as the hedged transaction.

A net investment hedge is used to hedge the exposure of changes in the carrying value of investments as a result of changes in the related foreign exchange rates. The gain or loss on a net investment hedge is recorded as a component of AOCI on the balance sheet when the terms of the derivative match the notional and currency risk being hedged. The amount in AOCI is reclassified into income when the hedged transaction affects earnings (e.g., when we dispose or liquidate a foreign subsidiary).

Hedge “effectiveness” is determined by the extent to which changes in the fair value of a derivative instrument offset changes in the fair value, cash flows, or carrying value attributable to the risk being hedged. If the relationship between the change in the fair value of the derivative instrument and the change in the hedged item falls within a range considered to be the industry norm, the hedge is considered “highly effective” and qualifies for hedge accounting. A hedge is “ineffective” if the relationship between the changes falls outside the acceptable range. In that case, hedge accounting is discontinued on a prospective basis. Hedge effectiveness is tested at least quarterly.
Offsetting Derivative Positions
We take into account the impact of 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 on the balance sheet and contracts with positive fair values included in derivative liabilities. Derivative assets and derivative liabilities are recorded within “accrued income and other assets” and “accrued expense and other liabilities,” respectively.
Loan Sales And Securitizations
We sell and at times may securitize loans and other financial assets. We recognize the sale and securitization of loans or other financial assets when the transferred assets are legally isolated from our creditors and the appropriate accounting criteria are met. When we securitize loans or other financial assets, we may retain a portion of the securities issued, including senior interests, subordinated interests, interest-only strips, servicing rights, and other interests, all of which are considered retained interests in the transferred assets. The interests are initially measured at fair value which is based on independent third party market prices or market prices for similar assets. If market prices are not available, fair value is estimated based on the present value of expected future cash flows using assumptions as to discount rates, interest rates, prepayment speeds, and credit losses. Loans sold or securitized are removed from the balance sheet and a net gain or loss is recorded depending on the fair value of the
loans sold and the retained interests at the date of sale. The net gain or loss is recognized in “other income,” “consumer mortgage income,” or “investment banking and debt placement fees” at the time of sale.
Servicing Assets
We service commercial real estate and residential mortgage loans. Servicing assets and liabilities purchased or retained are initially measured at fair value and are recorded as a component of “accrued income and other assets” on the balance sheet. When no ready market value (such as quoted market prices, or prices based on sales or purchases of similar assets) is available to determine the fair value of servicing assets, fair value is determined by calculating the present value of future cash flows associated with servicing the loans. This calculation is based on a number of assumptions, including the market cost of servicing, the discount rate, the prepayment rate, and the default rate.

We account for our servicing assets using the amortization method. The amortization of servicing assets is determined in proportion to, and over the period of, the estimated net servicing income and recorded in either “consumer mortgage income” or “commercial mortgage servicing fees” on the income statement.
Servicing assets are evaluated quarterly for possible impairment. This process involves stratifying the assets based upon one or more predominant risk characteristics and determining the fair value of each class. The characteristics may include financial asset type, size, interest rate, date of origination, term and geographic location. If the evaluation indicates that the carrying amount of the servicing assets exceeds their fair value, the carrying amount is reduced by recording a charge to income in the amount of such excess and establishing a valuation reserve allowance. If impairment is determined to be other-than-temporary, a direct write-off of the carrying amount would be recorded.
Leases For leases where Key is the lessee that have initial terms greater than one year, right-of-use assets and corresponding lease liabilities are reported on the balance sheet. Leases with an initial term of less than one year are not recorded on the balance sheet. Our leases where Key is the lessee are primarily classified as operating leases. Operating lease expense is recognized in "net occupancy" and "equipment" on a straight-line basis over the lease term.
Premises and Equipment Premises and equipment, including leasehold improvements, are stated at cost less accumulated depreciation and amortization. We determine depreciation of premises and equipment using the straight-line method over the estimated useful lives of the particular assets. Leasehold improvements are amortized using the straight-line method over the shorter of their useful lives or terms of the leases. Premises and equipment are evaluated for impairment whenever events or circumstances indicate that the carrying value of the asset may not be recoverable.
Goodwill and Other Intangible Assets
Goodwill represents the amount by which the cost of net assets acquired in a business combination exceeds their fair value. Goodwill is assigned to reporting units as of the acquisition date based on the expected benefit to such reporting unit from the synergies of the business combination. Goodwill is not amortized. Goodwill is tested at the reporting unit level for impairment, at least annually as of October 1, or when indicators of impairment exist.

We may elect to perform a qualitative analysis to determine whether or not it is more-likely-than-not that the fair value of a reporting unit is less than its carrying amount. When conducting a qualitative analysis, we evaluate both internal and external factors, including recent performance, updated projections, stock prices and economic conditions. If we elect to bypass this qualitative analysis, or conclude via qualitative analysis that it is more-likely-than-not that the fair value of a reporting unit is less than its carrying value, a quantitative goodwill impairment test is performed. If the fair value is less than the carrying value, an impairment charge is recorded for the difference, to the extent that the loss recognized does not exceed the amount of the goodwill allocated to that reporting unit.

The amount of capital being allocated to our reporting units as a proxy for the carrying value is based on a combination of regulatory and economic equity. Fair values are estimated using a combination of market and
income approaches. The market approach incorporates comparable public company multiples along with data related to recent merger and acquisition activity. The income approach consists of discounted cash flow modeling that utilizes internal forecasts and various other inputs and assumptions. A multi-year internal forecast is prepared for each reporting unit and a terminal growth rate is estimated for each one based on market expectations of inflation and economic conditions in the financial services industry. Earnings projections for reporting units are adjusted for after tax cost savings expected to be realized by a market participant. The discount rate applied to our cash flows is derived from the CAPM. The buildup to the discount rate includes a risk-free rate, 5-year adjusted beta based on peer companies, a market equity risk premium, a size premium and a company specific risk premium. The discount rates differ between our reporting units as they have different levels of risk. A sensitivity analysis is typically performed on key assumptions, such as the discount rates, net interest margin and cost savings estimates.
Other intangible assets with finite lives are amortized on either an accelerated or straight-line basis. We monitor for impairment indicators for goodwill and other intangible assets on a quarterly basis.
Business Combinations We account for our business combinations using the acquisition method of accounting. Under this accounting method, the acquired company’s assets and liabilities are recorded at fair value at the date of acquisition, except as provided for by the applicable accounting guidance, and the results of operations of the acquired company are combined with Key’s results from the date of acquisition forward. Acquisition costs are expensed when incurred. The difference between the purchase price and the fair value of the net assets acquired (including identifiable intangible assets) is recorded as goodwill.
Securities Financing Activities
We enter into repurchase agreements to finance overnight customer sweep deposits. We also enter into repurchase and reverse repurchase agreements to settle other securities obligations. We account for these securities financing agreements as collateralized financing transactions. Repurchase and reverse repurchase agreements are recorded on the balance sheet at the amounts that the securities will be subsequently sold or repurchased. Securities borrowed transactions are recorded on the balance sheet at the amounts of cash collateral advanced. While our securities financing agreements incorporate a right of set off, the assets and liabilities are reported on a gross basis. Reverse repurchase agreements and securities borrowed transactions are included in “short-term investments” on the balance sheet; repurchase agreements are included in “federal funds purchased and securities sold under repurchase agreements.” Fees received in connection with these transactions are recorded in interest income; fees paid are recorded in interest expense.
Contingencies and Guarantees
We recognize liabilities for the fair value of our obligations under certain guarantees issued. These liabilities are included in “accrued expense and other liabilities” on the balance sheet. If we receive a fee for a guarantee requiring liability recognition, the amount of the fee represents the initial fair value of the “stand ready” obligation. If there is no fee, the fair value of the stand ready obligation is determined using expected present value measurement techniques, unless observable transactions for comparable guarantees are available. The subsequent accounting for these stand ready obligations depends on the nature of the underlying guarantees. We account for our release from risk under a particular guarantee when the guarantee expires or is settled, or by a systematic and rational amortization method, depending on the risk profile of the guarantee. Contingent aspects of certain guarantees are assessed a reserve under CECL if required.

Contingent liabilities may result from litigation, claims and assessments, loss or damage to Key. We recognize liabilities from contingencies when a loss is probable and can be reasonably estimated.
Revenue Recognition
We recognize revenues as they are earned based on contractual terms, as transactions occur, or as services are provided and collectability is reasonably assured. Our principal source of revenue is interest income from loans and investments. We also earn noninterest income from various banking and financial services offered through both the Commercial and Consumer banks.

Interest Income. The largest source of revenue for us is interest income. Interest income is primarily recognized on an accrual basis according to nondiscretionary formulas in written contracts, such as loan agreements or securities contracts.

Noninterest Income. We earn noninterest income through a variety of financial and transaction services provided to commercial and consumer clients. Revenue is recorded for noninterest income based on the contractual terms for the service or transaction performed. In certain circumstances, noninterest income is reported net of associated expenses.

Trust and Investment Services Income. Trust and investment services revenues include brokerage commissions trust and asset management commissions.

Revenue from trade execution and brokerage services is earned through commissions from trade execution on behalf of clients. Revenue from these transactions is recognized at the trade date. Any ongoing service fees are recognized on a monthly basis as services are performed.

Trust and asset management services include asset custody and investment management services provided to individual and institutional customers. Revenue is recognized monthly based on a minimum annual fee, and the market value of assets in custody. Additional fees are recognized for transactional activity at a point in time.

Investment Banking and Debt Placement Fees. Investment banking and debt placement fees consist of syndication fees, debt and equity underwriting fees, financial advisor fees, gains on sales of commercial mortgages, and agency origination fees. Revenues for these services are recorded at a point in time, upon completion of a contractually identified transaction, or when an advisory opinion is provided. Investment banking and debt placement costs are reported on a gross basis within other expense on the income statement.

Service Charges on Deposit Accounts. Revenue from service charges on deposit accounts is earned through cash management, wire transfer, and other deposit-related services as well as overdraft, non-sufficient funds, account management and other deposit-related fees. Revenue is recognized for these services either over time, corresponding with deposit accounts’ monthly cycle, or at a point in time for transactional related services and fees. Certain reward costs are netted within revenues from service charges on deposits.

Corporate Services Income. Corporate services income includes various ancillary service revenue including letter of credit fees, loan fees, non-hedging derivatives gains and losses, and certain capital market fees. Revenue from these fees is recorded in a manner that reflects the timing of when transactions occur, and as services are provided.

Cards and Payments Income. Cards and payments income consists of debit card, consumer and commercial credit card, and merchant services income. Revenue sources include interchange fees from credit and debit cards processed through card association networks, merchant services, and other card related services. Interchange rates are generally set by the credit card associations and based on purchase volumes and other factors. Interchange fees are recognized as transactions occur. Certain card network costs and reward costs are netted within interchange revenues. Merchant services income represents account management fees and transaction fees charged to merchants for the processing of card association network transactions. Merchant services revenue is recognized as transactions occur, or as services are performed.

Corporate-Owned Life Insurance Income. Income from corporate-owned life insurance primarily represents changes in the cash surrender value of life insurance policies held on certain key employees. Revenue is recognized in each period based on the change in the cash surrender value during the period.
Stock-Based Compensation
Stock-based compensation is measured using the fair value method of accounting on the grant date. The measured cost is recognized over the period during which the recipient is required to provide service in exchange for the award. We estimate expected forfeitures when stock-based awards are granted and record compensation expense only for awards that are expected to vest. Compensation expense related to awards granted to employees is recorded in “personnel expense” on the Consolidated Statements of Income while compensation expense related to awards granted to directors is recorded in “other expense.”

We recognize compensation expense for stock-based, mandatory deferred incentive compensation awards using the accelerated method of amortization over a period of approximately five years (the current year performance period and a four-year vesting period, which generally starts in the first quarter following the performance period).

We estimate the fair value of options granted using the Black-Scholes option-pricing model, as further described in Note 15 (“Stock-Based Compensation”). Employee stock options typically become exercisable at the rate of 25% per year, beginning one year after the grant date. Options expire no later than 10 years after their grant date. We recognize stock-based compensation expense for stock options with graded vesting using an accelerated method of amortization.

We use shares repurchased under our annual capital plan submitted to our regulators (treasury shares) for share issuances under all stock-based compensation programs.
Income Taxes
Deferred tax assets and liabilities are determined based on temporary differences between financial statement asset and liability amounts and their respective tax bases and are measured using enacted tax laws and rates that are expected to apply in the periods in which the deferred tax assets or liabilities are expected to be realized. Deferred tax assets are also recorded for any tax attributes, such as tax credit and net operating loss carryforwards. The net balance of deferred tax assets and liabilities is reported in “Accrued income and other assets” or “Accrued expense and other liabilities” in the consolidated balance sheets, as appropriate. Subsequent changes in the tax laws require adjustment to these assets and liabilities with the cumulative effect included in the provision for income taxes for the period in which the change is enacted. A valuation allowance is recognized for a deferred tax asset if, based on the weight of available evidence, it is more-likely-than-not that some portion or all of the deferred tax asset will not be realized.

We use the proportional amortization method for LIHTC and certain NMTC investments, whereby the associated investment tax credits are recognized as a reduction to tax expense. Certain federal tax credits that are nonrefundable and transferable under applicable regulations are accounted for as government grants and recorded as a reduction to the amortized cost or net investment in the applicable asset generating the credit, generally within “Accrued income and other assets” or “Loans, net of unearned income”. Amounts are amortized through depreciation or as an adjustment to yield over the estimated life of the asset. Any gain or loss on the transfer of a tax credit is recorded within noninterest income.
Earnings Per Share
Basic net income per common share is calculated using the two-class method. The two-class method is an earnings allocation formula that determines earnings per share for each share of common stock and participating securities according to dividends declared (distributed earnings) and participation rights in undistributed earnings. Distributed and undistributed earnings are allocated between common and participating security shareholders based on their respective rights to receive dividends. Nonvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents are considered participating securities (e.g., nonvested service-based restricted stock units). Undistributed net losses are not allocated to nonvested restricted shareholders, as these shareholders do not have a contractual obligation to fund the incurred losses. Net income attributable to common shares is then divided by the weighted-average number of common shares outstanding during the period.

Diluted net income per common share is calculated using the more dilutive of either the treasury method or the two-class method. The dilutive calculation considers the potential dilutive effect of common stock equivalents determined under the treasury stock method. Common stock equivalents include stock options and service- and performance-based restricted stock and stock units granted under our stock plans. Net income attributable to
common shares is then divided by the total of weighted-average number of common shares and common stock equivalents outstanding during the period.
Accounting Guidance Adopted
Accounting Guidance Adopted in 2025

StandardDate of AdoptionDescriptionEffect on Financial Statements or Other Significant Matters
ASU 2023-09 Income Taxes (Topic 740)Annual periods beginning January 1, 2025

Early adoption is permitted.		This guidance requires certain tax disclosures related to rate reconciliation and income taxes paid.

The guidance should be applied on a prospective or retrospective basis.		The guidance did not have a material impact on Key’s disclosures.

See Note 13 (“Income Taxes”) for enhanced disclosures.
v3.25.4
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Schedule of New Accounting Pronouncements and Changes in Accounting Principles
Accounting Guidance Adopted in 2025

StandardDate of AdoptionDescriptionEffect on Financial Statements or Other Significant Matters
ASU 2023-09 Income Taxes (Topic 740)Annual periods beginning January 1, 2025

Early adoption is permitted.		This guidance requires certain tax disclosures related to rate reconciliation and income taxes paid.

The guidance should be applied on a prospective or retrospective basis.		The guidance did not have a material impact on Key’s disclosures.

See Note 13 (“Income Taxes”) for enhanced disclosures.
v3.25.4
Earnings Per Common Share (Tables)
 12 Months Ended
Dec. 31, 2025
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:
Year ended December 31,   
Dollars in millions, except per share amounts202520242023
EARNINGS
Income (loss) from continuing operations$1,828 $(163)$964 
Less: Dividends on preferred stock143 143 143 
Income (loss) from continuing operations attributable to Key common shareholders1,685 (306)821 
Income (loss) from discontinued operations, net of taxes1 2 3 
Net income (loss) attributable to Key common shareholders$1,686 $(304)$824 
WEIGHTED-AVERAGE COMMON SHARES
Weighted-average Common Shares outstanding (000)1,098,558 949,561 927,217 
Effect of common share options and other stock awards(a)
9,436 — 5,542 
Weighted-average common shares and potential Common Shares outstanding (000) (b)
1,107,994 949,561 932,759 
EARNINGS PER COMMON SHARE
Income (loss) from continuing operations attributable to Key common shareholders$1.53 $(.32)$.88 
Income (loss) from discontinued operations, net of taxes— — — 
Net income (loss) attributable to Key common shareholders (c)
1.53 (.32).89 
Income (loss) from continuing operations attributable to Key common shareholders — assuming dilution1.52 (.32).88 
Income (loss) from discontinued operations, net of taxes — assuming dilution— — — 
Net income (loss) attributable to Key common shareholders — assuming dilution (c)
1.52 (.32).88 
(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.
v3.25.4
Loan Portfolio (Tables)
 12 Months Ended
Dec. 31, 2025
Financing Receivable, before Allowance for Credit Loss [Abstract]  
Schedule of Loans by Category
Loan Portfolio by Portfolio Segment and Class of Financing Receivable (a)
December 31,  
Dollars in millions20252024
Commercial and industrial (b)(c)
$57,688 $52,909 
Commercial real estate:
Commercial mortgage13,707 13,310 
Construction2,844 2,936 
Total commercial real estate loans16,551 16,246 
Commercial lease financing (c)
2,270 2,736 
Total commercial loans76,509 71,891 
Real estate — residential mortgage18,732 19,886 
Home equity loans5,703 6,358 
Other consumer loans4,644 5,167 
Credit cards953 958 
Total consumer loans30,032 32,369 
Total loans (d)
$106,541 $104,260 
(a)Accrued interest of $459 million and $456 million at December 31, 2025, and December 31, 2024, respectively, is presented in "Accrued income and other assets" on the Consolidated Balance Sheets and is excluded from the amortized cost basis disclosed in this table.
(b)Loan balances include $205 million and $212 million of commercial credit card balances at December 31, 2025, and December 31, 2024, respectively.
(c)Commercial and industrial includes receivables held as collateral for a secured borrowing of $211 million at December 31, 2024. Commercial lease financing includes receivables of $1 million and $3 million held as collateral for a secured borrowing at December 31, 2025, and December 31, 2024, respectively. Principal reductions are based on the cash payments received from these related receivables. Additional information pertaining to this secured borrowing is included in Note 17 (“Borrowings”).
(d)Total loans exclude loans of $205 million at December 31, 2025, and $257 million at December 31, 2024, related to the discontinued operations of the education lending business. These amounts are included within “Discontinued assets” on the Consolidated Balance Sheet.
v3.25.4
Asset Quality (Tables)
 12 Months Ended
Dec. 31, 2025
Credit Loss [Abstract]  
Schedule of Changes in Allowance for Loan and Lease Losses by Loan Category The changes in the ALLL by loan category for the periods indicated are as follows:
Twelve Months Ended December 31, 2025:
Dollars in millionsDecember 31, 2024ProvisionCharge-offsRecoveriesDecember 31, 2025
Commercial and Industrial $639 $361 $(312)$57 $745 
Commercial real estate:
Real estate — commercial mortgage320 19 (94)7 252 
Real estate — construction51 4 — — 55 
Total commercial real estate loans371 23 (94)7 307 
Commercial lease financing27 5 (6)— 26 
Total commercial loans1,037 389 (412)64 1,078 
Real estate — residential mortgage90 (26)(2)4 66 
Home equity loans70 (19)(2)3 52 
Other consumer loans136 61 (56)8 149 
Credit cards76 43 (45)8 82 
Total consumer loans372 59 (105)23 349 
Total ALLL — continuing operations1,409 448 
(a)
(517)87 1,427 
Discontinued operations13 — (3)1 11 
Total ALLL — including discontinued operations$1,422 $448 $(520)$88 $1,438 
(a)Excludes a provision related to reserves on lending-related commitments of $23 million.
Twelve Months Ended December 31, 2024:
Dollars in millionsDecember 31, 2023ProvisionCharge-offsRecoveriesDecember 31, 2024
Commercial and Industrial $556 $388 $(363)$58 $639 
Commercial real estate:
Real estate — commercial mortgage419 (61)(40)2 320 
Real estate — construction52 (1)— — 51 
Total commercial real estate loans471 (62)(40)2 371 
Commercial lease financing33 (4)(7)5 27 
Total commercial loans1,060 322 (410)65 1,037 
Real estate — residential mortgage162 (74)(3)5 90 
Home equity loans86 (16)(2)2 70 
Other consumer loans122 70 (64)8 136 
Credit cards78 39 (47)6 76 
Total consumer loans448 19 (116)21 372 
Total ALLL — continuing operations1,508 341 
(a)
(526)86 1,409 
Discontinued operations16 — (4)1 13 
Total ALLL — including discontinued operations$1,524 $341 $(530)$87 $1,422 
(a)Excludes a credit related to reserves on lending-related commitments of $6 million.

Twelve Months Ended December 31, 2023
Dollars in millionsDecember 31, 2022Provision Charge-offsRecoveriesDecember 31, 2023
Commercial and industrial$601 $99   $(188)$44 $556 
Commercial real estate:
Real estate — commercial mortgage203 253 (39)2 419 
Real estate — construction28 23 — 1 52 
Total commercial real estate loans231 276 (39)3 471 
Commercial lease financing32 (4)— 5 33 
Total commercial loans864 371 (227)52 1,060 
Real estate — residential mortgage196 (37)(1)4 162 
Home equity loans98 (13)(2)3 86 
Other consumer loans113 52   (51)8 122 
Credit cards66 42   (37)7 78 
Total consumer loans473 44   (91)22 448 
Total ALLL — continuing operations1,337 415 
(a)
(318)74 1,508 
Discontinued operations21 (2)  (4)1 16 
Total ALLL — including discontinued operations$1,358 $413 $(322)$75 $1,524 
(a)Excludes a provision related to reserves on lending-related commitments of $74 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, 30 year mortgage rate and U.S. household income
Home equityHome price index, unemployment rate, and 30 year mortgage rate
Other consumerUnemployment rate, prime 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 Commercial and Consumer Credit Exposure
Credit Risk Profile by Creditworthiness Category and Vintage (a)(b)
As of December 31, 2025Term 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 millions20252024202320222021PriorTotal
Commercial and Industrial
Risk Rating:
Pass$9,473 $5,864 $2,263 $5,313 $2,648 $4,115 $24,267 $174 $54,117 
Criticized (Accruing)139 218 171 463 259 493 1,535 37 3,315 
Criticized (Nonaccruing)1 14 18 54 21 33 115 — 256 
Total commercial and industrial9,613 6,096 2,452 5,830 2,928 4,641 25,917 211 57,688 
Current period gross write-offs13 272227828187— 312 
Real estate — commercial mortgage
Risk Rating:
Pass3,246 826 651 1,911 1,519 2,997 1,366 29 12,545 
Criticized (Accruing)8 99 60 326 237 246 20 9 1,005 
Criticized (Nonaccruing)— 16 3 95 31 9 3 — 157 
Total real estate — commercial mortgage
3,254 941 714 2,332 1,787 3,252 1,389 38 13,707 
Current period gross write-offs19 1411829103— 94 
Real estate — construction
Risk Rating:
Pass468 565 771 262 130 72 296 2 2,566 
Criticized (Accruing)— — 20 95 36 127 — — 278 
Criticized (Nonaccruing)— — — — — — — — — 
Total real estate — construction468 565 791 357 166 199 296 2 2,844 
Current period gross write-offs— — — — — — — — — 
Commercial lease financing
Risk Rating:
Pass322 228 293 433 249 609 — — 2,134 
Criticized (Accruing)5 4 26 55 18 21 — — 129 
Criticized (Nonaccruing)— — 5 2 — — — — 7 
Total commercial lease financing327 232 324 490 267 630 — — 2,270 
Current period gross write-offs— — 3 1 — 2 — — 6 
Total commercial loans$13,662 $7,834 $4,281 $9,009 $5,148 $8,722 $27,602 $251 $76,509 
Total commercial loan current period gross write-offs$32 $41 $26 $46 $37 $40 $190 $— $412 
As of December 31, 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$6,345 $3,097 $7,119 $3,934 $1,617 $3,969 $22,709 $115 $48,905 
Criticized (Accruing)172 219 597 419 208 476 1,550 41 3,682 
Criticized (Nonaccruing)23 13 68 30 2 31 153 2 322 
Total commercial and industrial6,540 3,329 7,784 4,383 1,827 4,476 24,412 158 52,909 
Current year gross write-offs1 12 65 106 4 31 144 — 363 
Real estate — commercial mortgage
Risk Rating:
Pass1,052 748 2,818 2,202 594 3,194 1,001 41 11,650 
Criticized (Accruing)31 85 571 281 93 316 30 9 1,416 
Criticized (Nonaccruing)— — 123 52 3 66 — — 244 
Total real estate — commercial mortgage
1,083 833 3,512 2,535 690 3,576 1,031 50 13,310 
Current year gross write-offs— — 1 6 — 32 1 — 40 
Real estate — construction
Risk Rating:
Pass199 846 1,021 340 87 67 42 2 2,604 
Criticized (Accruing)— 17 112 58 68 77 — — 332 
Criticized (Nonaccruing)— — — — — — — — — 
Total real estate — construction199 863 1,133 398 155 144 42 2 2,936 
Current year gross write-offs— — — — — — — — — 
Commercial lease financing
Risk Rating:
Pass301 430 626 368 217 679 — — 2,621 
Criticized (Accruing)2 34 33 9 16 21 — — 115 
Criticized (Nonaccruing)— — — — — — — — — 
Total commercial lease financing303 464 659 377 233 700 — — 2,736 
Current year gross write-offs— — — — — 7 — — 7 
Total commercial loans$8,125 $5,489 $13,088 $7,693 $2,905 $8,896 $25,485 $210 $71,891 
Total commercial loan current year gross write-offs$1 $12 $66 $112 $4 $70 $145 $— $410 
(a)Accrued interest of $338 million and $322 million as of December 31, 2025, and December 31, 2024, respectively, presented in “Accrued income and 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 both the twelve months ended December 31, 2025 and December 31, 2024.
Consumer Credit Exposure
Credit Risk Profile by FICO Score and Vintage (a)(b)
As of December 31, 2025Term LoansRevolving Loans Amortized Cost BasisRevolving Loans Converted to Term Loans Amortized Cost Basis
Amortized Cost Basis by Origination Year and FICO Score
Dollars in millions20252024202320222021PriorTotal
Real estate — residential mortgage
FICO Score:
750 and above$358 $224 $607 $5,342 $6,738 $3,403 $— $— $16,672 
660 to 74969 36 86 504 582 420 — — 1,697 
Less than 6602 11 23 87 73 149 — — 345 
No Score2 2 2 1 — 9 2 — 18 
Total real estate — residential mortgage431 273 718 5,934 7,393 3,981 2 — 18,732 
Current period gross write-offs— — — — — 2 — — 2 
Home equity loans
FICO Score:
750 and above43 26 23 117 676 1,164 1,749 179 3,977 
660 to 74918 13 13 41 149 258 718 58 1,268 
Less than 6602 3 5 15 44 109 253 21 452 
No Score— — — — — 1 5 — 6 
Total home equity loans63 42 41 173 869 1,532 2,725 258 5,703 
Current period gross write-offs— — — — — — 2 — 2 
Other consumer loans
FICO Score:
750 and above175 73 104 986 1,032 595 81 — 3,046 
660 to 749112 48 74 220 218 179 172 — 1,023 
Less than 66017 12 21 54 52 46 54 — 256 
No Score12 8 5 10 13 6 265 — 319 
Total consumer direct loans316 141 204 1,270 1,315 826 572 — 4,644 
Current period gross write-offs4 5 7 9 9 7 15 — 56 
Credit cards
FICO Score:
750 and above— — — — — — 479 — 479 
660 to 749— — — — — — 364 — 364 
Less than 660— — — — — — 108 — 108 
No Score— — — — — — 2 — 2 
Total credit cards— — — — — — 953 — 953 
Current period gross write-offs— — — — — — 45 — 45 
Total consumer loans$810 $456 $963 $7,377 $9,577 $6,339 $4,252 $258 $30,032 
Total consumer loan current period gross write-offs$4 $5 $7 $9 $9 $9 $62 $— $105 
As of December 31, 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$281 $669 $5,720 $7,203 $2,247 $1,510 $— $— $17,630 
660 to 74967 116 597 655 199 280 — — 1,914 
Less than 6604 13 81 63 24 134 — — 319 
No Score3 2 1 — 1 15 1 — 23 
Total real estate — residential mortgage355 800 6,399 7,921 2,471 1,939 1 — 19,886 
Current period gross write-offs1 — 1 — — 1 — — 3 
Home equity loans
FICO Score:
750 and above33 31 139 775 612 731 1,886 251 4,458 
660 to 74917 17 50 181 129 186 772 80 1,432 
Less than 6602 5 15 40 31 82 263 25 463 
No Score— — — — — 1 4 — 5 
Total home equity loans52 53 204 996 772 1,000 2,925 356 6,358 
Current period gross write-offs— — — — — 1 1 — 2 
Other consumer loans
FICO Score:
750 and above107 143 1,149 1,210 527 245 88 — 3,469 
660 to 74970 109 275 268 128 108 184 — 1,142 
Less than 6609 23 59 59 29 24 56 — 259 
No Score35 12 18 17 7 12 196 — 297 
Total consumer direct loans221 287 1,501 1,554 691 389 524 — 5,167 
Current period gross write-offs— 7 17 12 7 6 15 — 64 
Credit cards
FICO Score:
750 and above— — — — — — 476 — 476 
660 to 749— — — — — — 372 — 372 
Less than 660— — — — — — 109 — 109 
No Score— — — — — — 1 — 1 
Total credit cards— — — — — — 958 — 958 
Current period gross write-offs— — — — — — 47 — 47 
Total consumer loans$628 $1,140 $8,104 $10,471 $3,934 $3,328 $4,408 $356 $32,369 
Total consumer current period gross write-offs$1 $7 $18 $12 $7 $8 $63 $— $116 
(a)Accrued interest of $121 million and $134 million as of December 31, 2025, and December 31, 2024, respectively, presented in “Accrued income and 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 both the twelve months ended December 31, 2025 and December 31, 2024.
Schedule of Aging Analysis of Past Due and Current Loans
The following aging analysis of past due and current loans as of December 31, 2025, and December 31, 2024, provides further information regarding Key’s credit exposure.
Aging Analysis of Loan Portfolio(a)
December 31, 2025
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
Total
Loans (d)
Dollars in millions
LOAN TYPE(a)
Commercial and industrial$57,336 $38 $17 $41 $256 $352 $57,688 
Commercial real estate:
Commercial mortgage13,450 47 20 33 157 257 13,707 
Construction2,843 — — 1 — 1 2,844 
Total commercial real estate loans16,293 47 20 34 157 258 16,551 
Commercial lease financing2,260 3 — — 7 10 2,270 
Total commercial loans$75,889 $88 $37 $75 $420 $620 $76,509 
Real estate — residential mortgage$18,593 $21 $14 $— $104 $139 $18,732 
Home equity loans5,593 18 7 5 80 110 5,703 
Other consumer loans4,606 15 10 9 4 38 4,644 
Credit cards926 6 4 10 7 27 953 
Total consumer loans$29,718 $60 $35 $24 $195 $314 $30,032 
Total loans$105,607 $148 $72 $99 $615 $934 $106,541 
(a)Amounts in table represent amortized cost and exclude loans held for sale.
(b)Accrued interest of $459 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 $66 million in Commercial mortgage and $6 million in Real estate - residential mortgage associated with loans sold to GNMA that are 90 days or more past due where Key has the right but not the obligation to repurchase and whose payments are insured by the Federal Housing Administration or guaranteed by the United States Department of Veteran Affairs.
(d)Net of unearned income, net of deferred fees and costs, and unamortized discounts and premiums.

December 31, 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
Total
Loans (d)
Dollars in millions
LOAN TYPE(a)
Commercial and industrial$52,473 $48 $21 $45 $322 $436 $52,909 
Commercial real estate:
Commercial mortgage13,018 4 29 16 243 292 13,310 
Construction2,932 — — 4 — 4 2,936 
Total commercial real estate loans15,950 4 29 20 243 296 16,246 
Commercial lease financing2,728 1 6 1 — 8 2,736 
Total commercial loans$71,151 $53 $56 $66 $565 $740 $71,891 
Real estate — residential mortgage$19,766 $20 $8 $— $92 $120 $19,886 
Home equity loans6,232 26 8 3 89 126 6,358 
Other consumer loans5,129 15 9 9 5 38 5,167 
Credit cards928 6 5 12 7 30 958 
Total consumer loans$32,055 $67 $30 $24 $193 $314 $32,369 
Total loans$103,206 $120 $86 $90 $758 $1,054 $104,260 
(a)Amounts in table represent amortized cost and exclude loans held for sale.
(b)Accrued interest of $456 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 $75 million in Commercial mortgage and $7 million in Real estate - residential mortgage associated with loans sold to GNMA that are 90 days or more past due where Key has the right but not the obligation to repurchase and whose payments are insured by the Federal Housing Administration or guaranteed by the United States Department of Veteran Affairs.
(d)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 of the noted periods. 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 December 31, 2025, there were 167 loans totaling $26 million in a trial modification period. As of December 31, 2024, there were 120 loans totaling $20 million in a trial modification period.

Commitments outstanding to lend additional funds to borrowers experiencing financial difficulty whose loans were modified were $110 million and $15 million at December 31, 2025 and December 31, 2024, respectively.
As of December 31, 2025Interest Rate ReductionTerm ExtensionOther
Combination(a)
Total
Dollars in millionsAmortized Cost BasisAmortized Cost BasisAmortized Cost BasisAmortized Cost BasisAmortized Cost Basis% of Total Loan Type
LOAN TYPE
Commercial and Industrial$2 $236 $22 $44 $304 0.53 %
Commercial real estate:
Commercial mortgage— 159 5 67 231 1.69 
Construction— 30 — — 30 1.05 
Total commercial real estate loans— 189 5 67 261 1.58 
Total commercial loans$2 $425 $27 $111 $565 0.74 %
Real estate — residential mortgage$3 $1 $— $10 $14 0.07 %
Home equity loans4 1 — 4 9 0.16 
Other consumer loans— 2 — 2 4 0.09 
Credit cards— — — 3 3 0.31 
Total consumer loans$7 $4 $— $19 $30 0.10 %
Total loans$9 $429 $27 $130 $595 0.56 %
(a)Combination modifications consist primarily of loans modified with both an interest rate reduction and a term extension.

As of December 31, 2024Interest Rate ReductionTerm ExtensionOther
Combination(a)
Total
Dollars in millionsAmortized Cost BasisAmortized Cost BasisAmortized Cost BasisAmortized Cost BasisAmortized Cost Basis% of Total Loan Type
LOAN TYPE
Commercial and Industrial$— $118 $25 $20 $163 0.31 %
Commercial real estate:
Commercial mortgage28 236 22 21 307 2.31 
Construction— 29 — — 29 0.99 
Total commercial real estate loans28 265 22 21 336 2.07 
Total commercial loans$28 $383 $47 $41 $499 0.69 %
Real estate — residential mortgage$1 $1 $— $12 $14 0.07 %
Home equity loans3 1 2 7 13 0.20 
Other consumer loans— 2 — 3 5 0.10 
Credit cards— — — 3 3 0.31 
Total consumer loans$4 $4 $2 $25 $35 0.11 %
Total loans$32 $387 $49 $66 $534 0.51 %
(a)Combination modifications consist primarily of loans modified with both an interest rate reduction and a term extension.

As of December 31, 2023Interest Rate ReductionTerm ExtensionOther
Combination(a)
Total
Dollars in millionsAmortized Cost BasisAmortized Cost BasisAmortized Cost BasisAmortized Cost BasisAmortized Cost Basis% of Total Loan Type
LOAN TYPE
Commercial and Industrial$— $180 $49 $34 $263 0.47 %
Commercial real estate:
Commercial mortgage— 4 2 — 6 0.04 
Construction— — — — — — 
Total commercial real estate loans— 4 2 — 6 0.03 
Total commercial loans$— $184 $51 $34 $269 0.35 %
Real estate — residential mortgage$— $— $1 $9 $10 0.05 %
Home equity loans2 1 1 5 9 0.13 
Other consumer loans— 1 — 2 3 0.05 
Credit cards— — — 4 4 0.40 
Total consumer loans$2 $2 $2 $20 $26 0.07 %
Total loans$2 $186 $53 $54 $295 0.26 %
(a)Combination modifications consist primarily of loans modified with both an interest rate reduction and a term extension.
The following table summarizes the financial impacts of loan modifications made to specific loans for the noted periods.
Twelve months ended December 31, 2025Weighted-average Interest Rate ChangeWeighted-average Term Extension (in years)
LOAN TYPE
Commercial and Industrial(0.87)%1.24
Commercial mortgage— %0.96
Construction— %0.50
Real estate — residential mortgage(1.86)%5.85
Home equity loans(2.97)%7.55
Other consumer loans(3.65)%1.20
Credit cards(8.27)%1.00
Twelve months ended December 31, 2024Weighted-average Interest Rate ChangeWeighted-average Term Extension (in years)
LOAN TYPE
Commercial and Industrial(4.12)%1.75
Commercial mortgage(1.49)%0.66
Construction— %2.87
Real estate — residential mortgage(1.81)%6.15
Home equity loans(4.03)%6.53
Other consumer loans(4.06)%0.77
Credit cards(16.26)%1.00
Twelve months ended December 31, 2023Weighted-average Interest Rate ChangeWeighted-average Term Extension (in years)
LOAN TYPE
Commercial and Industrial(5.69)%0.59
Commercial mortgage— %1.37
Real estate — residential mortgage(1.97)%7.58
Home equity loans(4.02)%6.87
Other consumer loans(3.62)%1.01
Credit cards(14.90)%1.00
Twelve months ended December 31, 2025Interest Rate Reduction
Dollars in millionsTerm ExtensionOtherCombinationTotal
LOAN TYPE
Commercial and Industrial$— $2 $5 $— $7 
Commercial real estate
Commercial mortgage— 18 — — 18 
Total commercial real estate loans— 18 — — 18 
Total commercial loans$— $20 $5 $— $25 
Real estate — residential mortgage$— $— $— $1 $1 
Home equity loans— — 1 — 1 
Total consumer loans$— $— $1 $1 $2 
Total loans$— $20 $6 $1 $27 
Twelve months ended December 31, 2024Interest Rate Reduction
Dollars in millionsTerm ExtensionOtherCombinationTotal
LOAN TYPE
Commercial and Industrial$— $22 $— $1 $23 
Commercial real estate
Commercial mortgage11 — — 11 
Total commercial real estate loans11 — — — 11 
Total commercial loans$11 $22 $— $1 $34 
Real estate — residential mortgage$— $— $— $1 $1 
Home equity loans— — — 2 2 
Total consumer loans$— $— $— $3 $3 
Total loans$11 $22 $— $4 $37 
Twelve months ended December 31, 2023
Dollars in millionsInterest Rate ReductionTerm ExtensionOtherCombinationTotal
LOAN TYPE
Commercial and Industrial$— $7 $— $3 $10 
Commercial real estate
Commercial mortgage— — 1 — 1 
Total commercial real estate loans— 7 1 3 11 
Commercial lease financing— — — — — 
Total commercial loans$— $7 $1 $3 $11 
Total consumer loans$— $— $— $— $— 
Total loans$— $7 $1 $3 $11 
As of December 31, 2025Current30-89 Days
Past Due		90 and Greater Days Past DueTotal
Dollars in millions
LOAN TYPE
Commercial and Industrial$286 $7 $11 $304 
Commercial real estate
Commercial mortgage184 42 5 231 
Construction30 — — 30 
Total commercial real estate loans214 42 5 261 
Commercial lease financing— — — — 
Total commercial loans$500 $49 $16 $565 
Real estate — residential mortgage$12 $1 $1 $14 
Home equity loans9 — — 9 
Other consumer loans4 — — 4 
Credit cards3 — — 3 
Total consumer loans$28 $1 $1 $30 
Total loans$528 $50 $17 $595 

The following table presents the amortized cost as of December 31, 2024, of loans modified during the 12 months then ended, by aging.
As of December 31, 2024Current30-89 Days 
Past Due		90 and Greater
Days Past Due		Total
Dollars in millions
LOAN TYPE
Commercial and Industrial$154 $3 $6 $163 
Commercial real estate
Commercial mortgage260 19 28 307 
Construction29 — — 29 
Total commercial real estate loans289 19 28 336 
Total commercial loans$443 $22 $34 $499 
Real estate — residential mortgage$12 $1 $1 $14 
Home equity loans11 1 1 13 
Other consumer loans5 — — 5 
Credit cards3 — — 3 
Total consumer loans$31 $2 $2 $35 
Total loans$474 $24 $36 $534 

The following table presents the amortized cost as of December 31, 2023, of loans modified during the 12 months then ended, by aging.

As of December 31, 2023Current30-89 Days 
Past Due		90 and Greater
Days Past Due		Total
Dollars in millions
LOAN TYPE
Commercial and Industrial$238 $25 $— $263 
Commercial real estate
Commercial mortgage6 — — 6 
Total commercial real estate loans$244 $25 $— $269 
Total commercial loans$244 $25 $— $269 
Real estate — residential mortgage$9 $1 $— $10 
Home equity loans8 — 1 9 
Other consumer loans3 — — 3 
Credit cards3 1 — 4 
Total consumer loans$23 $2 $1 $26 
Total loans$267 $27 $1 $295 
Schedule of Changes in Liability for Credit Losses on Off-Balance Sheet Exposures
Changes in the liability for credit losses on lending-related commitments are summarized as follows:
 Twelve months ended December 31,
Dollars in millions20252024
Balance at beginning of period$290 $296 
Provision (credit) for losses on off balance sheet exposures23 (6)
Other— — 
Balance at end of period$313 $290 
v3.25.4
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value of Assets and Liabilities Measured on Recurring Basis The following tables present assets and liabilities measured at fair value on a recurring basis at December 31, 2025, and December 31, 2024.
December 31, 2025December 31, 2024
Dollars in millionsLevel 1Level 2Level 3TotalLevel 1Level 2Level 3Total
ASSETS MEASURED ON A RECURRING BASIS
Trading account assets:
U.S. Treasury, agencies and corporations$— $674 $— $674 $— $930 $— $930 
States and political subdivisions— 60 — 60 — 127 — 127 
Other mortgage-backed securities— 316 — 316 — 183 — 183 
Other securities— 6 — 6 — 25 — 25 
Total trading account securities— 1,056 — 1,056 — 1,265 — 1,265 
Commercial loans— 5 — 5 — 18 — 18 
Total trading account assets— 1,061 — 1,061 — 1,283 — 1,283 
Securities available for sale:
U.S. Treasury, agencies and corporations— 7,886 — 7,886 — 8,904 — 8,904 
States and political subdivisions— — — — — — — — 
Agency residential collateralized mortgage obligations— 8,565 — 8,565 — 9,224 — 9,224 
Agency residential mortgage-backed securities— 19,195 — 19,195 — 15,169 — 15,169 
Agency commercial mortgage-backed securities— 3,950 — 3,950 — 4,410 — 4,410 
Other securities— — — — — — — — 
Total securities available for sale$— $39,596 $— $39,596 $— $37,707 $— $37,707 
Other investments:
Principal investments:
Indirect (measured at NAV) (a)
$— $— $— $9 $— $— $— $14 
Total principal investments— — — 9 — — — 14 
Equity investments:
Direct— — 3 3 — — 2 2 
Direct (measured at NAV) (a)
— — — 71 — — — 54 
Indirect (measured at NAV) (a)
— — — 3 — — — 3 
Total equity investments— — 3 77 — — 2 59 
Total other investments— — 3 86 — — 2 73 
Loans, net of unearned income (residential)— — 11 11 — — 10 10 
Loans held for sale (residential)— 149 — 149 — 93 — 93 
Derivative assets:
Interest rate— 135 (3)132 — 114 (4)110 
Foreign exchange39 44 — 83 93 31 — 124 
Commodity— 249 — 249 — 363 — 363 
Credit— — — — — — — — 
Other— 7 1 8 — 15 — 15 
Derivative assets39 435 (2)472 93 523 (4)612 
Netting adjustments (b)
— — — (297)— — — (363)
Total derivative assets39 435 (2)175 93 523 (4)249 
Total assets on a recurring basis at fair value$39 $41,241 $12 $41,078 $93 $39,606 $8 $39,415 
LIABILITIES MEASURED ON A RECURRING BASIS
Bank notes and other short-term borrowings:
Short positions$412 $409 $— $821 $107 $773 $— $880 
Derivative liabilities:
Interest rate— 577 — 577 — 965 — 965 
Foreign exchange36 44 — 80 85 32 — 117 
Commodity— 237 — 237 — 343 — 343 
Credit— 8 — 8 — — — — 
Other— 25 — 25 — 14 — 14 
Derivative liabilities36 891 — 927 85 1,354 — 1,439 
Netting adjustments (b)
— — — (274)— — — (411)
Total derivative liabilities36 891 — 653 85 1,354 — 1,028 
Total liabilities on a recurring basis at fair value$448 $1,300 $— $1,474 $192 $2,127 $— $1,908 
(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 Qualitative Disclosures of Valuation Techniques
The following table describes the valuation techniques and significant inputs used to measure the classes of assets and liabilities reported at fair value on a recurring basis, as well as the classification of each within the valuation hierarchy.
Asset/liability classValuation techniqueValuation hierarchy classification(s)
Securities (includes trading account assets, securities available for sale, and U.S. Treasury Bills classified as short-term investments)
Fair value of level 1 securities is determined by:
• Quoted market prices available in an active market for identical securities. This includes exchange-traded equity securities.
Fair value of level 2 securities is determined by:
• Pricing models (either by a third party pricing service or internally). Inputs include: yields, benchmark securities, bids, offers, actual trade data (i.e., spreads, credit ratings, and interest rates) for comparable assets, spread tables, matrices, high-grade scales, and option-adjusted spreads.
• Observable market prices of similar securities.

The valuations provided by the third-party pricing service are based on observable market inputs, which include benchmark yields, reported trades, issuer spreads, benchmark securities, bids, offers, and reference data obtained from market research publications. Inputs used by the third-party pricing service in valuing CMOs and other mortgage-backed securities also include new issue data, monthly payment information, whole loan collateral performance, and “To Be Announced” prices. In valuations of securities issued by state and political subdivisions, inputs used by the third-party pricing service also include material event notices. We regularly validate the pricing methodologies of valuations derived from a third-party pricing service to ensure the fair value determination is consistent with applicable accounting guidance and that our assets are properly classified in the fair value hierarchy. To perform this validation, we:

•review documentation received from our third-party pricing service regarding the inputs used in its valuations and determine a level assessment for each category of securities;
•substantiate actual inputs used for a sample of securities by comparing the actual inputs used by our third-party pricing service to comparable inputs for similar securities; and
•substantiate the fair values determined for a sample of securities by comparing the fair values provided by our third-party pricing service to prices from other independent sources for the same and similar securities.

We analyze variances and conduct additional research with our third-party pricing service and take appropriate steps based on our findings.
Level 1 and 2 (primarily Level 2)
Commercial loans (trading account assets)
Fair value is based on:
• Observable market price spreads for similar loans. Valuations reflect prices within the bid-ask spread that are most representative of fair value.
Level 2
Principal investments (indirect)
Indirect principal investments include primary and secondary investments in private equity funds engaged mainly in venture- and growth-oriented investing. These investments do not have readily determinable fair values and qualify for the practical expedient to estimate fair value based upon net asset value per share (or its equivalent, such as member units or an ownership interest in partners’ capital to which a proportionate share of net assets is attributed).
Indirect principal investments are also accounted for as investment companies, whereby each investment is adjusted to fair value with any net realized or unrealized gain/loss recorded in the current period’s earnings.

The fair value and related unfunded commitments of our indirect principal investments at December 31, 2025, was $9 million and $1 million, respectively. No additional financial support was provided for the years ended December 31, 2025, and December 31, 2024. At December 31, 2025, no significant liquidation of the underlying investments has been communicated to Key.
NAV
Asset/liability classValuation techniqueValuation hierarchy classification(s)
Other direct equity investments
Fair value is determined using:
• Discounted cash flows
• Operating performance and market/exit multiples of comparable businesses
• Other unique facts and circumstances related to each individual investment
For level 3 securities, increases in the discount rate applied in the discounted cash flow models would negatively affect the fair value. Increases in valuation multiples of comparable companies would positively affect the fair value.
Level 3
Other direct and indirect equity investments (NAV)
Certain direct and indirect investments do not have readily determinable fair values and qualify for the practical expedient in the accounting guidance that allows us to estimate fair value based upon net asset value per share. These are typically comprised of investments in venture capital funds engaged mainly in venture- and growth-oriented investing. The unfunded commitments of these investments as of December 31, 2025, totaled $57 million.
NAV
Loans held for sale and held for investment (residential)
Residential mortgage loans held for sale are accounted for at fair value. Fair values are based on:
• Quoted market prices, where available
• Prices for other traded mortgage loans with similar characteristics
• Purchase commitments and bid information received from market participants
Prices are adjusted as necessary to include:
• The embedded servicing value in the loans
• The specific characteristics of certain loans that are priced based on the pricing of similar loans.
Residential loans held for investment: Certain residential loans held for sale contain salability exceptions that make them unable to be sold into the performing loan sales market. Loans in this category are transferred to the held to maturity loan portfolio and are included in “Loans, net of unearned income” on the balance sheet. This type of loan is classified as level 3 in the valuation hierarchy as transaction details regarding sales of this type of loan are often unavailable.
  Fair value is based upon:
• Unobservable bid information from brokers and investors

Higher (lower) unobservable bid information would have resulted in higher (lower) fair value measurements.
Level 2 and 3 (primarily level 2)
Derivatives
Certain foreign exchanged derivative instruments are able to be valued using quoted prices in active markets and are therefore classified as Level 1 instruments.

The majority of our derivative positions are Level 2 and are valued using internally developed models based on market convention and observable market inputs. These derivative contracts include interest rate swaps, commodity swaps, certain options, floors, cross currency swaps, credit default swaps, and forward mortgage loan sale commitments. Significant inputs used in the valuation models include:
• SOFR and Overnight Index Swap (OIS) curves, index pricing curves, foreign currency curves
• Volatility surfaces (a three-dimensional graph of implied volatility against strike price and maturity)
We have customized derivative instruments and risk participations that are classified as Level 3 instruments. These derivative positions are valued using internally developed models, with inputs consisting of available market data, including:

• Credit spreads and interest rates

The unobservable internally derived assumptions include:

• Loss given default
• Internal risk assessments of customers
The fair value represents an estimate of the amount that the risk participation counterparty would need to pay/receive as of the measurement date based on the probability of customer default on the swap transaction and the fair value of the underlying customer swap. Therefore, for sold risk participation agreements, a higher loss probability and a lower credit rating would negatively affect the fair value of the risk participations and a lower loss probability and higher credit rating would positively affect the fair value of the risk participations. (For purchased risk participation agreements, higher loss probabilities and lower credit ratings would positively affect the fair value.)
Level 1, 2, and 3 (primarily level 2)
Asset/liability classValuation techniqueValuation hierarchy classification(s)
Derivatives (continued)
We use interest rate lock commitments for our residential mortgage business, which are classified as Level 3 instruments. The significant components of the valuation model include:
 
• Interest rates observable in the market
• Investor supplied prices for similar loans and securities
• The probability of the loan closing (i.e. the "pull-through" amount, a significant unobservable input). Increases (decreases) in the probability of the loan closing would have resulted in higher (lower) fair value measurements.
Valuation of residential mortgage forward sale commitments utilizes observable market prices of comparable commitments and mortgage securities (Level 2).

The fair values of our derivatives include a credit valuation adjustment related to both counterparty and our own creditworthiness. The credit component considers master netting and collateral agreements and is determined by the individual counterparty based on potential future exposures, expected recovery rates, and market-implied probabilities of default.
Level 1, 2, and 3 (primarily level 2)
Liability for short positions
This includes fixed income securities held by our broker dealer in its trading inventory. Fair value of level 1 securities is determined by:
• Quoted market prices available in an active market for identical securities
Fair value of level 2 securities is determined by:
• Observable market prices of similar securities
• Market activity, spreads, credit ratings and interest rates for each security type
Level 1 and 2
The following table describes the valuation techniques and significant inputs used to measure the significant classes of assets and liabilities reported at fair value on a nonrecurring basis, as well as the classification of each within the valuation hierarchy.
Asset/liability classValuation techniqueValuation hierarchy classification(s)
Collateral-dependent loansWhen a loan is collateral-dependent, the fair value of the loan is determined based on the fair value of the underlying collateral less estimated selling costs. Level 3
OREO, other repossessed personal properties, and right-of-use assets(a)
OREO, other repossessed properties, and right-of-use assets are valued based on:

• Appraisals and third-party price opinions, less estimated selling costs 

Generally, we classify these assets as Level 3, but OREO and other repossessed properties for which we receive binding purchase agreements are classified as Level 2. Returned lease inventory is valued based on market data for similar assets and is classified as Level 2. 
Level 2 and 3
Other equity investments
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 December 31, 2025, and December 31, 2024, the carrying amount of equity investments recorded under this method was $467 million and $394 million, respectively. We recorded no impairment for the year ended December 31, 2025. We recorded $5 million impairment for the year ended December 31, 2024.
Level 3
Mortgage Servicing Rights(a)
Refer to Note 8 (“Mortgage Servicing Assets”)
Level 3
(a)Asset classes included in “Accrued income and other assets” on the Consolidated Balance Sheets
The range and weighted-average of the significant unobservable inputs used to measure the fair value our material Level 3 recurring and nonrecurring assets at December 31, 2025, and December 31, 2024, along with the valuation techniques used, are shown in the following table:
Level 3 Asset (Liability) Valuation TechniqueSignificant
Unobservable Input
Range
(Weighted-Average) (a)
Dollars in millions
December 31, 2025December 31, 2024December 31, 2025December 31, 2024
Recurring    
Loans, net of unearned income (residential)$11 $10 Market comparable pricingComparability factor
74.30%-99.00% (84.99%)
68.00 - 95.00% (77.48%)
Derivative instruments:
Interest rate(3)(4)Discounted cash flowsProbability of default
.02 - 100% (4.40%)
.02 - 100% (5.00%)
Loss given default
0 - 1 (.49)
0 - 1 (.50)
Insignificant level 3 assets, net of liabilities(b)
4 2 
Nonrecurring   
Collateral dependent loans56 152 Fair value of underlying collateralLiquidity discount
0 - 100.00% (40.00%)
0 - 100.00% (33.00%)
Accrued income and other assets:(c)
OREO and other assets8 14 Appraised valueAppraised valueN/MN/M
(a)The weighted average of significant unobservable inputs is calculated using a weighting relative to fair value.
(b)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.
(c)Excludes $24 million pertaining to mortgage servicing assets measured as of December 31, 2025. Refer to Note 8 (“Mortgage Servicing Assets”) for significant unobservable inputs pertaining to these assets.
Schedule of Assets and Liabilities Measured at Fair Value on Nonrecurring Basis
The following table presents our assets measured at fair value on a nonrecurring basis at December 31, 2025, and December 31, 2024:
 December 31, 2025December 31, 2024
Dollars in millionsLevel 1Level 2Level 3TotalLevel 1Level 2Level 3Total
ASSETS MEASURED ON A NONRECURRING BASIS
Collateral-dependent loans$— $— $56 $56 $— $— $152 $152 
Accrued income and other assets— — 32 32 — — 14 14 
Total assets on a nonrecurring basis at fair value$— $— $88 $88 $— $— $166 $166 
Schedule of Fair Value Disclosures of Financial Instruments
The carrying amounts and estimated fair value for certain financial instruments that are not recorded at fair value in the consolidated balance sheet as of December 31, 2025, and December 31, 2024, are shown in the following table.
 December 31, 2025
 Carrying
Amount		Fair Value
Dollars in millionsLevel 1Level 2Level 3Total
FINANCIAL ASSETS
Cash and short-term investments (a)
$11,450 $11,450 $— $— $11,450 
Held-to-maturity securities (b)
8,622 — 8,313 — 8,313 
Other investments (c)
863 — — 863 863 
Loans, net of unearned income (d)
105,103 — — 101,946 101,946 
Loans held for sale (c)
928 — — 928 928 
FINANCIAL LIABILITIES
Time deposits (e)
$12,680 $— $12,731 $— $12,731 
Short-term borrowings (a)
263 — 263 — 263 
Long-term debt (e)
9,917 9,318 729 — 10,047 
Deposits with no stated maturity (a)
136,033 — 136,033 — 136,033 
December 31, 2024
 Carrying
Amount		Fair Value
Dollars in millionsLevel 1Level 2Level 3Total
FINANCIAL ASSETS
Cash and short-term investments (a)
$19,247 $19,247 $— $— $19,247 
Held-to-maturity securities (b)
7,395 — 6,837 — 6,837 
Other investments (c)
967 — — 967 967 
Loans, net of unearned income (d)
102,841 — — 99,105 99,105 
Loans held for sale (c)
704 — — 704 704 
FINANCIAL LIABILITIES
Time deposits (e)
$16,952 $— $17,068 $— $17,068 
Short-term borrowings (a)
1,264 — 1,264 — 1,264 
Long-term debt (e)
12,105 11,430 $477 — 11,907 
Deposits with no stated maturity (a)
132,808 — 132,808 — 132,808 
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)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.
(c)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” in this Note.
(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 non-publicly traded long-term debt are based on discounted cash flows utilizing relevant market inputs.
v3.25.4
Securities (Tables)
 12 Months Ended
Dec. 31, 2025
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.
 20252024
December 31,
Dollars in millions
Amortized
Cost (a)(b)
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
Amortized
Cost(a)(b)
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
SECURITIES AVAILABLE FOR SALE
U.S. Treasury, agencies, and corporations$7,842 $61 $17 $7,886 $8,928 $20 $44 $8,904 
Agency residential collateralized mortgage obligations
10,269 4 1,708 8,565 11,409 8 2,193 9,224 
Agency residential mortgage-backed securities19,451 201 457 19,195 16,038 3 872 15,169 
Agency commercial mortgage-backed securities 4,284 1 335 3,950 4,927 — 517 4,410 
Total securities available for sale$41,846 $267 $2,517 $39,596 $41,302 $31 $3,626 $37,707 
HELD-TO-MATURITY SECURITIES
Agency residential collateralized mortgage obligations
$4,026 $8 $176 $3,858 $4,577 $3 $332 $4,248 
Agency residential mortgage-backed securities2,374 12 13 2,373 151 — 17 134 
Agency commercial mortgage-backed securities2,121 1 139 1,983 2,333 — 203 2,130 
Asset-backed securities(c)
77 — 2 75 308 — 8 300 
Other securities24 — — 24 26 — 1 25 
Total held-to-maturity securities$8,622 $21 $330 $8,313 $7,395 $3 $561 $6,837 
(a)Amortized cost amounts exclude accrued interest receivable which is recorded within “other assets” on the balance sheet. At December 31, 2025, accrued interest receivable on available for sale securities and held-to-maturity securities totaled $121 million and $26 million, respectively. At December 31, 2024, accrued interest receivable on available for sale securities and held-to-maturity securities totaled $109 million and $21 million, respectively.
(b)Excluded from the amortized cost of securities available for sale are basis adjustments for securities designated in active fair value hedges. Basis adjustments totaled $99 million and $(6) million as of December 31, 2025 and December 31, 2024, respectively. The securities being hedged are primarily U.S Treasuries, Agency RMBS, and Agency CMBS.
(c)Amortized costs includes $74 million of securities as of December 31, 2025, and $303 million of securities as of December 31, 2024, related to the purchase of senior notes from a securitization collateralized by sold indirect auto loans.
Schedule of Securities in an Unrealized Loss Position
The following table summarizes securities in an unrealized loss position for which an allowance for credit losses has not been recorded as of December 31, 2025, and December 31, 2024:
 Duration of Unrealized Loss Position  
 Less than 12 Months12 Months or LongerTotal
Dollars in millionsFair Value
Gross
Unrealized
Losses
Fair Value
Gross
Unrealized
Losses
Fair Value
Gross
Unrealized
Losses
December 31, 2025
Securities available for sale:
U.S. Treasury, agencies, and corporations$— $— $525 $17 $525 $17 
Agency residential collateralized mortgage obligations— — 7,677 1,708 7,677 1,708 
Agency residential mortgage-backed securities1,226 7 5,583 450 6,809 457 
Agency commercial mortgage-backed securities 7 — 3,777 335 3,784 335 
Held-to-maturity securities:
Agency residential collateralized mortgage obligations240 2 3,023 174 3,263 176 
Agency residential mortgage-backed securities526 2 125 11 651 13 
Agency commercial mortgage-backed securities— — 1,914 139 1,914 139 
Asset-backed securities— — 75 2 75 2 
Other securities5 — 6 — 11 — 
Total securities in an unrealized loss position$2,004 $11 $22,705 $2,836 $24,709 $2,847 
December 31, 2024      
Securities available for sale:
U.S. Treasury, agencies, and corporations$3,647 $8 $508 $36 $4,155 $44 
Agency residential collateralized mortgage obligations91 — 8,108 2,193 8,199 2,193 
Agency residential mortgage-backed securities11,364 254 3,145 618 14,509 872 
Agency commercial mortgage-backed securities 50 1 4,360 516 4,410 517 
Held-to-maturity securities:
Agency residential collateralized mortgage obligations569 18 3,387 314 3,956 332 
Agency residential mortgage-backed securities— — 134 17 134 17 
Agency commercial mortgage-backed securities — — 2,060 203 2,060 203 
Asset-backed securities— — 300 8 300 8 
Other securities7 — 8 1 15 1 
Total securities in an unrealized loss position$15,728 $281 $22,010 $3,906 $37,738 $4,187 
Schedule of Realized Gain (Loss)
The following table presents gross realized gains and losses associated with our securities available for sale portfolio for the noted periods. Realized losses for the year ended December 31, 2024, relate primarily to the strategic repositioning completed in the third and fourth quarters of 2024.
Year ended December 31,
Dollars in millions
202520242023
Securities available for sale
Realized gains$— $— $4 
Realized (losses)— (1,863)(8)
Schedule of Securities by Maturity
 Securities
Available for Sale		Held-to-Maturity
Securities
December 31, 2025Amortized
Cost
Fair
Value
Amortized
Cost
Fair
Value
Dollars in millions
Due in one year or less$3,070 $3,085 $472 $467 
Due after one through five years10,796 10,504 2,231 2,176 
Due after five through ten years21,855 20,214 4,796 4,671 
Due after ten years6,125 5,793 1,123 999 
Total$41,846 $39,596 $8,622 $8,313 
v3.25.4
Derivatives and Hedging Activities (Tables)
 12 Months Ended
Dec. 31, 2025
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 December 31, 2025, and December 31, 2024. The change in the notional amounts of these derivatives by type from December 31, 2024, to December 31, 2025, indicates the volume of our derivative transaction activity during 2025. The notional amounts are not affected by bilateral collateral and master netting agreements. The derivative asset and liability balances are presented on a gross basis, prior to the application of bilateral collateral and master netting agreements. 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. Where master netting agreements are not in effect or are not enforceable under bankruptcy laws, we do not adjust those derivative assets and liabilities with counterparties. 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 indicated in the following table:
 December 31, 2025December 31, 2024
  
Fair Value (a)
 
Fair Value (a)
Dollars in millions
Notional
Amount
Derivative
Assets
Derivative
Liabilities
Notional
Amount
Derivative
Assets
Derivative
Liabilities
Derivatives designated as hedging instruments:
Interest rate$64,228 $(13)$4 $64,701 $(4)$3 
Derivatives not designated as hedging instruments:
Interest rate74,994 145 573 72,215 114 962 
Foreign exchange5,767 83 80 6,516 124 117 
Commodity5,553 249 237 8,778 363 343 
Credit107 — 8 60 — — 
Other (b)
4,217 8 25 3,145 15 14 
Total derivatives not designated as hedging instruments:90,638 485 923 90,714 616 1,436 
Total154,866 472 927 155,415 612 1,439 
Netting adjustments (c)
— (297)(274)— (363)(411)
Net derivatives in the balance sheet154,866 175 653 155,415 249 1,028 
Other collateral (d)
— (22)(1)— — (1)
Net derivative amounts$154,866 $153 $652 $155,415 $249 $1,027 
(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 December 31, 2025, excess collateral that has not been offset against net derivative instrument positions totaled $165 million of cash collateral and $218 million of securities collateral posted as well as $3 million of cash collateral and $78 million of securities collateral held. As of December 31, 2024, excess collateral that has not been offset against net derivative instrument positions totaled $168 million of cash collateral and $215 million of securities collateral posted as well as $13 million of cash collateral and $32 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 December 31, 2025 and December 31, 2024, related to cumulative basis adjustments for fair value hedges.
December 31, 2025
Dollars in millionsBalance sheet line item in which the hedge item is included
Carrying amount of hedged item(a)
Hedge accounting basis adjustment - active hedgesHedge accounting basis adjustment - discontinued hedges
Interest rate contractsLong-term debt$8,504 $(199)$(3)
Interest rate contracts
Securities available for sale(b)
12,843 (100)14 
December 31, 2024
Dollars in millionsBalance sheet line item in which the hedge item is included
Carrying amount of hedged item(a)
Hedge accounting basis adjustment - active hedgesHedge accounting basis adjustment - discontinued hedges
Interest rate contractsLong-term debt$10,249 $(490)$(4)
Interest rate contracts
Securities available for sale(b)
12,097 5 17 
(a)The carrying amount represents the portion of the asset or liability designated as the hedged item.
(b)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 December 31, 2025 and December 31, 2024, the amortized cost of the closed portfolios used in these hedging relationships was $7 billion and $5 billion, respectively, of which $5 billion and $4 billion were designated in a portfolio layer hedging relationship. At December 31, 2025 and December 31, 2024, the cumulative basis adjustments associated with these amounts totaled $(35) million and $41 million, which is comprised of $(50) million and $24 million in active hedging relationships and $14 million and no adjustments for discontinued hedging relationships.
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 years ended December 31, 2025, December 31, 2024, and December 31, 2023.

Location and amount of net gains (losses) recognized in income on fair value and cash flow hedging relationships
Year ended December 31, 2025
Dollars in millions
Interest expense – long-term debtInterest income – loansInterest Income - securitiesInvestment banking and debt placement fees
Twelve Months Ended December 31, 2025
Total amounts presented in the consolidated statement of income$(734)$5,749 $1,599 $780 
Net gains (losses) on fair value hedging relationships
Interest contracts
Recognized on hedged items(296)— 105 — 
Recognized on derivatives designated as hedging instruments126 — (86)— 
Net income (expense) recognized on fair value hedges$(170)$— $19 $— 
Net gain (loss) on cash flow hedging relationships
Realized gains (losses) (pre-tax) reclassified from AOCI into net income
Interest contracts$(2)$(358)$— $— 
Net income (expense) recognized on cash flow hedges$(2)$(358)$— $— 

Location and amount of net gains (losses) recognized in income on fair value and cash flow hedging relationships
Year ended December 31, 2024
Dollars in millions
Interest expense – long-term debtInterest income – loansInterest Income - securitiesInvestment banking and debt placement fees
Twelve Months Ended December 31, 2024
Total amounts presented in the consolidated statement of income$(1,187)$6,026 $1,142 $688 
Net gains (losses) on fair value hedging relationships
Interest contracts
Recognized on hedged items56 — (111)— 
Recognized on derivatives designated as hedging instruments(332)— 239 — 
Net income (expense) recognized on fair value hedges$(276)$— $128 $— 
Net gain (loss) on cash flow hedging relationships
Realized gains (losses) (pre-tax) reclassified from AOCI into net income
Interest contracts$(2)$(733)$— $— 
Net income (expense) recognized on cash flow hedges$(2)$(733)$— $— 

Location and amount of net gains (losses) recognized in income on fair value and cash flow hedging relationships
Year ended December 31, 2023
Dollars in millions
Interest expense – long-term debtInterest income – loansInterest Income - securitiesInvestment banking and debt placement fees
Twelve Months Ended December 31, 2023
Total amounts presented in the consolidated statement of income$(1,305)$6,219 $793 $542 
Net gains (losses) on fair value hedging relationships
Interest contracts
Recognized on hedged items(119)— 181 — 
Recognized on derivatives designated as hedging instruments(135)— (132)— 
Net income (expense) recognized on fair value hedges$(254)$— $49 $— 
Net gain (loss) on cash flow hedging relationships
Realized gains (losses) (pre-tax) reclassified from AOCI into net income
Interest contracts$(2)$(956)$— $5 
Net income (expense) recognized on cash flow hedges$(2)$(956)$— $5 
Schedule of Derivative Instrument Cash Flow Hedge Earning Recognized by Income Statement Location
The following table summarizes the pre-tax effect of cash flow hedges for the years ended December 31, 2025, December 31, 2024, and December 31, 2023.

Year ended December 31,
Dollars in millions
202520242023
Net Gains (Losses) Recognized in OCI
Interest contracts$309 $(448)$(289)
Net Gains (Losses) Reclassified From AOCI Into Income
Interest income — Loans$(358)$(733)$(956)
Interest expense — Long-term debt(2)(2)(2)
Investment banking and debt placement fees— — 5 
Total$(360)$(735)$(953)
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 years ended December 31, 2025, December 31, 2024, and December 31, 2023, and where they are recorded on the income statement.
 202520242023
Year ended December 31,
Dollars in millions
Corporate
services
income		Consumer mortgage incomeOther
income		TotalCorporate
services
income		Consumer mortgage incomeOther
income		TotalCorporate
services
income		Consumer mortgage incomeOther
income		Total
NET GAINS (LOSSES)
Interest rate$51 $— $6 $57 $35 $— $— $35 $41 $— $— $41 
Foreign exchange49 — — 49 50 — — 50 50 — — 50 
Commodity7 — — 7 12 — — 12 22 — — 22 
Credit— — (47)(47)1 — (58)(57)2 — (52)(50)
Other— — (7)(7)— 2 5 7 — (1)(6)(7)
Total net gains (losses)$107 $— $(48)$59 $98 $2 $(53)$47 $115 $(1)$(58)$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.
December 31,
Dollars in millions
20252024
Interest rate$82 $58 
Foreign exchange39 81 
Commodity149 170 
Credit— — 
Other8 15 
Derivative assets before collateral278 324 
Plus (Less): Related collateral(103)(75)
Total derivative assets$175 $249 
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 December 31, 2025, and December 31, 2024. 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. 
 20252024
December 31,
Dollars in millions
Notional
Amount		Average
Term
(Years)		Payment /
Performance
Risk 		Notional
Amount		Average
Term
(Years)		Payment /
Performance
Risk
Other$9 3.621.76 %$2 7.642.03 %
Total credit derivatives sold$9 — — $2 — — 
Schedule of Credit Risk Contingent Feature Refer to the table below for the aggregate fair value of all derivative contracts with credit risk contingent features held by KeyBank that were in a net liability position.
Dollars in millionsDecember 31, 2025December 31, 2024
Net derivative liabilities with credit-risk contingent features

$(49)$(83)
Collateral posted49 80 
v3.25.4
Mortgage Servicing Assets (Tables)
 12 Months Ended
Dec. 31, 2025
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:
Year ended December 31,
Dollars in millions
20252024
Balance at beginning of period$609 $638 
Servicing retained from loan sales83 67 
Purchases11 28 
Amortization(125)(124)
Balance at end of period$578 $609 
Fair value at end of period$736 $819 
Changes in the carrying amount of residential mortgage servicing assets are summarized as follows:
Dollars in millions20252024
Balance at beginning of period
$111 $108 
Servicing retained from loan sales
14 13 
Amortization(12)(11)
Temporary recoveries (impairments)— 1 
Balance at end of period$113 $111 
Fair value at end of period
$137 $138 
Schedule of Range and Weighted-Average of Significant Unobservable Inputs The range and weighted-average of the significant unobservable inputs used to determine fair value our commercial mortgage servicing assets along with the valuation techniques, are shown in the following table:
dollars in millionsDecember 31, 2025December 31, 2024
Valuation Technique
Significant
Unobservable Input
RangeWeighted-AverageRangeWeighted-Average
Discounted cash flowExpected defaults1.00 %2.00 %1.01 %1.00 %2.00 %1.01 %
Residual cash flows discount rate6.96 %10.84 %10.58 %7.00 %10.61 %10.31 %
Escrow earn rate3.94 %4.09 %4.08 %4.62 %4.70 %4.69 %
Prepayment rate8.00 %45.00 %10.05 %8.00 %45.00 %10.29 %
The range and weighted-average of the significant unobservable inputs used to fair value our mortgage servicing assets at December 31, 2025, and December 31, 2024, along with the valuation techniques, are shown in the following table:
December 31, 2025December 31, 2024
Valuation Technique
Significant
Unobservable Input
RangeWeighted-AverageRangeWeighted-Average
Discounted cash flowPrepayment speed6.01 %33.07 %8.33 %5.42 %46.30 %7.69 %
Discount rate6.50 %8.75 %6.62 %6.50 %8.75 %6.61 %
Servicing cost$70.00 $4,332 $76.47 $70.00 $4,332 $75.99 
If these economic assumptions change or prove incorrect, the fair value of residential mortgage servicing assets may also change. Prepayment speed, discount rates, and servicing cost    are critical to the valuation of residential mortgage servicing assets. Estimates of these assumptions are based on how a market participant would view the respective rates and reflect historical data associated with the residential mortgage loans, industry trends, and other considerations. Actual rates may differ from those estimated due to changes in a variety of economic factors. An increase in the prepayment speed would cause a decrease in the fair value of our residential mortgage servicing assets. An increase in the assigned discount rates and servicing cost assumptions would cause a decrease in the fair value of our residential mortgage servicing assets.
The sensitivity of the fair value of residential mortgage servicing assets to adverse fluctuations in key assumptions as of December 31, 2025, is presented below:
Dollars in millions2025
Key Assumptions:
Prepayment speed8.33 %
Effect on Fair Value of a 10% adverse change$(4)
Effect on Fair Value of a 20% adverse change(8)
Discount rate6.62 %
Effect on Fair Value of a 10% adverse change$(4)
Effect on Fair Value of a 20% adverse change(7)
Schedule of Assumptions and Sensitivity of MSR’s
The sensitivity of the fair value of commercial mortgage servicing assets to adverse fluctuations in key assumptions as of December 31, 2025, is presented below:

Dollars in millions
2025
Key assumptions:
Escrow earn rate assumptions4.08 %
Effect on fair value from 10% adverse change$(29)
Effect on fair value from 20% adverse change(57)
Discount rate assumptions10.58 %
Effect on fair value from 10% adverse change$(19)
Effect on fair value from 20% adverse change(36)
Default rate assumptions1.01 %
Effect on fair value from 10% adverse change$(2)
Effect on fair value from 20% adverse change(3)
Prepayment rate assumptions10.05 %
Effect on fair value from 10% adverse change$(6)
Effect on fair value from 20% adverse change(13)
Assumptions and information for originated mortgage servicing right additions for the year ended December 31, 2025 are shown in the following table:

Dollars in millions
2025
Unpaid principal balance of loans sold during the period$8,511 
Pretax gains related to the sale of mortgage loans131 
Weighted average servicing fee rate0.16 %
Weighted average assumptions:
Escrow earn rate assumption4.88 %
Discount rate assumption9.82 %
Default rate assumption1.04 %
Prepayment rate assumption12.71 %
v3.25.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Schedule of Components of Lease Expense The components of lease expense and cash flows related to leases are summarized as follows:
Dollars in millionsDecember 31, 2025December 31, 2024December 31, 2023
Operating lease cost$118 $118 $122 
Variable lease cost20 21 19 
Finance lease cost— 1 1 
Total lease cost $138 $140 $142 
Cash paid for amounts included in the measurement of lease liabilities$129 $134 $136 
Right-of-use assets obtained in exchange for lease obligations91 70 65 
Schedule of Additional Balance Sheet Information Related to Leases
Additional balance sheet information related to leases is summarized as follows:
Dollars in millionsBalance sheet classificationDecember 31, 2025December 31, 2024
Right-of-use assetsAccrued income and other assets$444 $453 
Operating lease liabilitiesAccrued expense and other liabilities484 506 
Schedule of Finance Lease, Maturities of Lease Liabilities
Information pertaining to the lease term and weighted-average discount rate, and maturities of operating lease liabilities are summarized as follows:
Dollars in millionsDecember 31, 2025
2026$127 
2027117 
202895 
202972 
203049 
Thereafter78 
Total lease payments$538 
Less imputed interest54 
Total operating lease liabilities$484 
December 31, 2025December 31, 2024
Weighted-average remaining lease term (years)5.375.42
Weighted-average discount rate3.72 %3.40 %
Schedule of Lessee, Operating Lease, Maturities of Lease Liabilities
Information pertaining to the lease term and weighted-average discount rate, and maturities of operating lease liabilities are summarized as follows:
Dollars in millionsDecember 31, 2025
2026$127 
2027117 
202895 
202972 
203049 
Thereafter78 
Total lease payments$538 
Less imputed interest54 
Total operating lease liabilities$484 
December 31, 2025December 31, 2024
Weighted-average remaining lease term (years)5.375.42
Weighted-average discount rate3.72 %3.40 %
Schedule of Lease Income, Operating Lease The components of equipment leasing income are summarized in the table below:
Dollars in millionsDecember 31, 2025December 31, 2024December 31, 2023
Sales-type and direct financing leases
Interest income on lease receivable$54 $69 $78 
 Interest income related to accretion of unguaranteed residual asset7 9 13 
 Interest income on deferred fees and costs21 20 4 
Total sales-type and direct financing lease income82 98 95 
Operating leases
Operating lease income related to lease payments43 68 84 
Other operating leasing gains and (losses)— 8 8 
Total operating lease income and other leasing gains43 76 92 
Total lease income$125 $174 $187 
Schedule of Lease Income, Sales-type Lease The components of equipment leasing income are summarized in the table below:
Dollars in millionsDecember 31, 2025December 31, 2024December 31, 2023
Sales-type and direct financing leases
Interest income on lease receivable$54 $69 $78 
 Interest income related to accretion of unguaranteed residual asset7 9 13 
 Interest income on deferred fees and costs21 20 4 
Total sales-type and direct financing lease income82 98 95 
Operating leases
Operating lease income related to lease payments43 68 84 
Other operating leasing gains and (losses)— 8 8 
Total operating lease income and other leasing gains43 76 92 
Total lease income$125 $174 $187 
Schedule of Lease Income, Direct Financing Lease The components of equipment leasing income are summarized in the table below:
Dollars in millionsDecember 31, 2025December 31, 2024December 31, 2023
Sales-type and direct financing leases
Interest income on lease receivable$54 $69 $78 
 Interest income related to accretion of unguaranteed residual asset7 9 13 
 Interest income on deferred fees and costs21 20 4 
Total sales-type and direct financing lease income82 98 95 
Operating leases
Operating lease income related to lease payments43 68 84 
Other operating leasing gains and (losses)— 8 8 
Total operating lease income and other leasing gains43 76 92 
Total lease income$125 $174 $187 
Schedule of Composition of Net Investment in Sales-Type and Direct Financing Leases The composition of the net investment in sales-type and direct financing leases is as follows:
Dollars in millionsDecember 31, 2025December 31, 2024
Lease receivables$1,916 $2,345 
Unearned income(276)(270)
Unguaranteed residual value454 421 
Deferred fees and costs5 1 
Net investment in sales-type and direct financing leases$2,099 $2,497 
Schedule of Minimum Future Lease Payments to be Received for Sales-Type and Direct Financing Leases
At December 31, 2025, minimum future lease payments to be received for leases are as follows:
Dollars in millionsSales-type and direct financing lease paymentsOperating lease payments
2026$583 $27 
2027410 19 
2028256 10 
2029182 5 
2030141 4 
Thereafter344 14 
Total lease payments$1,916 $79 
Schedule of Minimum Future Lease Payments to be Received for Operating Leases
At December 31, 2025, minimum future lease payments to be received for leases are as follows:
Dollars in millionsSales-type and direct financing lease paymentsOperating lease payments
2026$583 $27 
2027410 19 
2028256 10 
2029182 5 
2030141 4 
Thereafter344 14 
Total lease payments$1,916 $79 
v3.25.4
Premises and Equipment (Tables)
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Schedule of Premises and Equipment
Our premises and equipment consisted of the following:
December 31,
Dollars in millions
Useful life (in years)
20252024
LandIndefinite$111 $111 
Buildings and improvements
15-40
655 644 
Leasehold improvements
1-15
575 556 
Furniture and equipment
2-15
757 787 
Capitalized building leases
   1-14 (a)
18 18 
Construction in processN/A42 24 
Total premises and equipment2,158 2,140 
Less: Accumulated depreciation and amortization(1,530)(1,526)
Premises and equipment, net$628 $614 
(a)Capitalized building and equipment leases are amortized over the lesser of the useful life of asset or lease term.
v3.25.4
Goodwill and Other Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Changes in Carrying Amount of Goodwill
Changes in the carrying amount of goodwill by reporting segment are presented in the following table:
Dollars in millionsConsumer BankCommercial Bank
Total(a)
BALANCE AT DECEMBER 31, 2023$1,819 $933 $2,752 
BALANCE AT DECEMBER 31, 20241,819 933 2,752 
BALANCE AT DECEMBER 31, 2025$1,819 $933 $2,752 
(a) There were no accumulated impairment losses related to any of Key’s reporting units at December 31, 2025, December 31, 2024, and December 31, 2023.
Schedule of Gross Carrying Amount and Accumulated Amortization of Intangible Assets
The following table shows the gross carrying amount and the accumulated amortization of intangible assets subject to amortization:
 20252024
December 31,
Dollars in millions
Gross Carrying
Amount		Accumulated
Amortization
Gross Carrying
Amount
Accumulated
Amortization
Intangible assets subject to amortization:
Core deposit intangibles$356 $352 $356 $342 
PCCR intangibles16 16 16 16 
Other intangible assets154 150 154 141 
Total$526 $518 $526 $499 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
The following table presents estimated intangible asset amortization expense for the next five years.

Estimated
Dollars in millions20262027202820292030
Intangible asset amortization expense $7 $1 $— $— $— 
v3.25.4
Variable Interest Entities (Tables)
 12 Months Ended
Dec. 31, 2025
Equity Method Investments and Joint Ventures [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 December 31, 2025, and December 31, 2024. As these investments represent unconsolidated VIEs, the assets and liabilities of the investments themselves are not recorded on our Consolidated Balance Sheets.
 Unconsolidated VIEs
Dollars in millions
Total
Assets
Total
Liabilities
Maximum
Exposure to Loss
December 31, 2025
LIHTC investments$11,212 $5,026 $2,913 
December 31, 2024
LIHTC investments$9,901 $4,468 $2,996 
December 31, 2025.
 Unconsolidated VIEs
Dollars in millions
Total
Assets
Total
Liabilities
Maximum
Exposure to Loss
December 31, 2025
Indirect investments$1,858 $3 $10 
December 31, 2024
Indirect investments$2,352 $3 $15 
The table below shows our assets and liabilities associated with these unconsolidated VIEs at December 31, 2025, and December 31, 2024.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. Our maximum exposure to loss is equal to the value of the assets recorded. Of the total balance as of December 31, 2025, $74 million related to the purchase of senior notes from a securitization collateralized by sold indirect auto loans. In addition, where we only have a lending arrangement in the normal course of business with unconsolidated VIEs we present the balances related to the lending arrangements in Note 4 (“Asset Quality”).
Other unconsolidated VIEs
Dollars in millionsTotal AssetsTotal Liabilities
December 31, 2025
Other unconsolidated VIEs$508 $— 
December 31, 2024
Other unconsolidated VIEs$733 $1 
v3.25.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Income Taxes Included in Income Statement
Income taxes included in the income statement are summarized below. We file a consolidated federal income tax return.
Year ended December 31,
Dollars in millions
202520242023
Currently payable:
Federal$391 $211 $257 
State82 (3)48 
Total currently payable$473 $208 $305 
Deferred:
Federal$(10)$(307)$(84)
State13 (44)(25)
Total deferred3 (351)(109)
Total income tax (benefit) expense (a)
$476 $(143)$196 
(a)There was income tax (benefit) expense on securities transactions of $(1) million in 2025, $(445) million in 2024, and $(3) million in 2023. Income tax expense excludes equity- and gross receipts-based taxes, which are assessed in lieu of an income tax in certain states in which we operate. These non-income taxes, which are recorded in “noninterest expense” on the income statement, totaled $43 million in 2025, $32 million in 2024, and $34 million in 2023.
Schedule of Significant Components of Deferred Tax Assets and Liabilities Included in Accrued Income and Other Assets
Significant components of our deferred tax assets and liabilities included in “accrued income and other assets” on our Consolidated Balance Sheets, are as follows:
December 31,
Dollars in millions
20252024
Allowance for loan and lease losses$422 $411 
Employee benefits212 209 
Net unrealized securities losses566 1,045 
Federal tax credits226 303 
Non-tax accruals79 109 
Operating lease liabilities121 127 
State net operating losses and credits5 20 
Partnership investments91 79 
Other137 149 
Gross deferred tax assets1,859 2,452 
Less: Valuation Allowance5 15 
Total deferred tax assets$1,854 $2,437 
Leasing transactions$306 $378 
State taxes25 76 
Operating lease right-of-use assets112 114 
Goodwill195 178 
Other67 68 
Total deferred tax liabilities705 814 
Net deferred tax assets (liabilities) (a)
$1,149 $1,623 
(a)From continuing operations.
Schedule of Total Income Tax Expense (Benefit) and Resulting Effective Tax Rate
The following table shows how our total income tax expense (benefit) and the resulting effective tax rate were derived:
Year ended December 31,
Dollars in millions
202520242023
AmountRateAmountRateAmountRate
Income (loss) before income taxes times 21% statutory federal tax rate$484 21.0 %$(64)21.0 %$244 21.0 %
State and local income taxes, net of federal income tax effect(a)
75 3.3 (33)10.8 13 1.1 
Tax credits
Low-income housing/New markets(252)(10.9)(211)69.1 (196)(16.9)
Change in valuation allowances(2)(.1)3 (1.0)— — 
Nontaxable or nondeductible items
Tax-exempt interest income(27)(1.2)(27)8.8 (35)(3.0)
Corporate-owned life insurance income(29)(1.3)(29)9.5 (28)(2.4)
Share-based compensation expense(2)(.1)5 (1.6)1 .1 
Federal deposit insurance20 .9 25 (8.2)22 1.9 
Amortization of tax-advantaged investments212 9.2 185 (60.5)171 14.7 
Other permanent differences(3)(.1)7 (2.4)(1)(.1)
Changes in reserves of tax positions— — (4)1.3 5 .4 
Total income tax expense (benefit)$476 20.7 %$(143)46.6 %$196 16.9 %
(a)In 2025, New York, New York City, California, and Illinois comprised the majority of the state and local income taxes, net of federal income tax effect. In 2024, New York, New York City, California, Illinois, and Oregon comprised the majority of this category. In 2023, New York, New York City, California, and Illinois comprised the majority of this category.
Schedule of Income Taxes Paid, Net of Refunds
The following table shows income taxes paid, net of refunds. Amounts presented for individual jurisdictions represented 5% or more of total income taxes paid, net of refunds, for each respective year.
Year ended December 31,
Dollars in millions
202520242023
U.S. Federal$51 $30 $119 
U.S. state and local
California5 — 11 
Illinois— 4 — 
New Jersey— 6 — 
New York City7 — 9 
New York State— — (16)
Other8 28 33 
Total$71 $68 $156 
Schedule of Change in Liability for Unrecognized Tax Benefits
The change in our liability for unrecognized tax benefits is as follows:
Year ended December 31,
Dollars in millions
202520242023
Balance at beginning of year$39 $45 $40 
Increase for other tax positions of prior years— — 5 
Decrease for payments and settlements— (3)— 
Decrease related to tax positions taken in prior years(36)(3)— 
Balance at end of year$3 $39 $45 
v3.25.4
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Activity and Pricing Information for Nonvested Shares in Long-Term Incentive Compensation Program
The following table summarizes activity and pricing information for the nonvested shares in the Program for the year ended December 31, 2025.
 Vesting Contingent on
Service Conditions		Vesting Contingent on
Performance and Service
Conditions - Payable in Stock		Vesting Contingent on
Performance and Service
Conditions - Payable in Cash
  Number of
Nonvested
Shares		Weighted-
Average
Grant-Date
Fair Value		Number of
Nonvested
Shares		Weighted-
Average
Grant-Date
Fair Value		Number of
Nonvested
Shares		Weighted-
Average
Grant-Date
Fair Value
Outstanding at December 31, 202414,995,501 $17.66 1,440,087 $15.42 5,420,941 $19.70 
Granted7,306,761 17.72 68,991 15.42 1,575,553 20.82 
Vested(5,552,419)18.82 — — (36,078)19.02 
Forfeited(a)
(461,624)17.53 — — (3,682,521)18.52 
Outstanding at December 31, 202516,288,219 $17.27 1,509,078 $15.42 3,277,895 $20.99 
(a)Includes awards that did not vest
Schedule of Assumptions Used in Options Pricing Model The assumptions pertaining to options issued during 2025, 2024, and 2023 are shown in the following table.
Year ended December 31,202520242023
Average option life7.0 years7.0 years6.7 years
Future dividend yield4.55 %5.75 %4.28 %
Historical share price volatility.410 .422 .347 
Weighted-average risk-free interest rate4.5 %4.2 %3.9 %
Schedule of Activity, Pricing and Other Information for Stock Options
The following table summarizes activity, pricing and other information for our stock options for the year ended December 31, 2025:
Number of
Options		Weighted-Average
Exercise Price Per
Option		Weighted-Average
Remaining Life (in years)
Aggregate
Intrinsic
Value(a)
Outstanding at December 31, 20244,378,773 $18.73 4.6$5 
Granted427,986 19.49 
Exercised(655,461)12.99 
Lapsed or canceled(281,661)19.75 
Outstanding at December 31, 20253,869,637 $19.71 5.1$7 
Expected to vest1,157,330 19.14 7.93 
Exercisable at December 31, 20252,672,495 $19.98 3.8$4 
(a)The intrinsic value of a stock option is the amount by which the fair value of the underlying stock exceeds the exercise price of the option.
Schedule of Activity and Pricing Information for Nonvested Shares Granted Under Deferred Compensation Plans and Other Restricted Stock Awards
The following table summarizes activity and pricing information for the nonvested shares granted under our deferred compensation plans and these other restricted stock or unit award programs for the year ended December 31, 2025.
Number of
Nonvested
Shares		Weighted-Average
Grant-Date
Fair Value
Outstanding at December 31, 20242,296,263 $16.28 
Granted575,556 16.61 
Vested(854,963)18.29 
Forfeited(40,228)14.05 
Outstanding at December 31, 20251,976,628 $15.50 
v3.25.4
Employee Benefits (Tables)
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Schedule of Net Pension Cost and Amount Recognized in OCI for All Funded and Unfunded Plans The components of net pension cost and the amount recognized in OCI for all funded and unfunded pension plans and postretirement benefit plan are as follows:
Year ended December 31,
Dollars in millions
Pension PlansPostretirement Benefit Plan
202520242023202520242023
Interest cost on PBO$43 $41 $45 $2 $2 $2 
Expected return on plan assets(44)(39)(42)(2)(2)(2)
Amortization of losses (gains)8 9 9 (1)(1)(1)
Amortization of prior service credit— — — (1)(1)(1)
Settlement loss— — 18 — — — 
Net pension cost$7 $11 $30 $(2)$(2)$(2)
Other changes in plan assets and benefit obligations recognized in OCI:
Net (gain) loss$6 $26 $26 $1 $1 $1 
Amortization of (gains)(8)6 (27)— — — 
Amortization of prior service credit— — — 1 1 1 
Total recognized in comprehensive income$(2)$32 $(1)$2 $2 $2 
Total recognized in net pension cost and comprehensive income$5 $43 $29 $— $— $— 
Schedule of Changes in Projected Benefit Obligations
The following table summarizes changes in the PBO and changes in the FVA related to our pension plans and post retirement benefit plan. Actuarial losses in 2025 associated with the postretirement benefit plan are a result of asset performance. Actuarial gains in 2024 associated with the pension plans were primarily driven by an increase in discount rates.
Year ended December 31,
Dollars in millions
Pension PlansPostretirement Benefit Plan
2025202420252024
PBO at beginning of year$846 $923 $41 $40 
Interest cost43 41 2 2 
Actuarial losses (gains)14 (34)7 6 
Plan participants’ contributions— — 2 1 
Benefit payments(81)(84)(8)(8)
PBO at end of year$822 $846 $44 $41 
FVA at beginning of year$805 $827 $41 $40 
Actual return on plan assets53 $49 9 $8 
Employer contributions13 $13 — $— 
Plan participants’ contributions— $— 2 $1 
Benefit payments(81)$(84)(8)$(8)
FVA at end of year$790 $805 $44 $41 
Schedule of Changes in Fair Value of Plan Assets
The following table summarizes changes in the PBO and changes in the FVA related to our pension plans and post retirement benefit plan. Actuarial losses in 2025 associated with the postretirement benefit plan are a result of asset performance. Actuarial gains in 2024 associated with the pension plans were primarily driven by an increase in discount rates.
Year ended December 31,
Dollars in millions
Pension PlansPostretirement Benefit Plan
2025202420252024
PBO at beginning of year$846 $923 $41 $40 
Interest cost43 41 2 2 
Actuarial losses (gains)14 (34)7 6 
Plan participants’ contributions— — 2 1 
Benefit payments(81)(84)(8)(8)
PBO at end of year$822 $846 $44 $41 
FVA at beginning of year$805 $827 $41 $40 
Actual return on plan assets53 $49 9 $8 
Employer contributions13 $13 — $— 
Plan participants’ contributions— $— 2 $1 
Benefit payments(81)$(84)(8)$(8)
FVA at end of year$790 $805 $44 $41 
Schedule of Amounts Recognized in Balance Sheet
The following table summarizes the funded status of the pension plans, which equals the amounts recognized in the balance sheets at December 31, 2025, and December 31, 2024, as well as the amount of pre-tax AOCI not yet recognized as net pension cost for the pension plans and postretirement benefit plan. The postretirement benefit plan’s PBO equaled its FVA at both December 31, 2025, and December 31, 2024. Therefore, no asset or liability was recognized on our Consolidated Balance Sheets with respect to that plan.
December 31,
Dollars in millions
Pension PlansPostretirement Benefit Plan
2025202420252024
Funded status (a)
$(32)$(40)
Net prepaid pension cost recognized consists of:  
Noncurrent assets$85 $80 
Current liabilities(13)(13)
Noncurrent liabilities(104)(107)
Net prepaid pension cost recognized (b)
$(32)$(40)
Net unrecognized losses (gains)$329 $415 $(8)$(8)
Net unrecognized prior service credit— — (8)(9)
Total unrecognized AOCI$329 $415 $(16)$(17)
(a)The shortage of the FVA under the PBO.
(b)Represents the accrued benefit liability of the pension plans.
Schedule of Funded and Unfunded Pension Plans and Postretirement Benefit Plan
At December 31, 2025, we expect to pay the benefits from all funded and unfunded pension plans and postretirement benefit plan as follows:
Dollars in millions
Pension PlansPostretirement Benefit Plan
2026$78 $4 
202777 4 
202876 4 
202974 4 
203072 4 
2030-2034324 16 
Schedule of Plans ABO in Excess of Plan Assets As indicated in the table below, collectively our pension plans had an ABO in excess of plan assets as follows: 
December 31,20252024
Dollars in millionsCash Balance Pension PlanOther Defined Benefit PlansCash Balance Pension PlanOther Defined Benefit Plans
PBO$705 $117 $725 $121 
ABO705 117 725 121 
Fair value of plan assets790 — 805 — 
Schedule of Weighted-Average Rates to Determine Actuarial Present Value of Benefit Obligations
To determine the actuarial present value of benefit obligations, we assumed the following weighted-average rates.
December 31,20252024
Pension Plans:
Discount rate5.05 %5.33 %
Weighted-average interest crediting rate4.84 %4.74 %
Postretirement Benefit Plan:
Discount rate4.50 %4.50 %
Schedule of Weighted-Average Rates to Determine Net Pension Cost
To determine net pension cost, we assumed the following weighted-average rates.
Year ended December 31,
202520242023
Pension Plans:
Discount rate5.33 %4.68 %4.85 %
Expected return on plan assets5.25 %4.50 %4.50 %
Postretirement Benefit Plan:
Discount rate4.50 %4.50 %4.50 %
Expected return on plan assets4.50 %4.50 %4.50 %
Schedule of Asset Target Allocations Prescribed by Pension Funds' Investment Policies The following table shows the asset target allocations prescribed by the pension fund’s investment policies based on the plan’s funded status at December 31, 2025.
Asset Class2025
Global equity 16 %
Fixed income84 
Total100 %
  
Schedule of Allocation of Plan Assets
The following tables show the fair values of our pension plan assets by asset class at December 31, 2025, and December 31, 2024.

December 31, 2025    
Dollars in millionsLevel 1Level 2Level 3Total
ASSET CLASS
Mutual funds:
Fixed income — U.S.$— $321 $— $321 
Collective investment funds (measured at NAV) (a)
— — — 446 
Insurance investment contracts and pooled separate accounts (measured at NAV) (a)
— — — 23 
Total net assets at fair value$— $321 $— $790 
(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 fair value of plan assets presented elsewhere within this footnote.

December 31, 2024    
Dollars in millionsLevel 1Level 2Level 3Total
ASSET CLASS
Mutual funds:
Fixed income — U.S.$— $324 $— $324 
Collective investment funds (measured at NAV) (a)
— — — 459 
Insurance investment contracts and pooled separate accounts (measured at NAV) (a)
— — — 22 
Total net assets at fair value$— $324 $— $805 
(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 fair value of plan assets presented elsewhere within this footnote.
The following table shows the asset target allocations prescribed by the trust’s investment policy.
Target Allocation
Asset Class2025
U.S. equity securities64 %
International equity securities16 
Fixed income securities20 
Total100 %
  
Schedule of Fair Values of Pension Plan Assets by Asset Category
The following tables show the fair values of our postretirement plan assets by asset class at December 31, 2025, and December 31, 2024.
December 31, 2025    
Dollars in millionsLevel 1Level 2Level 3Total
ASSET CLASS
Mutual funds:
Equity — U.S.$30 $— $— $30 
Equity — International5 — — 5 
Fixed income — U.S.8 — — 8 
Other assets (measured at NAV)(a)
— — — 1 
Total net assets at fair value$43 $— $— $44 
(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 fair value of plan assets presented elsewhere within this footnote.
December 31, 2024    
Dollars in millionsLevel 1Level 2Level 3Total
ASSET CLASS
Mutual funds:
Equity — U.S.$26 $— $— $26 
Equity — International6 — — 6 
Fixed income — U.S.8 — — 8 
Other assets (measured at NAV)— — — 1 
Total net assets at fair value$40 $— $— $41 
(a)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the fair value of plan assets presented elsewhere within this footnote.
v3.25.4
Borrowings (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Components of Short-Term Borrowings
The following table presents a summary of our short-term borrowings:
December 31,  
Dollars in millions20252024
Federal funds purchased$— $— 
Securities sold under repurchase agreements13 14 
Other short-term borrowings1,071 2,130 
Schedule of Components of Long-Term Debt
The following table presents the contractual rates and maturity dates of our long-term debt as of December 31, 2025 and the carrying values as of December 31, 2025 and December 31, 2024. We use interest rate swaps and caps, which modify the repricing characteristics of certain long-term debt, to manage interest rate risk. For more information about such financial instruments, see Note 7 (“Derivatives and Hedging Activities”). 

December 31,Stated RateMaturityCarrying Value
Dollars in millions2025202520252024
Parent Company
Senior notes
2.25% - 6.40%
2027 - 2035
$4,659 $4,251 
Junior subordinated debentures
4.99% - 7.75%
2028 - 2037
447 444 
Other variable rate notes— 599 
Total parent company$5,106 $5,294 
Subsidiaries
Senior notes
3.97% - 5.85%
2027 - 2039
$2,229 $4,540 
Subordinated notes
3.40% - 6.95%
2026 - 2032
1,932 1,869 
Federal Home Loan Bank advances
1.39% - 7.36%
2026 - 2042
560 79 
Other long-term debt(a)
90 112 
Revolving loans— 211 
Total subsidiaries$4,811 $6,811 
Total long-term debt$9,917 $12,105 
(a)Includes debt associated with secured borrowings, investment fund financing, and capital lease obligations.
Schedule of Scheduled Principal Payments on Long-Term Debt
At December 31, 2025, scheduled principal payments on long-term debt were as follows:
Dollars in millionsParentSubsidiariesTotal
2026$— $1,111 $1,111 
2027771 1,275 2,046 
2028903 307 1,210 
2029881 345 1,226 
2030— 15 15 
All subsequent years2,551 1,758 4,309 
v3.25.4
Time Deposits (Tables)
 12 Months Ended
Dec. 31, 2025
Time Deposits [Abstract]  
Schedule of Time Deposits
The table below shows the total amount of time deposits at December 31, 2025, by future contractual maturity range:
Dollars in millionsTime Deposits
2026$12,229 
2027410 
202818 
20298 
20305 
All subsequent years10 
     Total time deposits$12,680 
v3.25.4
Commitments, Contingent Liabilities, and Guarantees (Tables)
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Commitments to Extend Credit or Funding
The following table shows the remaining contractual amount of each class of commitment related to extending credit or funding principal investments. For loan commitments and commercial letters of credit, this amount represents our maximum possible accounting loss on the unused commitment if the borrower were to draw upon the full amount of the commitment and subsequently default on payment for the total amount of the then outstanding loan.
December 31,
Dollars in millions
20252024
Loan commitments:
Commercial and other$59,731 $57,010 
Commercial real estate and construction3,561 2,855 
Home equity7,793 8,360 
Credit cards6,027 6,784 
Total loan commitments77,112 75,009 
Commercial letters of credit49 63 
Purchase card commitments993 1,048 
Principal investing commitments1 1 
Tax credit investment commitments1,132 1,362 
Total loan and other commitments$79,287 $77,483 
Schedule of Guarantees The following table shows the types of guarantees that we had outstanding at December 31, 2025. 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.”
December 31, 2025Maximum Potential Undiscounted Future PaymentsLiability Recorded
Dollars in millions
Financial guarantees:
Standby letters of credit$6,453 $69 
Recourse agreement with FNMA8,187 57 
Residential mortgage reserve3,418 8 
Written options (a)
3,524 27 
Total$21,582 $161 
(a)The maximum potential undiscounted future payments represent notional amounts of derivatives qualifying as guarantees.
v3.25.4
Accumulated Other Comprehensive Income (Tables)
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Schedule of Changes in AOCI
The following table summarizes our changes in AOCI:
Dollars in millions
Unrealized gains
(losses) on securities
available for sale
Unrealized gains
(losses) on derivative
financial instruments
Net pension and
postretirement
benefit costs
Total
Balance at December 31, 2022$(4,895)$(1,124)$(276)$(6,295)
Other comprehensive income before reclassification, net of income taxes
702 (364)(18)320 
Amounts reclassified from accumulated other comprehensive income, net of income taxes (a)
3 725 18 746 
Net current-period other comprehensive income, net of income taxes705 361 — 1,066 
Balance at December 31, 2023$(4,190)$(763)$(276)$(5,229)
Other comprehensive income before reclassification, net of income taxes
38 (230)(30)(222)
Amounts reclassified from accumulated other comprehensive income, net of income taxes (a)
1,418 559 4 1,981 
Net current-period other comprehensive income, net of income taxes1,456 329 (26)1,759 
Balance at December 31, 2024$(2,734)$(434)$(302)$(3,470)
Other comprehensive income before reclassification, net of income taxes
1,018 154 61 1,233 
Amounts reclassified from accumulated other comprehensive income, net of income taxes (a)
— 273 4 277 
Net current-period other comprehensive income, net of income taxes1,018 427 65 1,510 
Balance at December 31, 2025$(1,716)$(7)$(237)$(1,960)
(a)See table below for details about these reclassifications.
Schedule of Reclassifications Out of AOCI
Our reclassifications out of AOCI, are as follows:
Twelve Months Ended December 31,Affected Line Item in the Consolidated Statement of Income
Dollars in millions202520242023
Unrealized gains (losses) on available for sale securities
Realized losses$— $(1,863)$(4)Net securities gains (losses)
— (1,863)(4)
Income (loss) from continuing operations before income taxes
— (445)(1)Income taxes
$— $(1,418)$(3)Income (loss) from continuing operations
Unrealized gains (losses) on derivative financial instruments
Interest rate$(358)$(733)$(956)Interest income — Loans
Interest rate(2)(2)(2)Interest expense — Long-term debt
Interest rate— — 5 Investment banking and debt placement fees
(360)(735)(953)
Income (loss) from continuing operations before income taxes
(87)(176)(228)Income taxes
$(273)$(559)$(725)Income (loss) from continuing operations
Net pension and postretirement benefit costs
Amortization of losses$(7)$(8)$(8)Other expense
Settlement loss— — (18)Other expense
Amortization of prior service credit1 1 1 Other expense
(6)(7)(25)
Income (loss) from continuing operations before income taxes
(2)(3)(7)Income taxes
$(4)$(4)$(18)Income (loss) from continuing operations
v3.25.4
Shareholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Schedule of Stockholders Equity
The following table summarizes our preferred stock at December 31, 2025:
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 share2025 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 $50.00 
6.125% Fixed-to-Floating Rate Perpetual Noncumulative Series E
500 490 500,000 1 1,000 1/40th25 1.531252 
5.650% Fixed Rate Perpetual Noncumulative Series F
425 412 425,000 1 1,000 1/40th25 1.412500 
5.625% Fixed Rate Perpetual Non-Cumulative Series G
450 435 450,000 1 1,000 1/40th25 1.406252 
6.200% Fixed Rate Reset Perpetual Non-Cumulative Series H
600 590 600,000 1 1,000 1/40th25 1.550000 
v3.25.4
Regulatory Matters (Tables)
 12 Months Ended
Dec. 31, 2025
Regulated Operations [Abstract]  
Schedule of Key's and KeyBank's Actual Capital Amounts and Ratios, Minimum Capital Amounts and Ratios
At December 31, 2025, Key and KeyBank (consolidated) had regulatory capital in excess of all current minimum risk-based capital (including all adjustments for market risk) and leverage ratio requirements as shown in the following table.

 ActualRegulatory MinimumRegulatory Minimum with Stress Capital BufferWell Capitalized
Dollars in millionsAmountRatioRatioRatioRatio
December 31, 2025
Total risk-based capital
Key$22,910 15.70 %8.00 %11.20 %N/A
KeyBank (consolidated)21,198 14.71 8.00 11.20 10.00 %
Common equity Tier 1 risk-based capital
Key$17,195 11.78 %4.50 %7.70 %N/A
KeyBank (consolidated)18,376 12.75 4.50 7.70 6.50 %
Tier 1 risk-based capital
Key$19,641 13.46 %6.00 %9.20 %N/A
KeyBank (consolidated)18,376 12.75 6.00 9.20 8.00 %
Leverage
Key$19,641 10.50 %4.00 %4.00 %N/A
KeyBank (consolidated)18,376 9.96 4.00 4.00 5.00 %
December 31, 2024
Total risk-based capital
Key$22,336 16.15 %8.00 %11.10 %N/A
KeyBank (consolidated)20,518 15.12 8.00 11.10 10.00 %
Common equity Tier 1 risk-based capital
Key$16,489 11.92 %4.50 %7.60 %N/A
KeyBank (consolidated)17,560 12.94 4.50 7.60 6.50 
Tier 1 risk-based capital
Key$18,934 13.69 %6.00 %9.10 %N/A
KeyBank (consolidated)17,560 12.94 6.00 9.10 8.00 %
Leverage
Key$18,934 10.03 %4.00 %4.00 %N/A
KeyBank (consolidated)17,560 9.42 4.00 4.00 5.00 %
v3.25.4
Business Segment Reporting (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Schedule of Selected Financial Data for Our Business Segments
Year ended December 31,
Consumer BankCommercial Bank
Dollars in millions202520242023202520242023
SUMMARY OF OPERATIONS
Net interest income (TE)
$2,709 $2,246 $2,221 $2,294 $1,805 $1,866 
Noninterest income
957 924 937 1,745 1,629 1,429 
Total revenue (TE) (a)
3,666 3,170 3,158 4,039 3,434 3,295 
Provision for credit losses
169 126 111 299 227 379 
Personnel expense904 850 833 779 729 697 
Other direct noninterest expense561 600 690 288 347 436 
Support and overhead1,337 1,264 1,256 838 758 673 
Allocated income taxes (benefit) and TE adjustments
168 79 64 388 282 227 
Income (loss) from continuing operations
527 251 204 1,447 1,091 883 
Income (loss) from discontinued operations, net of taxes
— — — — — — 
Net income (loss)
$527 $251 $204 $1,447 $1,091 $883 
AVERAGE BALANCES (b)
     
Loans and leases
$35,744 $38,744 $41,777 $69,407 $68,498 $75,782 
Total assets (a)
38,760 41,613 44,593 78,833 77,782 85,542 
Deposits
87,932 85,851 82,793 58,070 58,025 55,045 
OTHER FINANCIAL DATA
Expenditures for additions to long-lived assets (a), (b)
$71 $75 $72 $4 $— $3 
Year ended December 31,OtherKey
Dollars in millions202520242023202520242023
SUMMARY OF OPERATIONS
Net interest income (TE)$(332)$(241)$(144)$4,671 $3,810 $3,943 
Noninterest income140 (1,744)104 2,842 809 2,470 
Total revenue (TE) (a)
(192)(1,985)(40)7,513 4,619 6,413 
Provision for credit losses3 (18)(1)471 335 489 
Personnel expense1,234 1,135 1,130 2,917 2,714 2,660 
Other direct noninterest expense937 884 948 1,786 1,831 2,074 
Support and overhead(2,175)(2,022)(1,929)— — — 
Allocated income taxes (benefit) and TE adjustments(45)(459)(65)511 (98)226 
Income (loss) from continuing operations(146)(1,505)(123)1,828 (163)964 
Income (loss) from discontinued operations, net of taxes1 2 3 1 2 3 
Net income (loss)$(145)$(1,503)$(120)$1,829 $(161)$967 
AVERAGE BALANCES (b)
Loans and leases$509 $482 $445 $105,660 $107,724 $118,004 
Total assets (a)
69,171 67,420 61,492 186,764 186,815 191,627 
Deposits3,274 2,279 6,221 149,276 146,155 144,059 
OTHER FINANCIAL DATA
Expenditures for additions to long-lived assets (a), (b)
$69 $115 $118 $144 $190 $193 
(a)Substantially all revenue generated by our reportable 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 reportable business segments, are located in the United States.
(b)From continuing operations.
v3.25.4
Condensed Financial Information of the Parent Company (Tables)
 12 Months Ended
Dec. 31, 2025
Condensed Financial Information Disclosure [Abstract]  
Schedule of Condensed Balance Sheets
CONDENSED BALANCE SHEETS
December 31,
Dollars in millions
20252024
ASSETS
Cash and due from banks$4,868 $5,149 
Short-term investments28 26 
Other investments119 96 
Loans to:
Banks300 300 
Nonbank subsidiaries— — 
Total loans300 300 
Investment in subsidiaries:
Banks19,075 16,770 
Nonbank subsidiaries914 888 
Total investment in subsidiaries19,989 17,658 
Accrued income and other assets756 777 
Total assets$26,060 $24,006 
LIABILITIES
Accrued expense and other liabilities$573 $536 
Long-term debt due to:
Subsidiaries447 444 
Unaffiliated companies (a)
4,659 4,850 
Total long-term debt5,106 5,294 
Total liabilities5,679 5,830 
SHAREHOLDERS’ EQUITY (b)
20,381 18,176 
Total liabilities and shareholders’ equity$26,060 $24,006 
(a)See Note 17 (“Borrowings”) for information regarding contractual rates and maturity dates of debt that is held by the parent company.
(b)See Key’s Consolidated Statements of Changes in Equity.
Schedule of Condensed Statements of Income
CONDENSED STATEMENTS OF INCOME
Year ended December 31,
Dollars in millions202520242023
INCOME
Dividends from subsidiaries:
Bank subsidiaries$1,375 $750 $675 
Nonbank subsidiaries— — — 
Interest income from subsidiaries16 20 15 
Other income16 14 24 
Total income1,407 784 714 
EXPENSE
Interest on long-term debt with subsidiary trusts30 33 33 
Interest on other borrowed funds317 341 273 
Personnel and other expense84 77 111 
Total expense431 451 417 
Income (loss) before income taxes and equity in net income (loss) less dividends from subsidiaries976 333 297 
Income tax (expense) benefit80 94 95 
Income (loss) before equity in net income (loss) less dividends from subsidiaries1,056 427 392 
Equity in net income (loss) less dividends from subsidiaries773 (588)575 
NET INCOME (LOSS)$1,829 $(161)$967 
Total other comprehensive income (loss), net of tax (a)
1,510 1,759 1,066 
Comprehensive income (loss)$3,339 $1,598 $2,033 
(a) See Key’s Consolidated Statements of Comprehensive Income.
Schedule of Condensed Statements of Cash Flows
CONDENSED STATEMENTS OF CASH FLOWS
Year ended December 31,
Dollars in millions202520242023
OPERATING ACTIVITIES
Net income (loss) attributable to Key$1,829 $(161)$967 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Equity in net (income) loss less dividends from subsidiaries(773)588 (575)
Other operating activities, net329 (752)172 
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES1,385 (325)564 
INVESTING ACTIVITIES
Net (increase) decrease in securities available for sale and in short-term and other investments(26)(19)(14)
Advances to subsidiaries— (250)— 
Sale or repayments of advances to subsidiaries— 200 16 
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES(26)(69)2 
FINANCING ACTIVITIES
Net proceeds (payments) from issuance of long-term debt(350)1,000 — 
Repurchase of Treasury Shares(236)(28)(73)
Net proceeds from Scotiabank investment— 2,771 — 
Cash dividends paid(1,054)(927)(912)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES(1,640)2,816 (985)
NET INCREASE (DECREASE) IN CASH AND DUE FROM BANKS(281)2,422 (419)
CASH AND DUE FROM BANKS AT BEGINNING OF YEAR5,149 2,727 3,146 
CASH AND DUE FROM BANKS AT END OF YEAR$4,868 $5,149 $2,727 
v3.25.4
Revenue from Contracts with Customers (Tables)
 12 Months Ended
Dec. 31, 2025
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. 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. Additional details of our revenue recognition policies and components of our noninterest income line items is provided within Note 1 (“Summary of Significant Accounting Policies”) under the heading “Revenue Recognition.”

Year ended December 31,2025
Dollars in millionsConsumer BankCommercial BankTotal Contract Revenue
NONINTEREST INCOME
Trust and investment services income$483 $75 $558 
Investment banking and debt placement fees— 551 551 
Services charges on deposit accounts144 151 295 
Cards and payments income175 162 337 
Other noninterest income8 — 8 
Total revenue from contracts with customers$810 $939 $1,749 
Other noninterest income (a)
$953 
Noninterest income from other segments (b)
140 
Total noninterest income$2,842 
Year ended December 31,2024
Dollars in millionsConsumer BankCommercial BankTotal Contract Revenue
NONINTEREST INCOME
Trust and investment services income$449 $69 $518 
Investment banking and debt placement fees— 521 521 
Services charges on deposit accounts135 126 261 
Cards and payments income178 153 331 
Other noninterest income12 — 12 
Total revenue from contracts with customers$774 $869 $1,643 
Other noninterest income (a)
$910 
Noninterest income from other segments (b)
(1,744)
Total noninterest income$809 
Year ended December 31,2023
Dollars in millionsConsumer BankCommercial BankTotal Contract Revenue
NONINTEREST INCOME
Trust and investment services income$410 $68 $478 
Investment banking and debt placement fees— 344 344 
Services charges on deposit accounts158 111 269 
Cards and payments income187 145 332 
Other noninterest income12 — 12 
Total revenue from contracts with customers$767 $668 $1,435 
Other noninterest income (a)
$931 
Noninterest income from other segments (b)
104 
Total noninterest income$2,470 
(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. Corporate treasury includes realized gains and loss from transaction associated with Key’s investment securities portfolio. 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 23 (“Business Segment Reporting”) for more information.
v3.25.4
Summary of Significant Accounting Policies (Details)
 12 Months Ended
Dec. 31, 2025
branch
segment
machine
state
Dec. 31, 2024
Accounting Policies [Line Items]    
Number of retail branches | branch 940  
Number of ATMs | machine 1,120  
Number of states with ATMs | state 15  
Number of reportable business segments 2  
Number of days to designate the loan as nonaccrual for commercial loan payment due period 90 days  
Number of days to designate commercial loans will be charged off in full or charged down to the fair value of the underlying collateral payment due period 180 days  
Number of days to designate the loan as nonaccrual for consumer payment due period 120 days  
Second lien home equity loan with associated first lien due period 120 days  
Number of days to designate the charge-off policy for most consumer loans taking effect, payment due period 120 days  
Number of days to designate home equity and residential mortgage loans to get charged down to the fair value of the underlying collateral payment due period 180 days  
Number of days to designate charge-off policy for credit card loans and similar unsecured products taking effect, payment due period 180 days  
Threshold period to return to accrual status 6 months  
Number of loan segment portfolios 2  
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Accrued expense and other liabilities Accrued expense and other liabilities
Amortization period of stock-based compensation awards 5 years  
Vesting period for compensation cost 4 years  
Stock Options    
Accounting Policies [Line Items]    
Options expiration years 10 years  
Stock Options | One year after the grant date    
Accounting Policies [Line Items]    
Rate at which employee stock options granted to be exercisable 25.00%  
v3.25.4
Earnings Per Common Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
EARNINGS      
Income (loss) from continuing operations $ 1,828 $ (163) $ 964
Less: Dividends on preferred stock 143 143 143
Income (loss) from continuing operations attributable to Key common shareholders 1,685 (306) 821
Income (loss) from discontinued operations, net of taxes 1 2 3
Net income (loss) attributable to Key common shareholders $ 1,686 $ (304) $ 824
WEIGHTED-AVERAGE COMMON SHARES      
Weighted-average Common Shares outstanding (in shares) 1,098,558 949,561 927,217
Effect of common share options and other stock awards (in shares) [1] 9,436 0 5,542
Weighted-average Common Shares and potential Common Shares outstanding (in shares) [2] 1,107,994 949,561 932,759
EARNINGS PER COMMON SHARE      
Income (loss) from continuing operations attributable to Key common shareholders (in dollars per share) $ 1.53 $ (0.32) $ 0.88
Income (loss) from discontinued operations, net of taxes (in dollars per share) 0 0 0
Net income (loss) attributable to Key common shareholders (in dollars per share) [3] 1.53 (0.32) 0.89
Income (loss) from continuing operations attributable to Key common shareholders - assuming dilution (in dollars per share) 1.52 (0.32) 0.88
Income (loss) from discontinued operations, net of taxes — assuming dilution (in dollars per share) 0 0 0
Net income (loss) attributable to Key common shareholders (in dollars per share) [3] $ 1.52 $ (0.32) $ 0.88
[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.
v3.25.4
Loan Portfolio (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans $ 106,541 $ 104,260
Accrued interest 459 456
Asset Pledged as Collateral | Federal Home Loan Bank advances    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 71,000 67,500
Discontinued operations | Education Lending    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 205 257
Total commercial loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 76,509 71,891
Accrued interest 338 322
Total commercial loans | Commercial and Industrial    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 57,688 52,909
Total commercial loans | Commercial and Industrial | Collateral pledged    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans   211
Total commercial loans | Real estate — commercial mortgage    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 13,707 13,310
Total commercial loans | Real estate — construction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 2,844 2,936
Total commercial loans | Total commercial real estate loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 16,551 16,246
Total commercial loans | Commercial lease financing    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 2,270 2,736
Total commercial loans | Commercial lease financing | Collateral pledged    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 1 3
Total commercial loans | Commercial credit card    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 205 212
Total consumer loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 30,032 32,369
Accrued interest 121 134
Total consumer loans | Real estate — residential mortgage    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 18,732 19,886
Total consumer loans | Home equity loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 5,703 6,358
Total consumer loans | Other consumer loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 4,644 5,167
Total consumer loans | Credit cards    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 953 958
Total consumer loans | Commercial credit card    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans $ 953 $ 958
v3.25.4
Asset Quality - Changes in Allowance for Loan and Lease Losses by Loan Category (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance $ 1,409 $ 1,508 $ 1,337
Provision 448 341 415
Charge-offs (517) (526) (318)
Recoveries 87 86 74
Ending balance 1,427 1,409 1,508
Total ALLL, including discontinued operations, beginning balance 1,422 1,524 1,358
Total provision, including discontinued operations 448 341 413
Total charge-offs, including discontinued operations (520) (530) (322)
Total recoveries, including discontinued operations 88 87 75
Total ALLL, including discontinued operations, ending balance 1,438 1,422 1,524
Provision (credit) for losses on lending-related commitments 23 (6)  
Provision (credit) for losses on lending-related commitments     74
Discontinued operations      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance 13 16 21
Provision 0 0 (2)
Charge-offs (3) (4) (4)
Recoveries 1 1 1
Ending balance 11 13 16
Total commercial loans      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance 1,037 1,060 864
Provision 389 322 371
Charge-offs (412) (410) (227)
Recoveries 64 65 52
Ending balance 1,078 1,037 1,060
Total consumer loans      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance 372 448 473
Provision 59 19 44
Charge-offs (105) (116) (91)
Recoveries 23 21 22
Ending balance 349 372 448
Commercial and Industrial | Total commercial loans      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance 639 556 601
Provision 361 388 99
Charge-offs (312) (363) (188)
Recoveries 57 58 44
Ending balance 745 639 556
Total commercial real estate loans | Total commercial loans      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance 371 471 231
Provision 23 (62) 276
Charge-offs (94) (40) (39)
Recoveries 7 2 3
Ending balance 307 371 471
Real estate — commercial mortgage | Total commercial loans      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance 320 419 203
Provision 19 (61) 253
Charge-offs (94) (40) (39)
Recoveries 7 2 2
Ending balance 252 320 419
Real estate — construction | Total commercial loans      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance 51 52 28
Provision 4 (1) 23
Charge-offs 0 0 0
Recoveries 0 0 1
Ending balance 55 51 52
Commercial lease financing | Total commercial loans      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance 27 33 32
Provision 5 (4) (4)
Charge-offs (6) (7) 0
Recoveries 0 5 5
Ending balance 26 27 33
Real estate — residential mortgage | Total consumer loans      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance 90 162  
Provision (26) (74)  
Charge-offs (2) (3)  
Recoveries 4 5  
Ending balance 66 90 162
Real estate — residential mortgage | Total consumer loans      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance   162 196
Provision     (37)
Charge-offs     (1)
Recoveries     4
Ending balance     162
Home equity loans | Total consumer loans      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance 70 86 98
Provision (19) (16) (13)
Charge-offs (2) (2) (2)
Recoveries 3 2 3
Ending balance 52 70 86
Other consumer loans | Total consumer loans      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance 136 122 113
Provision 61 70 52
Charge-offs (56) (64) (51)
Recoveries 8 8 8
Ending balance 149 136 122
Credit cards | Total consumer loans      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance 76 78 66
Provision 43 39 42
Charge-offs (45) (47) (37)
Recoveries 8 6 7
Ending balance $ 82 $ 76 $ 78
v3.25.4
Asset Quality - Additional Information (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
loan
Dec. 31, 2024
USD ($)
loan
Dec. 31, 2023
USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Percentage of carrying amount of our commercial nonperforming loans outstanding 76.00%    
Percentage of nonperforming loans outstanding face value 82.00%    
Percentage of loans held for sale and other nonperforming assets 83.00%    
Net reduction to interest income $ 49 $ 54 $ 37
Mortgage loans in process of foreclosure 70 72  
Loan restructuring trial modifications amount 595 534 295
Commitments outstanding to lend additional funds $ 110 $ 15  
Trial Modification Plans      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Number of loan modifications | loan 167 120  
Loan restructuring trial modifications amount $ 26 $ 20  
Total commercial loans      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Loan restructuring trial modifications amount 565 499 269
Total consumer loans      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Loan restructuring trial modifications amount 30 35 26
Continuing Operations | Total commercial loans      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Increase (decrease) in ALLL $ 41    
Increase (decrease) in ALLL (as a percent) 4.00%    
Continuing Operations | Total consumer loans      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Increase (decrease) in ALLL $ (23)    
Increase (decrease) in ALLL (as a percent) (6.20%)    
Commercial and Industrial | Total commercial loans      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Loan restructuring trial modifications amount $ 304 163 263
Real estate — commercial mortgage | Total commercial loans      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Loan restructuring trial modifications amount 231 $ 307 $ 6
Non-performing Loans      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Nonperforming loans on nonaccrual status with no allowance $ 386    
v3.25.4
Asset Quality - Schedule of Commercial Credit Exposure (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Financing Receivable, Credit Quality Indicator [Line Items]    
Total loans $ 106,541 $ 104,260
Accrued interest 459 456
Total commercial loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one 13,662 8,125
Current period gross write-offs, Year one 32 1
Year two 7,834 5,489
Current period gross write-offs, Year two 41 12
Year three 4,281 13,088
Current period gross write-offs, Year three 26 66
Year four 9,009 7,693
Current period gross write-offs, Year four 46 112
Year five 5,148 2,905
Current period gross write-offs, Year five 37 4
Prior 8,722 8,896
Current period gross write-offs, prior 40 70
Revolving Loans Amortized Cost Basis 27,602 25,485
Current period gross write-offs, Revolving Loans Amortized Cost Basis 190 145
Revolving Loans Converted to Term Loans Amortized Cost Basis 251 210
Current period gross write-offs, Revolving Loans Converted to Term Loans Amortized Cost Basis 0 0
Total loans 76,509 71,891
Current period gross write-offs, total 412 410
Accrued interest 338 322
Total commercial loans | Commercial and Industrial    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one 9,613 6,540
Current period gross write-offs, Year one 13 1
Year two 6,096 3,329
Current period gross write-offs, Year two 27 12
Year three 2,452 7,784
Current period gross write-offs, Year three 22 65
Year four 5,830 4,383
Current period gross write-offs, Year four 27 106
Year five 2,928 1,827
Current period gross write-offs, Year five 8 4
Prior 4,641 4,476
Current period gross write-offs, prior 28 31
Revolving Loans Amortized Cost Basis 25,917 24,412
Current period gross write-offs, Revolving Loans Amortized Cost Basis 187 144
Revolving Loans Converted to Term Loans Amortized Cost Basis 211 158
Current period gross write-offs, Revolving Loans Converted to Term Loans Amortized Cost Basis 0 0
Total loans 57,688 52,909
Current period gross write-offs, total 312 363
Total commercial loans | Commercial and Industrial | Pass    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one 9,473 6,345
Year two 5,864 3,097
Year three 2,263 7,119
Year four 5,313 3,934
Year five 2,648 1,617
Prior 4,115 3,969
Revolving Loans Amortized Cost Basis 24,267 22,709
Revolving Loans Converted to Term Loans Amortized Cost Basis 174 115
Total loans 54,117 48,905
Total commercial loans | Commercial and Industrial | Criticized (Accruing)    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one 139 172
Year two 218 219
Year three 171 597
Year four 463 419
Year five 259 208
Prior 493 476
Revolving Loans Amortized Cost Basis 1,535 1,550
Revolving Loans Converted to Term Loans Amortized Cost Basis 37 41
Total loans 3,315 3,682
Total commercial loans | Commercial and Industrial | Criticized (Nonaccruing)    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one 1 23
Year two 14 13
Year three 18 68
Year four 54 30
Year five 21 2
Prior 33 31
Revolving Loans Amortized Cost Basis 115 153
Revolving Loans Converted to Term Loans Amortized Cost Basis 0 2
Total loans 256 322
Total commercial loans | Real estate — commercial mortgage    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one 3,254 1,083
Current period gross write-offs, Year one 19 0
Year two 941 833
Current period gross write-offs, Year two 14 0
Year three 714 3,512
Current period gross write-offs, Year three 1 1
Year four 2,332 2,535
Current period gross write-offs, Year four 18 6
Year five 1,787 690
Current period gross write-offs, Year five 29 0
Prior 3,252 3,576
Current period gross write-offs, prior 10 32
Revolving Loans Amortized Cost Basis 1,389 1,031
Current period gross write-offs, Revolving Loans Amortized Cost Basis 3 1
Revolving Loans Converted to Term Loans Amortized Cost Basis 38 50
Current period gross write-offs, Revolving Loans Converted to Term Loans Amortized Cost Basis 0 0
Total loans 13,707 13,310
Current period gross write-offs, total 94 40
Total commercial loans | Real estate — commercial mortgage | Pass    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one 3,246 1,052
Year two 826 748
Year three 651 2,818
Year four 1,911 2,202
Year five 1,519 594
Prior 2,997 3,194
Revolving Loans Amortized Cost Basis 1,366 1,001
Revolving Loans Converted to Term Loans Amortized Cost Basis 29 41
Total loans 12,545 11,650
Total commercial loans | Real estate — commercial mortgage | Criticized (Accruing)    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one 8 31
Year two 99 85
Year three 60 571
Year four 326 281
Year five 237 93
Prior 246 316
Revolving Loans Amortized Cost Basis 20 30
Revolving Loans Converted to Term Loans Amortized Cost Basis 9 9
Total loans 1,005 1,416
Total commercial loans | Real estate — commercial mortgage | Criticized (Nonaccruing)    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one 0 0
Year two 16 0
Year three 3 123
Year four 95 52
Year five 31 3
Prior 9 66
Revolving Loans Amortized Cost Basis 3 0
Revolving Loans Converted to Term Loans Amortized Cost Basis 0 0
Total loans 157 244
Total commercial loans | Real estate — construction    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one 468 199
Current period gross write-offs, Year one 0 0
Year two 565 863
Current period gross write-offs, Year two 0 0
Year three 791 1,133
Current period gross write-offs, Year three 0 0
Year four 357 398
Current period gross write-offs, Year four 0 0
Year five 166 155
Current period gross write-offs, Year five 0 0
Prior 199 144
Current period gross write-offs, prior 0 0
Revolving Loans Amortized Cost Basis 296 42
Current period gross write-offs, Revolving Loans Amortized Cost Basis 0 0
Revolving Loans Converted to Term Loans Amortized Cost Basis 2 2
Current period gross write-offs, Revolving Loans Converted to Term Loans Amortized Cost Basis 0 0
Total loans 2,844 2,936
Current period gross write-offs, total 0 0
Total commercial loans | Real estate — construction | Pass    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one 468 199
Year two 565 846
Year three 771 1,021
Year four 262 340
Year five 130 87
Prior 72 67
Revolving Loans Amortized Cost Basis 296 42
Revolving Loans Converted to Term Loans Amortized Cost Basis 2 2
Total loans 2,566 2,604
Total commercial loans | Real estate — construction | Criticized (Accruing)    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one 0 0
Year two 0 17
Year three 20 112
Year four 95 58
Year five 36 68
Prior 127 77
Revolving Loans Amortized Cost Basis 0 0
Revolving Loans Converted to Term Loans Amortized Cost Basis 0 0
Total loans 278 332
Total commercial loans | Real estate — construction | Criticized (Nonaccruing)    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one 0 0
Year two 0 0
Year three 0 0
Year four 0 0
Year five 0 0
Prior 0 0
Revolving Loans Amortized Cost Basis 0 0
Revolving Loans Converted to Term Loans Amortized Cost Basis 0 0
Total loans 0 0
Total commercial loans | Commercial lease financing    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one 327 303
Current period gross write-offs, Year one 0 0
Year two 232 464
Current period gross write-offs, Year two 0 0
Year three 324 659
Current period gross write-offs, Year three 3 0
Year four 490 377
Current period gross write-offs, Year four 1 0
Year five 267 233
Current period gross write-offs, Year five 0 0
Prior 630 700
Current period gross write-offs, prior 2 7
Revolving Loans Amortized Cost Basis 0 0
Current period gross write-offs, Revolving Loans Amortized Cost Basis 0 0
Revolving Loans Converted to Term Loans Amortized Cost Basis 0 0
Current period gross write-offs, Revolving Loans Converted to Term Loans Amortized Cost Basis 0 0
Total loans 2,270 2,736
Current period gross write-offs, total 6 7
Total commercial loans | Commercial lease financing | Pass    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one 322 301
Year two 228 430
Year three 293 626
Year four 433 368
Year five 249 217
Prior 609 679
Revolving Loans Amortized Cost Basis 0 0
Revolving Loans Converted to Term Loans Amortized Cost Basis 0 0
Total loans 2,134 2,621
Total commercial loans | Commercial lease financing | Criticized (Accruing)    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one 5 2
Year two 4 34
Year three 26 33
Year four 55 9
Year five 18 16
Prior 21 21
Revolving Loans Amortized Cost Basis 0 0
Revolving Loans Converted to Term Loans Amortized Cost Basis 0 0
Total loans 129 115
Total commercial loans | Commercial lease financing | Criticized (Nonaccruing)    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one 0 0
Year two 0 0
Year three 5 0
Year four 2 0
Year five 0 0
Prior 0 0
Revolving Loans Amortized Cost Basis 0 0
Revolving Loans Converted to Term Loans Amortized Cost Basis 0 0
Total loans $ 7 $ 0
v3.25.4
Asset Quality - Schedule of Consumer Credit Exposure (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Financing Receivable, Credit Quality Indicator [Line Items]    
Total loans $ 106,541 $ 104,260
Accrued interest 459 456
Total consumer loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one 810 628
Current period gross write-offs, Year one 4 1
Year two 456 1,140
Current period gross write-offs, Year two 5 7
Year three 963 8,104
Current period gross write-offs, Year three 7 18
Year four 7,377 10,471
Current period gross write-offs, Year four 9 12
Year five 9,577 3,934
Current period gross write-offs, Year five 9 7
Prior 6,339 3,328
Current period gross write-offs, prior 9 8
Revolving Loans Amortized Cost Basis 4,252 4,408
Current period gross write-offs, Revolving Loans Amortized Cost Basis 62 63
Revolving Loans Converted to Term Loans Amortized Cost Basis 258 356
Current period gross write-offs, Revolving Loans Converted to Term Loans Amortized Cost Basis 0 0
Total loans 30,032 32,369
Current period gross write-offs, total 105 116
Accrued interest 121 134
Total consumer loans | Real estate — residential mortgage    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one 431 355
Current period gross write-offs, Year one 0 1
Year two 273 800
Current period gross write-offs, Year two 0 0
Year three 718 6,399
Current period gross write-offs, Year three 0 1
Year four 5,934 7,921
Current period gross write-offs, Year four 0 0
Year five 7,393 2,471
Current period gross write-offs, Year five 0 0
Prior 3,981 1,939
Current period gross write-offs, prior 2 1
Revolving Loans Amortized Cost Basis 2 1
Current period gross write-offs, Revolving Loans Amortized Cost Basis 0 0
Revolving Loans Converted to Term Loans Amortized Cost Basis 0 0
Current period gross write-offs, Revolving Loans Converted to Term Loans Amortized Cost Basis 0 0
Total loans 18,732 19,886
Current period gross write-offs, total 2 3
Total consumer loans | Real estate — residential mortgage | 750 and above    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one 358 281
Year two 224 669
Year three 607 5,720
Year four 5,342 7,203
Year five 6,738 2,247
Prior 3,403 1,510
Revolving Loans Amortized Cost Basis 0 0
Revolving Loans Converted to Term Loans Amortized Cost Basis 0 0
Total loans 16,672 17,630
Total consumer loans | Real estate — residential mortgage | 660 to 749    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one 69 67
Year two 36 116
Year three 86 597
Year four 504 655
Year five 582 199
Prior 420 280
Revolving Loans Amortized Cost Basis 0 0
Revolving Loans Converted to Term Loans Amortized Cost Basis 0 0
Total loans 1,697 1,914
Total consumer loans | Real estate — residential mortgage | Less than 660    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one 2 4
Year two 11 13
Year three 23 81
Year four 87 63
Year five 73 24
Prior 149 134
Revolving Loans Amortized Cost Basis 0 0
Revolving Loans Converted to Term Loans Amortized Cost Basis 0 0
Total loans 345 319
Total consumer loans | Real estate — residential mortgage | No Score    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one 2 3
Year two 2 2
Year three 2 1
Year four 1 0
Year five 0 1
Prior 9 15
Revolving Loans Amortized Cost Basis 2 1
Revolving Loans Converted to Term Loans Amortized Cost Basis 0 0
Total loans 18 23
Total consumer loans | Home equity loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one 63 52
Current period gross write-offs, Year one 0 0
Year two 42 53
Current period gross write-offs, Year two 0 0
Year three 41 204
Current period gross write-offs, Year three 0 0
Year four 173 996
Current period gross write-offs, Year four 0 0
Year five 869 772
Current period gross write-offs, Year five 0 0
Prior 1,532 1,000
Current period gross write-offs, prior 0 1
Revolving Loans Amortized Cost Basis 2,725 2,925
Current period gross write-offs, Revolving Loans Amortized Cost Basis 2 1
Revolving Loans Converted to Term Loans Amortized Cost Basis 258 356
Current period gross write-offs, Revolving Loans Converted to Term Loans Amortized Cost Basis 0 0
Total loans 5,703 6,358
Current period gross write-offs, total 2 2
Total consumer loans | Home equity loans | 750 and above    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one 43 33
Year two 26 31
Year three 23 139
Year four 117 775
Year five 676 612
Prior 1,164 731
Revolving Loans Amortized Cost Basis 1,749 1,886
Revolving Loans Converted to Term Loans Amortized Cost Basis 179 251
Total loans 3,977 4,458
Total consumer loans | Home equity loans | 660 to 749    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one 18 17
Year two 13 17
Year three 13 50
Year four 41 181
Year five 149 129
Prior 258 186
Revolving Loans Amortized Cost Basis 718 772
Revolving Loans Converted to Term Loans Amortized Cost Basis 58 80
Total loans 1,268 1,432
Total consumer loans | Home equity loans | Less than 660    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one 2 2
Year two 3 5
Year three 5 15
Year four 15 40
Year five 44 31
Prior 109 82
Revolving Loans Amortized Cost Basis 253 263
Revolving Loans Converted to Term Loans Amortized Cost Basis 21 25
Total loans 452 463
Total consumer loans | Home equity loans | No Score    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one 0 0
Year two 0 0
Year three 0 0
Year four 0 0
Year five 0 0
Prior 1 1
Revolving Loans Amortized Cost Basis 5 4
Revolving Loans Converted to Term Loans Amortized Cost Basis 0 0
Total loans 6 5
Total consumer loans | Other consumer loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one 316 221
Current period gross write-offs, Year one 4 0
Year two 141 287
Current period gross write-offs, Year two 5 7
Year three 204 1,501
Current period gross write-offs, Year three 7 17
Year four 1,270 1,554
Current period gross write-offs, Year four 9 12
Year five 1,315 691
Current period gross write-offs, Year five 9 7
Prior 826 389
Current period gross write-offs, prior 7 6
Revolving Loans Amortized Cost Basis 572 524
Current period gross write-offs, Revolving Loans Amortized Cost Basis 15 15
Revolving Loans Converted to Term Loans Amortized Cost Basis 0 0
Current period gross write-offs, Revolving Loans Converted to Term Loans Amortized Cost Basis 0 0
Total loans 4,644 5,167
Current period gross write-offs, total 56 64
Total consumer loans | Other consumer loans | 750 and above    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one 175 107
Year two 73 143
Year three 104 1,149
Year four 986 1,210
Year five 1,032 527
Prior 595 245
Revolving Loans Amortized Cost Basis 81 88
Revolving Loans Converted to Term Loans Amortized Cost Basis 0 0
Total loans 3,046 3,469
Total consumer loans | Other consumer loans | 660 to 749    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one 112 70
Year two 48 109
Year three 74 275
Year four 220 268
Year five 218 128
Prior 179 108
Revolving Loans Amortized Cost Basis 172 184
Revolving Loans Converted to Term Loans Amortized Cost Basis 0 0
Total loans 1,023 1,142
Total consumer loans | Other consumer loans | Less than 660    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one 17 9
Year two 12 23
Year three 21 59
Year four 54 59
Year five 52 29
Prior 46 24
Revolving Loans Amortized Cost Basis 54 56
Revolving Loans Converted to Term Loans Amortized Cost Basis 0 0
Total loans 256 259
Total consumer loans | Other consumer loans | No Score    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one 12 35
Year two 8 12
Year three 5 18
Year four 10 17
Year five 13 7
Prior 6 12
Revolving Loans Amortized Cost Basis 265 196
Revolving Loans Converted to Term Loans Amortized Cost Basis 0 0
Total loans 319 297
Total consumer loans | Commercial credit card    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one 0 0
Current period gross write-offs, Year one 0 0
Year two 0 0
Current period gross write-offs, Year two 0 0
Year three 0 0
Current period gross write-offs, Year three 0 0
Year four 0 0
Current period gross write-offs, Year four 0 0
Year five 0 0
Current period gross write-offs, Year five 0 0
Prior 0 0
Current period gross write-offs, prior 0 0
Revolving Loans Amortized Cost Basis 953 958
Current period gross write-offs, Revolving Loans Amortized Cost Basis 45 47
Revolving Loans Converted to Term Loans Amortized Cost Basis 0 0
Current period gross write-offs, Revolving Loans Converted to Term Loans Amortized Cost Basis 0 0
Total loans 953 958
Current period gross write-offs, total 45 47
Total consumer loans | Commercial credit card | 750 and above    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one 0 0
Year two 0 0
Year three 0 0
Year four 0 0
Year five 0 0
Prior 0 0
Revolving Loans Amortized Cost Basis 479 476
Revolving Loans Converted to Term Loans Amortized Cost Basis 0 0
Total loans 479 476
Total consumer loans | Commercial credit card | 660 to 749    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one 0 0
Year two 0 0
Year three 0 0
Year four 0 0
Year five 0 0
Prior 0 0
Revolving Loans Amortized Cost Basis 364 372
Revolving Loans Converted to Term Loans Amortized Cost Basis 0 0
Total loans 364 372
Total consumer loans | Commercial credit card | Less than 660    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one 0 0
Year two 0 0
Year three 0 0
Year four 0 0
Year five 0 0
Prior 0 0
Revolving Loans Amortized Cost Basis 108 109
Revolving Loans Converted to Term Loans Amortized Cost Basis 0 0
Total loans 108 109
Total consumer loans | Commercial credit card | No Score    
Financing Receivable, Credit Quality Indicator [Line Items]    
Year one 0 0
Year two 0 0
Year three 0 0
Year four 0 0
Year five 0 0
Prior 0 0
Revolving Loans Amortized Cost Basis 2 1
Revolving Loans Converted to Term Loans Amortized Cost Basis 0 0
Total loans $ 2 $ 1
v3.25.4
Asset Quality - Aging Analysis of Past Due and Current Loans (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Financing Receivable, Past Due [Line Items]    
Total loans $ 106,541 $ 104,260
Accrued interest 459 456
Non-performing Loans    
Financing Receivable, Past Due [Line Items]    
Total loans 615 758
Current    
Financing Receivable, Past Due [Line Items]    
Total loans 105,607 103,206
30-59 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total loans 148 120
60-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total loans 72 86
90 and Greater Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total loans 99 90
Total Past Due and Non-performing Loans    
Financing Receivable, Past Due [Line Items]    
Total loans 934 1,054
Total commercial loans    
Financing Receivable, Past Due [Line Items]    
Total loans 76,509 71,891
Accrued interest 338 322
Total commercial loans | Non-performing Loans    
Financing Receivable, Past Due [Line Items]    
Total loans 420 565
Total commercial loans | Commercial and Industrial    
Financing Receivable, Past Due [Line Items]    
Total loans 57,688 52,909
Total commercial loans | Commercial and Industrial | Non-performing Loans    
Financing Receivable, Past Due [Line Items]    
Total loans 256 322
Total commercial loans | Total commercial real estate loans    
Financing Receivable, Past Due [Line Items]    
Total loans 16,551 16,246
Total commercial loans | Total commercial real estate loans | Non-performing Loans    
Financing Receivable, Past Due [Line Items]    
Total loans 157 243
Total commercial loans | Real estate — commercial mortgage    
Financing Receivable, Past Due [Line Items]    
Total loans 13,707 13,310
Total commercial loans | Real estate — commercial mortgage | Non-performing Loans    
Financing Receivable, Past Due [Line Items]    
Total loans 157 243
Total commercial loans | Real estate — construction    
Financing Receivable, Past Due [Line Items]    
Total loans 2,844 2,936
Total commercial loans | Real estate — construction | Non-performing Loans    
Financing Receivable, Past Due [Line Items]    
Total loans 0 0
Total commercial loans | Commercial lease financing    
Financing Receivable, Past Due [Line Items]    
Total loans 2,270 2,736
Total commercial loans | Commercial lease financing | Non-performing Loans    
Financing Receivable, Past Due [Line Items]    
Total loans 7 0
Total commercial loans | Credit cards    
Financing Receivable, Past Due [Line Items]    
Total loans 205 212
Total commercial loans | Current    
Financing Receivable, Past Due [Line Items]    
Total loans 75,889 71,151
Total commercial loans | Current | Commercial and Industrial    
Financing Receivable, Past Due [Line Items]    
Total loans 57,336 52,473
Total commercial loans | Current | Total commercial real estate loans    
Financing Receivable, Past Due [Line Items]    
Total loans 16,293 15,950
Total commercial loans | Current | Real estate — commercial mortgage    
Financing Receivable, Past Due [Line Items]    
Total loans 13,450 13,018
Total commercial loans | Current | Real estate — commercial mortgage | Government National Mortgage Association (GNMA)    
Financing Receivable, Past Due [Line Items]    
Total loans 66 75
Total commercial loans | Current | Real estate — construction    
Financing Receivable, Past Due [Line Items]    
Total loans 2,843 2,932
Total commercial loans | Current | Commercial lease financing    
Financing Receivable, Past Due [Line Items]    
Total loans 2,260 2,728
Total commercial loans | Current | Real estate — residential mortgage | Government National Mortgage Association (GNMA)    
Financing Receivable, Past Due [Line Items]    
Total loans 6 7
Total commercial loans | 30-59 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total loans 88 53
Total commercial loans | 30-59 Days Past Due | Commercial and Industrial    
Financing Receivable, Past Due [Line Items]    
Total loans 38 48
Total commercial loans | 30-59 Days Past Due | Total commercial real estate loans    
Financing Receivable, Past Due [Line Items]    
Total loans 47 4
Total commercial loans | 30-59 Days Past Due | Real estate — commercial mortgage    
Financing Receivable, Past Due [Line Items]    
Total loans 47 4
Total commercial loans | 30-59 Days Past Due | Real estate — construction    
Financing Receivable, Past Due [Line Items]    
Total loans 0 0
Total commercial loans | 30-59 Days Past Due | Commercial lease financing    
Financing Receivable, Past Due [Line Items]    
Total loans 3 1
Total commercial loans | 60-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total loans 37 56
Total commercial loans | 60-89 Days Past Due | Commercial and Industrial    
Financing Receivable, Past Due [Line Items]    
Total loans 17 21
Total commercial loans | 60-89 Days Past Due | Total commercial real estate loans    
Financing Receivable, Past Due [Line Items]    
Total loans 20 29
Total commercial loans | 60-89 Days Past Due | Real estate — commercial mortgage    
Financing Receivable, Past Due [Line Items]    
Total loans 20 29
Total commercial loans | 60-89 Days Past Due | Real estate — construction    
Financing Receivable, Past Due [Line Items]    
Total loans 0 0
Total commercial loans | 60-89 Days Past Due | Commercial lease financing    
Financing Receivable, Past Due [Line Items]    
Total loans 0 6
Total commercial loans | 90 and Greater Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total loans 75 66
Total commercial loans | 90 and Greater Days Past Due | Commercial and Industrial    
Financing Receivable, Past Due [Line Items]    
Total loans 41 45
Total commercial loans | 90 and Greater Days Past Due | Total commercial real estate loans    
Financing Receivable, Past Due [Line Items]    
Total loans 34 20
Total commercial loans | 90 and Greater Days Past Due | Real estate — commercial mortgage    
Financing Receivable, Past Due [Line Items]    
Total loans 33 16
Total commercial loans | 90 and Greater Days Past Due | Real estate — construction    
Financing Receivable, Past Due [Line Items]    
Total loans 1 4
Total commercial loans | 90 and Greater Days Past Due | Commercial lease financing    
Financing Receivable, Past Due [Line Items]    
Total loans 0 1
Total commercial loans | Total Past Due and Non-performing Loans    
Financing Receivable, Past Due [Line Items]    
Total loans 620 740
Total commercial loans | Total Past Due and Non-performing Loans | Commercial and Industrial    
Financing Receivable, Past Due [Line Items]    
Total loans 352 436
Total commercial loans | Total Past Due and Non-performing Loans | Total commercial real estate loans    
Financing Receivable, Past Due [Line Items]    
Total loans 258 296
Total commercial loans | Total Past Due and Non-performing Loans | Real estate — commercial mortgage    
Financing Receivable, Past Due [Line Items]    
Total loans 257 292
Total commercial loans | Total Past Due and Non-performing Loans | Real estate — construction    
Financing Receivable, Past Due [Line Items]    
Total loans 1 4
Total commercial loans | Total Past Due and Non-performing Loans | Commercial lease financing    
Financing Receivable, Past Due [Line Items]    
Total loans 10 8
Total consumer loans    
Financing Receivable, Past Due [Line Items]    
Total loans 30,032 32,369
Accrued interest 121 134
Total consumer loans | Non-performing Loans    
Financing Receivable, Past Due [Line Items]    
Total loans 195 193
Total consumer loans | Real estate — residential mortgage    
Financing Receivable, Past Due [Line Items]    
Total loans 18,732 19,886
Total consumer loans | Real estate — residential mortgage | Non-performing Loans    
Financing Receivable, Past Due [Line Items]    
Total loans 104 92
Total consumer loans | Home equity loans    
Financing Receivable, Past Due [Line Items]    
Total loans 5,703 6,358
Total consumer loans | Home equity loans | Non-performing Loans    
Financing Receivable, Past Due [Line Items]    
Total loans 80 89
Total consumer loans | Other consumer loans    
Financing Receivable, Past Due [Line Items]    
Total loans 4,644 5,167
Total consumer loans | Other consumer loans | Non-performing Loans    
Financing Receivable, Past Due [Line Items]    
Total loans 4 5
Total consumer loans | Credit cards    
Financing Receivable, Past Due [Line Items]    
Total loans 953 958
Total consumer loans | Credit cards | Non-performing Loans    
Financing Receivable, Past Due [Line Items]    
Total loans 7 7
Total consumer loans | Current    
Financing Receivable, Past Due [Line Items]    
Total loans 29,718 32,055
Total consumer loans | Current | Real estate — residential mortgage    
Financing Receivable, Past Due [Line Items]    
Total loans 18,593 19,766
Total consumer loans | Current | Home equity loans    
Financing Receivable, Past Due [Line Items]    
Total loans 5,593 6,232
Total consumer loans | Current | Other consumer loans    
Financing Receivable, Past Due [Line Items]    
Total loans 4,606 5,129
Total consumer loans | Current | Credit cards    
Financing Receivable, Past Due [Line Items]    
Total loans 926 928
Total consumer loans | 30-59 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total loans 60 67
Total consumer loans | 30-59 Days Past Due | Real estate — residential mortgage    
Financing Receivable, Past Due [Line Items]    
Total loans 21 20
Total consumer loans | 30-59 Days Past Due | Home equity loans    
Financing Receivable, Past Due [Line Items]    
Total loans 18 26
Total consumer loans | 30-59 Days Past Due | Other consumer loans    
Financing Receivable, Past Due [Line Items]    
Total loans 15 15
Total consumer loans | 30-59 Days Past Due | Credit cards    
Financing Receivable, Past Due [Line Items]    
Total loans 6 6
Total consumer loans | 60-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total loans 35 30
Total consumer loans | 60-89 Days Past Due | Real estate — residential mortgage    
Financing Receivable, Past Due [Line Items]    
Total loans 14 8
Total consumer loans | 60-89 Days Past Due | Home equity loans    
Financing Receivable, Past Due [Line Items]    
Total loans 7 8
Total consumer loans | 60-89 Days Past Due | Other consumer loans    
Financing Receivable, Past Due [Line Items]    
Total loans 10 9
Total consumer loans | 60-89 Days Past Due | Credit cards    
Financing Receivable, Past Due [Line Items]    
Total loans 4 5
Total consumer loans | 90 and Greater Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total loans 24 24
Total consumer loans | 90 and Greater Days Past Due | Real estate — residential mortgage    
Financing Receivable, Past Due [Line Items]    
Total loans 0 0
Total consumer loans | 90 and Greater Days Past Due | Home equity loans    
Financing Receivable, Past Due [Line Items]    
Total loans 5 3
Total consumer loans | 90 and Greater Days Past Due | Other consumer loans    
Financing Receivable, Past Due [Line Items]    
Total loans 9 9
Total consumer loans | 90 and Greater Days Past Due | Credit cards    
Financing Receivable, Past Due [Line Items]    
Total loans 10 12
Total consumer loans | Total Past Due and Non-performing Loans    
Financing Receivable, Past Due [Line Items]    
Total loans 314 314
Total consumer loans | Total Past Due and Non-performing Loans | Real estate — residential mortgage    
Financing Receivable, Past Due [Line Items]    
Total loans 139 120
Total consumer loans | Total Past Due and Non-performing Loans | Home equity loans    
Financing Receivable, Past Due [Line Items]    
Total loans 110 126
Total consumer loans | Total Past Due and Non-performing Loans | Other consumer loans    
Financing Receivable, Past Due [Line Items]    
Total loans 38 38
Total consumer loans | Total Past Due and Non-performing Loans | Credit cards    
Financing Receivable, Past Due [Line Items]    
Total loans $ 27 $ 30
v3.25.4
Asset Quality - Schedule of Modifications for Borrowers Experiencing Financial Difficulty (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Financing Receivable, Credit Quality Indicator [Line Items]      
Amortized Cost Basis $ 595 $ 534 $ 295
Percentage of Amortized Cost Basis 0.56% 0.51% 0.26%
Interest Rate Reduction      
Financing Receivable, Credit Quality Indicator [Line Items]      
Amortized Cost Basis $ 9 $ 32 $ 2
Term Extension      
Financing Receivable, Credit Quality Indicator [Line Items]      
Amortized Cost Basis 429 387 186
Other      
Financing Receivable, Credit Quality Indicator [Line Items]      
Amortized Cost Basis 27 49 53
Combination      
Financing Receivable, Credit Quality Indicator [Line Items]      
Amortized Cost Basis 130 66 54
Total commercial loans      
Financing Receivable, Credit Quality Indicator [Line Items]      
Amortized Cost Basis $ 565 $ 499 $ 269
Percentage of Amortized Cost Basis 0.74% 0.69% 0.35%
Total commercial loans | Interest Rate Reduction      
Financing Receivable, Credit Quality Indicator [Line Items]      
Amortized Cost Basis $ 2 $ 28 $ 0
Total commercial loans | Term Extension      
Financing Receivable, Credit Quality Indicator [Line Items]      
Amortized Cost Basis 425 383 184
Total commercial loans | Other      
Financing Receivable, Credit Quality Indicator [Line Items]      
Amortized Cost Basis 27 47 51
Total commercial loans | Combination      
Financing Receivable, Credit Quality Indicator [Line Items]      
Amortized Cost Basis 111 41 34
Total commercial loans | Commercial and Industrial      
Financing Receivable, Credit Quality Indicator [Line Items]      
Amortized Cost Basis $ 304 $ 163 $ 263
Percentage of Amortized Cost Basis 0.53% 0.31% 0.47%
Total commercial loans | Commercial and Industrial | Interest Rate Reduction      
Financing Receivable, Credit Quality Indicator [Line Items]      
Amortized Cost Basis $ 2 $ 0 $ 0
Total commercial loans | Commercial and Industrial | Term Extension      
Financing Receivable, Credit Quality Indicator [Line Items]      
Amortized Cost Basis 236 118 180
Total commercial loans | Commercial and Industrial | Other      
Financing Receivable, Credit Quality Indicator [Line Items]      
Amortized Cost Basis 22 25 49
Total commercial loans | Commercial and Industrial | Combination      
Financing Receivable, Credit Quality Indicator [Line Items]      
Amortized Cost Basis 44 20 34
Total commercial loans | Total commercial real estate loans      
Financing Receivable, Credit Quality Indicator [Line Items]      
Amortized Cost Basis $ 261 $ 336 $ 6
Percentage of Amortized Cost Basis 1.58% 2.07% 0.03%
Total commercial loans | Total commercial real estate loans | Interest Rate Reduction      
Financing Receivable, Credit Quality Indicator [Line Items]      
Amortized Cost Basis $ 0 $ 28 $ 0
Total commercial loans | Total commercial real estate loans | Term Extension      
Financing Receivable, Credit Quality Indicator [Line Items]      
Amortized Cost Basis 189 265 4
Total commercial loans | Total commercial real estate loans | Other      
Financing Receivable, Credit Quality Indicator [Line Items]      
Amortized Cost Basis 5 22 2
Total commercial loans | Total commercial real estate loans | Combination      
Financing Receivable, Credit Quality Indicator [Line Items]      
Amortized Cost Basis 67 21 0
Total commercial loans | Real estate — commercial mortgage      
Financing Receivable, Credit Quality Indicator [Line Items]      
Amortized Cost Basis $ 231 $ 307 $ 6
Percentage of Amortized Cost Basis 1.69% 2.31% 0.04%
Total commercial loans | Real estate — commercial mortgage | Interest Rate Reduction      
Financing Receivable, Credit Quality Indicator [Line Items]      
Amortized Cost Basis $ 0 $ 28 $ 0
Total commercial loans | Real estate — commercial mortgage | Term Extension      
Financing Receivable, Credit Quality Indicator [Line Items]      
Amortized Cost Basis 159 236 4
Total commercial loans | Real estate — commercial mortgage | Other      
Financing Receivable, Credit Quality Indicator [Line Items]      
Amortized Cost Basis 5 22 2
Total commercial loans | Real estate — commercial mortgage | Combination      
Financing Receivable, Credit Quality Indicator [Line Items]      
Amortized Cost Basis 67 21 0
Total commercial loans | Real estate — construction      
Financing Receivable, Credit Quality Indicator [Line Items]      
Amortized Cost Basis $ 30 $ 29 $ 0
Percentage of Amortized Cost Basis 1.05% 0.99% 0.00%
Total commercial loans | Real estate — construction | Interest Rate Reduction      
Financing Receivable, Credit Quality Indicator [Line Items]      
Amortized Cost Basis $ 0 $ 0 $ 0
Total commercial loans | Real estate — construction | Term Extension      
Financing Receivable, Credit Quality Indicator [Line Items]      
Amortized Cost Basis 30 29 0
Total commercial loans | Real estate — construction | Other      
Financing Receivable, Credit Quality Indicator [Line Items]      
Amortized Cost Basis 0 0 0
Total commercial loans | Real estate — construction | Combination      
Financing Receivable, Credit Quality Indicator [Line Items]      
Amortized Cost Basis 0 0 0
Total consumer loans      
Financing Receivable, Credit Quality Indicator [Line Items]      
Amortized Cost Basis $ 30 $ 35 $ 26
Percentage of Amortized Cost Basis 0.10% 0.11% 0.07%
Total consumer loans | Interest Rate Reduction      
Financing Receivable, Credit Quality Indicator [Line Items]      
Amortized Cost Basis $ 7 $ 4 $ 2
Total consumer loans | Term Extension      
Financing Receivable, Credit Quality Indicator [Line Items]      
Amortized Cost Basis 4 4 2
Total consumer loans | Other      
Financing Receivable, Credit Quality Indicator [Line Items]      
Amortized Cost Basis 0 2 2
Total consumer loans | Combination      
Financing Receivable, Credit Quality Indicator [Line Items]      
Amortized Cost Basis 19 25 20
Total consumer loans | Real estate — residential mortgage      
Financing Receivable, Credit Quality Indicator [Line Items]      
Amortized Cost Basis $ 14 $ 14 $ 10
Percentage of Amortized Cost Basis 0.07% 0.07% 0.05%
Total consumer loans | Real estate — residential mortgage | Interest Rate Reduction      
Financing Receivable, Credit Quality Indicator [Line Items]      
Amortized Cost Basis $ 3 $ 1 $ 0
Total consumer loans | Real estate — residential mortgage | Term Extension      
Financing Receivable, Credit Quality Indicator [Line Items]      
Amortized Cost Basis 1 1 0
Total consumer loans | Real estate — residential mortgage | Other      
Financing Receivable, Credit Quality Indicator [Line Items]      
Amortized Cost Basis 0 0 1
Total consumer loans | Real estate — residential mortgage | Combination      
Financing Receivable, Credit Quality Indicator [Line Items]      
Amortized Cost Basis 10 12 9
Total consumer loans | Home equity loans      
Financing Receivable, Credit Quality Indicator [Line Items]      
Amortized Cost Basis $ 9 $ 13 $ 9
Percentage of Amortized Cost Basis 0.16% 0.20% 0.13%
Total consumer loans | Home equity loans | Interest Rate Reduction      
Financing Receivable, Credit Quality Indicator [Line Items]      
Amortized Cost Basis $ 4 $ 3 $ 2
Total consumer loans | Home equity loans | Term Extension      
Financing Receivable, Credit Quality Indicator [Line Items]      
Amortized Cost Basis 1 1 1
Total consumer loans | Home equity loans | Other      
Financing Receivable, Credit Quality Indicator [Line Items]      
Amortized Cost Basis 0 2 1
Total consumer loans | Home equity loans | Combination      
Financing Receivable, Credit Quality Indicator [Line Items]      
Amortized Cost Basis 4 7 5
Total consumer loans | Other consumer loans      
Financing Receivable, Credit Quality Indicator [Line Items]      
Amortized Cost Basis $ 4 $ 5 $ 3
Percentage of Amortized Cost Basis 0.09% 0.10% 0.05%
Total consumer loans | Other consumer loans | Interest Rate Reduction      
Financing Receivable, Credit Quality Indicator [Line Items]      
Amortized Cost Basis $ 0 $ 0 $ 0
Total consumer loans | Other consumer loans | Term Extension      
Financing Receivable, Credit Quality Indicator [Line Items]      
Amortized Cost Basis 2 2 1
Total consumer loans | Other consumer loans | Other      
Financing Receivable, Credit Quality Indicator [Line Items]      
Amortized Cost Basis 0 0 0
Total consumer loans | Other consumer loans | Combination      
Financing Receivable, Credit Quality Indicator [Line Items]      
Amortized Cost Basis 2 3 2
Total consumer loans | Commercial credit card      
Financing Receivable, Credit Quality Indicator [Line Items]      
Amortized Cost Basis $ 3 $ 3 $ 4
Percentage of Amortized Cost Basis 0.31% 0.31% 0.40%
Total consumer loans | Commercial credit card | Interest Rate Reduction      
Financing Receivable, Credit Quality Indicator [Line Items]      
Amortized Cost Basis $ 0 $ 0 $ 0
Total consumer loans | Commercial credit card | Term Extension      
Financing Receivable, Credit Quality Indicator [Line Items]      
Amortized Cost Basis 0 0 0
Total consumer loans | Commercial credit card | Other      
Financing Receivable, Credit Quality Indicator [Line Items]      
Amortized Cost Basis 0 0 0
Total consumer loans | Commercial credit card | Combination      
Financing Receivable, Credit Quality Indicator [Line Items]      
Amortized Cost Basis $ 3 $ 3 $ 4
v3.25.4
Asset Quality - Schedule of Financial Effects of Modifications to Borrowers Experiencing Financial Difficulty (Details)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Total commercial loans | Commercial and Industrial      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Weighted-average Interest Rate Change (0.87%) (4.12%) (5.69%)
Weighted-average Term Extension (in years) 1 year 2 months 26 days 1 year 9 months 7 months 2 days
Total commercial loans | Real estate — commercial mortgage      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Weighted-average Interest Rate Change 0.00% (1.49%) 0.00%
Weighted-average Term Extension (in years) 11 months 15 days 7 months 28 days 1 year 4 months 13 days
Total commercial loans | Real estate — construction      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Weighted-average Interest Rate Change 0.00% 0.00%  
Weighted-average Term Extension (in years) 6 months 2 years 10 months 13 days  
Total consumer loans | Real estate — residential mortgage      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Weighted-average Interest Rate Change (1.86%) (1.81%) (1.97%)
Weighted-average Term Extension (in years) 5 years 10 months 6 days 6 years 1 month 24 days 7 years 6 months 29 days
Total consumer loans | Home equity loans      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Weighted-average Interest Rate Change (2.97%) (4.03%) (4.02%)
Weighted-average Term Extension (in years) 7 years 6 months 18 days 6 years 6 months 10 days 6 years 10 months 13 days
Total consumer loans | Other consumer loans      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Weighted-average Interest Rate Change (3.65%) (4.06%) (3.62%)
Weighted-average Term Extension (in years) 1 year 2 months 12 days 9 months 7 days 1 year 3 days
Total consumer loans | Credit cards      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Weighted-average Interest Rate Change (8.27%) (16.26%) (14.90%)
Weighted-average Term Extension (in years) 1 year 1 year 1 year
v3.25.4
Asset Quality - Schedule of Amortized Cost Basis of Modified Loans That Subsequently Defaulted (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Financing Receivable, Allowance for Credit Loss [Line Items]      
Financial receivable, modifications, subsequent default, recorded investment $ 27 $ 37 $ 11
Interest Rate Reduction      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Financial receivable, modifications, subsequent default, recorded investment 0 11 0
Term Extension      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Financial receivable, modifications, subsequent default, recorded investment 20 22 7
Other      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Financial receivable, modifications, subsequent default, recorded investment 6 0 1
Combination      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Financial receivable, modifications, subsequent default, recorded investment 1 4 3
Total commercial loans      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Financial receivable, modifications, subsequent default, recorded investment 25 34 11
Total commercial loans | Interest Rate Reduction      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Financial receivable, modifications, subsequent default, recorded investment 0 11 0
Total commercial loans | Term Extension      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Financial receivable, modifications, subsequent default, recorded investment 20 22 7
Total commercial loans | Other      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Financial receivable, modifications, subsequent default, recorded investment 5 0 1
Total commercial loans | Combination      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Financial receivable, modifications, subsequent default, recorded investment 0 1 3
Total commercial loans | Commercial and Industrial      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Financial receivable, modifications, subsequent default, recorded investment 7 23 10
Total commercial loans | Commercial and Industrial | Interest Rate Reduction      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Financial receivable, modifications, subsequent default, recorded investment 0 0 0
Total commercial loans | Commercial and Industrial | Term Extension      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Financial receivable, modifications, subsequent default, recorded investment 2 22 7
Total commercial loans | Commercial and Industrial | Other      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Financial receivable, modifications, subsequent default, recorded investment 5 0 0
Total commercial loans | Commercial and Industrial | Combination      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Financial receivable, modifications, subsequent default, recorded investment 0 1 3
Total commercial loans | Real estate — commercial mortgage      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Financial receivable, modifications, subsequent default, recorded investment 18 11 1
Total commercial loans | Real estate — commercial mortgage | Interest Rate Reduction      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Financial receivable, modifications, subsequent default, recorded investment 0 11 0
Total commercial loans | Real estate — commercial mortgage | Term Extension      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Financial receivable, modifications, subsequent default, recorded investment 18 0 0
Total commercial loans | Real estate — commercial mortgage | Other      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Financial receivable, modifications, subsequent default, recorded investment 0 1
Total commercial loans | Real estate — commercial mortgage | Combination      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Financial receivable, modifications, subsequent default, recorded investment 0 0 0
Total commercial loans | Commercial real estate loans      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Financial receivable, modifications, subsequent default, recorded investment 18 11 11
Total commercial loans | Commercial real estate loans | Interest Rate Reduction      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Financial receivable, modifications, subsequent default, recorded investment 0 11 0
Total commercial loans | Commercial real estate loans | Term Extension      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Financial receivable, modifications, subsequent default, recorded investment 18 0 7
Total commercial loans | Commercial real estate loans | Other      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Financial receivable, modifications, subsequent default, recorded investment 0 0 1
Total commercial loans | Commercial real estate loans | Combination      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Financial receivable, modifications, subsequent default, recorded investment 0 0 3
Total commercial loans | Commercial lease financing      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Financial receivable, modifications, subsequent default, recorded investment     0
Total commercial loans | Commercial lease financing | Interest Rate Reduction      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Financial receivable, modifications, subsequent default, recorded investment     0
Total commercial loans | Commercial lease financing | Term Extension      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Financial receivable, modifications, subsequent default, recorded investment     0
Total commercial loans | Commercial lease financing | Other      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Financial receivable, modifications, subsequent default, recorded investment     0
Total commercial loans | Commercial lease financing | Combination      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Financial receivable, modifications, subsequent default, recorded investment     0
Total consumer loans      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Financial receivable, modifications, subsequent default, recorded investment 2 3 0
Total consumer loans | Interest Rate Reduction      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Financial receivable, modifications, subsequent default, recorded investment 0 0 0
Total consumer loans | Term Extension      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Financial receivable, modifications, subsequent default, recorded investment 0 0 0
Total consumer loans | Other      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Financial receivable, modifications, subsequent default, recorded investment 1 0 0
Total consumer loans | Combination      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Financial receivable, modifications, subsequent default, recorded investment 1 3 $ 0
Total consumer loans | Real estate — residential mortgage      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Financial receivable, modifications, subsequent default, recorded investment 1 1  
Total consumer loans | Real estate — residential mortgage | Interest Rate Reduction      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Financial receivable, modifications, subsequent default, recorded investment 0 0  
Total consumer loans | Real estate — residential mortgage | Term Extension      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Financial receivable, modifications, subsequent default, recorded investment 0 0  
Total consumer loans | Real estate — residential mortgage | Other      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Financial receivable, modifications, subsequent default, recorded investment 0 0  
Total consumer loans | Real estate — residential mortgage | Combination      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Financial receivable, modifications, subsequent default, recorded investment 1 1  
Total consumer loans | Home equity loans      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Financial receivable, modifications, subsequent default, recorded investment 1 2  
Total consumer loans | Home equity loans | Interest Rate Reduction      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Financial receivable, modifications, subsequent default, recorded investment 0 0  
Total consumer loans | Home equity loans | Term Extension      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Financial receivable, modifications, subsequent default, recorded investment 0 0  
Total consumer loans | Home equity loans | Other      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Financial receivable, modifications, subsequent default, recorded investment 1 0  
Total consumer loans | Home equity loans | Combination      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Financial receivable, modifications, subsequent default, recorded investment $ 0 $ 2  
v3.25.4
Asset Quality - Schedule of Performance of Loans That Have Been Modified in the Last 12 Months (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Financing Receivable, Past Due [Line Items]      
Total loans modified in last 12 months $ 595 $ 534 $ 295
Current      
Financing Receivable, Past Due [Line Items]      
Total loans modified in last 12 months 528 474 267
30-89 Days Past Due      
Financing Receivable, Past Due [Line Items]      
Total loans modified in last 12 months 50 24 27
90 and Greater Days Past Due      
Financing Receivable, Past Due [Line Items]      
Total loans modified in last 12 months 17 36 1
Total commercial loans      
Financing Receivable, Past Due [Line Items]      
Total loans modified in last 12 months 565 499
Total commercial loans | Current      
Financing Receivable, Past Due [Line Items]      
Total loans modified in last 12 months 500 443
Total commercial loans | 30-89 Days Past Due      
Financing Receivable, Past Due [Line Items]      
Total loans modified in last 12 months 49 22
Total commercial loans | 90 and Greater Days Past Due      
Financing Receivable, Past Due [Line Items]      
Total loans modified in last 12 months 16 34
Total commercial loans | Commercial and Industrial      
Financing Receivable, Past Due [Line Items]      
Total loans modified in last 12 months 304 163 263
Total commercial loans | Commercial and Industrial | Current      
Financing Receivable, Past Due [Line Items]      
Total loans modified in last 12 months 286 154 238
Total commercial loans | Commercial and Industrial | 30-89 Days Past Due      
Financing Receivable, Past Due [Line Items]      
Total loans modified in last 12 months 7 3 25
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 11 6 0
Total commercial loans | Total commercial real estate loans      
Financing Receivable, Past Due [Line Items]      
Total loans modified in last 12 months 261 336 269
Total commercial loans | Total commercial real estate loans | Current      
Financing Receivable, Past Due [Line Items]      
Total loans modified in last 12 months 214 289 244
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 42 19 25
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 5 28 0
Total commercial loans | Real estate — commercial mortgage      
Financing Receivable, Past Due [Line Items]      
Total loans modified in last 12 months 231 307 6
Total commercial loans | Real estate — commercial mortgage | Current      
Financing Receivable, Past Due [Line Items]      
Total loans modified in last 12 months 184 260 6
Total commercial loans | Real estate — commercial mortgage | 30-89 Days Past Due      
Financing Receivable, Past Due [Line Items]      
Total loans modified in last 12 months 42 19 0
Total commercial loans | Real estate — commercial mortgage | 90 and Greater Days Past Due      
Financing Receivable, Past Due [Line Items]      
Total loans modified in last 12 months 5 28 0
Total commercial loans | Real estate — construction      
Financing Receivable, Past Due [Line Items]      
Total loans modified in last 12 months 30 29 269
Total commercial loans | Real estate — construction | Current      
Financing Receivable, Past Due [Line Items]      
Total loans modified in last 12 months 30 29 244
Total commercial loans | Real estate — construction | 30-89 Days Past Due      
Financing Receivable, Past Due [Line Items]      
Total loans modified in last 12 months 0 0 25
Total commercial loans | Real estate — construction | 90 and Greater Days Past Due      
Financing Receivable, Past Due [Line Items]      
Total loans modified in last 12 months 0 0 0
Total commercial loans | Commercial lease financing      
Financing Receivable, Past Due [Line Items]      
Total loans modified in last 12 months 0    
Total commercial loans | Commercial lease financing | Current      
Financing Receivable, Past Due [Line Items]      
Total loans modified in last 12 months 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    
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    
Total consumer loans      
Financing Receivable, Past Due [Line Items]      
Total loans modified in last 12 months 30 35 26
Total consumer loans | Current      
Financing Receivable, Past Due [Line Items]      
Total loans modified in last 12 months 28 31 23
Total consumer loans | 30-89 Days Past Due      
Financing Receivable, Past Due [Line Items]      
Total loans modified in last 12 months 1 2 2
Total consumer loans | 90 and Greater Days Past Due      
Financing Receivable, Past Due [Line Items]      
Total loans modified in last 12 months 1 2 1
Total consumer loans | Real estate — residential mortgage      
Financing Receivable, Past Due [Line Items]      
Total loans modified in last 12 months 14 14 10
Total consumer loans | Real estate — residential mortgage | Current      
Financing Receivable, Past Due [Line Items]      
Total loans modified in last 12 months 12 12 9
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 1 1 1
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 1 1 0
Total consumer loans | Home equity loans      
Financing Receivable, Past Due [Line Items]      
Total loans modified in last 12 months 9 13 9
Total consumer loans | Home equity loans | Current      
Financing Receivable, Past Due [Line Items]      
Total loans modified in last 12 months 9 11 8
Total consumer loans | Home equity loans | 30-89 Days Past Due      
Financing Receivable, Past Due [Line Items]      
Total loans modified in last 12 months 0 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 0 1 1
Total consumer loans | Other consumer loans      
Financing Receivable, Past Due [Line Items]      
Total loans modified in last 12 months 4 5 3
Total consumer loans | Other consumer loans | Current      
Financing Receivable, Past Due [Line Items]      
Total loans modified in last 12 months 4 5 3
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 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 0
Total consumer loans | Credit cards      
Financing Receivable, Past Due [Line Items]      
Total loans modified in last 12 months 3 3 4
Total consumer loans | Credit cards | Current      
Financing Receivable, Past Due [Line Items]      
Total loans modified in last 12 months 3 3 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 1
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 $ 0
v3.25.4
Asset Quality - Changes in Liability for Credit Losses on Lending Related Commitments (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Off-Balance-Sheet, Credit Loss, Liability [Roll Forward]    
Balance at beginning of period $ 290 $ 296
Provision (credit) for losses on off balance sheet exposures 23 (6)
Other 0 0
Balance at end of period $ 313 $ 290
v3.25.4
Fair Value Measurements - Fair Value of Assets and Liabilities Measured on Recurring Basis (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
ASSETS MEASURED ON A RECURRING BASIS    
Total trading account securities $ 1,061 $ 1,283
Securities available for sale 39,596 37,707
Loans, net of unearned income (residential) 106,541 104,260
Derivative assets 472 612
Netting adjustments (297) (363)
Total derivative assets $ 175 $ 249
Derivative Asset Statement Of Financial Position Extensible Enumeration Not Disclosed Flag Total derivative assets Total derivative assets
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities $ 927 $ 1,439
Netting adjustments (274) (411)
U.S. Treasury, agencies and corporations    
ASSETS MEASURED ON A RECURRING BASIS    
Securities available for sale 7,886 8,904
Agency residential mortgage-backed securities    
ASSETS MEASURED ON A RECURRING BASIS    
Securities available for sale 19,195 15,169
Agency commercial mortgage-backed securities    
ASSETS MEASURED ON A RECURRING BASIS    
Securities available for sale 3,950 4,410
Fair Value, Recurring    
ASSETS MEASURED ON A RECURRING BASIS    
Total trading account securities 1,056 1,265
Commercial loans 5 18
Total trading account assets 1,061 1,283
Securities available for sale 39,596 37,707
Total other investments 86 73
Loans, net of unearned income (residential) 11 10
Loans held for sale (residential) 149 93
Derivative assets 472 612
Netting adjustments (297) (363)
Total derivative assets 175 249
Total assets on a recurring basis at fair value 41,078 39,415
LIABILITIES MEASURED ON A RECURRING BASIS    
Total liabilities on a recurring basis at fair value 1,474 1,908
Fair Value, Recurring | Agency residential collateralized mortgage obligations    
ASSETS MEASURED ON A RECURRING BASIS    
Securities available for sale 8,565 9,224
Fair Value, Recurring | U.S. Treasury, agencies and corporations    
ASSETS MEASURED ON A RECURRING BASIS    
Total trading account securities 674 930
Securities available for sale 7,886 8,904
Fair Value, Recurring | States and political subdivisions    
ASSETS MEASURED ON A RECURRING BASIS    
Total trading account securities 60 127
Securities available for sale 0 0
Fair Value, Recurring | Other securities    
ASSETS MEASURED ON A RECURRING BASIS    
Total trading account securities 6 25
Securities available for sale 0 0
Fair Value, Recurring | Agency commercial mortgage-backed securities    
ASSETS MEASURED ON A RECURRING BASIS    
Securities available for sale 3,950 4,410
Fair Value, Recurring | Principal Investments    
ASSETS MEASURED ON A RECURRING BASIS    
Total other investments 9 14
Fair Value, Recurring | Equity Investments    
ASSETS MEASURED ON A RECURRING BASIS    
Total other investments 77 59
Fair Value, Recurring | Equity Investments, Direct    
ASSETS MEASURED ON A RECURRING BASIS    
Total other investments 3 2
Fair Value, Recurring | Other mortgage-backed securities    
ASSETS MEASURED ON A RECURRING BASIS    
Total trading account securities 316 183
Fair Value, Recurring | Other mortgage-backed securities | Agency residential mortgage-backed securities    
ASSETS MEASURED ON A RECURRING BASIS    
Securities available for sale 19,195 15,169
Fair Value, Recurring | Short positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Short positions 821 880
Fair Value, Recurring | Long positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 927 1,439
Netting adjustments (274) (411)
Total derivative liabilities 653 1,028
Fair Value, Recurring | Interest rate    
ASSETS MEASURED ON A RECURRING BASIS    
Derivative assets 132 110
Fair Value, Recurring | Interest rate | Long positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 577 965
Fair Value, Recurring | Foreign exchange    
ASSETS MEASURED ON A RECURRING BASIS    
Derivative assets 83 124
Fair Value, Recurring | Foreign exchange | Long positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 80 117
Fair Value, Recurring | Commodity    
ASSETS MEASURED ON A RECURRING BASIS    
Derivative assets 249 363
Fair Value, Recurring | Commodity | Long positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 237 343
Fair Value, Recurring | Credit    
ASSETS MEASURED ON A RECURRING BASIS    
Derivative assets 0 0
Fair Value, Recurring | Credit | Long positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 8 0
Fair Value, Recurring | Other    
ASSETS MEASURED ON A RECURRING BASIS    
Derivative assets 8 15
Fair Value, Recurring | Other | Long positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 25 14
Level 1 | Fair Value, Recurring    
ASSETS MEASURED ON A RECURRING BASIS    
Total trading account securities 0 0
Commercial loans 0 0
Total trading account assets 0 0
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 39 93
Netting adjustments 0 0
Total derivative assets 39 93
Total assets on a recurring basis at fair value 39 93
LIABILITIES MEASURED ON A RECURRING BASIS    
Total liabilities on a recurring basis at fair value 448 192
Level 1 | Fair Value, Recurring | Agency residential collateralized mortgage obligations    
ASSETS MEASURED ON A RECURRING BASIS    
Securities available for sale 0 0
Level 1 | Fair Value, Recurring | U.S. Treasury, agencies and corporations    
ASSETS MEASURED ON A RECURRING BASIS    
Total trading account securities 0 0
Securities available for sale 0 0
Level 1 | Fair Value, Recurring | States and political subdivisions    
ASSETS MEASURED ON A RECURRING BASIS    
Total trading account securities 0 0
Securities available for sale 0 0
Level 1 | Fair Value, Recurring | Other securities    
ASSETS MEASURED ON A RECURRING BASIS    
Total trading account securities 0 0
Securities available for sale 0 0
Level 1 | Fair Value, Recurring | Agency commercial mortgage-backed securities    
ASSETS MEASURED ON A RECURRING BASIS    
Securities available for sale 0 0
Level 1 | Fair Value, Recurring | Principal Investments    
ASSETS MEASURED ON A RECURRING BASIS    
Total other investments 0 0
Level 1 | Fair Value, Recurring | Equity Investments    
ASSETS MEASURED ON A RECURRING BASIS    
Total other investments 0 0
Level 1 | Fair Value, Recurring | Equity Investments, Direct    
ASSETS MEASURED ON A RECURRING BASIS    
Total other investments 0 0
Level 1 | Fair Value, Recurring | Other mortgage-backed securities    
ASSETS MEASURED ON A RECURRING BASIS    
Total trading account securities 0 0
Level 1 | Fair Value, Recurring | Other mortgage-backed securities | Agency residential mortgage-backed securities    
ASSETS MEASURED ON A RECURRING BASIS    
Securities available for sale 0 0
Level 1 | Fair Value, Recurring | Short positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Short positions 412 107
Level 1 | Fair Value, Recurring | Long positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 36 85
Netting adjustments 0 0
Total derivative liabilities 36 85
Level 1 | Fair Value, Recurring | Interest rate    
ASSETS MEASURED ON A RECURRING BASIS    
Derivative assets 0 0
Level 1 | Fair Value, Recurring | Interest rate | Long positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 0 0
Level 1 | Fair Value, Recurring | Foreign exchange    
ASSETS MEASURED ON A RECURRING BASIS    
Derivative assets 39 93
Level 1 | Fair Value, Recurring | Foreign exchange | Long positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 36 85
Level 1 | Fair Value, Recurring | Commodity    
ASSETS MEASURED ON A RECURRING BASIS    
Derivative assets 0 0
Level 1 | Fair Value, Recurring | Commodity | Long positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 0 0
Level 1 | Fair Value, Recurring | Credit    
ASSETS MEASURED ON A RECURRING BASIS    
Derivative assets 0 0
Level 1 | Fair Value, Recurring | Credit | Long positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 0 0
Level 1 | Fair Value, Recurring | Other    
ASSETS MEASURED ON A RECURRING BASIS    
Derivative assets 0 0
Level 1 | Fair Value, Recurring | Other | Long positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 0 0
Level 2 | Fair Value, Recurring    
ASSETS MEASURED ON A RECURRING BASIS    
Total trading account securities 1,056 1,265
Commercial loans 5 18
Total trading account assets 1,061 1,283
Securities available for sale 39,596 37,707
Total other investments 0 0
Loans, net of unearned income (residential) 0 0
Loans held for sale (residential) 149 93
Derivative assets 435 523
Netting adjustments 0 0
Total derivative assets 435 523
Total assets on a recurring basis at fair value 41,241 39,606
LIABILITIES MEASURED ON A RECURRING BASIS    
Total liabilities on a recurring basis at fair value 1,300 2,127
Level 2 | Fair Value, Recurring | Agency residential collateralized mortgage obligations    
ASSETS MEASURED ON A RECURRING BASIS    
Securities available for sale 8,565 9,224
Level 2 | Fair Value, Recurring | U.S. Treasury, agencies and corporations    
ASSETS MEASURED ON A RECURRING BASIS    
Total trading account securities 674 930
Securities available for sale 7,886 8,904
Level 2 | Fair Value, Recurring | States and political subdivisions    
ASSETS MEASURED ON A RECURRING BASIS    
Total trading account securities 60 127
Securities available for sale 0 0
Level 2 | Fair Value, Recurring | Other securities    
ASSETS MEASURED ON A RECURRING BASIS    
Total trading account securities 6 25
Securities available for sale 0 0
Level 2 | Fair Value, Recurring | Agency commercial mortgage-backed securities    
ASSETS MEASURED ON A RECURRING BASIS    
Securities available for sale 3,950 4,410
Level 2 | Fair Value, Recurring | Principal Investments    
ASSETS MEASURED ON A RECURRING BASIS    
Total other investments 0 0
Level 2 | Fair Value, Recurring | Equity Investments    
ASSETS MEASURED ON A RECURRING BASIS    
Total other investments 0 0
Level 2 | Fair Value, Recurring | Equity Investments, Direct    
ASSETS MEASURED ON A RECURRING BASIS    
Total other investments 0 0
Level 2 | Fair Value, Recurring | Other mortgage-backed securities    
ASSETS MEASURED ON A RECURRING BASIS    
Total trading account securities 316 183
Level 2 | Fair Value, Recurring | Other mortgage-backed securities | Agency residential mortgage-backed securities    
ASSETS MEASURED ON A RECURRING BASIS    
Securities available for sale 19,195 15,169
Level 2 | Fair Value, Recurring | Short positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Short positions 409 773
Level 2 | Fair Value, Recurring | Long positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 891 1,354
Netting adjustments 0 0
Total derivative liabilities 891 1,354
Level 2 | Fair Value, Recurring | Interest rate    
ASSETS MEASURED ON A RECURRING BASIS    
Derivative assets 135 114
Level 2 | Fair Value, Recurring | Interest rate | Long positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 577 965
Level 2 | Fair Value, Recurring | Foreign exchange    
ASSETS MEASURED ON A RECURRING BASIS    
Derivative assets 44 31
Level 2 | Fair Value, Recurring | Foreign exchange | Long positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 44 32
Level 2 | Fair Value, Recurring | Commodity    
ASSETS MEASURED ON A RECURRING BASIS    
Derivative assets 249 363
Level 2 | Fair Value, Recurring | Commodity | Long positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 237 343
Level 2 | Fair Value, Recurring | Credit    
ASSETS MEASURED ON A RECURRING BASIS    
Derivative assets 0 0
Level 2 | Fair Value, Recurring | Credit | Long positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 8 0
Level 2 | Fair Value, Recurring | Other    
ASSETS MEASURED ON A RECURRING BASIS    
Derivative assets 7 15
Level 2 | Fair Value, Recurring | Other | Long positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 25 14
Level 3 | Fair Value, Recurring    
ASSETS MEASURED ON A RECURRING BASIS    
Total trading account securities 0 0
Commercial loans 0 0
Total trading account assets 0 0
Securities available for sale 0 0
Total other investments 3 2
Loans, net of unearned income (residential) 11 10
Loans held for sale (residential) 0 0
Derivative assets (2) (4)
Netting adjustments 0 0
Total derivative assets (2) (4)
Total assets on a recurring basis at fair value 12 8
LIABILITIES MEASURED ON A RECURRING BASIS    
Total liabilities on a recurring basis at fair value 0 0
Level 3 | Fair Value, Recurring | Agency residential collateralized mortgage obligations    
ASSETS MEASURED ON A RECURRING BASIS    
Securities available for sale 0 0
Level 3 | Fair Value, Recurring | U.S. Treasury, agencies and corporations    
ASSETS MEASURED ON A RECURRING BASIS    
Total trading account securities 0 0
Securities available for sale 0 0
Level 3 | Fair Value, Recurring | States and political subdivisions    
ASSETS MEASURED ON A RECURRING BASIS    
Total trading account securities 0 0
Securities available for sale 0 0
Level 3 | Fair Value, Recurring | Other securities    
ASSETS MEASURED ON A RECURRING BASIS    
Total trading account securities 0 0
Securities available for sale 0 0
Level 3 | Fair Value, Recurring | Agency commercial mortgage-backed securities    
ASSETS MEASURED ON A RECURRING BASIS    
Securities available for sale 0 0
Level 3 | Fair Value, Recurring | Principal Investments    
ASSETS MEASURED ON A RECURRING BASIS    
Total other investments 0 0
Level 3 | Fair Value, Recurring | Equity Investments    
ASSETS MEASURED ON A RECURRING BASIS    
Total other investments 3 2
Level 3 | Fair Value, Recurring | Equity Investments, Direct    
ASSETS MEASURED ON A RECURRING BASIS    
Total other investments 3 2
Level 3 | Fair Value, Recurring | Other mortgage-backed securities    
ASSETS MEASURED ON A RECURRING BASIS    
Total trading account securities 0 0
Level 3 | Fair Value, Recurring | Other mortgage-backed securities | Agency residential mortgage-backed securities    
ASSETS MEASURED ON A RECURRING BASIS    
Securities available for sale 0 0
Level 3 | Fair Value, Recurring | Short positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Short positions 0 0
Level 3 | Fair Value, Recurring | Long positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 0 0
Netting adjustments 0 0
Total derivative liabilities 0 0
Level 3 | Fair Value, Recurring | Interest rate    
ASSETS MEASURED ON A RECURRING BASIS    
Derivative assets (3) (4)
Level 3 | Fair Value, Recurring | Interest rate | Long positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 0 0
Level 3 | Fair Value, Recurring | Foreign exchange    
ASSETS MEASURED ON A RECURRING BASIS    
Derivative assets 0 0
Level 3 | Fair Value, Recurring | Foreign exchange | Long positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 0 0
Level 3 | Fair Value, Recurring | Commodity    
ASSETS MEASURED ON A RECURRING BASIS    
Derivative assets 0 0
Level 3 | Fair Value, Recurring | Commodity | Long positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 0 0
Level 3 | Fair Value, Recurring | Credit    
ASSETS MEASURED ON A RECURRING BASIS    
Derivative assets 0 0
Level 3 | Fair Value, Recurring | Credit | Long positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 0 0
Level 3 | Fair Value, Recurring | Other    
ASSETS MEASURED ON A RECURRING BASIS    
Derivative assets 1 0
Level 3 | Fair Value, Recurring | Other | Long positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 0 0
Measured at NAV | Fair Value, Recurring | Principal investments: Indirect | Variable Interest Entity, Not Primary Beneficiary    
ASSETS MEASURED ON A RECURRING BASIS    
Total other investments 9 14
Measured at NAV | Fair Value, Recurring | Equity Investments, Direct, NAV    
ASSETS MEASURED ON A RECURRING BASIS    
Total other investments 71 54
Measured at NAV | Fair Value, Recurring | Equity Investments, Indirect, NAV    
ASSETS MEASURED ON A RECURRING BASIS    
Total other investments $ 3 $ 3
v3.25.4
Fair Value Measurements - Schedule of Qualitative Disclosures of Valuation Techniques (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair value, investments, entities that calculate net asset value per share, unfunded commitments $ 57,000,000  
Equity securities without readily determinable fair value 467,000,000 $ 394,000,000
Impairment on equity securities without readily determinable fair value 0 $ 5,000,000
Principal Investments    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair value, investments, entities that calculate net asset value per share, fair value 9,000,000  
Fair value, investments, entities that calculate net asset value per share, unfunded commitments $ 1,000,000  
v3.25.4
Fair Value Measurements - Additional Information (Details) - USD ($)
Dec. 31, 2025
Dec. 31, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Loans, net of unearned income (residential) $ 106,541,000,000 $ 104,260,000,000
Discontinued operations | Education Lending    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Loans, net of unearned income (residential) 205,000,000 257,000,000
Carrying Amount    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Loans, net of unearned income (residential) 105,103,000,000 102,841,000,000
Carrying Amount | Discontinued operations | Education Lending    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Loans, net of unearned income (residential) 205,000,000 257,000,000
Estimate of Fair Value Measurement    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Loans, net of unearned income (residential) 101,946,000,000 99,105,000,000
Estimate of Fair Value Measurement | Discontinued operations | Education Lending    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Loans, net of unearned income (residential) 155,000,000 192,000,000
Fair Value, Nonrecurring | Estimate of Fair Value Measurement    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Liabilities measured at fair value on non recurring basis $ 0 $ 0
v3.25.4
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Nonrecurring Basis (Details) - Fair Value, Nonrecurring - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
ASSETS MEASURED ON A NONRECURRING BASIS    
Collateral-dependent loans $ 56 $ 152
Accrued income and other assets 32 14
Total assets on a recurring basis at fair value 88 166
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 56 152
Accrued income and other assets 32 14
Total assets on a recurring basis at fair value $ 88 $ 166
v3.25.4
Fair Value Measurements - Quantitative Information about Level 3 Fair Value Measurements (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Fair Value, Option, Quantitative Disclosures [Line Items]    
Derivative assets $ 175 $ 249
Mortgage servicing assets excluded from OREO 24  
Fair Value, Recurring    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Derivative assets 175 249
Fair Value, Nonrecurring    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Collateral dependent loans 56 152
Level 3 | Fair Value, Recurring    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Derivative assets (2) (4)
Insignificant level 3 assets, net of liabilities 4 2
Level 3 | Fair Value, Nonrecurring    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Collateral dependent loans 56 152
Market comparable pricing | Level 3 | Fair Value, Recurring    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Loans, net of unearned income (residential) 11 10
Fair value of underlying collateral | Level 3 | Fair Value, Nonrecurring    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Collateral dependent loans 56 152
Appraised value | Level 3 | Fair Value, Nonrecurring    
Fair Value, Option, Quantitative Disclosures [Line Items]    
OREO and other assets 8 14
Interest rate | Discounted cash flows | Level 3 | Fair Value, Recurring    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Derivative assets $ (3) $ (4)
Comparability factor | Market comparable pricing | Level 3 | Fair Value, Recurring | Minimum    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Loans, net of unearned income (residential), measurement input 0.7430 0.6800
Comparability factor | Market comparable pricing | Level 3 | Fair Value, Recurring | Maximum    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Loans, net of unearned income (residential), measurement input 0.9900 0.9500
Comparability factor | Market comparable pricing | Level 3 | Fair Value, Recurring | Weighted-Average    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Loans, net of unearned income (residential), measurement input 0.8499 0.7748
Probability of default | Interest rate | Discounted cash flows | Level 3 | Fair Value, Recurring | Minimum    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Derivative assets, measurement input 0.0002 0.0002
Probability of default | Interest rate | Discounted cash flows | Level 3 | Fair Value, Recurring | Maximum    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Derivative assets, measurement input 1 1
Probability of default | Interest rate | Discounted cash flows | Level 3 | Fair Value, Recurring | Weighted-Average    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Derivative assets, measurement input 0.0440 0.0500
Loss given default | Interest rate | Discounted cash flows | Level 3 | Fair Value, Recurring | Minimum    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Derivative assets, measurement input 0 0
Loss given default | Interest rate | Discounted cash flows | Level 3 | Fair Value, Recurring | Maximum    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Derivative assets, measurement input 1 1
Loss given default | Interest rate | Discounted cash flows | Level 3 | Fair Value, Recurring | Weighted-Average    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Derivative assets, measurement input 0.49 0.50
Liquidity discount | Fair value of underlying collateral | Level 3 | Fair Value, Nonrecurring | Minimum    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Collateral dependent loans, measurement input 0 0
Liquidity discount | Fair value of underlying collateral | Level 3 | Fair Value, Nonrecurring | Maximum    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Collateral dependent loans, measurement input 1.0000 1.0000
Liquidity discount | Fair value of underlying collateral | Level 3 | Fair Value, Nonrecurring | Weighted-Average    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Collateral dependent loans, measurement input 0.4000 0.3300
v3.25.4
Fair Value Measurements - Fair Value Disclosures of Financial Instruments (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
ASSETS    
Held-to-maturity securities $ 8,622 $ 7,395
Loans, net of unearned income (residential) 106,541 104,260
Loans held for sale [1] 1,077 797
LIABILITIES    
Time deposits, carrying amount 12,680  
Long-term debt, carrying amount 9,917 12,105
Carrying Amount    
ASSETS    
Cash and short-term investments 11,450 19,247
Held-to-maturity securities 8,622 7,395
Other investments 863 967
Loans, net of unearned income (residential) 105,103 102,841
Loans held for sale 928 704
LIABILITIES    
Time deposits, carrying amount 12,680 16,952
Short-term borrowings, carrying amount 263 1,264
Long-term debt, carrying amount 9,917 12,105
Deposits with no stated maturity 136,033 132,808
Estimate of Fair Value Measurement    
ASSETS    
Cash and short-term investments 11,450 19,247
Held-to-maturity securities 8,313 6,837
Other investments 863 967
Loans, net of unearned income (residential) 101,946 99,105
Loans held for sale 928 704
LIABILITIES    
Time deposits 12,731 17,068
Short-term borrowings 263 1,264
Long-term debt 10,047 11,907
Deposits with no stated maturity 136,033 132,808
Estimate of Fair Value Measurement | Level 1    
ASSETS    
Cash and short-term investments 11,450 19,247
Held-to-maturity securities 0 0
Other investments 0 0
Loans, net of unearned income (residential) 0 0
Loans held for sale 0 0
LIABILITIES    
Time deposits 0 0
Short-term borrowings 0 0
Long-term debt 9,318 11,430
Deposits with no stated maturity 0 0
Estimate of Fair Value Measurement | Level 2    
ASSETS    
Cash and short-term investments 0 0
Held-to-maturity securities 8,313 6,837
Other investments 0 0
Loans, net of unearned income (residential) 0 0
Loans held for sale 0 0
LIABILITIES    
Time deposits 12,731 17,068
Short-term borrowings 263 1,264
Long-term debt 729 477
Deposits with no stated maturity 136,033 132,808
Estimate of Fair Value Measurement | Level 3    
ASSETS    
Cash and short-term investments 0 0
Held-to-maturity securities 0 0
Other investments 863 967
Loans, net of unearned income (residential) 101,946 99,105
Loans held for sale 928 704
LIABILITIES    
Time deposits 0 0
Short-term borrowings 0 0
Long-term debt 0 0
Deposits with no stated maturity $ 0 $ 0
[1] Total loans held for sale include Real estate — residential mortgage loans held for sale at fair value of $149 million at December 31, 2025, and $93 million at December 31, 2024
v3.25.4
Securities - Details of Securities (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
SECURITIES AVAILABLE FOR SALE    
Amortized Cost $ 41,846 $ 41,302
Gross Unrealized Gains 267 31
Gross Unrealized Losses 2,517 3,626
Fair Value 39,596 37,707
HELD-TO-MATURITY SECURITIES    
Amortized Cost 8,622 7,395
Gross Unrealized Gains 21 3
Gross Unrealized Losses 330 561
Fair Value $ 8,313 $ 6,837
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] Accrued income and other assets Accrued income and other assets
Debt Securities, Held-to-Maturity, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] Accrued income and other assets Accrued income and other assets
Available-for-sale securities, accrued interest $ 121 $ 109
Held-to-maturity securities, accrued interest 26 21
Basis adjustments for securities 99 (6)
U.S. Treasury, agencies, and corporations    
SECURITIES AVAILABLE FOR SALE    
Amortized Cost 7,842 8,928
Gross Unrealized Gains 61 20
Gross Unrealized Losses 17 44
Fair Value 7,886 8,904
Agency residential collateralized mortgage obligations    
SECURITIES AVAILABLE FOR SALE    
Amortized Cost 10,269 11,409
Gross Unrealized Gains 4 8
Gross Unrealized Losses 1,708 2,193
Fair Value 8,565 9,224
HELD-TO-MATURITY SECURITIES    
Amortized Cost 4,026 4,577
Gross Unrealized Gains 8 3
Gross Unrealized Losses 176 332
Fair Value 3,858 4,248
Agency residential mortgage-backed securities    
SECURITIES AVAILABLE FOR SALE    
Amortized Cost 19,451 16,038
Gross Unrealized Gains 201 3
Gross Unrealized Losses 457 872
Fair Value 19,195 15,169
HELD-TO-MATURITY SECURITIES    
Amortized Cost 2,374 151
Gross Unrealized Gains 12 0
Gross Unrealized Losses 13 17
Fair Value 2,373 134
Agency commercial mortgage-backed securities    
SECURITIES AVAILABLE FOR SALE    
Amortized Cost 4,284 4,927
Gross Unrealized Gains 1 0
Gross Unrealized Losses 335 517
Fair Value 3,950 4,410
HELD-TO-MATURITY SECURITIES    
Amortized Cost 2,121 2,333
Gross Unrealized Gains 1 0
Gross Unrealized Losses 139 203
Fair Value 1,983 2,130
Asset-backed securities    
HELD-TO-MATURITY SECURITIES    
Amortized Cost 77 308
Gross Unrealized Gains 0 0
Gross Unrealized Losses 2 8
Fair Value 75 300
Securities related to purchase of senior notes 74 303
Other securities    
HELD-TO-MATURITY SECURITIES    
Amortized Cost 24 26
Gross Unrealized Gains 0 0
Gross Unrealized Losses 0 1
Fair Value $ 24 $ 25
v3.25.4
Securities - Schedule of Available for Sale Securities in an Unrealized Loss Position (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Held-to-maturity securities:    
Temporarily impaired securities, fair value, less than 12 months $ 2,004 $ 15,728
Temporarily impaired securities, gross unrealized losses, less than 12 months 11 281
Temporarily impaired securities, fair value, 12 months or longer 22,705 22,010
Temporarily impaired securities, gross unrealized losses, 12 months or longer 2,836 3,906
Temporarily impaired securities, fair value 24,709 37,738
Temporarily impaired securities, gross unrealized losses 2,847 4,187
U.S. Treasury, agencies and corporations    
Securities available for sale:    
Fair value, less than 12 months 0 3,647
Gross unrealized losses, less than 12 months 0 8
Fair value, 12 months or longer 525 508
Gross unrealized losses, 12 months or longer 17 36
Fair value, total 525 4,155
Gross unrealized losses, total 17 44
Agency residential collateralized mortgage obligations    
Securities available for sale:    
Fair value, less than 12 months 0 91
Gross unrealized losses, less than 12 months 0 0
Fair value, 12 months or longer 7,677 8,108
Gross unrealized losses, 12 months or longer 1,708 2,193
Fair value, total 7,677 8,199
Gross unrealized losses, total 1,708 2,193
Held-to-maturity securities:    
Fair value, less than 12 months 240 569
Gross unrealized losses, less than 12 months 2 18
Fair value, 12 months or longer 3,023 3,387
Gross unrealized losses, 12 months or longer 174 314
Fair value, total 3,263 3,956
Gross unrealized losses, total 176 332
Agency residential mortgage-backed securities    
Securities available for sale:    
Fair value, less than 12 months 1,226 11,364
Gross unrealized losses, less than 12 months 7 254
Fair value, 12 months or longer 5,583 3,145
Gross unrealized losses, 12 months or longer 450 618
Fair value, total 6,809 14,509
Gross unrealized losses, total 457 872
Held-to-maturity securities:    
Fair value, less than 12 months 526 0
Gross unrealized losses, less than 12 months 2 0
Fair value, 12 months or longer 125 134
Gross unrealized losses, 12 months or longer 11 17
Fair value, total 651 134
Gross unrealized losses, total 13 17
Agency commercial mortgage-backed securities    
Securities available for sale:    
Fair value, less than 12 months 7 50
Gross unrealized losses, less than 12 months 0 1
Fair value, 12 months or longer 3,777 4,360
Gross unrealized losses, 12 months or longer 335 516
Fair value, total 3,784 4,410
Gross unrealized losses, total 335 517
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 1,914 2,060
Gross unrealized losses, 12 months or longer 139 203
Fair value, total 1,914 2,060
Gross unrealized losses, total 139 203
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 75 300
Gross unrealized losses, 12 months or longer 2 8
Fair value, total 75 300
Gross unrealized losses, total 2 8
Other securities    
Held-to-maturity securities:    
Fair value, less than 12 months 5 7
Gross unrealized losses, less than 12 months 0 0
Fair value, 12 months or longer 6 8
Gross unrealized losses, 12 months or longer 0 1
Fair value, total 11 15
Gross unrealized losses, total $ 0 $ 1
v3.25.4
Securities - Schedule of Realized Gain (Loss) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]      
Realized gains $ 0 $ 0 $ 4
Realized (losses) $ 0 $ (1,863) $ (8)
v3.25.4
Securities - Additional Information (Details)
$ in Billions
Dec. 31, 2025
USD ($)
Investments, Debt and Equity Securities [Abstract]  
Securities pledged to secure securities sold under repurchase agreements $ 18.7
v3.25.4
Securities - Securities by Maturity (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Securities Available for Sale, Amortized Cost    
Due in one year or less $ 3,070  
Due after one through five years 10,796  
Due after five through ten years 21,855  
Due after ten years 6,125  
Amortized Cost 41,846 $ 41,302
Securities Available for Sale, Fair Value    
Due in one year or less 3,085  
Due after one through five years 10,504  
Due after five through ten years 20,214  
Due after ten years 5,793  
Total 39,596 37,707
Held-to-Maturity Securities, Amortized Cost    
Due in one year or less 472  
Due after one through five years 2,231  
Due after five through ten years 4,796  
Due after ten years 1,123  
Amortized Cost 8,622 7,395
Held-to-Maturity Securities, Fair Value    
Due in one year or less 467  
Due after one through five years 2,176  
Due after five through ten years 4,671  
Due after ten years 999  
Total $ 8,313 $ 6,837
v3.25.4
Derivatives and Hedging Activities - Fair Values, Volume of Activity and Gain (Loss) Information Related to Derivative Instruments (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Derivatives, Fair Value [Line Items]    
Notional Amount $ 154,866 $ 155,415
Derivative assets, fair value 472 612
Derivative assets, netting adjustments (297) (363)
Derivative assets, fair value, net 153 249
Derivative liabilities, fair value 927 1,439
Derivative liabilities, netting adjustments (274) (411)
Derivative liabilities, fair value, net 652 1,027
Amount of offset in excess of collateral posted 165 168
Amount of offset in excess of securities collateral posted 218 215
Amount of offset in excess of cash collateral held 3 13
Amount of offset in excess of securities collateral held 78 32
Not Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Notional Amount 90,638 90,714
Derivative assets, fair value 485 616
Derivative liabilities, fair value 923 1,436
Interest rate | Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Notional Amount 64,228 64,701
Derivative assets, fair value (13) (4)
Derivative liabilities, fair value 4 3
Interest rate | Not Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Notional Amount 74,994 72,215
Derivative assets, fair value 145 114
Derivative liabilities, fair value 573 962
Foreign exchange | Not Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Notional Amount 5,767 6,516
Derivative assets, fair value 83 124
Derivative liabilities, fair value 80 117
Commodity | Not Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Notional Amount 5,553 8,778
Derivative assets, fair value 249 363
Derivative liabilities, fair value 237 343
Credit | Not Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Notional Amount 107 60
Derivative assets, fair value 0 0
Derivative liabilities, fair value 8 0
Other | Not Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Notional Amount 4,217 3,145
Derivative assets, fair value 8 15
Derivative liabilities, fair value 25 14
Net derivatives in the balance sheet    
Derivatives, Fair Value [Line Items]    
Notional Amount 154,866 155,415
Derivative assets, fair value, net 175 249
Derivative liabilities, fair value, net 653 1,028
Other collateral    
Derivatives, Fair Value [Line Items]    
Derivative assets, fair value, net (22) 0
Derivative liabilities, fair value, net $ (1) $ (1)
v3.25.4
Derivatives and Hedging Activities - Cumulative Basis Adjustments on Fair Value Hedges (Details) - USD ($)
Dec. 31, 2025
Dec. 31, 2024
Derivatives, Fair Value [Line Items]    
Securities available for sale $ 39,596,000,000 $ 37,707,000,000
Long-term debt | Interest rate    
Derivatives, Fair Value [Line Items]    
Carrying amount of hedged item 8,504,000,000 10,249,000,000
Securities available for sale | Interest rate    
Derivatives, Fair Value [Line Items]    
Carrying amount of hedged item 12,843,000,000 12,097,000,000
Securities available for sale 7,000,000,000 5,000,000,000
Hedged layer amount 5,000,000,000 4,000,000,000
Hedged asset portfolio layer method cumulative basis adjustments (35,000,000) 41,000,000
Designated as Hedging Instrument | Long-term debt | Interest rate    
Derivatives, Fair Value [Line Items]    
Hedge accounting basis adjustment - active hedges (199,000,000) (490,000,000)
Designated as Hedging Instrument | Securities available for sale | Interest rate    
Derivatives, Fair Value [Line Items]    
Hedge accounting basis adjustment - active hedges (100,000,000) 5,000,000
Hedged asset portfolio layer method cumulative basis adjustments (50,000,000) 24,000,000
Not Designated as Hedging Instrument | Long-term debt | Interest rate    
Derivatives, Fair Value [Line Items]    
Hedge accounting basis adjustment - active hedges (3,000,000) (4,000,000)
Not Designated as Hedging Instrument | Securities available for sale | Interest rate    
Derivatives, Fair Value [Line Items]    
Hedge accounting basis adjustment - active hedges 14,000,000 17,000,000
Hedged asset portfolio layer method cumulative basis adjustments $ 14,000,000 $ 0
v3.25.4
Derivatives and Hedging Activities - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]    
Reclassify of after-tax net losses on derivative instruments from AOCI $ 25  
Reclassification of net losses related to terminated cash flow hedges from AOCI to income $ 1  
Maximum length of time over which forecasted transactions are hedged, years 3 years 9 months 3 days  
Cash collateral netted against derivative assets $ 103 $ 75
Collateral netted against derivative liabilities 80 $ 124
Net liability position $ 1  
v3.25.4
Derivatives and Hedging Activities - Effect of Fair Value and Cash Flow Hedges on Income (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]      
Interest expense — Long-term debt $ (734) $ (1,187) $ (1,305)
Interest income — Loans 5,749 6,026 6,219
Interest Income - securities 1,599 1,142 793
Investment banking and debt placement fees 780 688 542
Investment banking and debt placement fees | Fair Value Hedging      
Net gains (losses) on fair value hedging relationships      
Net income (expense) recognized on fair value hedges   0  
Investment banking and debt placement fees | Cash Flow Hedging      
Net gain (loss) on cash flow hedging relationships      
Net income (expense) recognized on cash flow hedges 0    
Interest rate | Interest expense – long-term debt | Fair Value Hedging      
Net gains (losses) on fair value hedging relationships      
Recognized on hedged items (296) 56 (119)
Recognized on derivatives designated as hedging instruments 126 (332) (135)
Net income (expense) recognized on fair value hedges (170) (276) (254)
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 (2) (2) (2)
Net income (expense) recognized on cash flow hedges (2) (2) (2)
Interest rate | Interest income – loans | Fair Value Hedging      
Net gains (losses) on fair value hedging relationships      
Recognized on hedged items 0 0 0
Recognized on derivatives designated as hedging instruments 0 0 0
Net income (expense) recognized on fair value hedges 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 (358) (733) (956)
Net income (expense) recognized on cash flow hedges (358) (733) (956)
Interest rate | Interest Income - securities | Fair Value Hedging      
Net gains (losses) on fair value hedging relationships      
Recognized on hedged items 105 (111) 181
Recognized on derivatives designated as hedging instruments (86) 239 (132)
Net income (expense) recognized on fair value hedges 19 128 49
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
Net income (expense) recognized on cash flow hedges 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
Recognized on derivatives designated as hedging instruments 0 0 0
Net income (expense) recognized on fair value hedges 0   0
Interest rate | Investment banking and debt placement fees | Cash Flow Hedging      
Net gain (loss) on cash flow hedging relationships      
Realized gains (losses) (pre-tax) reclassified from AOCI into net income $ 0 0 5
Net income (expense) recognized on cash flow hedges   $ 0 $ 5
v3.25.4
Derivatives and Hedging Activities - Derivative Instrument Cash Flow Hedge Earning Recognized by Income Statement Location (Details) - Interest rate - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Derivatives, Fair Value [Line Items]      
Net Gains (Losses) Reclassified From AOCI Into Income $ (360) $ (735) $ (953)
Cash Flow Hedging      
Derivatives, Fair Value [Line Items]      
Net Gains (Losses) Recognized in OCI 309 (448) (289)
Interest income – loans | Cash Flow Hedging      
Derivatives, Fair Value [Line Items]      
Net Gains (Losses) Reclassified From AOCI Into Income (358) (733) (956)
Interest expense — Long-term debt | Cash Flow Hedging      
Derivatives, Fair Value [Line Items]      
Net Gains (Losses) Reclassified From AOCI Into Income (2) (2) (2)
Investment banking and debt placement fees | Cash Flow Hedging      
Derivatives, Fair Value [Line Items]      
Net Gains (Losses) Reclassified From AOCI Into Income $ 0 $ 0 $ 5
v3.25.4
Derivatives and Hedging Activities - Pre-Tax Net Gains (Losses) on Derivatives Not Designated as Hedging Instruments (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]      
Total net gains (losses) $ 59 $ 47 $ 56
Interest rate      
Derivative Instruments, Gain (Loss) [Line Items]      
Total net gains (losses) 57 35 41
Foreign exchange      
Derivative Instruments, Gain (Loss) [Line Items]      
Total net gains (losses) 49 50 50
Commodity      
Derivative Instruments, Gain (Loss) [Line Items]      
Total net gains (losses) 7 12 22
Credit      
Derivative Instruments, Gain (Loss) [Line Items]      
Total net gains (losses) (47) (57) (50)
Other      
Derivative Instruments, Gain (Loss) [Line Items]      
Total net gains (losses) (7) 7 (7)
Corporate services income      
Derivative Instruments, Gain (Loss) [Line Items]      
Total net gains (losses) 107 98 115
Corporate services income | Interest rate      
Derivative Instruments, Gain (Loss) [Line Items]      
Total net gains (losses) 51 35 41
Corporate services income | Foreign exchange      
Derivative Instruments, Gain (Loss) [Line Items]      
Total net gains (losses) 49 50 50
Corporate services income | Commodity      
Derivative Instruments, Gain (Loss) [Line Items]      
Total net gains (losses) 7 12 22
Corporate services income | Credit      
Derivative Instruments, Gain (Loss) [Line Items]      
Total net gains (losses) 0 1 2
Corporate services income | Other      
Derivative Instruments, Gain (Loss) [Line Items]      
Total net gains (losses) 0 0 0
Consumer mortgage income      
Derivative Instruments, Gain (Loss) [Line Items]      
Total net gains (losses) 0 2 (1)
Consumer mortgage income | Interest rate      
Derivative Instruments, Gain (Loss) [Line Items]      
Total net gains (losses) 0 0 0
Consumer mortgage income | Foreign exchange      
Derivative Instruments, Gain (Loss) [Line Items]      
Total net gains (losses) 0 0 0
Consumer mortgage income | Commodity      
Derivative Instruments, Gain (Loss) [Line Items]      
Total net gains (losses) 0 0 0
Consumer mortgage income | Credit      
Derivative Instruments, Gain (Loss) [Line Items]      
Total net gains (losses) 0 0 0
Consumer mortgage income | Other      
Derivative Instruments, Gain (Loss) [Line Items]      
Total net gains (losses) 0 2 (1)
Other income      
Derivative Instruments, Gain (Loss) [Line Items]      
Total net gains (losses) (48) (53) (58)
Other income | Interest rate      
Derivative Instruments, Gain (Loss) [Line Items]      
Total net gains (losses) 6 0 0
Other income | Foreign exchange      
Derivative Instruments, Gain (Loss) [Line Items]      
Total net gains (losses) 0 0 0
Other income | Commodity      
Derivative Instruments, Gain (Loss) [Line Items]      
Total net gains (losses) 0 0 0
Other income | Credit      
Derivative Instruments, Gain (Loss) [Line Items]      
Total net gains (losses) (47) (58) (52)
Other income | Other      
Derivative Instruments, Gain (Loss) [Line Items]      
Total net gains (losses) $ (7) $ 5 $ (6)
v3.25.4
Derivatives and Hedging Activities - Fair Value of Derivative Assets by Type (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Credit Derivatives [Line Items]    
Derivative assets before collateral $ 278 $ 324
Plus (Less): Related collateral (103) (75)
Derivative assets 175 249
Interest rate    
Credit Derivatives [Line Items]    
Derivative assets before collateral 82 58
Foreign exchange    
Credit Derivatives [Line Items]    
Derivative assets before collateral 39 81
Commodity    
Credit Derivatives [Line Items]    
Derivative assets before collateral 149 170
Credit    
Credit Derivatives [Line Items]    
Derivative assets before collateral 0 0
Other    
Credit Derivatives [Line Items]    
Derivative assets before collateral $ 8 $ 15
v3.25.4
Derivatives and Hedging Activities - Credit Derivatives Sold and Held (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Credit Derivatives [Line Items]    
Notional Amount $ 9 $ 2
Payment / Performance Risk 0.00% 0.00%
Other    
Credit Derivatives [Line Items]    
Notional Amount $ 9 $ 2
Average Term (Years) 3 years 7 months 13 days 7 years 7 months 20 days
Payment / Performance Risk 1.76% 2.03%
v3.25.4
Derivatives and Hedging Activities - Schedule of Credit Risk Contingent Feature (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]    
Net derivative liabilities with credit-risk contingent features $ (49) $ (83)
Collateral posted $ 49 $ 80
v3.25.4
Mortgage Servicing Assets - Changes in Carrying Amount of Mortgage Servicing Assets (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Agency commercial mortgage-backed securities    
Servicing Asset at Amortized Cost, Balance [Roll Forward]    
Balance at beginning of period $ 609 $ 638
Servicing retained from loan sales 83 67
Purchases 11 28
Amortization (125) (124)
Balance at end of period 578 609
Fair value at end of period 736 819
Agency residential mortgage-backed securities    
Servicing Asset at Amortized Cost, Balance [Roll Forward]    
Balance at beginning of period 111 108
Servicing retained from loan sales 14 13
Amortization (12) (11)
Temporary recoveries (impairments) 0 1
Balance at end of period 113 111
Fair value at end of period $ 137 $ 138
v3.25.4
Mortgage Servicing Assets - Schedule of Range and Weighted-Average of Significant Unobservable Inputs (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Agency commercial mortgage-backed securities | Minimum    
Servicing Assets at Fair Value [Line Items]    
Expected defaults 1.00% 1.00%
Residual cash flows discount rate 6.96% 7.00%
Escrow earn rate 3.94% 4.62%
Prepayment rate 8.00% 8.00%
Agency commercial mortgage-backed securities | Maximum    
Servicing Assets at Fair Value [Line Items]    
Expected defaults 2.00% 2.00%
Residual cash flows discount rate 10.84% 10.61%
Escrow earn rate 4.09% 4.70%
Prepayment rate 45.00% 45.00%
Agency commercial mortgage-backed securities | Weighted-Average    
Servicing Assets at Fair Value [Line Items]    
Expected defaults 1.01% 1.01%
Residual cash flows discount rate 10.58% 10.31%
Escrow earn rate 4.08% 4.69%
Prepayment rate 10.05% 10.29%
Agency residential mortgage-backed securities | Minimum    
Servicing Assets at Fair Value [Line Items]    
Residual cash flows discount rate 6.50% 6.50%
Prepayment rate 6.01% 5.42%
Servicing cost $ 70.00 $ 70.00
Agency residential mortgage-backed securities | Maximum    
Servicing Assets at Fair Value [Line Items]    
Residual cash flows discount rate 8.75% 8.75%
Prepayment rate 33.07% 46.30%
Servicing cost $ 4,332 $ 4,332
Agency residential mortgage-backed securities | Weighted-Average    
Servicing Assets at Fair Value [Line Items]    
Residual cash flows discount rate 6.62% 6.61%
Prepayment rate 8.33% 7.69%
Servicing cost $ 76.47 $ 75.99
v3.25.4
Mortgage Servicing Assets - Assumptions and Sensitivity of MSR’s (Details) - Agency commercial mortgage-backed securities
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items]  
Escrow earn rate assumptions 4.08%
Effect on fair value from 10% adverse change $ (29)
Effect on fair value from 20% adverse change $ (57)
Discount rate assumptions 10.58%
Effect on Fair Value of a 10% adverse change $ (19)
Effect on Fair Value of a 20% adverse change $ (36)
Default rate assumptions 1.01%
Effect on fair value from 10% adverse change $ (2)
Effect on fair value from 20% adverse change $ (3)
Prepayment rate assumptions 10.05%
Effect on Fair Value of a 10% adverse change $ (6)
Effect on fair value from 20% adverse change $ (13)
v3.25.4
Mortgage Servicing Assets - OSMR (Details) - Originated Mortgage Servicing Rights
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items]  
Unpaid principal balance of loans sold during the period $ 8,511
Pretax gains related to the sale of mortgage loans $ 131
Weighted average servicing fee rate 0.16%
Escrow earn rate assumptions 4.88%
Discount rate assumptions 9.82%
Default rate assumptions 1.04%
Prepayment rate assumptions 12.71%
v3.25.4
Mortgage Servicing Assets - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Agency commercial mortgage-backed securities      
Servicing Assets at Fair Value [Line Items]      
Contractual fee income $ 400 $ 382 $ 314
Amortization of mortgage servicing rights 125 124 123
Agency residential mortgage-backed securities      
Servicing Assets at Fair Value [Line Items]      
Contractual fee income 41 40 38
Amortization of mortgage servicing rights $ 12 $ 11 $ 9
v3.25.4
Mortgage Servicing Assets - MSR's (Details) - Weighted-Average - Agency residential mortgage-backed securities - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items]    
Prepayment rate 8.33% 7.69%
Effect on Fair Value of a 10% adverse change $ (4)  
Effect on Fair Value of a 20% adverse change $ (8)  
Residual cash flows discount rate 6.62% 6.61%
Effect on Fair Value of a 10% adverse change $ (4)  
Effect on Fair Value of a 20% adverse change $ (7)  
v3.25.4
Leases - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Lessee, Lease, Description [Line Items]    
Carrying amount of residual assets covered by residual value guarantees $ 269 $ 238
Carrying amount of operating lease assets $ 153 $ 224
Leases, Excluding Ground Leases | Minimum    
Lessee, Lease, Description [Line Items]    
Lessee, lease term of operating or financing leases 1 year  
Leases, Excluding Ground Leases | Maximum    
Lessee, Lease, Description [Line Items]    
Lessee, lease term of operating or financing leases 20 years  
Ground Leases    
Lessee, Lease, Description [Line Items]    
Lessee, lease term of operating or financing leases 30 years  
v3.25.4
Leases - Components of Lease Expense and Income (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]      
Operating lease cost $ 118 $ 118 $ 122
Variable lease cost 20 21 19
Finance lease cost 0 1 1
Total lease cost 138 140 142
Cash paid for amounts included in the measurement of lease liabilities 129 134 136
Right-of-use assets obtained in exchange for lease obligations $ 91 $ 70 $ 65
v3.25.4
Leases - Schedule of Additional Balance Sheet Information (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Leases [Abstract]    
Operating lease, right-of-use asset, statement of financial position [Extensible List] Accrued income and other assets Accrued income and other assets
Right-of-use assets $ 444 $ 453
Operating lease, liability, statement of financial position [Extensible List] Accrued expense and other liabilities Accrued expense and other liabilities
Operating lease liabilities $ 484 $ 506
v3.25.4
Leases - Schedule of Maturities of Lease Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity    
2026 $ 127  
2027 117  
2028 95  
2029 72  
2030 49  
Thereafter 78  
Total lease payments 538  
Less imputed interest 54  
Total operating lease liabilities $ 484 $ 506
Weighted-average remaining lease term (years) 5 years 4 months 13 days 5 years 5 months 1 day
Weighted-average discount rate 3.72% 3.40%
v3.25.4
Leases - Components of Equipment Leasing Income (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Sales-type and direct financing leases      
Interest income on lease receivable $ 54 $ 69 $ 78
Interest income related to accretion of unguaranteed residual asset 7 9 13
Interest income on deferred fees and costs 21 20 4
Total sales-type and direct financing lease income 82 98 95
Operating leases      
Operating lease income related to lease payments 43 68 84
Other operating leasing gains and (losses) 0 8 8
Total operating lease income and other leasing gains 43 76 92
Total lease income $ 125 $ 174 $ 187
v3.25.4
Leases - Composition of Net Investment in Sales-Type and Direct Financing Leases (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Leases [Abstract]    
Lease receivables $ 1,916 $ 2,345
Unearned income (276) (270)
Unguaranteed residual value 454 421
Deferred fees and costs 5 1
Net investment in sales-type and direct financing leases $ 2,099 $ 2,497
v3.25.4
Leases - Minimum Future Lease Payments to be Received for Leases (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Sales-type and direct financing lease payments  
2026 $ 583
2027 410
2028 256
2029 182
2030 141
Thereafter 344
Total lease payments 1,916
Operating lease payments  
2026 27
2027 19
2028 10
2029 5
2030 4
Thereafter 14
Total lease payments $ 79
v3.25.4
Premises and Equipment - Schedule of Premises and Equipment (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Property, Plant and Equipment [Line Items]    
Total premises and equipment $ 2,158 $ 2,140
Less: Accumulated depreciation and amortization (1,530) (1,526)
Premises and equipment, net 628 614
Land    
Property, Plant and Equipment [Line Items]    
Premises and equipment 111 111
Buildings and improvements    
Property, Plant and Equipment [Line Items]    
Premises and equipment $ 655 644
Buildings and improvements | Minimum    
Property, Plant and Equipment [Line Items]    
Useful life (in years) 15 years  
Buildings and improvements | Maximum    
Property, Plant and Equipment [Line Items]    
Useful life (in years) 40 years  
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Premises and equipment $ 575 556
Leasehold improvements | Minimum    
Property, Plant and Equipment [Line Items]    
Useful life (in years) 1 year  
Leasehold improvements | Maximum    
Property, Plant and Equipment [Line Items]    
Useful life (in years) 15 years  
Furniture and equipment    
Property, Plant and Equipment [Line Items]    
Premises and equipment $ 757 787
Furniture and equipment | Minimum    
Property, Plant and Equipment [Line Items]    
Useful life (in years) 2 years  
Furniture and equipment | Maximum    
Property, Plant and Equipment [Line Items]    
Useful life (in years) 15 years  
Capitalized building leases    
Property, Plant and Equipment [Line Items]    
Capitalized building leases $ 18 18
Capitalized building leases | Minimum    
Property, Plant and Equipment [Line Items]    
Useful life (in years) 1 year  
Capitalized building leases | Maximum    
Property, Plant and Equipment [Line Items]    
Useful life (in years) 14 years  
Construction in process    
Property, Plant and Equipment [Line Items]    
Premises and equipment $ 42 $ 24
v3.25.4
Premises and Equipment - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Abstract]      
Depreciation and amortization expense $ 87 $ 91 $ 89
Capitalized computer software 692 597  
Capitalized computer software, accumulated amortization 399 308  
In-process software amortization expense $ 93 $ 84 $ 78
v3.25.4
Goodwill and Other Intangible Assets - Additional Information (Details)
 3 Months Ended 12 Months Ended
Mar. 31, 2024
reporting_unit
Dec. 31, 2024
USD ($)
Goodwill [Line Items]    
Number of reporting units | reporting_unit 3  
Goodwill impairment charges | $   $ 0
Consumer Bank    
Goodwill [Line Items]    
Percentage of estimated fair value in excess of carrying amount 18.00%  
Commercial Bank    
Goodwill [Line Items]    
Percentage of estimated fair value in excess of carrying amount 25.00%  
Institutional Bank    
Goodwill [Line Items]    
Percentage of estimated fair value in excess of carrying amount 34.00%  
v3.25.4
Goodwill and Other Intangible Assets - Changes in Carrying Amount of Goodwill (Details) - USD ($)
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Goodwill [Roll Forward]      
Accumulated impairment loss $ 0 $ 0 $ 0
v3.25.4
Goodwill and Other Intangible Assets - Gross Carrying Amount and Accumulated Amortization of Intangible Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Goodwill [Line Items]    
Gross Carrying Amount $ 526 $ 526
Accumulated Amortization 518 499
Core deposit intangibles    
Goodwill [Line Items]    
Gross Carrying Amount 356 356
Accumulated Amortization 352 342
PCCR intangibles    
Goodwill [Line Items]    
Gross Carrying Amount 16 16
Accumulated Amortization 16 16
Other intangible assets    
Goodwill [Line Items]    
Gross Carrying Amount 154 154
Accumulated Amortization $ 150 $ 141
v3.25.4
Goodwill and Other Intangible Assets - Future Amortization Expense of Finite-Lived Intangible Assets (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
2026 $ 7
2027 1
2028 0
2029 0
2030 $ 0
v3.25.4
Variable Interest Entities - Additional Information (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Variable Interest Entity [Line Items]    
Accrued income and other assets $ 8,481,000,000 $ 8,797,000,000
Accrued expense and other liabilities 4,286,000,000 4,983,000,000
VIE, assets that can only be used to settle obligations 184,381,000,000 187,168,000,000
VIE, liabilities 164,000,000,000 168,992,000,000
Fair Value, Recurring    
Variable Interest Entity [Line Items]    
Other investments 86,000,000 73,000,000
Variable Interest Entity, Not Primary Beneficiary    
Variable Interest Entity [Line Items]    
Accrued income and other assets 2,400,000,000 2,500,000,000
Accrued expense and other liabilities 1,100,000,000 1,400,000,000
VIE, assets that can only be used to settle obligations 508,000,000 733,000,000
Tax credit of investment   223,000,000
VIE, liabilities 0 1,000,000
Variable Interest Entity, Not Primary Beneficiary | Other Unconsolidated Variable Interest Entities    
Variable Interest Entity [Line Items]    
Other investments 74,000,000  
Variable Interest Entity, Not Primary Beneficiary | NMTC    
Variable Interest Entity [Line Items]    
VIE, assets that can only be used to settle obligations 18,000,000 29,000,000
Variable Interest Entity, Not Primary Beneficiary | Investments    
Variable Interest Entity [Line Items]    
Amortization of investment 268,000,000 234,000,000
Tax credit of investment 258,000,000  
Other tax benefits 65,000,000 56,000,000
Variable Interest Entity, Primary Beneficiary | Investments    
Variable Interest Entity [Line Items]    
VIE, liabilities 0 0
Measured at NAV | Variable Interest Entity, Not Primary Beneficiary | Fair Value, Recurring | Indirect investments    
Variable Interest Entity [Line Items]    
Other investments $ 9,000,000 $ 14,000,000
v3.25.4
Variable Interest Entities - Variable Interest Entities Information (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Variable Interest Entity [Line Items]    
Total Assets $ 184,381 $ 187,168
Total Liabilities 164,000 168,992
Variable Interest Entity, Not Primary Beneficiary    
Variable Interest Entity [Line Items]    
Total Assets 508 733
Total Liabilities 0 1
Variable Interest Entity, Not Primary Beneficiary | LIHTC investments    
Variable Interest Entity [Line Items]    
Total Assets 11,212 9,901
Total Liabilities 5,026 4,468
Maximum Exposure to Loss 2,913 2,996
Variable Interest Entity, Not Primary Beneficiary | Indirect investments    
Variable Interest Entity [Line Items]    
Total Assets 1,858 2,352
Total Liabilities 3 3
Maximum Exposure to Loss $ 10 $ 15
v3.25.4
Income Taxes - Income Taxes Included in Income Statement (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Currently payable:      
Federal $ 391 $ 211 $ 257
State 82 (3) 48
Total currently payable 473 208 305
Deferred:      
Federal (10) (307) (84)
State 13 (44) (25)
Total deferred 3 (351) (109)
Total income tax expense (benefit) 476 (143) 196
Income tax (benefit) expense on securities transactions (1) (445) (3)
Equity and gross receipts based taxes assessed in lieu of income tax recorded in noninterest expense $ 43 $ 32 $ 34
v3.25.4
Income Taxes - Significant Components of Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Income Tax Disclosure [Abstract]    
Allowance for loan and lease losses $ 422 $ 411
Employee benefits 212 209
Net unrealized securities losses 566 1,045
Federal tax credits 226 303
Non-tax accruals 79 109
Operating lease liabilities 121 127
State net operating losses and credits 5 20
Partnership investments 91 79
Other 137 149
Gross deferred tax assets 1,859 2,452
Less: Valuation Allowance 5 15
Total deferred tax assets 1,854 2,437
Leasing transactions 306 378
State taxes 25 76
Operating lease right-of-use assets 112 114
Goodwill 195 178
Other 67 68
Total deferred tax liabilities 705 814
Net deferred tax assets (liabilities) $ 1,149 $ 1,623
v3.25.4
Income Taxes - Additional Information (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Taxes [Line Items]        
Net capital loss carryforwards $ 4,000,000      
Valuation allowances 5,000,000 $ 15,000,000    
Deferred tax asset 1,854,000,000 2,437,000,000    
Unrecognized tax benefits 3,000,000 39,000,000 $ 45,000,000 $ 40,000,000
Net interest expense (benefit) (16,000,000) (1,000,000) (4,000,000)  
Recovery of penalties related to unrecognized tax benefits in income tax expense 0 0 0  
Accrued interest payable 1,000,000 $ 1,000,000 $ 600,000  
Capital Loss Carryforward        
Income Taxes [Line Items]        
Valuation allowances 4,000,000      
First Niagara Bank, N.A.        
Income Taxes [Line Items]        
Allocated bad debt deductions for which no income taxes have been recorded 92,000,000      
Federal        
Income Taxes [Line Items]        
Operating loss carryforwards 0      
Credit carryforward 226,000,000      
Federal | General Business Tax Credit Carryforward        
Income Taxes [Line Items]        
Credit carryforward 226,000,000      
State        
Income Taxes [Line Items]        
Valuation allowances 1,000,000      
Operating loss carryforwards 80,000,000      
Credit carryforward 2,000,000      
Deferred tax asset $ 3,000,000      
v3.25.4
Income Taxes - Total Income Tax Expense (Benefit) and Resulting Effective Tax Rate (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Amount      
Income (loss) before income taxes times 21% statutory federal tax rate $ 484 $ (64) $ 244
State and local income taxes, net of federal income tax effect 75 (33) 13
Low-income housing/New markets (252) (211) (196)
Change in valuation allowances (2) 3 0
Tax-exempt interest income (27) (27) (35)
Corporate-owned life insurance income (29) (29) (28)
Share-based compensation expense (2) 5 1
Federal deposit insurance 20 25 22
Amortization of tax-advantaged investments 212 185 171
Other permanent differences (3) 7 (1)
Changes in reserves of tax positions 0 (4) 5
Total income tax expense (benefit) $ 476 $ (143) $ 196
Rate      
Income (loss) before income taxes times 21% statutory federal tax rate 21.00% 21.00% 21.00%
State and local income taxes, net of federal income tax effect 3.30% 10.80% 1.10%
Low-income housing/New markets (0.109) 0.691 (0.169)
Change in valuation allowances (0.10%) (1.00%) 0.00%
Tax-exempt interest income (1.20%) 8.80% (3.00%)
Corporate-owned life insurance income (1.30%) 9.50% (2.40%)
Share-based compensation expense (0.10%) (1.60%) 0.10%
Federal deposit insurance 0.90% (8.20%) 1.90%
Amortization of tax-advantaged investments 9.20% (60.50%) 14.70%
Other permanent differences (0.10%) (2.40%) (0.10%)
Changes in reserves of tax positions 0.00% 1.30% 0.40%
Total income tax expense (benefit) 20.70% 46.60% 16.90%
v3.25.4
Income Taxes - Schedule of Income Taxes Paid, Net of Refunds (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Contingency [Line Items]      
U.S. Federal $ 51 $ 30 $ 119
Income taxes paid (a) [1] 71 68 156
California      
Income Tax Contingency [Line Items]      
U.S. state and local 5 0 11
Illinois      
Income Tax Contingency [Line Items]      
U.S. state and local 0 4 0
New Jersey      
Income Tax Contingency [Line Items]      
U.S. state and local 0 6 0
New York City      
Income Tax Contingency [Line Items]      
U.S. state and local 7 0 9
New York State      
Income Tax Contingency [Line Items]      
U.S. state and local 0 0 (16)
Other      
Income Tax Contingency [Line Items]      
U.S. state and local $ 8 $ 28 $ 33
[1] Refer to Note 13 Income Taxes for additional details on income taxes paid by jurisdiction.
v3.25.4
Income Taxes - Change in Liability for Unrecognized Tax Benefits (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Unrecognized Tax Benefits [Roll Forward]      
Balance at beginning of year $ 39 $ 45 $ 40
Increase for other tax positions of prior years 0 0 5
Decrease for payments and settlements 0 (3) 0
Decrease related to tax positions taken in prior years (36) (3) 0
Balance at end of year $ 3 $ 39 $ 45
v3.25.4
Discontinued Operations (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
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 $ 205 $ 257
v3.25.4
Stock-Based Compensation - Additional Information (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Total compensation expense for stock-based compensation plans $ 132,000,000 $ 104,000,000 $ 121,000,000  
Total income tax benefit recognized for stock-based compensation plans $ 32,000,000 $ 25,000,000 $ 29,000,000  
Authorized number of shares that may be issued as equity awards (in shares)     111,600,000 71,600,000
Increase in number of shares that may be issued as equity awards (in shares)     40,000,000  
Common shares, shares issued (in shares) 1,256,702,081 1,256,702,081    
Common shares available for future grant under compensation plans (in shares) 13,856,968      
Maximum percentage of outstanding common stock that may be granted as options 6.00%      
Rolling period in which a certain percentage of common stock cannot be granted as options 3 years      
Exercise rate of stock options granted to employees 25.00%      
Vesting period for compensation cost 4 years      
Weighted-average grant-date fair value of options (in dollars per share) $ 4.93 $ 3.43 $ 4.23  
Number of options, exercised (in shares) 655,461      
Total intrinsic value of exercised options $ 4,000,000 $ 3,000,000 $ 1,000,000  
Cash received from options exercised 8,000,000 10,000,000 $ 1,000,000  
Actual tax benefit realized for tax deductions from options exercised $ 1,000,000 $ 1,000,000    
Mandatory deferred incentive awards, vesting rate 25.00%      
Maximum        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Common shares, shares issued (in shares)     3,000,000  
Deferred Cash Awards        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Vesting percentage 25.00%      
Restricted Stock Unit        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Vesting percentage 25.00%      
Equity Based Performance Stock Units        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Vesting period 3 years      
Stock Options        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Unrecognized compensation cost related to nonvested options expected to vest $ 1,000,000      
Weighted-average period 2 years 3 months 18 days      
Options expiration years 10 years      
Number of options, exercised (in shares) 655,461 819,268 134,484  
Stock Options | Minimum        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Vesting period for compensation cost 1 year      
Exercise price 100.00%      
Stock Options | Maximum        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Options expiration years 10 years      
Exercise price 110.00%      
Deferred Compensation Plans and Other Restricted Stock Award        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Weighted-average grant-date fair value granted (in dollars per share) $ 16.61 $ 15.69 $ 12.93  
Deferred Compensation Plans        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Fair value of units/shares vested $ 16,000,000 $ 18,000,000 $ 20,000,000  
Unrecognized compensation cost related to nonvested options expected to vest $ 9,000,000      
Weighted-average period 2 years 6 months      
Long-Term Incentive Compensation Program        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Fair value of units/shares vested $ 105,000,000 $ 130,000,000 $ 133,000,000  
Weighted-average grant-date fair value granted (in dollars per share) $ 18.25 $ 13.06 $ 17.81  
Unrecognized compensation cost related to nonvested options expected to vest $ 113,000,000      
Weighted-average period 2 years 2 months 12 days      
Discounted Stock Purchase Plan        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Employee discount on the purchase of stock through discounted stock purchase plan 10.00%      
Purchases are limited to any month $ 10,000      
Purchases are limited to any calendar year $ 50,000      
Issuance of common shares (in shares) 430,033 459,778 720,280  
Weighted-average cost of common shares issued under the plan (in dollars per share) $ 15.61 $ 13.96 $ 10.62  
Vesting Contingent on Performance and Service Conditions - Payable in Stock | Long-Term Incentive Compensation Program        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of performance units vested (in shares) 0 30,323    
Weighted-average grant-date fair value granted (in dollars per share) $ 15.42      
Vesting Contingent on Performance and Service Conditions - Payable in Stock | Long-Term Incentive Compensation Program | Performance Units        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Fair value of units/shares vested $ 0 $ 1,000,000    
Vesting Contingent on Performance and Service Conditions - Payable in Cash | Long-Term Incentive Compensation Program        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of performance units vested (in shares) 36,078      
Weighted-average grant-date fair value granted (in dollars per share) $ 20.82      
Vesting Contingent on Performance and Service Conditions - Payable in Cash | Long-Term Incentive Compensation Program        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of performance units vested (in shares)   1,556,149    
Vesting Contingent on Performance and Service Conditions - Payable in Cash | Long-Term Incentive Compensation Program | Performance Units        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Fair value of units/shares vested $ 1,000,000 $ 22,000,000    
v3.25.4
Stock-Based Compensation - Activity and Pricing Information for Nonvested Shares in Long-Term Incentive Compensation Program (Details) - Long-Term Incentive Compensation Program
 12 Months Ended
Dec. 31, 2025
$ / shares
shares
Vesting Contingent on Service Conditions  
Number of Nonvested Shares  
Outstanding, beginning balance (in shares) | shares 14,995,501
Granted (in shares) | shares 7,306,761
Vested (in shares) | shares (5,552,419)
Forfeited (in shares) | shares (461,624)
Outstanding, ending balance (in shares) | shares 16,288,219
Weighted-Average Grant-Date Fair Value  
Outstanding, beginning balance (in dollars per share) | $ / shares $ 17.66
Granted (in dollars per share) | $ / shares 17.72
Vested (in dollars per share) | $ / shares 18.82
Forfeited (in dollars per share) | $ / shares 17.53
Outstanding, ending balance (in dollars per share) | $ / shares $ 17.27
Vesting Contingent on Performance and Service Conditions - Payable in Stock  
Number of Nonvested Shares  
Outstanding, beginning balance (in shares) | shares 1,440,087
Granted (in shares) | shares 68,991
Vested (in shares) | shares 0
Forfeited (in shares) | shares 0
Outstanding, ending balance (in shares) | shares 1,509,078
Weighted-Average Grant-Date Fair Value  
Outstanding, beginning balance (in dollars per share) | $ / shares $ 15.42
Granted (in dollars per share) | $ / shares 15.42
Vested (in dollars per share) | $ / shares 0
Forfeited (in dollars per share) | $ / shares 0
Outstanding, ending balance (in dollars per share) | $ / shares $ 15.42
Vesting Contingent on Performance and Service Conditions - Payable in Cash  
Number of Nonvested Shares  
Outstanding, beginning balance (in shares) | shares 5,420,941
Granted (in shares) | shares 1,575,553
Vested (in shares) | shares (36,078)
Forfeited (in shares) | shares (3,682,521)
Outstanding, ending balance (in shares) | shares 3,277,895
Weighted-Average Grant-Date Fair Value  
Outstanding, beginning balance (in dollars per share) | $ / shares $ 19.70
Granted (in dollars per share) | $ / shares 20.82
Vested (in dollars per share) | $ / shares 19.02
Forfeited (in dollars per share) | $ / shares 18.52
Outstanding, ending balance (in dollars per share) | $ / shares $ 20.99
v3.25.4
Stock-Based Compensation - Assumptions Used in Options Pricing Model (Details)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]      
Average option life 7 years 7 years 6 years 8 months 12 days
Future dividend yield 4.55% 5.75% 4.28%
Historical share price volatility 0.41% 0.422% 0.347%
Weighted-average risk-free interest rate 4.50% 4.20% 3.90%
v3.25.4
Stock-Based Compensation - Activity, Pricing and Other Information for Stock Options (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Number of Options    
Outstanding, beginning balance (in shares) 4,378,773  
Granted (in shares) 427,986  
Exercised (in shares) (655,461)  
Lapsed or canceled (in shares) (281,661)  
Outstanding, ending balance (in shares) 3,869,637 4,378,773
Expected to vest (in shares) 1,157,330  
Exercisable, ending balance (in shares) 2,672,495  
Weighted-Average Exercise Price Per Option    
Outstanding, beginning balance (in dollars per share) $ 18.73  
Granted (in dollars per share) 19.49  
Exercised (in dollars per share) 12.99  
Lapsed or canceled (in dollars per share) 19.75  
Outstanding, ending balance (in dollars per share) 19.71 $ 18.73
Expected to vest (in dollars per share) 19.14  
Weighted-average exercise price per option exercisable, ending balance (in dollars per share) $ 19.98  
Weighted-average remaining life, outstanding 5 years 1 month 6 days 4 years 7 months 6 days
Expected to vest, weighted-average remaining life 7 years 10 months 24 days  
Weighted-average remaining life, exercisable 3 years 9 months 18 days  
Aggregate intrinsic value outstanding $ 7 $ 5
Expected to vest, aggregate intrinsic value 3  
Aggregate intrinsic value exercisable $ 4  
v3.25.4
Stock-Based Compensation - Activity and Pricing Information for Nonvested Shares Granted Under Deferred Compensation Plans and Other Restricted Stock Awards (Details) - Deferred Compensation Plans and Other Restricted Stock Award - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Number of Nonvested Shares      
Outstanding, beginning balance (in shares) 2,296,263    
Granted (in shares) 575,556    
Vested (in shares) (854,963)    
Forfeited (in shares) (40,228)    
Outstanding, ending balance (in shares) 1,976,628 2,296,263  
Weighted-Average Grant-Date Fair Value      
Outstanding, beginning balance (in dollars per share) $ 16.28    
Granted (in dollars per share) 16.61 $ 15.69 $ 12.93
Vested (in dollars per share) 18.29    
Forfeited (in dollars per share) 14.05    
Outstanding, ending balance (in dollars per share) $ 15.50 $ 16.28  
v3.25.4
Employee Benefits - Additional Information (Details) - USD ($)
 12 Months Ended
Dec. 31, 2026
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]        
Age of employees under condition one   55 years    
Period of service under condition one   5 years    
Age of employees under condition two   50 years    
Period of service under condition two   15 years    
Minimum period of service at the time of termination hired before 2001   15 years    
Settlement loss   $ 0 $ 0  
Percentage increase or decrease in expected return on plan assets   0.25%    
Estimated increase or decrease in net pension cost   $ 2,000,000    
Percentage increase or decrease in assumed discount rate   0.25%    
Estimated change in net pension cost due to discount rate   $ 1,000,000    
Expected return on plan assets on estimating 2025 pension cost   5.25%    
Employer contribution to saving plan   7.00% 7.00%  
Employer discretionary contribution, required service period   1 year    
Total expenses associated with saving plan   $ 132,000,000 $ 145,000,000 $ 99,000,000
Minimum        
Defined Benefit Plan Disclosure [Line Items]        
Employees contribution to saving plan   1.00%    
Maximum        
Defined Benefit Plan Disclosure [Line Items]        
Employees contribution to saving plan   100.00%    
Pension Plans        
Defined Benefit Plan Disclosure [Line Items]        
Net periodic benefit cost (credit)   $ 7,000,000 $ 11,000,000 $ 30,000,000
Expected return on plan assets   5.25% 5.25% 4.50%
Pension Plans | Forecast        
Defined Benefit Plan Disclosure [Line Items]        
Net periodic benefit cost (credit) $ 9,000,000      
Postretirement Benefit Plan        
Defined Benefit Plan Disclosure [Line Items]        
Net periodic benefit cost (credit)   $ (2,000,000) $ (2,000,000) $ (2,000,000)
Postretirement Benefit Plan | Forecast        
Defined Benefit Plan Disclosure [Line Items]        
Net periodic benefit cost (credit) $ (2,000,000)      
v3.25.4
Employee Benefits - Net Pension Cost and Amount Recognized in OCI for All Funded and Unfunded Plans (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Pension Plans      
Defined Benefit Plan Disclosure [Line Items]      
Interest cost on PBO $ 43 $ 41 $ 45
Expected return on plan assets (44) (39) (42)
Amortization of losses (gains) 8 9 9
Amortization of prior service credit 0 0 0
Settlement loss 0 0 18
Net pension cost 7 11 30
Other changes in plan assets and benefit obligations recognized in OCI:      
Net (gain) loss 6 26 26
Amortization of (gains) (8) 6 (27)
Amortization of prior service credit 0 0 0
Total recognized in comprehensive income (2) 32 (1)
Total recognized in net pension cost and comprehensive income 5 43 29
Postretirement Benefit Plan      
Defined Benefit Plan Disclosure [Line Items]      
Interest cost on PBO 2 2 2
Expected return on plan assets (2) (2) (2)
Amortization of losses (gains) (1) (1) (1)
Amortization of prior service credit (1) (1) (1)
Settlement loss 0 0 0
Net pension cost (2) (2) (2)
Other changes in plan assets and benefit obligations recognized in OCI:      
Net (gain) loss 1 1 1
Amortization of (gains) 0 0 0
Amortization of prior service credit 1 1 1
Total recognized in comprehensive income 2 2 2
Total recognized in net pension cost and comprehensive income $ 0 $ 0 $ 0
v3.25.4
Employee Benefits - Changes in PBO and Changes in FVA (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Pension Plans      
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]      
Beginning of year $ 846 $ 923  
Interest cost 43 41 $ 45
Actuarial losses (gains) 14 (34)  
Plan participants’ contributions 0 0  
Benefit payments (81) (84)  
End of year 822 846 923
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]      
FVA at beginning of year 805 827  
Actual return on plan assets 53 49  
Employer contributions 13 13  
Plan participants’ contributions 0 0  
Benefit payments (81) (84)  
FVA at end of year 790 805 827
Postretirement Benefit Plan      
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]      
Beginning of year 41 40  
Interest cost 2 2 2
Actuarial losses (gains) 7 6  
Plan participants’ contributions 2 1  
Benefit payments (8) (8)  
End of year 44 41 40
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]      
FVA at beginning of year 41 40  
Actual return on plan assets 9 8  
Employer contributions 0 0  
Plan participants’ contributions 2 1  
Benefit payments (8) (8)  
FVA at end of year $ 44 $ 41 $ 40
v3.25.4
Employee Benefits - Funded Status of Pension Plans Recognized in Balance Sheets (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Pension Plans    
Defined Benefit Plan Disclosure [Line Items]    
Funded status $ (32) $ (40)
Net prepaid pension cost recognized consists of:    
Noncurrent assets 85 80
Current liabilities (13) (13)
Noncurrent liabilities (104) (107)
Net prepaid pension cost recognized (32) (40)
Net unrecognized losses (gains) 329 415
Net unrecognized prior service credit 0 0
Total unrecognized AOCI 329 415
Postretirement Benefit Plan    
Net prepaid pension cost recognized consists of:    
Net unrecognized losses (gains) (8) (8)
Net unrecognized prior service credit (8) (9)
Total unrecognized AOCI $ (16) $ (17)
v3.25.4
Employee Benefits - Funded and Unfunded Pension Plans and Postretirement Benefit Plan (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Pension Plans  
Defined Benefit Plan Disclosure [Line Items]  
2026 $ 78
2027 77
2028 76
2029 74
2030 72
2030-2034 324
Postretirement Benefit Plan  
Defined Benefit Plan Disclosure [Line Items]  
2026 4
2027 4
2028 4
2029 4
2030 4
2030-2034 $ 16
v3.25.4
Employee Benefits - Plans ABO in Excess of Plan Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Defined Benefit Plan Disclosure [Line Items]    
ABO $ 822 $ 845
Cash Balance Pension Plan    
Defined Benefit Plan Disclosure [Line Items]    
PBO 705 725
ABO 705 725
Fair value of plan assets 790 805
Other Defined Benefit Plans    
Defined Benefit Plan Disclosure [Line Items]    
PBO 117 121
ABO 117 121
Fair value of plan assets $ 0 $ 0
v3.25.4
Employee Benefits - Weighted-Average Rates to Determine Actuarial Present Value of Benefit Obligations (Details)
Dec. 31, 2025
Dec. 31, 2024
Pension Plans    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Discount rate 5.05% 5.33%
Weighted-average interest crediting rate 4.84% 4.74%
Postretirement Benefit Plan    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Discount rate 4.50% 4.50%
v3.25.4
Employee Benefits - Weighted-Average Rates to Determine Net Pension Cost (Details)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Pension Plans      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Discount rate 5.33% 4.68% 4.85%
Expected return on plan assets 5.25% 4.50% 4.50%
Postretirement Benefit Plan      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Discount rate 4.50% 4.50% 4.50%
Expected return on plan assets 4.50% 4.50% 4.50%
v3.25.4
Employee Benefits - Asset Target Allocations Prescribed by Pension Funds' Investment Policies (Details)
Dec. 31, 2025
Defined Benefit Plan Disclosure [Line Items]  
Total 100.00%
Global equity  
Defined Benefit Plan Disclosure [Line Items]  
Total 16.00%
Fixed income  
Defined Benefit Plan Disclosure [Line Items]  
Total 84.00%
v3.25.4
Employee Benefits - Fair Values of Pension Plan Assets by Asset Category (Details) - Pension Plans - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]      
Plan assets $ 790 $ 805 $ 827
Fair Value, Inputs, Level 1, 2 and 3 | Fixed income — U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 321 324  
Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 0 0  
Level 1 | Fixed income — U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 0 0  
Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 321 324  
Level 2 | Fixed income — U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 321 324  
Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 0 0  
Level 3 | Fixed income — U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 0 0  
Measured at NAV | Collective investment funds (measured at NAV)      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 446 459  
Measured at NAV | Insurance investment contracts and pooled separate accounts (measured at NAV)      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets $ 23 $ 22  
v3.25.4
Employee Benefits - Asset Target Allocations Prescribed by Trusts' Investment Policies (Details)
Dec. 31, 2025
Defined Benefit Plan Disclosure [Line Items]  
Target allocation 100.00%
Postretirement Benefit Plan  
Defined Benefit Plan Disclosure [Line Items]  
Target allocation 100.00%
U.S. equity securities | Postretirement Benefit Plan  
Defined Benefit Plan Disclosure [Line Items]  
Target allocation 64.00%
International equity securities | Postretirement Benefit Plan  
Defined Benefit Plan Disclosure [Line Items]  
Target allocation 16.00%
Fixed income securities  
Defined Benefit Plan Disclosure [Line Items]  
Target allocation 84.00%
Fixed income securities | Postretirement Benefit Plan  
Defined Benefit Plan Disclosure [Line Items]  
Target allocation 20.00%
v3.25.4
Employee Benefits - Fair Values of Postretirement Plan Assets by Asset Category (Details) - Postretirement Benefit Plan - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]      
Plan assets $ 44 $ 41 $ 40
Fair Value, Inputs, Level 1, 2 and 3 | Equity — U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 30 26  
Fair Value, Inputs, Level 1, 2 and 3 | Equity — International      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 5 6  
Fair Value, Inputs, Level 1, 2 and 3 | Fixed income — U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 8 8  
Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 43 40  
Level 1 | Equity — U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 30 26  
Level 1 | Equity — International      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 5 6  
Level 1 | Fixed income — U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 8 8  
Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 0 0  
Level 2 | Equity — U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 0 0  
Level 2 | Equity — International      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 0 0  
Level 2 | Fixed income — U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 0 0  
Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 0 0  
Level 3 | Equity — U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 0 0  
Level 3 | Equity — International      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 0 0  
Level 3 | Fixed income — U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 0 0  
Measured at NAV | Other assets (measured at NAV)      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets $ 1 $ 1  
v3.25.4
Borrowings - Components of Short-Term Borrowings (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Debt Disclosure [Abstract]    
Federal funds purchased $ 0 $ 0
Securities sold under repurchase agreements 13 14
Other short-term borrowings $ 1,071 $ 2,130
v3.25.4
Borrowings - Additional Information (Details)
$ in Billions
Dec. 31, 2025
USD ($)
Short-term Debt [Line Items]  
Deposits with the federal reserve $ 9.3
Federal Reserve Bank of Cleveland  
Short-term Debt [Line Items]  
Unused secured borrowing capacity 39.5
Federal Home Loan Bank of Cincinnati  
Short-term Debt [Line Items]  
Unused secured borrowing capacity $ 18.9
v3.25.4
Borrowings - Schedule of Components of Long-Term Debt (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Total long-term debt $ 9,917 $ 12,105
Parent Company    
Debt Instrument [Line Items]    
Total long-term debt 5,106 5,294
Parent Company | Senior Notes Due 2027-2035 | Senior Notes    
Debt Instrument [Line Items]    
Senior notes $ 4,659 4,251
Parent Company | Senior Notes Due 2027-2035 | Senior Notes | Minimum    
Debt Instrument [Line Items]    
Stated rate 2.25%  
Parent Company | Senior Notes Due 2027-2035 | Senior Notes | Maximum    
Debt Instrument [Line Items]    
Stated rate 6.40%  
Parent Company | Junior Subordinated Debentures Due 2028-2037 | Subordinated notes    
Debt Instrument [Line Items]    
Junior subordinated debentures $ 447 444
Parent Company | Junior Subordinated Debentures Due 2028-2037 | Subordinated notes | Minimum    
Debt Instrument [Line Items]    
Stated rate 4.99%  
Parent Company | Junior Subordinated Debentures Due 2028-2037 | Subordinated notes | Maximum    
Debt Instrument [Line Items]    
Stated rate 7.75%  
Parent Company | Other Variable Rate Notes | Subordinated notes    
Debt Instrument [Line Items]    
Junior subordinated debentures $ 0 599
Subsidiaries    
Debt Instrument [Line Items]    
Total long-term debt 4,811 6,811
Subsidiaries | Line of Credit | Revolving Credit Facility    
Debt Instrument [Line Items]    
Revolving loans 0 211
Subsidiaries | Senior Notes Due 2027-2039 | Senior Notes    
Debt Instrument [Line Items]    
Senior notes $ 2,229 4,540
Subsidiaries | Senior Notes Due 2027-2039 | Senior Notes | Minimum    
Debt Instrument [Line Items]    
Stated rate 3.97%  
Subsidiaries | Senior Notes Due 2027-2039 | Senior Notes | Maximum    
Debt Instrument [Line Items]    
Stated rate 5.85%  
Subsidiaries | Subordinated Notes Due 2026- 2032 | Subordinated notes    
Debt Instrument [Line Items]    
Junior subordinated debentures $ 1,932 1,869
Subsidiaries | Subordinated Notes Due 2026- 2032 | Subordinated notes | Minimum    
Debt Instrument [Line Items]    
Stated rate 3.40%  
Subsidiaries | Subordinated Notes Due 2026- 2032 | Subordinated notes | Maximum    
Debt Instrument [Line Items]    
Stated rate 6.95%  
Subsidiaries | Federal Home Loan Bank advances    
Debt Instrument [Line Items]    
Federal Home Loan Bank advances $ 560 79
Subsidiaries | Federal Home Loan Bank advances | Minimum    
Debt Instrument [Line Items]    
Stated rate 1.39%  
Subsidiaries | Federal Home Loan Bank advances | Maximum    
Debt Instrument [Line Items]    
Stated rate 7.36%  
Subsidiaries | Secured borrowing    
Debt Instrument [Line Items]    
Other long-term debt $ 90 $ 112
v3.25.4
Borrowings - Schedule of Scheduled Principal Payments on Long-Term Debt (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Debt Instrument [Line Items]  
2026 $ 1,111
2027 2,046
2028 1,210
2029 1,226
2030 15
All subsequent years 4,309
Parent  
Debt Instrument [Line Items]  
2026 0
2027 771
2028 903
2029 881
2030 0
All subsequent years 2,551
Subsidiaries  
Debt Instrument [Line Items]  
2026 1,111
2027 1,275
2028 307
2029 345
2030 15
All subsequent years $ 1,758
v3.25.4
Time Deposits (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Time Deposits [Abstract]  
2026 $ 12,229
2027 410
2028 18
2029 8
2030 5
All subsequent years 10
Total time deposits $ 12,680
v3.25.4
Commitments, Contingent Liabilities, and Guarantees - Commitments to Extend Credit or Funding (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Guarantor Obligations [Line Items]    
Total loan commitments $ 77,112 $ 75,009
Commercial letters of credit 49 63
Purchase card commitments 993 1,048
Principal investing commitments 1 1
Tax credit investment commitments 1,132 1,362
Total loan and other commitments 79,287 77,483
Commercial and other    
Guarantor Obligations [Line Items]    
Total loan commitments 59,731 57,010
Commercial real estate and construction    
Guarantor Obligations [Line Items]    
Total loan commitments 3,561 2,855
Home equity    
Guarantor Obligations [Line Items]    
Total loan commitments 7,793 8,360
Credit cards    
Guarantor Obligations [Line Items]    
Total loan commitments $ 6,027 $ 6,784
v3.25.4
Commitments, Contingent Liabilities, and Guarantees - Guarantees (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Guarantor Obligations [Line Items]  
Maximum Potential Undiscounted Future Payments $ 21,582
Liability Recorded 161
Standby letters of credit  
Guarantor Obligations [Line Items]  
Maximum Potential Undiscounted Future Payments 6,453
Liability Recorded 69
Recourse agreement with FNMA  
Guarantor Obligations [Line Items]  
Maximum Potential Undiscounted Future Payments 8,187
Liability Recorded 57
Residential mortgage reserve  
Guarantor Obligations [Line Items]  
Maximum Potential Undiscounted Future Payments 3,418
Liability Recorded 8
Written options  
Guarantor Obligations [Line Items]  
Maximum Potential Undiscounted Future Payments 3,524
Liability Recorded $ 27
v3.25.4
Commitments, Contingent Liabilities, and Guarantees - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Commitments Contingencies And Guarantees [Line Items]      
Reserve for potential losses $ 313 $ 290 $ 296
Standby letters of credit      
Commitments Contingencies And Guarantees [Line Items]      
Remaining weighted-average life of standby letters of credit in years 2 years    
Recourse agreement with FNMA      
Commitments Contingencies And Guarantees [Line Items]      
Weighted-average remaining term for outstanding commercial mortgage loans in years 5 years 10 months 24 days    
Unpaid principal balance outstanding of loans sold $ 25,100    
Maximum potential amount of undiscounted future payments that could be required, percentage of principal balance of loans outstanding 33.00%    
Reserve for potential losses $ 57    
Residential mortgage reserve      
Commitments Contingencies And Guarantees [Line Items]      
Unpaid principal balance outstanding of loans sold $ 11,400    
Maximum potential amount of undiscounted future payments that could be required, percentage of principal balance of loans outstanding 30.00%    
Liability for estimated repurchase obligations on loans sold $ 8    
Written options      
Commitments Contingencies And Guarantees [Line Items]      
Weighted average life of written put options 1 year 8 months 12 days    
Minimum | Standby letters of credit      
Commitments Contingencies And Guarantees [Line Items]      
Remaining actual life letters of credit in years 1 year    
Minimum | Low      
Commitments Contingencies And Guarantees [Line Items]      
Guarantee obligations, probability of payment 0.00%    
Minimum | Moderate      
Commitments Contingencies And Guarantees [Line Items]      
Guarantee obligations, probability of payment 30.00%    
Minimum | High      
Commitments Contingencies And Guarantees [Line Items]      
Guarantee obligations, probability of payment 70.00%    
Maximum | Standby letters of credit      
Commitments Contingencies And Guarantees [Line Items]      
Remaining actual life letters of credit in years 8 years 10 months 24 days    
Maximum | Low      
Commitments Contingencies And Guarantees [Line Items]      
Guarantee obligations, probability of payment 30.00%    
Maximum | Moderate      
Commitments Contingencies And Guarantees [Line Items]      
Guarantee obligations, probability of payment 70.00%    
v3.25.4
Accumulated Other Comprehensive Income - Changes in AOCI (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance $ 18,176 $ 14,637 $ 13,454
Other comprehensive income before reclassification, net of income taxes 1,233 (222) 320
Amounts reclassified from accumulated other comprehensive income, net of income taxes 277 1,981 746
Total other comprehensive income (loss), net of tax 1,510 1,759 1,066
Ending balance 20,381 18,176 14,637
Unrealized gains (losses) on securities available for sale      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance (2,734) (4,190) (4,895)
Other comprehensive income before reclassification, net of income taxes 1,018 38 702
Amounts reclassified from accumulated other comprehensive income, net of income taxes 0 1,418 3
Total other comprehensive income (loss), net of tax 1,018 1,456 705
Ending balance (1,716) (2,734) (4,190)
Unrealized gains (losses) on derivative financial instruments      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance (434) (763) (1,124)
Other comprehensive income before reclassification, net of income taxes 154 (230) (364)
Amounts reclassified from accumulated other comprehensive income, net of income taxes 273 559 725
Total other comprehensive income (loss), net of tax 427 329 361
Ending balance (7) (434) (763)
Net pension and postretirement benefit costs      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance (302) (276) (276)
Other comprehensive income before reclassification, net of income taxes 61 (30) (18)
Amounts reclassified from accumulated other comprehensive income, net of income taxes 4 4 18
Total other comprehensive income (loss), net of tax 65 (26) 0
Ending balance (237) (302) (276)
Total      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance (3,470) (5,229) (6,295)
Ending balance $ (1,960) $ (3,470) $ (5,229)
v3.25.4
Accumulated Other Comprehensive Income - Reclassifications Out of AOCI (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Net securities gains (losses) $ (6) $ (1,856) $ (11)
Interest income — Loans 5,749 6,026 6,219
Interest expense — Long-term debt (734) (1,187) (1,305)
Investment banking and debt placement fees 780 688 542
Other expense 682 740 997
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 2,304 (306) 1,160
Income taxes 476 (143) 196
INCOME (LOSS) FROM CONTINUING OPERATIONS 1,828 (163) 964
Reclassification out of Accumulated Other Comprehensive Income | Unrealized gains (losses) on available for sale securities      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Net securities gains (losses) 0 (1,863) (4)
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 0 (1,863) (4)
Income taxes 0 (445) (1)
INCOME (LOSS) FROM CONTINUING OPERATIONS 0 (1,418) (3)
Reclassification out of Accumulated Other Comprehensive Income | Unrealized gains (losses) on derivative financial instruments      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Interest income — Loans (358) (733) (956)
Interest expense — Long-term debt (2) (2) (2)
Investment banking and debt placement fees 0 0 5
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (360) (735) (953)
Income taxes (87) (176) (228)
INCOME (LOSS) FROM CONTINUING OPERATIONS (273) (559) (725)
Reclassification out of Accumulated Other Comprehensive Income | Amortization of losses      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Other expense (7) (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 (18)
Reclassification out of Accumulated Other Comprehensive Income | Amortization of prior service credit      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Other expense 1 1 1
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 (6) (7) (25)
Income taxes (2) (3) (7)
INCOME (LOSS) FROM CONTINUING OPERATIONS $ (4) $ (4) $ (18)
v3.25.4
Shareholders' Equity - Comprehensive Capital Plan and Scotiabank Investment (Details) - USD ($)
 3 Months Ended 12 Months Ended
Dec. 27, 2024
Aug. 30, 2024
Aug. 12, 2024
Dec. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Mar. 13, 2025
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]                      
Amount authorized to be repurchased                     $ 1,000,000,000.0
Common shares repurchased, value       $ 200,000,000       $ 200,000,000   $ 38,000,000  
Stock repurchased during period, value               $ 35,000,000 $ 28,000,000 $ 34,000,000  
Cash dividends declared on Common Shares (in dollars per share)       $ 0.205 $ 0.205 $ 0.205 $ 0.205 $ 0.82 $ 0.82 $ 0.82  
Net proceeds from Scotiabank investment               $ 0 $ 2,771,000,000 $ 0  
Scotiabank Investment Agreement                      
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]                      
Common shares repurchased, value       $ 17,000,000              
Investments     $ 2,800,000,000                
Sale of stock, percentage of ownership after transaction 14.90% 4.90% 14.90%                
Fixed price per share (in dollars per share)     $ 17.17                
Initial purchase of common shares (in shares) 115,042,316 47,829,359                  
Net proceeds from Scotiabank investment $ 2,000,000,000.0 $ 821,000,000                  
Proceeds from issuance costs $ 16,000,000 $ 10,000,000                  
v3.25.4
Shareholders' Equity - Schedule of Preferred Stock (Details)
 12 Months Ended
Dec. 31, 2025
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 dollars per share) | $ / shares $ 1
Liquidation preference | $ $ 25,000
Ownership interest per depositary share ratio 0.04
Preferred stock, liquidation preference (in dollars per share) | $ / shares $ 1,000
Dividend payable per share (in dollars per share) | $ / shares $ 50.00
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 dollars per share) | $ / shares $ 1
Liquidation preference | $ $ 1,000
Ownership interest per depositary share ratio 25,000.000
Preferred stock, liquidation preference (in dollars per share) | $ / shares $ 25
Dividend payable per share (in dollars per share) | $ / shares $ 1.531252
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 dollars per share) | $ / shares $ 1
Liquidation preference | $ $ 1,000
Ownership interest per depositary share ratio 25,000.000
Preferred stock, liquidation preference (in dollars per share) | $ / shares $ 25
Dividend payable per share (in dollars per share) | $ / shares $ 1.412500
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 dollars per share) | $ / shares $ 1
Liquidation preference | $ $ 1,000
Ownership interest per depositary share ratio 25,000.000
Preferred stock, liquidation preference (in dollars per share) | $ / shares $ 25
Dividend payable per share (in dollars per share) | $ / shares $ 1.406252
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 dollars per share) | $ / shares $ 1
Liquidation preference | $ $ 1,000
Ownership interest per depositary share ratio 25,000.000
Preferred stock, liquidation preference (in dollars per share) | $ / shares $ 25
Dividend payable per share (in dollars per share) | $ / shares $ 1.550000
v3.25.4
Regulatory Matters - Key's and KeyBank's Actual Capital Amounts and Ratios, Minimum Capital Amounts and Ratios (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
KeyBank (consolidated)    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Total risk-based capital, actual amount $ 21,198 $ 20,518
Common equity Tier 1 risk-based capital, actual amount 18,376 17,560
Tier 1 risk- based capital, actual amount 18,376 17,560
Tier 1 risk- based capital, leverage amount $ 18,376 $ 17,560
Total risk-based capital, actual ratio 0.1471 0.1512
Common equity Tier 1 risk-based capital, actual ratio 0.1275 0.1294
Tier 1 risk-based capital, actual ratio 0.1275 0.1294
Tier 1 risk- based capital, leverage actual ratio 0.0996 0.0942
Total risk-based capital, regulatory minimum, ratio 0.0800 0.0800
Common equity Tier 1 risk-based capital, regulatory minimum, ratio 0.0450 0.0450
Tier 1 risk-based capital, regulatory minimum, ratio 0.0600 0.0600
Tier 1 risk-based capital, leverage regulatory minimum ratio 0.0400 0.0400
Total risk-based capital, regulatory minimum with stress capital buffer 0.1120 0.1110
Common equity Tier 1 risk-based capital, regulatory minimum with stress capital buffer 0.0770 0.0760
Tier 1 risk-based capital, regulatory minimum with stress capital buffer 0.0920 0.0910
Tier 1 risk based capital leverage, regulatory minimum with stress capital buffer 0.0400 0.0400
Total risk-based capital, capitalized 0.1000 0.1000
Common equity Tier 1 risk-based capital, capitalized 0.0650 0.0650
Tier 1 risk-based capital, capitalized 0.0800 0.0800
Tier 1 risk-based capital, leverage capitalized 0.0500 0.0500
Parent    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Total risk-based capital, actual amount $ 22,910 $ 22,336
Common equity Tier 1 risk-based capital, actual amount 17,195 16,489
Tier 1 risk- based capital, actual amount 19,641 18,934
Tier 1 risk- based capital, leverage amount $ 19,641 $ 18,934
Total risk-based capital, actual ratio 0.1570 0.1615
Common equity Tier 1 risk-based capital, actual ratio 0.1178 0.1192
Tier 1 risk-based capital, actual ratio 0.1346 0.1369
Tier 1 risk- based capital, leverage actual ratio 0.1050 0.1003
Total risk-based capital, regulatory minimum, ratio 0.0800 0.0800
Common equity Tier 1 risk-based capital, regulatory minimum, ratio 0.0450 0.0450
Tier 1 risk-based capital, regulatory minimum, ratio 0.0600 0.0600
Tier 1 risk-based capital, leverage regulatory minimum ratio 0.0400 0.0400
Total risk-based capital, regulatory minimum with stress capital buffer 0.1120 0.1110
Common equity Tier 1 risk-based capital, regulatory minimum with stress capital buffer 0.0770 0.0760
Tier 1 risk-based capital, regulatory minimum with stress capital buffer 0.0920 0.0910
Tier 1 risk based capital leverage, regulatory minimum with stress capital buffer 0.0400 0.0400
v3.25.4
Regulatory Matters - Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]  
Short-term investments held for discharge of obligations $ 4,900
KeyBank (consolidated)  
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]  
Dividends paid by non banking subsidiaries 1,400
Capacity to pay dividends $ 783
v3.25.4
Business Segment Reporting - Additional Information (Details)
Dec. 31, 2025
state
Consumer Bank  
Segment Reporting Information [Line Items]  
Number of state branch footprint 15
Commercial Bank  
Segment Reporting Information [Line Items]  
Number of state branch footprint 15
v3.25.4
Business Segment Reporting - Financial Information of Business Groups (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]      
Net interest income (TE) $ 4,671 $ 3,810 $ 3,943
Noninterest income 2,842 809 2,470
Total revenue (TE) 7,513 4,619 6,413
Provision for credit losses 471 335 489
Personnel expense 2,917 2,714 2,660
Other direct noninterest expense 1,786 1,831 2,074
Support and overhead 0 0 0
Allocated income taxes (benefit) and TE adjustments 511 (98) 226
Income (loss) from continuing operations 1,828 (163) 964
Income (loss) from discontinued operations, net of taxes 1 2 3
NET INCOME (LOSS) 1,829 (161) 967
AVERAGE BALANCES      
Loans and leases 105,660 107,724 118,004
Total assets 186,764 186,815 191,627
Deposits 149,276 146,155 144,059
OTHER FINANCIAL DATA      
Expenditures for additions to long-lived assets 144 190 193
Operating Segments | Consumer Bank      
Segment Reporting Information [Line Items]      
Net interest income (TE) 2,709 2,246 2,221
Noninterest income 957 924 937
Total revenue (TE) 3,666 3,170 3,158
Provision for credit losses 169 126 111
Personnel expense 904 850 833
Other direct noninterest expense 561 600 690
Support and overhead 1,337 1,264 1,256
Allocated income taxes (benefit) and TE adjustments 168 79 64
Income (loss) from continuing operations 527 251 204
Income (loss) from discontinued operations, net of taxes 0 0 0
NET INCOME (LOSS) 527 251 204
AVERAGE BALANCES      
Loans and leases 35,744 38,744 41,777
Total assets 38,760 41,613 44,593
Deposits 87,932 85,851 82,793
OTHER FINANCIAL DATA      
Expenditures for additions to long-lived assets 71 75 72
Operating Segments | Commercial Bank      
Segment Reporting Information [Line Items]      
Net interest income (TE) 2,294 1,805 1,866
Noninterest income 1,745 1,629 1,429
Total revenue (TE) 4,039 3,434 3,295
Provision for credit losses 299 227 379
Personnel expense 779 729 697
Other direct noninterest expense 288 347 436
Support and overhead 838 758 673
Allocated income taxes (benefit) and TE adjustments 388 282 227
Income (loss) from continuing operations 1,447 1,091 883
Income (loss) from discontinued operations, net of taxes 0 0 0
NET INCOME (LOSS) 1,447 1,091 883
AVERAGE BALANCES      
Loans and leases 69,407 68,498 75,782
Total assets 78,833 77,782 85,542
Deposits 58,070 58,025 55,045
OTHER FINANCIAL DATA      
Expenditures for additions to long-lived assets 4 0 3
Other      
Segment Reporting Information [Line Items]      
Net interest income (TE) (332) (241) (144)
Noninterest income 140 (1,744) 104
Total revenue (TE) (192) (1,985) (40)
Provision for credit losses 3 (18) (1)
Personnel expense 1,234 1,135 1,130
Other direct noninterest expense 937 884 948
Support and overhead (2,175) (2,022) (1,929)
Allocated income taxes (benefit) and TE adjustments (45) (459) (65)
Income (loss) from continuing operations (146) (1,505) (123)
Income (loss) from discontinued operations, net of taxes 1 2 3
NET INCOME (LOSS) (145) (1,503) (120)
AVERAGE BALANCES      
Loans and leases 509 482 445
Total assets 69,171 67,420 61,492
Deposits 3,274 2,279 6,221
OTHER FINANCIAL DATA      
Expenditures for additions to long-lived assets $ 69 $ 115 $ 118
v3.25.4
Condensed Financial Information of the Parent Company - Condensed Balance Sheets (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
ASSETS        
Cash and due from banks $ 1,287 $ 1,743    
Short-term investments 10,163 17,504    
Other investments 949 1,041    
Total loans 105,114 102,851    
Accrued income and other assets 8,481 8,797    
Total assets 184,381 187,168    
LIABILITIES        
Accrued expense and other liabilities 4,286 4,983    
Total long-term debt 9,917 12,105    
Total liabilities 164,000 168,992    
SHAREHOLDERS’ EQUITY        
Shareholder's equity 20,381 18,176 $ 14,637 $ 13,454
Total liabilities and equity 184,381 187,168    
Parent        
ASSETS        
Cash and due from banks 4,868 5,149    
Short-term investments 28 26    
Other investments 119 96    
Total loans 300 300    
Total investment in subsidiaries 19,989 17,658    
Accrued income and other assets 756 777    
Total assets 26,060 24,006    
LIABILITIES        
Accrued expense and other liabilities 573 536    
Total long-term debt 5,106 5,294    
Total liabilities 5,679 5,830    
SHAREHOLDERS’ EQUITY        
Shareholder's equity 20,381 18,176    
Total liabilities and equity 26,060 24,006    
Parent | Subsidiaries        
LIABILITIES        
Total long-term debt 447 444    
Parent | Unaffiliated companies        
LIABILITIES        
Total long-term debt 4,659 4,850    
Parent | Banks        
ASSETS        
Total loans 300 300    
Investment in subsidiaries: 19,075 16,770    
Parent | Nonbank subsidiaries        
ASSETS        
Total loans 0 0    
Investment in subsidiaries: $ 914 $ 888    
v3.25.4
Condensed Financial Information of the Parent Company - Condensed Statements of Income (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
INCOME      
Other income $ 23 $ 23 $ 46
Total interest income 8,386 8,427 7,927
EXPENSE      
Interest on long-term debt with subsidiary trusts 734 1,187 1,305
Income tax (expense) benefit (476) 143 (196)
NET INCOME (LOSS) 1,829 (161) 967
Total other comprehensive income (loss), net of tax 1,510 1,759 1,066
Comprehensive income (loss) attributable to Key 3,339 1,598 2,033
Parent      
INCOME      
Interest income from subsidiaries 16 20 15
Other income 16 14 24
Total interest income 1,407 784 714
EXPENSE      
Interest on long-term debt with subsidiary trusts 30 33 33
Interest on other borrowed funds 317 341 273
Personnel and other expense 84 77 111
Total expense 431 451 417
Income (loss) from continuing operations before income taxes (TE) 976 333 297
Income tax (expense) benefit 80 94 95
Income (loss) before equity in net income (loss) less dividends from subsidiaries 1,056 427 392
Equity in net income (loss) less dividends from subsidiaries 773 (588) 575
NET INCOME (LOSS) 1,829 (161) 967
Total other comprehensive income (loss), net of tax 1,510 1,759 1,066
Comprehensive income (loss) attributable to Key 3,339 1,598 2,033
Parent | Banks      
INCOME      
Dividends from subsidiaries: 1,375 750 675
Parent | Nonbank subsidiaries      
INCOME      
Dividends from subsidiaries: $ 0 $ 0 $ 0
v3.25.4
Condensed Financial Information of the Parent Company - Condensed Statements of Cash Flows (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
OPERATING ACTIVITIES      
Net income (loss) attributable to Key $ 1,829 $ (161) $ 967
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Other operating activities, net 533 (139) 389
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 2,208 664 2,903
INVESTING ACTIVITIES      
Net (increase) decrease in securities available for sale and in short-term and other investments 7,341 (6,687) (8,385)
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES 3,219 2,497 1,417
FINANCING ACTIVITIES      
Net proceeds from Scotiabank investment 0 2,771 0
Cash dividends paid (1,054) (927) (911)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES (5,883) (2,359) (4,266)
NET INCREASE (DECREASE) IN CASH AND DUE FROM BANKS (456) 802 54
CASH AND DUE FROM BANKS AT BEGINNING OF YEAR 1,743 941 887
CASH AND DUE FROM BANKS AT END OF YEAR 1,287 1,743 941
Parent      
OPERATING ACTIVITIES      
Net income (loss) attributable to Key 1,829 (161) 967
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Equity in net (income) loss less dividends from subsidiaries (773) 588 (575)
Other operating activities, net 329 (752) 172
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 1,385 (325) 564
INVESTING ACTIVITIES      
Net (increase) decrease in securities available for sale and in short-term and other investments (26) (19) (14)
Advances to subsidiaries 0 (250) 0
Sale or repayments of advances to subsidiaries 0 200 16
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES (26) (69) 2
FINANCING ACTIVITIES      
Net proceeds (payments) from issuance of long-term debt (350) 1,000 0
Repurchase of Treasury Shares (236) (28) (73)
Net proceeds from Scotiabank investment 0 2,771 0
Cash dividends paid (1,054) (927) (912)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES (1,640) 2,816 (985)
NET INCREASE (DECREASE) IN CASH AND DUE FROM BANKS (281) 2,422 (419)
CASH AND DUE FROM BANKS AT BEGINNING OF YEAR 5,149 2,727 3,146
CASH AND DUE FROM BANKS AT END OF YEAR $ 4,868 $ 5,149 $ 2,727
v3.25.4
Condensed Financial Information of the Parent Company - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Condensed Financial Statements, Captions [Line Items]      
Interest paid $ 3,710 $ 4,160 $ 3,109
Parent      
Condensed Financial Statements, Captions [Line Items]      
Interest paid $ 244 $ 215 $ 171
v3.25.4
Revenue from Contracts with Customers (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers $ 1,749 $ 1,643 $ 1,435
Other noninterest income 953 910 931
Noninterest income 2,842 809 2,470
Contract assets 0 0  
Contract liabilities 0 0  
Trust and investment services income      
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers 558 518 478
Investment banking and debt placement fees      
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers 551 521 344
Services charges on deposit accounts      
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers 295 261 269
Cards and payments income      
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers 337 331 332
Other noninterest income      
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers 8 12 12
Operating Segments | Consumer Bank      
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers 810 774 767
Noninterest income 957 924 937
Operating Segments | Consumer Bank | Trust and investment services income      
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers 483 449 410
Operating Segments | Consumer Bank | Investment banking and debt placement fees      
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers 0 0 0
Operating Segments | Consumer Bank | Services charges on deposit accounts      
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers 144 135 158
Operating Segments | Consumer Bank | Cards and payments income      
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers 175 178 187
Operating Segments | Consumer Bank | Other noninterest income      
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers 8 12 12
Operating Segments | Commercial Bank      
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers 939 869 668
Noninterest income 1,745 1,629 1,429
Operating Segments | Commercial Bank | Trust and investment services income      
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers 75 69 68
Operating Segments | Commercial Bank | Investment banking and debt placement fees      
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers 551 521 344
Operating Segments | Commercial Bank | Services charges on deposit accounts      
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers 151 126 111
Operating Segments | Commercial Bank | Cards and payments income      
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers 162 153 145
Operating Segments | Commercial Bank | Other noninterest income      
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers 0 0 0
Other      
Disaggregation of Revenue [Line Items]      
Noninterest income $ 140 $ (1,744) $ 104
v3.25.4
Label Element Value
Commercial Bank [Member]  
Goodwill us-gaap_Goodwill $ 933,000,000
Goodwill us-gaap_Goodwill 933,000,000
Goodwill us-gaap_Goodwill 933,000,000
Consumer Bank [Member]  
Goodwill us-gaap_Goodwill 1,819,000,000
Goodwill us-gaap_Goodwill 1,819,000,000
Goodwill us-gaap_Goodwill $ 1,819,000,000