KEYCORP /NEW/, 10-K filed on 2/22/2024
Annual Report
v3.24.0.1
Cover - USD ($)
 12 Months Ended
Dec. 31, 2023
Feb. 20, 2024
Jun. 30, 2023
Entity Information [Line Items]      
Document Type 10-K    
Document Period End Date Dec. 31, 2023    
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     $ 8,646,175,313
Entity Common Stock, Shares Outstanding   933,841,692  
Documents Incorporated by Reference
Certain specifically designated portions of KeyCorp’s definitive Proxy Statement for its 2024 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 2023    
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, $1 par value    
Trading Symbol KEY    
Security Exchange Name NYSE    
Series E Preferred Stock      
Entity Information [Line Items]      
Title of 12(b) Security Perpetual Non-Cumulative Preferred Stock, Series E)    
Trading Symbol KEY PrI    
Security Exchange Name NYSE    
Series F Preferred Stock      
Entity Information [Line Items]      
Title of 12(b) Security Cumulative Preferred Stock, Series F)    
Trading Symbol KEY PrJ    
Security Exchange Name NYSE    
Series G Preferred Stock      
Entity Information [Line Items]      
Title of 12(b) Security Cumulative Preferred Stock, Series G)    
Trading Symbol KEY PrK    
Security Exchange Name NYSE    
Series H Preferred Stock      
Entity Information [Line Items]      
Title of 12(b) Security Cumulative Preferred Stock, Series H)    
Trading Symbol KEY PrL    
Security Exchange Name NYSE    
v3.24.0.1
Audit Information
 12 Months Ended
Dec. 31, 2023
Audit Information [Abstract]  
Auditor Name Ernst & Young LLP
Auditor Location Cleveland, Ohio
Auditor Firm ID 42
v3.24.0.1
Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
ASSETS    
Cash and due from banks $ 941 $ 887
Short-term investments 10,817 2,432
Trading account assets 1,142 829
Securities available for sale 37,185 39,117
Held-to-maturity securities (fair value: $8,056 and $8,113) 8,575 8,710
Other investments 1,244 1,308
Loans, net of unearned income of $356 and $368 112,606 119,394
Allowance for loan and lease losses (1,508) (1,337)
Net loans 111,098 118,057
Loans held for sale [1] 483 963
Premises and equipment 661 636
Goodwill 2,752 2,752
Other intangible assets 55 94
Corporate-owned life insurance 4,383 4,369
Accrued income and other assets 8,601 9,223
Discontinued assets 344 436
Total assets 188,281 189,813
Deposits in domestic offices:    
Interest-bearing deposits 114,859 101,761
Noninterest-bearing deposits 30,728 40,834
Total deposits 145,587 142,595
Federal funds purchased and securities sold under repurchase agreements 38 4,077
Bank notes and other short-term borrowings 3,053 5,386
Accrued expense and other liabilities 5,412 4,994
Long-term debt 19,554 19,307
Total liabilities 173,644 176,359
EQUITY    
Preferred stock 2,500 2,500
Common Shares, $1 par value; authorized 2,100,000,000 and 2,100,000,000 shares; issued 1,256,702,081 and 1,256,702,081 shares 1,257 1,257
Capital surplus 6,281 6,286
Retained earnings 15,672 15,616
Treasury stock, at cost (320,138,094 and 323,377,500 shares) (5,844) (5,910)
Accumulated other comprehensive income (loss) (5,229) (6,295)
Total equity 14,637 13,454
Total liabilities and equity $ 188,281 $ 189,813
[1] Total loans held for sale include Real estate — residential mortgage loans held for sale at fair value of $51 million at December 31, 2023, and $24 million at December 31, 2022
v3.24.0.1
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Fair Value $ 8,056 $ 8,113
Financing receivable, unearned income $ 356 $ 368
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) 320,138,094 323,377,500
Residential Mortgage    
Loans held for sale (residential) $ 51 $ 24
v3.24.0.1
Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
INTEREST INCOME      
Loans $ 6,219 $ 4,241 $ 3,532
Loans held for sale 61 56 50
Securities available for sale 793 752 546
Held-to-maturity securities 312 213 185
Trading account assets 55 31 19
Short-term investments 414 97 28
Other investments 73 22 7
Total interest income 7,927 5,412 4,367
INTEREST EXPENSE      
Deposits 2,322 279 67
Federal funds purchased and securities sold under repurchase agreements 79 41 0
Bank notes and other short-term borrowings 308 90 8
Long-term debt 1,305 475 221
Total interest expense 4,014 885 296
NET INTEREST INCOME 3,913 4,527 4,071
Provision for credit losses 489 502 (418)
Net interest income after provision for credit losses 3,424 4,025 4,489
NONINTEREST INCOME      
Trust and investment services income 516 526 530
Investment banking and debt placement fees 542 638 937
Cards and payments income 340 341 415
Service charges on deposit accounts 270 350 337
Corporate services income 302 372 288
Commercial mortgage servicing fees 190 167 160
Corporate-owned life insurance income 132 132 128
Consumer mortgage income 51 58 131
Operating lease income and other leasing gains 92 103 148
Other income [1] 35 31 120
Total noninterest income 2,470 2,718 3,194
NONINTEREST EXPENSE      
Personnel 2,660 2,566 2,561
Net occupancy 267 295 300
Computer processing 368 314 284
Business services and professional fees 168 212 227
Equipment 88 92 100
Operating lease expense 77 101 126
Marketing 109 123 126
Other expense 997 707 705
Total noninterest expense 4,734 4,410 4,429
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 1,160 2,333 3,254
Income taxes 196 422 642
INCOME (LOSS) FROM CONTINUING OPERATIONS 964 1,911 2,612
Income (loss) from discontinued operations 3 6 13
NET INCOME (LOSS) 967 1,917 2,625
Less: Net income (loss) attributable to noncontrolling interests 0 0 0
NET INCOME (LOSS) ATTRIBUTABLE TO KEY 967 1,917 2,625
Income (loss) from continuing operations attributable to Key common shareholders 821 1,793 2,506
Net income (loss) attributable to Key common shareholders $ 824 $ 1,799 $ 2,519
Per Common Share:      
Income (loss) from continuing operations attributable to Key common shareholders (in dollars per share) $ 0.88 $ 1.94 $ 2.64
Income (loss) from discontinued operations, net of taxes (in dollars per share) 0 0.01 0.01
Net income (loss) attributable to Key common shareholders (in dollars per share) [2] 0.89 1.94 2.65
Per Common Share — assuming dilution:      
Income (loss) from continuing operations attributable to Key common shareholders (in dollars per share) 0.88 1.92 2.62
Income (loss) from discontinued operations, net of taxes (in dollars per share) 0 0.01 0.01
Net income (loss) attributable to Key common shareholders (in dollars per share) [2] $ 0.88 $ 1.93 $ 2.63
Weighted-average common shares outstanding (in shares) 927,217 924,363 947,065
Effect of convertible preferred stock (in shares) 0 0 0
Effect of common share options and other stock awards (in shares) 5,542 8,696 10,349
Weighted-average common shares and potential common shares outstanding (in shares) [3] 932,759 933,059 957,414
[1] Net securities gains (losses) totaled $(11) million for the year ended December 31, 2023, $9 million for the year ended December 31, 2022, and $7 million for the year ended December 31, 2021.
[2] EPS may not foot due to rounding.
[3] Assumes conversion of Common Share options and other stock awards and/or convertible preferred stock, as applicable.
v3.24.0.1
Consolidated Statements of Income (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Statement [Abstract]      
Net securities gains (losses) $ (11) $ 9 $ 7
v3.24.0.1
Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Statement of Comprehensive Income [Abstract]      
Net income (loss) $ 967 $ 1,917 $ 2,625
Other comprehensive income (loss), net of tax:      
Net unrealized gains (losses) on securities available for sale, net of income taxes of $(222), $1,415, and $306 705 (4,492) (970)
Net unrealized gains (losses) on derivative financial instruments, net of income taxes of $(114), $382, and $122 361 (1,212) (388)
Net pension and postretirement benefit costs, net of income taxes of $0, $1, and $(11) 0 (5) 34
Total other comprehensive income (loss), net of tax 1,066 (5,709) (1,324)
Comprehensive income (loss) attributable to Key $ 2,033 $ (3,792) $ 1,301
v3.24.0.1
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Statement of Comprehensive Income [Abstract]      
Net unrealized gains (losses) on securities available for sale, tax $ (222) $ 1,415 $ 306
Net unrealized gains (losses) on derivative instruments, tax (114) 382 122
Net pension and postretirement benefit costs, tax $ 0 $ 1 $ (11)
v3.24.0.1
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, 2020             1,396,000                    
Beginning balance, common shares (in shares) at Dec. 31, 2020               975,773,000                  
Beginning balance at Dec. 31, 2020 $ 17,981           $ 1,900 $ 1,257 $ 6,281 $ 12,751           $ (4,946) $ 738
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                  
Net income (loss) 2,625                 2,625              
Other comprehensive income (loss) (1,324)                               (1,324)
Deferred compensation 9               9                
Cash dividends declared                                  
Cash dividends declared on common shares (717)                 (717)              
Cash dividends declared on preferred stock   $ (26) $ (31) $ (25) $ (24)           $ (26) $ (31) $ (25) $ (24)      
Open market Common Share repurchases (in shares)               (27,346,000)                  
Open market Common Share repurchases (559)                             (559)  
Employee equity compensation program Common Share repurchases (in shares)               (1,611,000)                  
Employee equity compensation program Common Share repurchases (32)               0             (32)  
Common shares reissued (returned) for stock options and other employee benefit plans (in shares)               8,061,000                  
Common shares reissued (returned) for stock options and other employee benefit plans 131               (12)             143  
Common share repurchases under ASR program (in shares)               (26,027,000)                  
Common Share repurchases under ASR program (585)                             (585)  
Ending balance, preferred shares (in shares) at Dec. 31, 2021             1,396,000                    
Ending balance, common shares (in shares) at Dec. 31, 2021               928,850,000                  
Ending balance at Dec. 31, 2021 17,423           $ 1,900 $ 1,257 6,278 14,553           (5,979) (586)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                  
Net income (loss) 1,917                 1,917              
Other comprehensive income (loss) (5,709)                               (5,709)
Deferred compensation (6)               (6)                
Cash dividends declared                                  
Cash dividends declared on common shares (736)                 (736)              
Cash dividends declared on preferred stock   (26) (31) (24) (25) $ (12)         (26) (31) (24) (25) $ (12)    
Open market Common Share repurchases (in shares)               0                  
Open market Common Share repurchases 0                              
Employee equity compensation program Common Share repurchases (in shares)               (1,736,000)                  
Employee equity compensation program Common Share repurchases (44)               0             (44)  
Common shares reissued (returned) for stock options and other employee benefit plans (in shares)               6,211,000                  
Common shares reissued (returned) for stock options and other employee benefit plans 137               24             113  
Issuance of Series H preferred stock (in shares)             600,000                    
Issuance of Series H Preferred stock 590           $ 600   (10)                
Ending balance, preferred shares (in shares) at Dec. 31, 2022             1,996,000                    
Ending balance, common shares (in shares) at Dec. 31, 2022               933,325,000                  
Ending 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               0             138  
Ending balance, preferred shares (in shares) at Dec. 31, 2023   21,000 500,000 425,000 450,000 600,000 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)
v3.24.0.1
Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash dividends declared on Common Shares (in dollars per share) $ 0.82 $ 0.79 $ 0.75
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 $ 0.477917  
v3.24.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
OPERATING ACTIVITIES      
Net income (loss) $ 967 $ 1,917 $ 2,625
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Provision for credit losses 489 502 (418)
Depreciation and amortization expense, net 134 137 32
Accretion of acquired loans 20 27 24
Increase in cash surrender value of corporate-owned life insurance (110) (113) (113)
Stock-based compensation expense 121 120 104
Deferred income taxes (benefit) (108) (27) 146
Proceeds from sales of loans held for sale 8,859 12,496 16,114
Originations of loans held for sale, net of repayments (8,434) (10,684) (16,497)
Net losses (gains) from sale of loans held for sale (135) (151) (282)
Net losses (gains) on leased equipment (9) 7 (12)
Net securities and other investments losses (gains) 11 (9) (7)
Net losses (gains) on sales of fixed assets 18 (7) 18
Net decrease (increase) in trading account assets (313) (128) 34
Net transfer of loans held for sale 0 0 0
Other operating activities, net 1,393 382 (615)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 2,903 4,469 1,153
INVESTING ACTIVITIES      
Purchases of intangible assets via acquisitions 0 (12) 0
Cash received (used) in acquisitions, net of cash acquired 0 (58) (29)
Net decrease (increase) in short-term investments, excluding acquisitions (8,385) 8,578 5,184
Purchases of securities available for sale (2,160) (4,473) (28,190)
Proceeds from sales of securities available for sale 1,752 0 1,375
Proceeds from prepayments and maturities of securities available for sale 3,225 4,545 7,623
Proceeds from prepayments and maturities of held-to-maturity securities 1,343 2,291 2,889
Purchases of held-to-maturity securities (1,194) (3,670) (3)
Purchases of other investments (599) (667) (55)
Proceeds from sales of other investments 646 17 41
Proceeds from prepayments and maturities of other investments 11 15 26
Net decrease (increase) in loans, excluding acquisitions, sales, and transfers 6,668 (17,649) (4,276)
Proceeds from sales of portfolio loans 151 157 337
Proceeds from corporate-owned life insurance 96 72 72
Purchases of premises, equipment, and software (142) (96) (66)
Proceeds from sales of premises and equipment 5 16 4
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES 1,417 (10,934) (15,068)
FINANCING ACTIVITIES      
Net increase (decrease) in deposits, excluding acquisitions 2,992 (9,977) 17,290
Net increase (decrease) in short-term borrowings (6,372) 8,702 (218)
Net proceeds from issuance of long-term debt 5,240 16,596 1,203
Payments on long-term debt (5,052) (8,580) (2,566)
Repurchases of long-term debt (92) 0 0
Issuance of preferred shares 0 590 0
Open market common share repurchases (38) 0 (559)
Employee equity compensation program Common Share repurchases (34) (44) (32)
Common share purchases under ASR program 0 0 (585)
Net proceeds from reissuance of Common Shares 1 6 27
Cash dividends paid (911) (854) (823)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES (4,266) 6,439 13,737
NET INCREASE (DECREASE) IN CASH AND DUE FROM BANKS 54 (26) (178)
CASH AND DUE FROM BANKS AT BEGINNING OF YEAR 887 913 1,091
CASH AND DUE FROM BANKS AT END OF YEAR 941 887 913
Additional disclosures relative to cash flows:      
Interest paid 3,109 601 363
Income taxes paid 156 292 277
Noncash items:      
Reduction of secured borrowing and related collateral 6 9 9
Loans transferred to portfolio from held for sale 208 105 87
Loans transferred to held for sale from portfolio 19 0 3,403
Loans transferred to other real estate owned 7 6 4
CMBS risk retentions 0 12 28
ABS risk retentions 7 8 11
Securities received as consideration $ 0 $ 0 $ 2,825
v3.24.0.1
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2023
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, 2023, KeyBank operated 959 full-service retail banking branches and 1,217 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 major business segments, Consumer Bank and Commercial Bank, is included in Note 25 (“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 related to derivative valuations and reserves have been reclassified from Other Income to Corporate Services Income to conform to current reporting practices.

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). See Note 13 (“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

Effective January 1, 2023, we adopted the provisions of ASU 2022-02, Financial Instruments —Credit Losses (Topic
326), which eliminated the accounting for troubled debt restructurings while expanding loan modification and vintage disclosure requirements. Under this guidance 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. Prior to the adoption of ASU 2022-02, a TDR occurred when a loan to a borrower experiencing financial difficulty was restricted with a concession provided that a creditor would not otherwise consider.

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 10 (“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 6 (“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, and nonaccruing TDR loans prior to the adoption of ASU 2022-02. 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 and TDRs prior to the adoption of ASU 2022-02. 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, in
addition to all TDRs. 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 6 (“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 “other income” 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 “other income” 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 7 (“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 7 (“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. Changes in the fair value of a hedging instrument are reflected in the same income statement line as the earnings effect of the change in fair value of the hedged item attributable to the hedged risk.
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.
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).
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 8 (“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 9 (“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 10 (“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.

Beginning January 1, 2021, 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 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 12 (“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.”
Additional information regarding acquisitions is provided in Note 15 (“Acquisitions and Discontinued Operations”).

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.

Additional information regarding securities financing activities is included in Note 16 (“Securities Financing Activities”).

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 22 (“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 5 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 17 (“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 “Other 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 2023

StandardDate of AdoptionDescriptionEffect on Financial Statements or Other Significant Matters
ASU 2021-08, Business Combinations
(Topic 805)		January 1, 2023

At the acquisition date, an acquirer must account for any acquired revenue contracts in accordance with Topic 606 as if it had originated the contracts (i.e., measure contract assets and liabilities, generally consistent with acquiree's financial statements).

The guidance should be applied on a prospective basis.		The adoption of this guidance did not have a material impact on Key’s financial condition or results of operations.
ASU 2022-01, Derivatives and Hedging (Topic 815)January 1, 2023

This guidance allows entities to apply the same portfolio hedging method to both prepayable and nonprepayable financial assets. It also allows multiple hedged layers to be designated for a single closed portfolio of financial assets or one or more beneficial interests secured by a portfolio of financial instruments. If a breach is anticipated, an entity is required to partially or fully dedesignate a hedged layer or layers until a breach is no longer anticipated. There are additional requirements and enhanced disclosures related to basis adjustments.

The guidance should be applied on a prospective, retrospective or modified retrospective basis depending on the amendment.		The adoption of this guidance did not have a material impact on Key’s financial condition or results of operations.
ASU 2022-02, Financial Instruments—Credit Losses (Topic 326)January 1, 2023

The amendments eliminate current Troubled Debt Restructuring (TDR) guidance and instead require entities to apply the loan refinancing and restructuring guidance to determine whether a modification results in a new loan or is a continuation of an existing loan.

Entities must disclose current-period gross write-offs on an amortized cost basis by credit quality indicator and class of financing receivable by year of origination.

The guidance should be applied on a prospective basis except for amendments related to recognition and measurement of TDRs, where a modified retrospective transition method is optional.		The adoption of this guidance did not have a material impact on Key's financial condition or results of operations. Newly required disclosures are included in Note 5 (“Asset Quality”).
ASU 2023-02,
Investments—Equity
Method and Joint
Ventures (Topic 323)		January 1, 2023


Reporting entities may elect to account for their tax equity investments, not limited to LIHTC structures, using the proportional amortization method as long as certain criteria are met. Entities must make an accounting policy election to apply the proportional amortization method on a tax credit-program-by-tax-credit-program basis. Also, LIHTC
investments not accounted for using the proportional amortization method will no longer be allowed to use the delayed equity contribution guidance. Further, accounting guidance in ASC 323-740 is now only applicable to tax equity investments accounted for using the proportional amortization method.

The guidance should be applied on a modified
retrospective or retrospective basis.
The guidance did not have a material impact on Key’s financial condition or results of operations.

Key adopted this guidance on a modified retrospective basis.

Accounting Guidance Adopted in 2024

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

The amendments clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and is not considered in measuring fair value.

Entities cannot, as a separate unit of account, recognize and measure a contractual sale restriction.

The amendments require disclosures for equity securities subject to contractual restrictions including; the fair value of equity securities subject to contractual sale restrictions reflected in the balance sheet, the nature and remaining duration of the restriction(s) and the circumstances that could cause a lapse in the restriction(s).

The guidance should be applied prospectively with any adjustments from the adoption of the amendments recognized in earnings and disclosed on the date of adoption.		The guidance did not have a material impact on Key’s financial condition or results of operations.
v3.24.0.1
Earnings Per Common Share
 12 Months Ended
Dec. 31, 2023
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 amounts202320222021
EARNINGS
Income (loss) from continuing operations$964 $1,911 $2,612 
Less: Net income (loss) attributable to noncontrolling interests— — — 
Income (loss) from continuing operations attributable to Key964 1,911 2,612 
Less: Dividends on preferred stock143 118 106 
Income (loss) from continuing operations attributable to Key common shareholders821 1,793 2,506 
Income (loss) from discontinued operations, net of taxes3 6 13 
Net income (loss) attributable to Key common shareholders$824 $1,799 $2,519 
WEIGHTED-AVERAGE COMMON SHARES
Weighted-average Common Shares outstanding (000)927,217 924,363 947,065 
Effect of common share options and other stock awards5,542 8,696 10,349 
Weighted-average common shares and potential Common Shares outstanding (000) (a)
932,759 933,059 957,414 
EARNINGS PER COMMON SHARE
Income (loss) from continuing operations attributable to Key common shareholders$.88 $1.94 $2.64 
Income (loss) from discontinued operations, net of taxes— .01 .01 
Net income (loss) attributable to Key common shareholders (b)
.89 1.94 2.65 
Income (loss) from continuing operations attributable to Key common shareholders — assuming dilution.88 1.92 2.62 
Income (loss) from discontinued operations, net of taxes — assuming dilution— .01 .01 
Net income (loss) attributable to Key common shareholders — assuming dilution (b)
.88 1.93 2.63 
(a)Assumes conversion of Common Share options and other stock awards and/or convertible preferred stock, as applicable.
(b)EPS may not foot due to rounding.
v3.24.0.1
Restrictions on Cash, Dividends and Lending Activities
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
Restrictions on Cash, Dividends, and Lending Activities
3. 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 2023, KeyBank paid $675 million in dividends to KeyCorp. At December 31, 2023, KeyBank had regulatory capacity to pay $2.3 billion in dividends to KeyCorp without prior regulatory approval. At December 31, 2023, KeyCorp held $2.7 billion in cash and short-term investments, which can be used to pay dividends to shareholders, service debt, and finance corporate operations.
v3.24.0.1
Loan Portfolio
 12 Months Ended
Dec. 31, 2023
Financing Receivable, before Allowance for Credit Loss [Abstract]  
Loan Portfolio
4. Loan Portfolio
Loan Portfolio by Portfolio Segment and Class of Financing Receivable (a)
December 31,  
Dollars in millions20232022
Commercial and industrial (b)
$55,815 $59,647 
Commercial real estate:
Commercial mortgage15,187 16,352 
Construction3,066 2,530 
Total commercial real estate loans18,253 18,882 
Commercial lease financing (c)
3,523 3,936 
Total commercial loans77,591 82,465 
Residential — prime loans:
Real estate — residential mortgage20,958 21,401 
Home equity loans7,139 7,951 
Total residential — prime loans28,097 29,352 
Consumer direct loans5,890 6,508 
Credit cards1,002 1,026 
Consumer indirect loans26 43 
Total consumer loans35,015 36,929 
Total loans (d)
$112,606 $119,394 
(a)Accrued interest of $522 million and $417 million at December 31, 2023, and December 31, 2022, 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 $207 million and $172 million of commercial credit card balances at December 31, 2023, and December 31, 2022, respectively.
(c)Commercial lease financing includes receivables of $7 million and $8 million held as collateral for secured borrowings at December 31, 2023, and December 31, 2022, respectively. Principal reductions are based on the cash payments received from these related receivables. Additional information pertaining to this secured borrowing is included in Note 20 (“Long-Term Debt”).
(d)Total loans exclude loans of $339 million at December 31, 2023, and $434 million at December 31, 2022, related to the discontinued operations of the education lending business.
v3.24.0.1
Asset Quality
 12 Months Ended
Dec. 31, 2023
Credit Loss [Abstract]  
Asset Quality
5. Asset Quality
ALLL

We estimate the appropriate level of the ALLL on at least a quarterly basis. The methodology is described in Note 1 ("Basis of Presentation and Accounting Policies") under the heading "Allowance for Loan and Lease Losses" of this report.

The ALLL at December 31, 2023, 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, 2023:
Dollars in millionsDecember 31, 2022ProvisionCharge-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 
Consumer direct loans111 53 (50)7 121 
Credit cards66 42 (37)7 78 
Consumer indirect loans2 (1)(1)1 1 
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.

Twelve Months Ended December 31, 2022:
Dollars in millionsDecember 31, 2021ProvisionCharge-offsRecoveriesDecember 31, 2022
Commercial and Industrial $445 $259 $(153)$50 $601 
Commercial real estate:
Real estate — commercial mortgage182 39 (23)5 203 
Real estate — construction29 (2)— 1 28 
Total commercial real estate loans211 37 (23)6 231 
Commercial lease financing32 (2)(2)4 32 
Total commercial loans688 294 (178)60 864 
Real estate — residential mortgage95 94 2 5 196 
Home equity loans110 (14)(1)3 98 
Consumer direct loans105 32 (34)8 111 
Credit cards61 29 (30)6 66 
Consumer indirect loans2 2 (4)2 2 
Total consumer loans373 143 (67)24 473 
Total ALLL — continuing operations1,061 437 
(a)
(245)84 1,337 
Discontinued operations28 (3)(6)2 21 
Total ALLL — including discontinued operations$1,089 $434 $(251)$86 $1,358 
(a)Excludes a provision related to reserves on lending-related commitments of $65 million.
Twelve Months Ended December 31, 2021
Dollars in millionsDecember 31, 2020Provision Charge-offsRecoveriesDecember 31, 2021
Commercial and industrial$678 $(142)  $(174)$83 $445 
Commercial real estate:
Real estate — commercial mortgage327 (114)(40)9 182 
Real estate — construction47 (18)— — 29 
Total commercial real estate loans374 (132)(40)9 211 
Commercial lease financing47 (16)(6)7 32 
Total commercial loans1,099 (290)(220)99 688 
Real estate — residential mortgage102 (12)2 3 95 
Home equity loans171 (57)(9)5 110 
Consumer direct loans128 (2)  (29)8 105 
Credit cards87 (7)  (27)8 61 
Consumer indirect loans39 (13)(39)15 2 
Total consumer loans527 (91)  (102)39 373 
Total ALLL — continuing operations1,626 (381)
(a)
(322)138 1,061 
Discontinued operations36 (6)  (4)2 28 
Total ALLL — including discontinued operations$1,662 $(387)$(326)$140 $1,089 
(a)Excludes a credit related to reserves on lending-related commitments of $37 million.

As described in Note 1 ("Basis of Presentation and Accounting Policies"), we estimate the ALLL using relevant available information, from internal and external sources, relating to past events, current 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, and unemployment rate, Producer Price Index
Commercial real estateProperty & real estate price indices, unemployment rate, business bankruptcies, GDP, SOFR
Commercial lease financingBBB corporate bond rate (spread), GDP, and unemployment rate
ConsumerReal estate — residential mortgageGDP, home price index, unemployment rate, and 30 year mortgage rate
Home equityHome price index, unemployment rate, and 30 year mortgage rate
Consumer directUnemployment rate and U.S. household income
Consumer indirectUnemployment rate
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, 2023, economic uncertainty remained elevated. Unemployment rates remain at relatively low levels, but job growth is moderating. Inflation, in the United States, has eased as the restrictive monetary policy and higher interest rates have made an impact. Commercial real estate values remain under pressure, with office being the most vulnerable asset class. We utilized the Moody’s November 2023 Consensus forecast as our baseline forecast to estimate our expected credit losses as of December 31, 2023. We determined such forecast to be a reasonable view of the outlook for the economy given all available information at year end.

The baseline scenario reflects continued economic resiliency, but weaknesses remain and the economy is forecasted to slow down in 2024. U.S. GDP is expected to grow at an annual rate of approximately 1.1% and 1.6% for 2024 and 2025, respectively, down from 2.4% in 2023. The expected national unemployment rate was 3.8% in the fourth quarter of 2023 and forecasted to peak at 4.5% in late 2024. The forecast assumes the Fed Funds rate begins easing mid-2024. The U.S. Consumer Price Index annualized rate is forecasted at 2.7% for 2024. The national home price index is expected to remain generally stable over 2024, while the commercial real estate price index is forecasted to drop approximately 7%.

To the extent we identified credit risk considerations that were not captured by the third-party economic forecast, we addressed the risk through management’s qualitative adjustments to the ALLL. As a result of the current economic uncertainty, our future loss estimates may vary considerably from our December 31, 2023 assumptions.

Commercial Loan Portfolio

The commercial ALLL increased by $196 million, or 22.7%, from December 31, 2022, through December 31, 2023. The overall increase is driven by changes in portfolio activity and the economic outlook.

The reserve levels are reflective of the inflationary and elevated interest rate environment as of December 31, 2023. The reserve increase from the prior year is concentrated in the commercial real estate portfolio, and reflects changes in portfolio factors and deterioration in the economic conditions for this segment. Offsetting these drivers was a decrease in the reserve for the commercial & industrial portfolio, largely due to planned balance sheet optimization efforts in the current year, partly offset by portfolio migration.

Consumer Loan Portfolio

The consumer ALLL decreased $25 million, or 5.3%, from December 31, 2022, through December 31, 2023. The overall decrease in the allowance is primarily driven by changes in the economic outlook.

The most meaningful change to the economic forecast year-over-year is the improvement in the home price index outlook, which contributes to reserve decreases for both the residential mortgage and home equity portfolios.

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 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)
As of December 31, 2023Term LoansRevolving Loans Amortized Cost BasisRevolving Loans Converted to Term Loans Amortized Cost Basis
Amortized Cost Basis by Origination Year and Internal Risk Rating
Dollars in millions20232022202120202019PriorTotal
Commercial and Industrial
Risk Rating:
Pass$4,020 $10,145 $6,141 $2,539 $2,064 $3,534 $24,395 $123 $52,961 
Criticized (Accruing)84 361 427 233 127 170 1,140 15 2,557 
Criticized (Nonaccruing)14 49 50 2 28 70 84 — 297 
Total commercial and industrial4,118 10,555 6,618 2,774 2,219 3,774 25,619 138 55,815 
Current period gross write-offs1 73581121105— 188 
Real estate — commercial mortgage
Risk Rating:
Pass1,084 3,664 2,922 804 1,545 2,507 1,017 66 13,609 
Criticized (Accruing)6 646 411 15 186 193 20 1 1,478 
Criticized (Nonaccruing)— — 1 3 7 55 34 — 100 
Total real estate — commercial mortgage
1,090 4,310 3,334 822 1,738 2,755 1,071 67 15,187 
Current period gross write-offs— 11112213— 39 
Real estate — construction
Risk Rating:
Pass401 1,185 912 157 62 48 31 8 2,804 
Criticized (Accruing)10 40 60 64 41 47 — — 262 
Criticized (Nonaccruing)— — — — — — — — — 
Total real estate — construction411 1,225 972 221 103 95 31 8 3,066 
Current period gross write-offs— — — — — — — — — 
Commercial lease financing
Risk Rating:
Pass520 878 575 352 307 808 — — 3,440 
Criticized (Accruing)11 30 9 9 8 16 — — 83 
Criticized (Nonaccruing)— — — — — — — — — 
Total commercial lease financing531 908 584 361 315 824 — — 3,523 
Current period gross write-offs— — — — — — — — — 
Total commercial loans$6,150 $16,998 $11,508 $4,178 $4,375 $7,448 $26,721 $213 $77,591 
Total commercial loan current period gross write-offs$1 $8 $36 $19 $13 $42 $108 $— $227 
(a)Accrued interest of $383 million, presented in “Accrued income and other assets” on the Consolidated Balance Sheets, was excluded from the amortized cost basis disclosed in this table.
Consumer Credit Exposure
Credit Risk Profile by FICO Score and Vintage (a)
As of December 31, 2023Term LoansRevolving Loans Amortized Cost BasisRevolving Loans Converted to Term Loans Amortized Cost Basis
Amortized Cost Basis by Origination Year and FICO Score
Dollars in millions20232022202120202019PriorTotal
Real estate — residential mortgage
FICO Score:
750 and above$680 $5,992 $7,785 $2,392 $586 $923 $— $— $18,358 
660 to 749180 739 780 248 90 240 — — 2,277 
Less than 66015 58 56 22 17 130 — — 298 
No Score2 1 1 1 — 18 2 — 25 
Total real estate — residential mortgage877 6,790 8,622 2,663 693 1,311 2 — 20,958 
Current period gross write-offs— — — — — 1 — — 1 
Home equity loans
FICO Score:
750 and above— 85 1,575 435 114 378 2,034 331 4,952 
660 to 74924 65 229 152 66 164 886 107 1,693 
Less than 6603 13 38 27 17 77 281 31 487 
No Score2 — — — — 1 4 — 7 
Total home equity loans29 163 1,842 614 197 620 3,205 469 7,139 
Current period gross write-offs(1)— — — — 2 — 1 2 
Consumer direct loans
FICO Score:
750 and above185 1,187 1,457 660 277 98 97 — 3,961 
660 to 749150 365 342 171 83 50 199 — 1,360 
Less than 66024 64 65 32 17 12 57 — 271 
No Score30 33 17 11 10 12 185 — 298 
Total consumer direct loans389 1,649 1,881 874 387 172 538 — 5,890 
Current period gross write-offs1 12 10 6 5 2 14 — 50 
Credit cards
FICO Score:
750 and above— — — — — — 489 — 489 
660 to 749— — — — — — 400 — 400 
Less than 660— — — — — — 112 — 112 
No Score— — — — — — 1 — 1 
Total credit cards— — — — — — 1,002 — 1,002 
Current period gross write-offs— — — — — — 37 — 37 
Consumer indirect loans
FICO Score:
750 and above— — (2)— — 14 — — 12 
660 to 749— — — — — 10 — — 10 
Less than 660— — — — — 4 — — 4 
No Score— — — — — — — — — 
Total consumer indirect loans— — (2)— — 28 — — 26 
Current period gross write-offs— — — — — 1 — — 1 
Total consumer loans$1,295 $8,602 $12,343 $4,151 $1,277 $2,131 $4,747 $469 $35,015 
Total consumer loan current period gross write-offs$— $12 $10 $6 $5 $6 $51 $1 $91 
(a)Accrued interest of $139 million, presented in “Accrued income and other assets” on the Consolidated Balance Sheets, was excluded from the amortized cost basis disclosed in this table.

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, 2023, and December 31, 2022, provides further information regarding Key’s credit exposure.
Aging Analysis of Loan Portfolio(a)
December 31, 2023Current
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 (c)
Dollars in millions
LOAN TYPE
Commercial and industrial$55,354 $62 $30 $72 $297 $461 $55,815 
Commercial real estate:
Commercial mortgage15,049 25 3 10 100 138 15,187 
Construction3,065 1 — — — 1 3,066 
Total commercial real estate loans18,114 26 3 10 100 139 18,253 
Commercial lease financing3,520 2 1 — — 3 3,523 
Total commercial loans$76,988 $90 $34 $82 $397 $603 $77,591 
Real estate — residential mortgage$20,863 $17 $7 $— $71 $95 $20,958 
Home equity loans7,001 27 10 4 97 138 7,139 
Consumer direct loans5,853 15 10 9 3 37 5,890 
Credit cards974 6 5 12 5 28 1,002 
Consumer indirect loans24 1 — — 1 2 26 
Total consumer loans$34,715 $66 $32 $25 $177 $300 $35,015 
Total loans$111,703 $156 $66 $107 $574 $903 $112,606 
(a)Amounts in table represent amortized cost and exclude loans held for sale.
(b)Accrued interest of $522 million presented in “Accrued income and other assets” on the Consolidated Balance Sheets is excluded from the amortized cost basis disclosed in this table.
(c)Net of unearned income, net of deferred fees and costs, and unamortized discounts and premiums.

December 31, 2022Current
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 (c)
Dollars in millions
LOAN TYPE
Commercial and industrial$59,366 $43 $33 $31 $174 $281 $59,647 
Commercial real estate:
Commercial mortgage16,305 16 2 8 21 47 16,352 
Construction2,530 — — — — — 2,530 
Total commercial real estate loans18,835 16 2 8 21 47 18,882 
Commercial lease financing3,928 3 1 3 1 8 3,936 
Total commercial loans$82,129 $62 $36 $42 $196 $336 $82,465 
Real estate — residential mortgage$21,307 $13 $3 $1 $77 $94 $21,401 
Home equity loans7,804 27 8 5 107 147 7,951 
Consumer direct loans6,478 15 7 5 3 30 6,508 
Credit cards1,007 5 4 7 3 19 1,026 
Consumer indirect loans42 — — — 1 1 43 
Total consumer loans$36,638 $60 $22 $18 $191 $291 $36,929 
Total loans$118,767 $122 $58 $60 $387 $627 $119,394 
(a)Amounts in table represent amortized cost and exclude loans held for sale.
(b)Accrued interest of $417 million presented in “Accrued income and other assets” on the Consolidated Balance Sheets is excluded from the amortized cost basis disclosed in this table.
(c)Net of unearned income, net of deferred fees and costs, and unamortized discounts and premiums.

At December 31, 2023, the carrying amount of our commercial nonperforming loans outstanding represented 72% of their original contractual amount owed, total nonperforming loans outstanding represented 77% of their original contractual amount owed, and nonperforming assets in total were carried at 80% of their original contractual amount owed.

Nonperforming loans reduced expected interest income by $37 million, $17 million, and $17 million for each of the twelve months ended December 31, 2023, December 31, 2022, and December 31, 2021, respectively.

The amortized cost basis of nonperforming loans on nonaccrual status for which there is no related allowance for credit losses was $301 million at December 31, 2023.

As of December 31, 2023, 51% of our nonperforming loans were contractually current versus 41% as of December 31, 2022.
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, 2023 and December 31, 2022, the recorded investment of consumer residential mortgage loans in the process of foreclosure was approximately $89 million and $156 million, respectively.

There were no significant changes in the extent to which collateral secures our collateral-dependent financial assets during 2023.

Loan Modifications Made to Borrowers Experiencing Financial Difficulty

Effective January 1, 2023 Key adopted the provision of ASU 2022-02, which eliminated the accounting for TDRs while expanding loan modification and vintage disclosure requirements. 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 (“Basis of Presentation and 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 table shows the amortized cost basis at the end of the reporting period of the loans modified to borrowers experiencing financial difficulty since the adoption of ASU 2022-02 on January 1, 2023, disaggregated by class of loan and type of concession granted. The table does not include those modifications that only resulted in an insignificant payment delay. The table does 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, 2023, there were 121 loans totaling $15 million in a trial modification period.

Commitments outstanding to lend additional funds to borrowers experiencing financial difficulty whose loans were modified were $61 million at December 31, 2023.
As of December 31, 2023Interest Rate ReductionTerm ExtensionOther
Combination(b)
Total
Dollars in millionsAmortized Cost BasisAmortized Cost BasisAmortized Cost BasisAmortized Cost BasisAmortized Cost Basis% of Total Loan Type
LOAN TYPE
Commercial and Industrial$— $180 $49 $34 $263 0.47 %
Commercial real estate:
Commercial mortgage— 4 2 — 6 0.04 
Construction— — — — — — 
Total commercial real estate loans— 4 2 — 6 0.03 
Commercial lease financing— — — — — — 
Total commercial loans$— $184 $51 $34 $269 0.35 %
Real estate — residential mortgage— — 1 9 10 0.05 
Home equity loans2 1 1 5 9 0.13 
Consumer direct loans— 1 — 2 3 0.05 
Credit cards— — — 4 4 0.40 
Consumer indirect loans(a)
— — — — — — 
Total consumer loans2 2 2 20 26 0.07 
Total loans$2 $186 $53 $54 $295 0.26 %
(a)The amortized cost amount as of December 31, 2023, for Consumer indirect loans modified for borrowers experiencing financial difficulty totaled less than $1 million.
(b)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 during the three and twelve months ended December 31, 2023.
Three months ended December 31, 2023Weighted-average Interest Rate ChangeWeighted-average Term Extension (in years)
LOAN TYPE
Commercial and Industrial(14.58)%0.38
Real estate — residential mortgage(1.82)%7.75
Home equity loans(2.48)%7.74
Consumer direct loans(1.17)%0.38
Credit cards(13.76)%0.25
Consumer indirect loans— %0.42
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
Consumer direct loans(3.62)%1.01
Credit cards(14.90)%1.00
Consumer indirect loans(3.05)%0.51

Amortized Cost Basis of Modified Loans That Subsequently Defaulted

There were $1 million of Commercial mortgage loans that were modified for borrowers experiencing financial difficulty that received modifications and subsequently defaulted during the three-month period ended December 31, 2023. There were $11 million of loans that were modified for borrowers experiencing financial difficulty that received modifications and subsequently defaulted during the twelve-month period ended December 31, 2023.
Key closely monitors the performance of loans that are modified for borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table depicts the performance of loans that have been modified for borrowers experiencing financial difficulty in the past 12 months.
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 
Construction— — — — 
Total commercial real estate loans244 25 — 269 
Commercial lease financing— — — — 
Total commercial loans244 25 — 269 
Real estate — residential mortgage9 1 — 10 
Home equity loans8 — 1 9 
Consumer direct loans3 — — 3 
Credit cards3 1 — 4 
Consumer indirect loans— — — — 
Total consumer loans$23 $2 $1 $26 
Total loans$267 $27 $1 $295 

Liability for Credit Losses on Off Balance Sheet Exposures

The liability for credit losses on off balance sheet exposure is included in “accrued expense and other liabilities” on the balance sheet. This includes credit risk for recourse associated with loans sold under the Fannie Mae Delegated Underwriting and Servicing program and credit losses inherent in unfunded lending-related commitments, such as letters of credit and unfunded loan commitments, and certain financial guarantees.

Changes in the liability for credit losses for off balance sheet exposures are summarized as follows:
 Twelve months ended December 31,
Dollars in millions20232022
Balance at beginning of period$225 $160 
Provision (credit) for losses on off balance sheet exposures74 65 
Other(3)— 
Balance at end of period$296 $225 

TDR Disclosures Prior to the Adoption of ASU 2022-02

Prior to our adoption of ASU 2022-02, we accounted for a modification to the contractual terms of a loan that resulted in granting a concession to a borrower experiencing financial difficulties as a TDR. See Note 1 (“Summary of Significant Accounting Policies”) in this report for more information on TDR accounting and disclosure requirements.

Commitments outstanding to lend additional funds to borrowers whose loan terms have been modified in TDRs were $10 million at December 31, 2022.

The consumer TDR other concession category in the table below primarily includes those borrowers’ debts that are discharged through Chapter 7 bankruptcy and have not been formally re-affirmed.

The following table shows the post-modification outstanding recorded investment by concession type for our commercial and consumer accruing and nonaccruing TDRs that occurred during the periods indicated:
December 31,
Dollars in millions2022
Commercial loans:
Extension of Maturity Date$36 
Total$36 
Consumer loans:
Interest rate reduction$13 
Other20 
Total$33 
Total TDRs$69 
The following table summarizes the change in the post-modification outstanding recorded investment of our accruing and nonaccruing TDRs during the periods indicated:
December 31,
Dollars in millions2022
Balance at beginning of the period$220 
Additions79 
Payments(45)
Charge-offs(18)
Balance at end of period$236 
A further breakdown of TDRs included in nonperforming loans by loan category for the periods indicated are as follows:
December 31, 2022
Number  
of Loans  		Pre-modification  
Outstanding  
Recorded  
Investment  		Post-modification  
Outstanding  
Recorded  
Investment  
Dollars in millions
LOAN TYPE
Nonperforming:
Commercial and industrial27 $60 $45 
Commercial real estate:
Real estate — commercial mortgage4 50 13 
Total commercial real estate loans4 50 13 
Total commercial loans31 110 58 
Real estate — residential mortgage238 30 27 
Home equity loans468 32 28 
Consumer direct loans156 2 2 
Credit cards331 2 2 
Consumer indirect loans16 2 1 
Total consumer loans1,209 68 60 
Total nonperforming TDRs1,240 178 118 
Prior-year accruing: (a)
Commercial and industrial19 — — 
Commercial real estate:
Real estate — commercial mortgage— — — 
Total commercial loans19 — — 
Real estate — residential mortgage425 41 35 
Home equity loans1,547 96 73 
Consumer direct loans272 4 3 
Credit cards607 4 2 
Consumer indirect loans95 11 5 
Total consumer loans2,946 156 118 
Total prior-year accruing TDRs2,965 156 118 
Total TDRs4,205 $334 $236 
(a)All TDRs that were restructured prior to January 1, 2022, are fully accruing.
Commercial loan TDRs are considered defaulted when principal and interest payments are 90 days past due. Consumer loan TDRs are considered defaulted when principal and interest payments are more than 60 days past due. During 2022, there were 12 commercial loan TDRs and 191 consumer loan TDRs with a combined recorded investment of $12 million that experienced payment defaults after modifications resulting in TDR status during 2021.
v3.24.0.1
Fair Value Measurements
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Fair Value Measurements 6. 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 our principal market. 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, refer below. The following tables present assets and liabilities measured at fair value on a recurring basis at December 31, 2023, and December 31, 2022.
December 31, 2023December 31, 2022
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Dollars in millions
ASSETS MEASURED ON A RECURRING BASIS
Trading account assets:
U.S. Treasury, agencies and corporations$— $685 $— $685 $— $698 $— $698 
States and political subdivisions— 93 — 93 — 33 — 33 
Other mortgage-backed securities— 340 — 340 — 84 — 84 
Other securities— 21 — 21 — — — — 
Total trading account securities— 1,139 — 1,139 — 815 — 815 
Commercial loans— 3 — 3 — 14 — 14 
Total trading account assets— 1,142 — 1,142 — 829 — 829 
Securities available for sale:
U.S. Treasury, agencies and corporations— 9,026 — 9,026 — 9,415 — 9,415 
States and political subdivisions— — — — — — — — 
Agency residential collateralized mortgage obligations— 15,478 — 15,478 — 16,433 — 16,433 
Agency residential mortgage-backed securities— 3,589 — 3,589 — 3,920 — 3,920 
Agency commercial mortgage-backed securities— 9,092 — 9,092 — 9,349 — 9,349 
Other securities— — — — — — — — 
Total securities available for sale$— $37,185 $— $37,185 $— $39,117 $— $39,117 
Other investments:
Principal investments:
Direct$— $— $— $— $— $— $1 $1 
Indirect (measured at NAV) (a)
— — — 17 — — — 34 
Total principal investments— — — 17 — — 1 35 
Equity investments:
Direct— — 2 2 4 — 2 6 
Direct (measured at NAV) (a)
— — — 40 — — — 32 
Indirect (measured at NAV) (a)
— — — 4 — — — 4 
Total equity investments— — 2 46 4 — 2 42 
Total other investments— — 2 63 4 — 3 77 
Loans, net of unearned income (residential)— — 9 9 — — 9 9 
Loans held for sale (residential)— 51 — 51 — 24 — 24 
Derivative assets:
Interest rate— 175 (2)173 — 301 2 303 
Foreign exchange74 15 — 89 112 24 — 136 
Commodity— 721 — 721 — 1,328 — 1,328 
Credit— — — — — — 1 1 
Other— 14 2 16 — 13 — 13 
Derivative assets74 925 — 999 112 1,666 3 1,781 
Netting adjustments (b)
— — — (818)— — — (757)
Total derivative assets74 925 — 181 112 1,666 3 1,024 
Total assets on a recurring basis at fair value$74 $39,303 $11 $38,631 $116 $41,636 $15 $41,080 
LIABILITIES MEASURED ON A RECURRING BASIS
Bank notes and other short-term borrowings:
Short positions$30 $774 $— $804 $126 $509 $— $635 
Derivative liabilities:
Interest rate— 985 — 985 — 1,307 — 1,307 
Foreign exchange58 15 — 73 107 24 — 131 
Commodity— 698 — 698 — 1,304 — 1,304 
Credit— 1 — 1 — — 3 3 
Other— 20 — 20 — 5 — 5 
Derivative liabilities58 1,719 — 1,777 107 2,640 3 2,750 
Netting adjustments (b)
— — — (473)— — — (1,262)
Total derivative liabilities58 1,719 — 1,304 107 2,640 3 1,488 
Total liabilities on a recurring basis at fair value$88 $2,493 $— $2,108 $233 $3,149 $3 $2,123 
(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.
(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.
Fair value of level 3 securities is determined by:
• Internally developed valuation techniques, principally discounted cash flow methods (income approach).
• Revenue multiples of comparable public companies (market approach).

For level 3 securities, increases (decreases) in the discount rate and marketability discount used in the discounted cash flow models would have resulted in lower (higher) fair value measurements. Higher volatility factors would have further magnified changes in fair value.

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, 2, and 3 (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 (direct)
Direct principal investments consist of equity and debt instruments of private companies made by our principal investing entities. Fair value is determined using:
• Operating performance and market multiples of comparable businesses
• Other unique facts and circumstances related to each individual investment
Direct principal investments are accounted for as investment companies in accordance with the applicable accounting guidance, whereby each investment is adjusted to fair value with any net realized or unrealized gain/loss recorded in the current period’s earnings.

As of December 31, 2023, we have wound down substantially all of our direct principal investment portfolio.
Level 3
Asset/liability classValuation techniqueValuation hierarchy classification(s)
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.

Under the provisions of the Volcker Rule, we were required to dispose or conform our indirect investments to the requirements of the statute by no later than July 21, 2023. Key completed conforming and/or divesting certain indirect investments subject to the Volcker Rule as of June 30, 2023.
NAV

The following table presents the fair value of our direct and indirect principal investments and related unfunded commitments at December 31, 2023, as well as financial support provided for the years ended December 31, 2023, and December 31, 2022.
  Financial support provided
  Year ended December 31,
 December 31, 202320232022
Dollars in millionsFair Value
Unfunded
Commitments
Funded
Commitments
Funded
Other
Funded
Commitments
Funded
Other
INVESTMENT TYPE
Direct investments$— $— $— $— $— $— 
Indirect investments (a)
17 1 — — — — 
Total$17 $1 $— $— $— $— 
(a)Our indirect investments consist of buyout funds, venture capital funds, and fund of funds. These investments are generally not redeemable. Instead, distributions are received through the liquidation of the underlying investments of the fund. An investment in any one of these funds typically can be sold only with the approval of the fund’s general partners. At December 31, 2023, no significant liquidation of the underlying investments has been communicated to Key. The purpose of funding our capital commitments to these investments is to allow the funds to make additional follow-on investments and pay fund expenses until the fund dissolves. We, and all other investors in the fund, are obligated to fund the full amount of our respective capital commitments to the fund based on our and their respective ownership percentages, as noted in the applicable Limited Partnership Agreement.

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 1 investments reflect the quoted market prices of the investments available in an active market.
Level 1 and 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.
NAV
Asset/liability classValuation techniqueValuation hierarchy classification(s)
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. (These adjustments represent unobservable inputs to the valuation but are not considered significant given the relative insensitivity of the value to changes in these inputs to the fair value of the 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 1, 2 and 3 (primarily level 2)
Derivatives
Exchange-traded derivatives are valued using quoted prices in active markets and, therefore, are 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, certain options, floors, cross currency swaps, credit default swaps, and forward mortgage loan sale commitments. Significant inputs used in the valuation models include:
• LIBOR, 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 following table shows 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, 2023, and December 31, 2022.
 
Dollars in millions
Beginning
of Period
Balance
Gains (Losses) included in
comprehensive income
Gains
(Losses)
Included
in Earnings
 PurchasesSalesSettlementsTransfers Other
Transfers
into
Level 3
 
Transfers
out of
Level 3
 
End of
Period
Balance
Unrealized
Gains
(Losses)
Included in
Earnings
 
Year ended December 31, 2023
Securities available for sale
Other securities$— $— $— 
  
$— $— $— $— $—   $—   $— $—   
Other investments
Principal investments
Direct1 — (1)— — — — —   —   — — 
Equity investments
Direct2 — — 
(c)
— — — — — — 2 — 
Loans held for sale (residential)— — — — — — — — — — — 
Loans held for investment (residential)9 — — — — — — — — 9 — 
Derivative instruments (b)
Interest rate2 — (23)
(d)
19 1 — — (6)
(e) 
5 
(e) 
(2)—   
Credit(2)— — 
(d)
— 2 — — —   —   — —   
Other (a)
— — — — — — 2 — — 2 — 
Dollars in millions
Beginning
of Period
Balance
Gains (Losses) included in comprehensive income
Gains
(Losses)
Included in
Earnings
 PurchasesSalesSettlementsTransfers Other
Transfers
into
Level 3
 
Transfers
out of
Level 3
 
End of
Period
Balance
Unrealized
Gains
(Losses)
Included in
Earnings
Year ended December 31, 2022
Securities available for sale
Other securities$— $— $— 
  
$— $— $— $— $—   $—   $— $— 
Other investments
Principal investments
Direct1 — — — — — — —   —   1 — 
Equity investments
Direct9 (3)
(c) 
(4)— —   —   2 (3)
Loans held for sale (residential)— — — — — — — — — — — 
Loans held for investment (residential)11 — (3)— (1)— 2 — — 9 — 
Derivative instruments (b)
Interest rate33 (72)
(d) 
2 (2)— 33 
(e) 
8 
(e) 
2 
Credit(6)— 4 
(d) 
— — $— — —     (2)— 
Other (a)
5 — — — — — (5)— — — — 
(a)Amounts represent Level 3 interest rate lock commitments.
(b)Amounts represent Level 3 derivative assets less Level 3 derivative liabilities.
(c)Realized and unrealized gains and losses on principal investments are reported in “other income” on the income statement. Realized and unrealized losses on equity investments are reported in “other income” on the income statement.
(d)Realized and unrealized gains and losses on derivative instruments are reported in “corporate services income” and “other income” on the income statement.
(e)Certain derivatives previously classified as Level 2 were transferred to Level 3 because Level 3 unobservable inputs became significant. Certain derivatives previously classified as Level 3 were transferred to Level 2 because Level 3 unobservable inputs became less significant.

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, 2023, and December 31, 2022.

The following table presents our assets measured at fair value on a nonrecurring basis at December 31, 2023, and December 31, 2022:
 December 31, 2023December 31, 2022
Dollars in millionsLevel 1Level 2Level 3TotalLevel 1Level 2Level 3Total
ASSETS MEASURED ON A NONRECURRING BASIS
Collateral-dependent loans$— $— $104 $104 $— $— $17 $17 
Other intangible assets— — — — — — — — 
Accrued income and other assets— — 29 29 — — 14 14 
Total assets on a nonrecurring basis at fair value$— $— $133 $133 $— $— $31 $31 
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. Level 3
Commercial loans and student loans held for sale
Through a quarterly analysis of our loan portfolios held for sale, which include both performing and nonperforming commercial loans and student loans, we determine any adjustments necessary to record the portfolios at the lower of cost or fair value in accordance with GAAP. Valuation inputs include:

• Non-binding bids for the respective loans or similar loans
• Recent sales transactions
• Internal models that emulate recent securitizations
Level 2 and 3
Direct financing leases and operating lease assets held for sale
Valuations of direct financing leases and operating lease assets held for sale are performed using an internal model that relies on market data, including:

• Swap rates and bond ratings
• Our own assumptions about the exit market for the leases
• Details about the individual leases in the portfolio
Leases for which we receive a current nonbinding bid, and for which the sale is considered probable, may be classified as Level 2. Valuations of lease and operating lease assets held for sale that employ our own assumptions are classified as Level 3 assets. The inputs based on our own assumptions include changes in the value of leased items and internal credit ratings.
Level 2 and 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
LIHTC, HTC, and NMTC investments(a)
Valuation of LIHTC, HTC and NMTC involves measuring the present value of future tax benefits and comparing that value against the current carrying value of the investment. Expected future tax benefits are discounted to their present value using discounted cash flow modeling that incorporates an appropriate risk premium. LIHTC and HTC investments are impaired when it is more likely than not that the carrying amount of the investment will not be realized. Level 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, 2023, and December 31, 2022, the carrying amount of equity investments recorded under this method was $339 million and $249 million, respectively. No impairment or other adjustments were recorded for the year ended December 31, 2023.
Level 3
Mortgage Servicing Rights(a)
Refer to Note 9 (“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 fair value our material Level 3 recurring and nonrecurring assets at December 31, 2023, and December 31, 2022, along with the valuation techniques used, are shown in the following table:
Level 3 Asset (Liability) Valuation TechniqueSignificant
Unobservable Input
Range
(Weighted-Average) (b), (c)
Dollars in millions
December 31, 2023December 31, 2022December 31, 2023December 31, 2022
Recurring    
Loans, net of unearned income (residential)$9 $9 Market comparable pricingComparability factor
62.67%-89.60% (70.83%)
61.00 - 86.58% (72.21%)
Derivative instruments:
Interest rate(2)2 Discounted cash flowsProbability of default
.02 - 100% (5.30%)
.02 - 100% (8.00%)
Loss given default
0 - 1 (.48)
0 - 1 (.49)
Insignificant level 3 assets, net of liabilities(d)4 1 
Nonrecurring   
Collateral dependent loans104 17 Fair value of underlying collateralCredit and liquidity discount
0 - 10.00% (5.00%)
0 - 85.00% (34.00%)
Accrued income and other assets:(e)
OREO and other assets21 14 Appraised valueAppraised valueN/MN/M
(a)Principal investments, direct is excluded from this table as the balance at December 31, 2023, is insignificant (less than $1 million).
(b)The weighted average of significant unobservable inputs is calculated using a weighting relative to fair value.
(c)For significant unobservable inputs with no range, a single figure is reported to denote the single quantitative factor used.
(d)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.
(e)Excludes $8 million pertaining to mortgage servicing assets measured at fair value as of December 31, 2023. No mortgage servicing assets required fair value adjustments as of December 31, 2022. Refer to Note 9 (“Mortgage Servicing Assets”) for significant unobservable inputs pertaining to these assets.
Fair Value Disclosures of Financial Instruments

The levels in the fair value hierarchy ascribed to our financial instruments and the related carrying amounts at December 31, 2023, and December 31, 2022, are shown in the following table. Assets and liabilities are further arranged by measurement category.
 December 31, 2023
  Fair Value
Dollars in millions
Carrying
Amount
Level 1Level 2Level 3
Measured
at NAV
Netting
Adjustment
 Total
ASSETS (by measurement category)
Fair value - net income
Trading account assets (b)
$1,142 $— $1,142 $— $— $—   $1,142 
Other investments (b)
1,244 — — 1,183 61 —   1,244 
Loans, net of unearned income (residential) (d)
9 — — 9 — —   9 
Loans held for sale (residential) (b)
51 — 51 — — —   51 
Derivative assets - trading (b)
168 74 886 — — (792)
(f) 
168 
Fair value - OCI
Securities available for sale (b)
37,185 — 37,185 — — —   37,185 
Derivative assets - hedging (b) (g)
13 — 39 — — (26)
(f) 
13 
Amortized cost
Held-to-maturity securities (c)
8,575 — 8,056 — — —   8,056 
Loans, net of unearned income (d)
111,089 — — 105,950 — —   105,950 
Loans held for sale (b)
432 — — 432 — — 432 
Other
Cash and short-term investments (a)
11,758 11,758 — — — — 11,758 
LIABILITIES (by measurement category)
Fair value - net income
Derivative liabilities - trading (b)
$1,304 $58 $1,707 $— $— $(461)
(f) 
$1,304 
Fair value - OCI
Derivative liabilities - hedging (b) (g)
— — 12 — — (12)
(f) 
— 
Amortized cost
Time deposits (e)
14,776 — 14,911 — — —   14,911 
Short-term borrowings (a)
3,091 30 3,061 — — —   3,091 
Long-term debt (e)
19,554 11,288 7,720 — — —   19,008 
Other
Deposits with no stated maturity (a)
130,811 — 130,811 — — — 
  
130,811 
December 31, 2022
 Fair Value
Dollars in millions
Carrying
Amount
Level 1Level 2Level 3
Measured
at NAV
Netting
Adjustment
 Total
ASSETS (by measurement category)
Fair value - net income
Trading account assets (b)
$829 $— $829 $— $— $— $829 
Other investments (b)
1,308 4 — 1,234 70 — 1,308 
Loans, net of unearned income (residential) (d)
9 — — 9 — — 9 
Loans held for sale (residential) (b)
24 — 24 — — — 24 
Derivative assets - trading (b)
927 112 1,552 3 — (740)
(f) 
927 
Fair value - OCI
Securities available for sale (b)
39,117 — 39,117 — — — 39,117 
Derivative assets - hedging (b) (g)
97 — 114 — — (17)
(f) 
97 
Amortized cost
Held-to-maturity securities (c)
8,710 — 8,113 — — — 8,113 
Loans, net of unearned income (d)
118,048 — — 112,590 — — 112,590 
Loans held for sale (b)
939 — — 939 — — 939 
Other
Cash and short-term investments (a)
3,319 3,319 — — — — 3,319 
LIABILITIES (by measurement category)
Fair value - net income
Derivative liabilities - trading (b)
$1,485 $107 $2,637 $3 $— $(1,262)
(f) 
$1,485 
Fair value - OCI
Derivative liabilities - hedging (b) (g)
3 — 3 — — — 
(f) 
3 
Amortized cost
Time deposits (e)
7,373 — 7,392 — — — 7,392 
Short-term borrowings (a)
9,463 126 9,337 — — — 9,463 
Long-term debt (e)
19,307 12,196 $6,685 — — — 18,881 
Other
Deposits with no stated maturity (a)
135,222 — 135,222 — — — 135,222 
Valuation Methods and Assumptions
(a)Fair value equals or approximates carrying amount. The fair value of deposits with no stated maturity does not take into consideration the value ascribed to core deposit intangibles.
(b)Information pertaining to our methodology for measuring the fair values of these assets and liabilities is included in the sections entitled “Qualitative Disclosures of Valuation Techniques” and “Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis” in this Note. Investments accounted for under the cost method (or cost less impairment adjusted for observable price changes for certain equity investments) are classified as Level 3 assets. These investments are not actively traded in an open market as sales for these types of investments are rare. The carrying amount of the investments carried at cost are adjusted for declines in value if they are considered to be other-than-temporary (or due to observable orderly transactions of the same issuer for equity investments eligible for the cost less impairment measurement alternative). These adjustments are included in “other income” on the income statement.
(c)Fair values of held-to-maturity securities are determined by using models that are based on security-specific details, as well as relevant industry and economic factors. The most significant of these inputs are quoted market prices, interest rate spreads on relevant benchmark securities, and certain prepayment assumptions. We review the valuations derived from the models to ensure that they are reasonable and consistent with the values placed on similar securities traded in the secondary markets.
(d)The fair value of loans is based on the present value of the expected cash flows. The projected cash flows are based on the contractual terms of the loans, adjusted for prepayments and use of a discount rate based on the relative risk of the cash flows, taking into account the loan type, maturity of the loan, liquidity risk, servicing costs, and a required return on debt and capital. In addition, an incremental liquidity discount is applied to certain loans, using historical sales of loans during periods of similar economic conditions as a benchmark. The fair value of loans includes lease financing receivables at their aggregate carrying amount, which is equivalent to their fair value.
(e)Fair values of time deposits and long-term debt are based on discounted cash flows utilizing relevant market inputs.
(f)Netting adjustments represent the amounts recorded to convert our derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. The net basis takes into account the impact of bilateral collateral and master netting agreements that allow us to settle all derivative contracts with a single counterparty on a net basis and to offset the net derivative position with the related cash collateral. Total derivative assets and liabilities include these netting adjustments.
(g)Derivative assets-hedging and derivative liabilities-hedging includes both cash flow and fair value hedges. Additional information regarding our accounting policies for cash flow and fair value hedges is provided in Note 1 (“Summary of Significant Accounting Policies”) under the heading “Derivatives and Hedging.”
 
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 2023 and 2022, 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. Also, because the applicable accounting guidance for financial instruments excludes certain financial instruments and all nonfinancial instruments from its disclosure requirements, the fair value amounts shown in the table above do not, by themselves, represent the underlying value of our company as a whole.

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 $339 million ($264 million at fair value) at December 31, 2023, and $434 million ($357 million at fair value) at December 31, 2022

These loans are classified as Level 3 because we rely on unobservable inputs when determining fair value since observable market data is not available.

Short-term financial instruments. For financial instruments with a remaining average life to maturity of less than six months, carrying amounts were used as an approximation of fair values.
v3.24.0.1
Securities
 12 Months Ended
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Securities
7. 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.
 20232022
December 31,
Dollars in millions
Amortized
Cost (a)
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
Amortized
Cost(a)
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
SECURITIES AVAILABLE FOR SALE
U.S. Treasury, agencies, and corporations$9,300 $6 $280 $9,026 $10,044 $— $629 $9,415 
Agency residential collateralized mortgage obligations
18,911 4 3,437 15,478 20,180 — 3,747 16,433 
Agency residential mortgage-backed securities4,189 — 600 3,589 4,616 — 696 3,920 
Agency commercial mortgage-backed securities 10,295 — 1,203 9,092 10,712 2 1,365 9,349 
Other securities— — — — — — — — 
Total securities available for sale$42,695 $10 $5,520 $37,185 $45,552 $2 $6,437 $39,117 
HELD-TO-MATURITY SECURITIES
Agency residential collateralized mortgage obligations
$5,170 $9 $283 $4,896 $4,586 $5 $283 $4,308 
Agency residential mortgage-backed securities165 — 13 152 181 — 16 165 
Agency commercial mortgage-backed securities2,473 1 204 2,270 2,522 1 208 2,315 
Asset-backed securities(b)
738 — 29 709 1,407 — 96 1,311 
Other securities29 — — 29 14 — — 14 
Total held-to-maturity securities$8,575 $10 $529 $8,056 $8,710 $6 $603 $8,113 
 
(a)Amortized cost amounts exclude accrued interest receivable which is recorded within “other assets” on the balance sheet. At December 31, 2023, accrued interest receivable on available for sale securities and held-to-maturity securities totaled $64 million and $25 million, respectively. At December 31, 2022, accrued interest receivable on available for sale securities and held-to-maturity securities totaled $67 million and $88 million, respectively.
(b)Includes $731 million of securities as of December 31, 2023, and $1.4 billion of securities as of December 31, 2022, 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, 2023, and December 31, 2022:
 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, 2023
Securities available for sale:
U.S. Treasury, agencies, and corporations$— $— $8,532 $280 $8,532 $280 
Agency residential collateralized mortgage obligations— — 14,979 3,437 14,979 3,437 
Agency residential mortgage-backed securities24 — 3,562 600 3,586 600 
Agency commercial mortgage-backed securities 891 49 8,201 1,154 9,092 1,203 
Held-to-maturity securities:
Agency residential collateralized mortgage obligations1,123 30 3,070 253 4,193 283 
Agency residential mortgage-backed securities— — 152 13 152 13 
Agency commercial mortgage-backed securities— — 2,199 204 2,199 204 
Asset-backed securities— — 709 29 709 29 
Other securities17 — 
(a)
12 — 29 — 
Total securities in an unrealized loss position$2,055 $79 $41,416 $5,970 $43,471 $6,049 
December 31, 2022      
Securities available for sale:
U.S. Treasury, agencies, and corporations$494 $48 $8,920 $581 $9,414 $629 
Agency residential collateralized mortgage obligations3,114 377 13,317 3,370 16,431 3,747 
Agency residential mortgage-backed securities579 31 3,338 665 3,917 696 
Agency commercial mortgage-backed securities 4,511 282 4,791 1,083 9,302 1,365 
Held-to-maturity securities:
Agency residential collateralized mortgage obligations2,659 178 726 105 3,385 283 
Agency residential mortgage-backed securities165 16 — — 165 16 
Agency commercial mortgage-backed securities 2,243 208 — — 2,243 208 
Asset-backed securities1 — 1,309 96 1,310 96 
Other securities10 — 
(b)
4 — 14 — 
Total securities in an unrealized loss position$13,776 $1,140 $32,405 $5,900 $46,181 $7,040 
(a)At December 31, 2023, gross unrealized losses totaled less than $1 million for other securities held to maturity with a loss duration of less than 12 months.
(b)At December 31, 2022, gross unrealized losses totaled less than $1 million for other securities held to maturity with a loss duration of less than 12 months
Based on our evaluation at December 31, 2023, an allowance for credit losses has not been recorded nor have unrealized losses been recognized into income. The issuers of the securities are of high credit quality and have a history of no credit losses, management does not intend to sell and it is likely that management will not be required to sell the securities prior to their anticipated recovery, and the decline in fair value is largely attributed to changes in interest rates and other market conditions. The issuers continue to make timely principal and interest payments.
During the year ended December 31, 2023, we recognized $4 million in gross realized gains and $8 million in gross realized losses from the sale of securities available for sale. For the years ended December 31, 2022 and December 31, 2021, we had no realized gains or losses from the sale of securities available for sale.

At December 31, 2023, securities available-for-sale and held-to-maturity securities totaling $37.4 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 securities by remaining maturity. 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, 2023
Amortized
Cost
Fair
Value
Amortized
Cost
Fair
Value
Dollars in millions
Due in one year or less$8,044 $7,813 $755 $726 
Due after one through five years8,336 7,679 3,740 3,537 
Due after five through ten years18,128 15,268 2,851 2,632 
Due after ten years8,187 6,425 1,229 1,161 
Total$42,695 $37,185 $8,575 $8,056 
v3.24.0.1
Derivatives and Hedging Activities
 12 Months Ended
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives and Hedging Activities
8. 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 meet client financing and hedging needs. As further discussed in this note:
 
•interest rate risk is the risk that the EVE or net interest income will be adversely affected by fluctuations in interest rates;
•credit risk is the risk of loss arising from an obligor’s inability or failure to meet contractual payment or performance terms; and
•foreign exchange risk is the risk that an exchange rate will adversely affect the fair value of a financial instrument.
At December 31, 2023, after taking into account the effects of bilateral collateral and master netting agreements, we had $13 million of derivative assets and less than $1 million of derivative liabilities that relate to contracts designated as hedging instruments. As a result of bilateral collateral and master netting arrangements, which are applied at the counterparty level, we could have derivative contracts with negative fair values included in derivative assets and contracts with positive fair values in derivative liabilities related to counterparties with which we have both hedging and trading derivatives. As of the same date, after taking into account the effects of bilateral collateral and master netting agreements and a reserve for potential future losses, we had derivative assets of $168 million and derivative liabilities of $1.3 billion that were not designated as hedging instruments. These positions are primarily comprised of derivative contracts entered into for client accommodation purposes.

Additional information regarding our accounting policies for derivatives is provided in Note 1 (“Summary of Significant Accounting Policies”) under the heading “Derivatives and Hedging.”
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 and certain student loans originated through our Laurel Road digital lending business. 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, 2023, 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 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, 2023, and December 31, 2022. The change in the notional amounts of these derivatives by type from December 31, 2022, to December 31, 2023, indicates the volume of our derivative transaction activity during 2023. 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, 2023December 31, 2022
  
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$44,621 $39 $12 $41,200 $114 $3 
Derivatives not designated as hedging instruments:
Interest rate78,051 134 973 80,772 189 1,304 
Foreign exchange6,034 89 73 9,507 136 131 
Commodity11,611 721 698 16,176 1,328 1,304 
Credit121 — 1 95 1 3 
Other (b)
2,683 16 20 940 13 5 
Total derivatives not designated as hedging instruments:98,500 960 1,765 107,490 1,667 2,747 
Total143,121 999 1,777 148,690 1,781 2,750 
Netting adjustments (c)
— (818)(473)— (757)(1,262)
Net derivatives in the balance sheet143,121 181 1,304 148,690 1,024 1,488 
Other collateral (d)
— (1)(18)— — (5)
Net derivative amounts$143,121 $180 $1,286 $148,690 $1,024 $1,483 
 
(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 mortgage banking activities, forward sales 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, 2023, excess collateral that has not been offset against net derivative instrument positions totaled $161 million of cash collateral and $269 million of securities collateral posted as well as $16 million of cash collateral and $212 million of securities collateral held.
(d)Other collateral represents the amount that cannot be used to offset our derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. The other collateral consists of securities and is exchanged under bilateral collateral and master netting agreements that allow us to offset the net derivative position with the related collateral. The application of the other collateral cannot reduce the net derivative position below zero. Therefore, excess other collateral, if any, is not reflected above.
Fair value hedges. During the year ended December 31, 2023, we did not exclude any portion of these 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, 2023 and December 31, 2022, related to cumulative basis adjustments for fair value hedges.
December 31, 2023
Dollars in millionsBalance sheet line item in which the hedge item is included
Carrying amount of hedged item(a)
Hedge accounting basis adjustment
Interest rate contracts
Long-term debt(b)
$9,919 $(437)
Interest rate contracts
Securities available for sale(c)
8,655 (152)
December 31, 2022
Dollars in millionsBalance sheet line item in which the hedge item is included
Carrying amount of hedged item (a)
Hedge accounting basis adjustment
Interest rate contracts
Long-term debt(b)
$10,411 $(552)
Interest rate contracts
Securities available for sale(c)
405 48 
(a)The carrying amount represents the portion of the asset or liability designated as the hedged item.
(b)Basis adjustments related to de-designated hedges that no longer qualify as fair value hedges reduced the hedge accounting basis adjustment by $5 million and $6 million at December 31, 2023 and December 31, 2022, respectively.
(c)Certain amounts are designed as fair value hedges under the portfolio layer method. The carrying amount represents the amortized costs basis of the prepayable financial assets used to designate hedging relationships in which the hedged item is the last layer expected to be remaining at the end of the relationship. At December 31, 2023 and December 31, 2022, the
amortized cost of the closed portfolios used in these hedging relationships was $13 billion and $708 million, respectively, of which $7 billion and $405 million were designated in a portfolio layer hedging relationship. At December 31, 2023 and December 31, 2022, the cumulative basis adjustments associated with these amounts totaled $(147) million and $48 million.

Cash flow hedges. During the year ended December 31, 2023, 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, 2023, we expect to reclassify an estimated $324 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 $189 million of pre-tax 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, 2023. As of December 31, 2023, the maximum length of time over which we hedge forecasted transactions is 4.02 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, 2023, December 31, 2022, and December 31, 2021.
Location and amount of net gains (losses) recognized in income on fair value and cash flow hedging relationships
Dollars in millionsInterest expense – long-term debtInterest income – loansInterest Income - securitiesInvestment banking and debt placement fees
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)$(956)$— $5 
Twelve Months Ended December 31, 2022
Total amounts presented in the consolidated statement of income$(475)$4,241 $752 $638 
Net gains (losses) on fair value hedging relationships
Interest contracts
Recognized on hedged items690 — (339)— 
Recognized on derivatives designated as hedging instruments(697)— 350 — 
Net income (expense) recognized on fair value hedges$(7)$— $11 $— 
Net gain (loss) on cash flow hedging relationships
Realized gains (losses) (pre-tax) reclassified from AOCI into net income
Interest contracts$(3)$(146)$— $9 
Net income (expense) recognized on cash flow hedges$(3)$(146)$— $9 
Twelve Months Ended December 31, 2021
Total amounts presented in the consolidated statement of income$(221)$3,532 $546 $937 
Net gains (losses) on fair value hedging relationships
Interest contracts
Recognized on hedged items276 — (113)— 
Recognized on derivatives designated as hedging instruments(150)— 113 — 
Net income (expense) recognized on fair value hedges$126 $— $— $— 
Net gain (loss) on cash flow hedging relationships
Realized gains (losses) (pre-tax) reclassified from AOCI into net income
Interest contracts$(4)$329 $— $4 
Net income (expense) recognized on cash flow hedges$(4)$329 $— $4 

The following table summarizes the pre-tax net gains (losses) on our cash flow hedges for the years ended December 31, 2023, December 31, 2022, and December 31, 2021, and where they are recorded on the income statement. The table includes net gains (losses) recognized in OCI during the period and net gains (losses) reclassified from AOCI into income during the current period.
Dollars in millionsNet Gains (Losses)
Recognized in OCI		Income Statement Location of Net Gains (Losses)
Reclassified From OCI Into Income		Net Gains
(Losses) Reclassified
From OCI Into Income
Twelve Months Ended December 31, 2023
Cash Flow Hedges
Interest rate$(294)Interest income — Loans$(956)
Interest rate— Interest expense — Long-term debt(2)
Interest rate5 Investment banking and debt placement fees5 
Total$(289)$(953)
Twelve Months Ended December 31, 2022
Cash Flow Hedges
Interest rate$(1,660)Interest income — Loans$(146)
Interest rate7 Interest expense — Long-term debt(3)
Interest rate11 Investment banking and debt placement fees9 
Total$(1,642)$(140)
Twelve Months Ended December 31, 2021
Cash Flow Hedges
Interest rate$(307)Interest income — Loans$329 
Interest rate2 Interest expense — Long-term debt(4)
Interest rate10 Investment banking and debt placement fees4 
Total$(295)$329 

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, 2023, December 31, 2022, and December 31, 2021, and where they are recorded on the income statement.
 202320222021
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$41 $— $— $41 $57 $— $6 $63 $30 $— $2 $32 
Foreign exchange50 — — 50 52 — — 52 47 — — 47 
Commodity22 — — 22 23 — — 23 14 — — 14 
Credit2 — (52)(50)(1)— (39)(40)4 — (36)(32)
Other— (1)(6)(7)— 4 (2)2 — 13 (7)6 
Total net gains (losses)$115 $(1)$(58)$56 $131 $4 $(35)$100 $95 $13 $(41)$67 
Counterparty Credit Risk
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 netted against derivative assets on the balance sheet totaled $408 million at December 31, 2023, and $10 million at December 31, 2022. The cash collateral netted against derivative liabilities totaled $64 million at December 31, 2023, and $626 million at December 31, 2022.

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
20232022
Interest rate$123 $136 
Foreign exchange42 67 
Commodity409 820 
Credit— — 
Other15 11 
Derivative assets before collateral589 1,034 
Plus (Less): Related collateral(408)(10)
Total derivative assets$181 $1,024 
We enter into derivative transactions with two primary groups: broker-dealers and banks, and clients. Since these groups have different economic characteristics, we have different methods for managing counterparty credit exposure and credit risk.
We enter into transactions with broker-dealers and banks for various risk management purposes. These types of transactions are primarily high dollar volume. We enter into bilateral collateral and master netting agreements with these counterparties. We clear certain types of derivative transactions with these counterparties, whereby central clearing organizations become the counterparties to our derivative contracts. In addition, we enter into derivative contracts through swap execution facilities. Swap clearing and swap execution facilities reduce our exposure to counterparty credit risk. At December 31, 2023, we had gross exposure of $703 million to broker-dealers and banks. We had net exposure of $65 million after the application of master netting agreements and cash collateral, where such qualifying agreements exist. We had net exposure of $47 million after considering $18 million of additional collateral held in the form of securities.

We enter into transactions using master netting agreements with clients to accommodate their business needs. In most cases, we mitigate our credit exposure by cross-collateralizing these transactions to the underlying loan collateral. For transactions that are not clearable, we mitigate our market risk by buying and selling U.S. Treasuries and Eurodollar futures or entering into offsetting positions. Due to the cross-collateralization to the underlying loan, we typically do not exchange cash or marketable securities collateral in connection with these transactions. To address the risk of default associated with these contracts, we have established a CVA reserve (included in “accrued income and other assets”) in the amount of $7 million at December 31, 2023. The CVA is calculated from potential future exposures, expected recovery rates, and market-implied probabilities of default. At December 31, 2023, we had gross exposure of $128 million to client counterparties and other entities that are not broker-dealers or banks for derivatives that have associated master netting agreements. We had net exposure of $115 million on our derivatives with these counterparties after the application of master netting agreements, collateral, and the related reserve.
Credit Derivatives
We are a buyer and, under limited circumstances, may be a seller of credit protection through the credit derivative market. We purchase credit derivatives to manage the credit risk associated with specific commercial lending and swap obligations as well as exposures to debt securities. Our credit derivative portfolio was in a net liability position of $1 million as of December 31, 2023, and $2 million as of December 31, 2022.

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, 2023, and December 31, 2022. 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. 
 20232022
December 31,
Dollars in millions
Notional
Amount		Average
Term
(Years)		Payment /
Performance
Risk 		Notional
Amount		Average
Term
(Years)		Payment /
Performance
Risk
Other$4 10.694.86 %$1 15.175.10 %
Total credit derivatives sold$4 — — $1 — — 
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, 2023, 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, 2023December 31, 2022
Net derivative liabilities with credit-risk contingent features

$(45)$(612)
Collateral posted42 534 
As of December 31, 2023, and December 31, 2022, 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. There were no derivative contracts with credit risk contingent features held by KeyCorp at December 31, 2023.
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Mortgage Servicing Assets
 12 Months Ended
Dec. 31, 2023
Servicing Asset [Abstract]  
Mortgage Servicing Assets
9. 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
20232022
Balance at beginning of period$653 $634 
Servicing retained from loan sales87 106 
Purchases21 38 
Amortization(123)(125)
Temporary recoveries (impairments)— — 
Balance at end of period$638 $653 
Fair value at end of period$911 $997 

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, 2023December 31, 2022
Valuation Technique
Significant
Unobservable Input
RangeWeighted-AverageRangeWeighted-Average
Discounted cash flowExpected defaults1.00 %2.00 %1.01 %0.97 %2.00 %1.07 %
Residual cash flows discount rate7.42 %10.56 %10.17 %8.54 %10.02 %9.48 %
Escrow earn rate5.67 %5.72 %5.67 %5.09 %5.21 %5.17 %
Loan assumption rate— %2.15 %1.97 %— %1.41 %1.12 %
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 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 $314 million for the year ended December 31, 2023, $292 million for the year ended December 31, 2022, and $264 million for the year ended December 31, 2021. This fee income was partially offset by $123 million of amortization for the year ended December 31, 2023, $125 million for the year ended December 31, 2022, and $120 million for the year ended December 31, 2021. 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 millions20232022
Balance at beginning of period
$106 $93 
Servicing retained from loan sales
12 23 
Purchases
— — 
Amortization(9)(11)
Temporary recoveries (impairments)(1)1 
Balance at end of period$108 $106 
Fair value at end of period
$132 $130 
The fair value of residential 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 residential mortgage servicing assets along with the valuation techniques, are shown in the following table:
December 31, 2023December 31, 2022
Valuation Technique
Significant
Unobservable Input
RangeWeighted-AverageRangeWeighted-Average
Discounted cash flowPrepayment speed6.27 %44.47 %7.70 %6.10 %41.34 %7.20 %
Discount rate6.50 %8.75 %6.59 %7.50 %8.50 %7.53 %
Servicing cost$70.00 $3,582 $75.02 $62.00 $4,375 $67.05 

If these economic assumptions change or prove incorrect, the fair value of residential mortgage servicing assets may also change. Prepayment speed, discount rates, and servicing cost    are critical to the valuation of residential mortgage servicing assets. Estimates of these assumptions are based on how a market participant would view the respective rates and reflect historical data associated with the residential mortgage loans, industry trends, and other considerations. Actual rates may differ from those estimated due to changes in a variety of economic factors. An increase in the prepayment speed would cause a decrease in the fair value of our residential mortgage servicing assets. An increase in the assigned discount rates and servicing cost assumptions would cause a decrease in the fair value of our residential mortgage servicing assets.

The amortization of residential mortgage servicing assets for December 31, 2023, 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 $38 million for the year ended December 31, 2023, $35 million for the year ended December 31, 2022, and $42 million for the year ended December 31, 2021. This fee income was offset by $9 million of amortization for the year ended December 31, 2023, $11 million for the year ended December 31, 2022, and $18 million for the year ended December 31, 2021. Both the contractual fee income and the amortization are recorded, net, in “consumer mortgage income” on the income statement.
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Leases
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Leases
10. 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. For leases with initial terms greater than one year, a lease liability, measured as the present value of unpaid lease payments, and a corresponding right-of-use asset for the right to use the leased properties are reported on the balance sheet. 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. Leases with an initial term of less than one year are not recorded on the balance sheet. The related expense is recognized on a straight-line basis over the lease term.

Certain leases contain options to extend the lease term for up to five years. Some leases give us the option to terminate, for a penalty or at the lessor's discretion. Leases with variable payments are primarily based on adjustments for inflation over the term of the lease based on a contractually defined index. Certain ATM leases include variable payments based on volume of transactions.
Operating lease expense is recognized in "net occupancy" and "equipment" on the income statement. The components of lease expense are summarized as follows:
Dollars in millionsDecember 31, 2023December 31, 2022
Operating lease cost$122 $128 
Finance lease cost:
Amortization of right-of-use assets1 1 
Interest on lease liabilities— — 
Variable lease cost19 24 
Total lease cost (a)
$142 $153 
(a)Short-term lease cost was less than $1 million for both the twelve months ended December 31, 2023, and December 31, 2022

Cash flows related to leases are summarized as follows:
Dollars in millionsDecember 31, 2023December 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$135 $139 
Financing cash flows from finance leases1 1 
Right-of-use assets obtained in exchange for lease obligations: (a)
Operating leases$65 $46 
(a)There were no right-of-use assets obtained in exchange for finance lease obligations for either the twelve months ended December 31, 2023 or December 31, 2022.

Additional balance sheet information related to leases is summarized as follows:
Dollars in millionsBalance sheet classificationDecember 31, 2023December 31, 2022
Operating lease assetsAccrued income and other assets$479 $525 
Operating lease liabilitiesAccrued expense and other liabilities548 601 
Finance leases:
Property and equipment, grossPremises and equipment$18 $18 
Accumulated depreciationPremises and equipment(15)(14)
Property and equipment, net3 4 
Finance lease liabilitiesLong-term debt5 6 

Information pertaining to the lease term and weighted-average discount rate is summarized as follows:
December 31, 2023December 31, 2022
Weighted-average remaining lease term:
Operating leases5.696.10
Finance leases3.534.53
Weighted-average discount rate:
Operating leases3.09 %2.78 %
Finance leases4.54 %4.54 %

Maturities of lease liabilities are summarized as follows:
Dollars in millionsOperating LeasesFinance LeasesTotal
2024$133 $2 $135 
2025118 1 119 
2026102 — 102 
202784 — 84 
202864 — 64 
Thereafter103 3 106 
Total lease payments$604 $6 $610 
Less imputed interest56 1 57 
Total$548 $5 $553 

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 statement of income. Income related to operating leases is recognized in “operating lease income and other leasing gains” on the income statement. The components of equipment leasing income are summarized in the table below:
Dollars in millionsDecember 31, 2023December 31, 2022
Sales-type and direct financing leases
Interest income on lease receivable$78 $64 
 Interest income related to accretion of unguaranteed residual asset13 15 
 Interest income on deferred fees and costs4 — 
Total sales-type and direct financing lease income95 79 
Operating leases
Operating lease income related to lease payments84 105 
Other operating leasing gains and (losses)8 (2)
Total operating lease income and other leasing gains92 103 
Total lease income$187 $182 

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, 2023December 31, 2022
Lease receivables$2,896 $3,170 
Unearned income(286)(253)
Unguaranteed residual value468 472 
Deferred fees and costs2 5 
Net investment in sales-type and direct financing leases$3,080 $3,394 

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, 2023, and December 31, 2022, was $258 million and $270 million, respectively.

At December 31, 2023, minimum future lease payments to be received for sales-type and direct financing leases are as follows:
Dollars in millionsSales-type and direct financing lease payments
2024$823 
2025615 
2026485 
2027316 
2028192 
Thereafter445 
Total lease payments$2,876 

At December 31, 2023, minimum future lease payments to be received for operating leases are as follows:
Dollars in millionsOperating lease payments
2024$63 
202552 
202636 
202724 
202814 
Thereafter32 
Total lease payments$220 
The carrying amount of operating lease assets at December 31, 2023 and December 31, 2022, was $372 million and $505 million, respectively.
Leases
10. 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. For leases with initial terms greater than one year, a lease liability, measured as the present value of unpaid lease payments, and a corresponding right-of-use asset for the right to use the leased properties are reported on the balance sheet. 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. Leases with an initial term of less than one year are not recorded on the balance sheet. The related expense is recognized on a straight-line basis over the lease term.

Certain leases contain options to extend the lease term for up to five years. Some leases give us the option to terminate, for a penalty or at the lessor's discretion. Leases with variable payments are primarily based on adjustments for inflation over the term of the lease based on a contractually defined index. Certain ATM leases include variable payments based on volume of transactions.
Operating lease expense is recognized in "net occupancy" and "equipment" on the income statement. The components of lease expense are summarized as follows:
Dollars in millionsDecember 31, 2023December 31, 2022
Operating lease cost$122 $128 
Finance lease cost:
Amortization of right-of-use assets1 1 
Interest on lease liabilities— — 
Variable lease cost19 24 
Total lease cost (a)
$142 $153 
(a)Short-term lease cost was less than $1 million for both the twelve months ended December 31, 2023, and December 31, 2022

Cash flows related to leases are summarized as follows:
Dollars in millionsDecember 31, 2023December 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$135 $139 
Financing cash flows from finance leases1 1 
Right-of-use assets obtained in exchange for lease obligations: (a)
Operating leases$65 $46 
(a)There were no right-of-use assets obtained in exchange for finance lease obligations for either the twelve months ended December 31, 2023 or December 31, 2022.

Additional balance sheet information related to leases is summarized as follows:
Dollars in millionsBalance sheet classificationDecember 31, 2023December 31, 2022
Operating lease assetsAccrued income and other assets$479 $525 
Operating lease liabilitiesAccrued expense and other liabilities548 601 
Finance leases:
Property and equipment, grossPremises and equipment$18 $18 
Accumulated depreciationPremises and equipment(15)(14)
Property and equipment, net3 4 
Finance lease liabilitiesLong-term debt5 6 

Information pertaining to the lease term and weighted-average discount rate is summarized as follows:
December 31, 2023December 31, 2022
Weighted-average remaining lease term:
Operating leases5.696.10
Finance leases3.534.53
Weighted-average discount rate:
Operating leases3.09 %2.78 %
Finance leases4.54 %4.54 %

Maturities of lease liabilities are summarized as follows:
Dollars in millionsOperating LeasesFinance LeasesTotal
2024$133 $2 $135 
2025118 1 119 
2026102 — 102 
202784 — 84 
202864 — 64 
Thereafter103 3 106 
Total lease payments$604 $6 $610 
Less imputed interest56 1 57 
Total$548 $5 $553 

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 statement of income. Income related to operating leases is recognized in “operating lease income and other leasing gains” on the income statement. The components of equipment leasing income are summarized in the table below:
Dollars in millionsDecember 31, 2023December 31, 2022
Sales-type and direct financing leases
Interest income on lease receivable$78 $64 
 Interest income related to accretion of unguaranteed residual asset13 15 
 Interest income on deferred fees and costs4 — 
Total sales-type and direct financing lease income95 79 
Operating leases
Operating lease income related to lease payments84 105 
Other operating leasing gains and (losses)8 (2)
Total operating lease income and other leasing gains92 103 
Total lease income$187 $182 

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, 2023December 31, 2022
Lease receivables$2,896 $3,170 
Unearned income(286)(253)
Unguaranteed residual value468 472 
Deferred fees and costs2 5 
Net investment in sales-type and direct financing leases$3,080 $3,394 

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, 2023, and December 31, 2022, was $258 million and $270 million, respectively.

At December 31, 2023, minimum future lease payments to be received for sales-type and direct financing leases are as follows:
Dollars in millionsSales-type and direct financing lease payments
2024$823 
2025615 
2026485 
2027316 
2028192 
Thereafter445 
Total lease payments$2,876 

At December 31, 2023, minimum future lease payments to be received for operating leases are as follows:
Dollars in millionsOperating lease payments
2024$63 
202552 
202636 
202724 
202814 
Thereafter32 
Total lease payments$220 
The carrying amount of operating lease assets at December 31, 2023 and December 31, 2022, was $372 million and $505 million, respectively.
Leases
10. 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. For leases with initial terms greater than one year, a lease liability, measured as the present value of unpaid lease payments, and a corresponding right-of-use asset for the right to use the leased properties are reported on the balance sheet. 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. Leases with an initial term of less than one year are not recorded on the balance sheet. The related expense is recognized on a straight-line basis over the lease term.

Certain leases contain options to extend the lease term for up to five years. Some leases give us the option to terminate, for a penalty or at the lessor's discretion. Leases with variable payments are primarily based on adjustments for inflation over the term of the lease based on a contractually defined index. Certain ATM leases include variable payments based on volume of transactions.
Operating lease expense is recognized in "net occupancy" and "equipment" on the income statement. The components of lease expense are summarized as follows:
Dollars in millionsDecember 31, 2023December 31, 2022
Operating lease cost$122 $128 
Finance lease cost:
Amortization of right-of-use assets1 1 
Interest on lease liabilities— — 
Variable lease cost19 24 
Total lease cost (a)
$142 $153 
(a)Short-term lease cost was less than $1 million for both the twelve months ended December 31, 2023, and December 31, 2022

Cash flows related to leases are summarized as follows:
Dollars in millionsDecember 31, 2023December 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$135 $139 
Financing cash flows from finance leases1 1 
Right-of-use assets obtained in exchange for lease obligations: (a)
Operating leases$65 $46 
(a)There were no right-of-use assets obtained in exchange for finance lease obligations for either the twelve months ended December 31, 2023 or December 31, 2022.

Additional balance sheet information related to leases is summarized as follows:
Dollars in millionsBalance sheet classificationDecember 31, 2023December 31, 2022
Operating lease assetsAccrued income and other assets$479 $525 
Operating lease liabilitiesAccrued expense and other liabilities548 601 
Finance leases:
Property and equipment, grossPremises and equipment$18 $18 
Accumulated depreciationPremises and equipment(15)(14)
Property and equipment, net3 4 
Finance lease liabilitiesLong-term debt5 6 

Information pertaining to the lease term and weighted-average discount rate is summarized as follows:
December 31, 2023December 31, 2022
Weighted-average remaining lease term:
Operating leases5.696.10
Finance leases3.534.53
Weighted-average discount rate:
Operating leases3.09 %2.78 %
Finance leases4.54 %4.54 %

Maturities of lease liabilities are summarized as follows:
Dollars in millionsOperating LeasesFinance LeasesTotal
2024$133 $2 $135 
2025118 1 119 
2026102 — 102 
202784 — 84 
202864 — 64 
Thereafter103 3 106 
Total lease payments$604 $6 $610 
Less imputed interest56 1 57 
Total$548 $5 $553 

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 statement of income. Income related to operating leases is recognized in “operating lease income and other leasing gains” on the income statement. The components of equipment leasing income are summarized in the table below:
Dollars in millionsDecember 31, 2023December 31, 2022
Sales-type and direct financing leases
Interest income on lease receivable$78 $64 
 Interest income related to accretion of unguaranteed residual asset13 15 
 Interest income on deferred fees and costs4 — 
Total sales-type and direct financing lease income95 79 
Operating leases
Operating lease income related to lease payments84 105 
Other operating leasing gains and (losses)8 (2)
Total operating lease income and other leasing gains92 103 
Total lease income$187 $182 

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, 2023December 31, 2022
Lease receivables$2,896 $3,170 
Unearned income(286)(253)
Unguaranteed residual value468 472 
Deferred fees and costs2 5 
Net investment in sales-type and direct financing leases$3,080 $3,394 

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, 2023, and December 31, 2022, was $258 million and $270 million, respectively.

At December 31, 2023, minimum future lease payments to be received for sales-type and direct financing leases are as follows:
Dollars in millionsSales-type and direct financing lease payments
2024$823 
2025615 
2026485 
2027316 
2028192 
Thereafter445 
Total lease payments$2,876 

At December 31, 2023, minimum future lease payments to be received for operating leases are as follows:
Dollars in millionsOperating lease payments
2024$63 
202552 
202636 
202724 
202814 
Thereafter32 
Total lease payments$220 
The carrying amount of operating lease assets at December 31, 2023 and December 31, 2022, was $372 million and $505 million, respectively.
Leases
10. 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. For leases with initial terms greater than one year, a lease liability, measured as the present value of unpaid lease payments, and a corresponding right-of-use asset for the right to use the leased properties are reported on the balance sheet. 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. Leases with an initial term of less than one year are not recorded on the balance sheet. The related expense is recognized on a straight-line basis over the lease term.

Certain leases contain options to extend the lease term for up to five years. Some leases give us the option to terminate, for a penalty or at the lessor's discretion. Leases with variable payments are primarily based on adjustments for inflation over the term of the lease based on a contractually defined index. Certain ATM leases include variable payments based on volume of transactions.
Operating lease expense is recognized in "net occupancy" and "equipment" on the income statement. The components of lease expense are summarized as follows:
Dollars in millionsDecember 31, 2023December 31, 2022
Operating lease cost$122 $128 
Finance lease cost:
Amortization of right-of-use assets1 1 
Interest on lease liabilities— — 
Variable lease cost19 24 
Total lease cost (a)
$142 $153 
(a)Short-term lease cost was less than $1 million for both the twelve months ended December 31, 2023, and December 31, 2022

Cash flows related to leases are summarized as follows:
Dollars in millionsDecember 31, 2023December 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$135 $139 
Financing cash flows from finance leases1 1 
Right-of-use assets obtained in exchange for lease obligations: (a)
Operating leases$65 $46 
(a)There were no right-of-use assets obtained in exchange for finance lease obligations for either the twelve months ended December 31, 2023 or December 31, 2022.

Additional balance sheet information related to leases is summarized as follows:
Dollars in millionsBalance sheet classificationDecember 31, 2023December 31, 2022
Operating lease assetsAccrued income and other assets$479 $525 
Operating lease liabilitiesAccrued expense and other liabilities548 601 
Finance leases:
Property and equipment, grossPremises and equipment$18 $18 
Accumulated depreciationPremises and equipment(15)(14)
Property and equipment, net3 4 
Finance lease liabilitiesLong-term debt5 6 

Information pertaining to the lease term and weighted-average discount rate is summarized as follows:
December 31, 2023December 31, 2022
Weighted-average remaining lease term:
Operating leases5.696.10
Finance leases3.534.53
Weighted-average discount rate:
Operating leases3.09 %2.78 %
Finance leases4.54 %4.54 %

Maturities of lease liabilities are summarized as follows:
Dollars in millionsOperating LeasesFinance LeasesTotal
2024$133 $2 $135 
2025118 1 119 
2026102 — 102 
202784 — 84 
202864 — 64 
Thereafter103 3 106 
Total lease payments$604 $6 $610 
Less imputed interest56 1 57 
Total$548 $5 $553 

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 statement of income. Income related to operating leases is recognized in “operating lease income and other leasing gains” on the income statement. The components of equipment leasing income are summarized in the table below:
Dollars in millionsDecember 31, 2023December 31, 2022
Sales-type and direct financing leases
Interest income on lease receivable$78 $64 
 Interest income related to accretion of unguaranteed residual asset13 15 
 Interest income on deferred fees and costs4 — 
Total sales-type and direct financing lease income95 79 
Operating leases
Operating lease income related to lease payments84 105 
Other operating leasing gains and (losses)8 (2)
Total operating lease income and other leasing gains92 103 
Total lease income$187 $182 

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, 2023December 31, 2022
Lease receivables$2,896 $3,170 
Unearned income(286)(253)
Unguaranteed residual value468 472 
Deferred fees and costs2 5 
Net investment in sales-type and direct financing leases$3,080 $3,394 

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, 2023, and December 31, 2022, was $258 million and $270 million, respectively.

At December 31, 2023, minimum future lease payments to be received for sales-type and direct financing leases are as follows:
Dollars in millionsSales-type and direct financing lease payments
2024$823 
2025615 
2026485 
2027316 
2028192 
Thereafter445 
Total lease payments$2,876 

At December 31, 2023, minimum future lease payments to be received for operating leases are as follows:
Dollars in millionsOperating lease payments
2024$63 
202552 
202636 
202724 
202814 
Thereafter32 
Total lease payments$220 
The carrying amount of operating lease assets at December 31, 2023 and December 31, 2022, was $372 million and $505 million, respectively.
Leases
10. 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. For leases with initial terms greater than one year, a lease liability, measured as the present value of unpaid lease payments, and a corresponding right-of-use asset for the right to use the leased properties are reported on the balance sheet. 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. Leases with an initial term of less than one year are not recorded on the balance sheet. The related expense is recognized on a straight-line basis over the lease term.

Certain leases contain options to extend the lease term for up to five years. Some leases give us the option to terminate, for a penalty or at the lessor's discretion. Leases with variable payments are primarily based on adjustments for inflation over the term of the lease based on a contractually defined index. Certain ATM leases include variable payments based on volume of transactions.
Operating lease expense is recognized in "net occupancy" and "equipment" on the income statement. The components of lease expense are summarized as follows:
Dollars in millionsDecember 31, 2023December 31, 2022
Operating lease cost$122 $128 
Finance lease cost:
Amortization of right-of-use assets1 1 
Interest on lease liabilities— — 
Variable lease cost19 24 
Total lease cost (a)
$142 $153 
(a)Short-term lease cost was less than $1 million for both the twelve months ended December 31, 2023, and December 31, 2022

Cash flows related to leases are summarized as follows:
Dollars in millionsDecember 31, 2023December 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$135 $139 
Financing cash flows from finance leases1 1 
Right-of-use assets obtained in exchange for lease obligations: (a)
Operating leases$65 $46 
(a)There were no right-of-use assets obtained in exchange for finance lease obligations for either the twelve months ended December 31, 2023 or December 31, 2022.

Additional balance sheet information related to leases is summarized as follows:
Dollars in millionsBalance sheet classificationDecember 31, 2023December 31, 2022
Operating lease assetsAccrued income and other assets$479 $525 
Operating lease liabilitiesAccrued expense and other liabilities548 601 
Finance leases:
Property and equipment, grossPremises and equipment$18 $18 
Accumulated depreciationPremises and equipment(15)(14)
Property and equipment, net3 4 
Finance lease liabilitiesLong-term debt5 6 

Information pertaining to the lease term and weighted-average discount rate is summarized as follows:
December 31, 2023December 31, 2022
Weighted-average remaining lease term:
Operating leases5.696.10
Finance leases3.534.53
Weighted-average discount rate:
Operating leases3.09 %2.78 %
Finance leases4.54 %4.54 %

Maturities of lease liabilities are summarized as follows:
Dollars in millionsOperating LeasesFinance LeasesTotal
2024$133 $2 $135 
2025118 1 119 
2026102 — 102 
202784 — 84 
202864 — 64 
Thereafter103 3 106 
Total lease payments$604 $6 $610 
Less imputed interest56 1 57 
Total$548 $5 $553 

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 statement of income. Income related to operating leases is recognized in “operating lease income and other leasing gains” on the income statement. The components of equipment leasing income are summarized in the table below:
Dollars in millionsDecember 31, 2023December 31, 2022
Sales-type and direct financing leases
Interest income on lease receivable$78 $64 
 Interest income related to accretion of unguaranteed residual asset13 15 
 Interest income on deferred fees and costs4 — 
Total sales-type and direct financing lease income95 79 
Operating leases
Operating lease income related to lease payments84 105 
Other operating leasing gains and (losses)8 (2)
Total operating lease income and other leasing gains92 103 
Total lease income$187 $182 

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, 2023December 31, 2022
Lease receivables$2,896 $3,170 
Unearned income(286)(253)
Unguaranteed residual value468 472 
Deferred fees and costs2 5 
Net investment in sales-type and direct financing leases$3,080 $3,394 

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, 2023, and December 31, 2022, was $258 million and $270 million, respectively.

At December 31, 2023, minimum future lease payments to be received for sales-type and direct financing leases are as follows:
Dollars in millionsSales-type and direct financing lease payments
2024$823 
2025615 
2026485 
2027316 
2028192 
Thereafter445 
Total lease payments$2,876 

At December 31, 2023, minimum future lease payments to be received for operating leases are as follows:
Dollars in millionsOperating lease payments
2024$63 
202552 
202636 
202724 
202814 
Thereafter32 
Total lease payments$220 
The carrying amount of operating lease assets at December 31, 2023 and December 31, 2022, was $372 million and $505 million, respectively.
v3.24.0.1
Premises and Equipment
 12 Months Ended
Dec. 31, 2023
Property, Plant and Equipment [Abstract]  
Premises and Equipment
11. Premises and Equipment
Premises and Equipment

Our premises and equipment consisted of the following:
December 31,
Dollars in millions
Useful life (in years)
20232022
LandIndefinite$114 $114 
Buildings and improvements
15-40
665 696 
Leasehold improvements
1-15
535 615 
Furniture and equipment
2-15
812 824 
Capitalized building leases
   1-14 (a)
18 18 
Construction in processN/A61 41 
Total premises and equipment2,205 2,308 
Less: Accumulated depreciation and amortization(1,544)(1,672)
Premises and equipment, net$661 $636 
(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, 2023, December 31, 2022, and December 31, 2021 was $89 million, $96 million, and $107 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 $520 million and $447 million and related accumulated amortization of $225 million and $163 million as of December 31, 2023, and December 31, 2022, respectively. This includes in-process software that has not started amortizing. Amortization expense related to internal-use software for the years ended December 31, 2023, December 31, 2022, and December 31, 2021, was $78 million, $77 million, and $66 million, respectively.
v3.24.0.1
Goodwill and Other Intangible Assets
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets
12. 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. As of December 31, 2023, the Commercial Bank and Institutional Bank reporting units were allocated goodwill of $800 million and $133 million, respectively. 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.”

For our annual test, we conducted a quantitative test as of October 1, 2023. We utilized a combination of market and income approaches to calculate the estimated fair values of our reporting units. We determined that the estimated fair value of the Consumer Bank reporting unit was 31% greater than its carrying amount, the estimated fair value of the Commercial Bank reporting unit was 31% greater than its carrying amount, and the estimated fair value of the Institutional Bank reporting unit was 7% 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 quantitative test, there was no goodwill impairment.

Additionally, we monitored events and circumstances during the period from October 1, 2023 through December 31, 2023, including macroeconomic and market factors, industry and banking sector events, Key specific performance indicators, a comparison of management’s forecast and assumptions to those used in the October 1, 2023 quantitative impairment test, and the sensitivity of the October 1, 2023 quantitative test results to changes in assumptions through December 31, 2023. Based on these considerations, we concluded that it was not more-likely-
than-not that the fair value of one or more of the reporting units is below its respective carrying value as of December 31, 2023.
Changes in the carrying amount of goodwill by reporting segment are presented in the following table:
Dollars in millionsConsumer BankCommercial BankTotal
BALANCE AT DECEMBER 31, 2021$1,761 $932 $2,693 
XUP acquisition measurement period adjustment— 1 1 
GradFin acquisition58 — 58 
BALANCE AT DECEMBER 31, 20221,819 933 2,752 
BALANCE AT DECEMBER 31, 2023$1,819 $933 $2,752 

Additional information regarding recent acquisitions is provided in Note 15 (“Acquisitions and Discontinued Operations”).
As of December 31, 2023, we expect goodwill in the amount of $359 million to be deductible for tax purposes in future periods.
There were no accumulated impairment losses related to any of Key’s reporting units at December 31, 2023, December 31, 2022, and December 31, 2021.
The following table shows the gross carrying amount and the accumulated amortization of intangible assets subject to amortization:
 20232022
December 31,
Dollars in millions
Gross Carrying
Amount		Accumulated
Amortization
Gross Carrying
Amount
Accumulated
Amortization
Intangible assets subject to amortization:
Core deposit intangibles$356 $326 $355 $303 
PCCR intangibles16 15 16 14 
Other intangible assets80 56 84 44 
Total$452 $397 $455 $361 

The following table presents estimated intangible asset amortization expense for the next five years.
Estimated
Dollars in millions20242025202620272028
Intangible asset amortization expense $28 $19 $7 $1 $— 
v3.24.0.1
Variable Interest Entities
 12 Months Ended
Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]  
Variable Interest Entities
13. 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.

Our significant VIEs are summarized below. We define a “significant interest” in a VIE as a subordinated interest that exposes us to a significant portion, but not the majority, of the VIE’s expected losses or residual returns, even though we do not have the power to direct the activities that most significantly impact the entity’s economic performance.
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 $2.3 billion and $1.9 billion of investments in LIHTC operating partnerships at December 31, 2023, and December 31, 2022, 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, 2023, and December 31, 2022, we had liabilities of $1.4 billion and $957 million, 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, 2023, and December 31, 2022. 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, 2023
LIHTC investments$8,904 $3,848 $2,768 
December 31, 2022
LIHTC investments$8,227 $3,091 $2,370 

We had $25 million and $12 million in NMTC investments at December 31, 2023 and December 31, 2022, 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, 2023, we recognized $217 million of amortization, $204 million of tax credits and $52 million of other tax benefits associated with these investments within “income taxes” on our income statement. During the twelve months ended December 31, 2022, we recognized $190 million of amortization, $187 million of tax credits and $45 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 $17 million and $34 million at December 31, 2023, and December 31, 2022, respectively. These investments are recorded in “other investments” on our Consolidated Balance Sheets. Additional information on indirect principal investments is provided in Note 6 (“Fair Value Measurements”). The table below reflects the size of the private equity funds in which KCC was invested as well as our maximum exposure to loss in connection with these investments at December 31, 2023.
 Unconsolidated VIEs
Dollars in millions
Total
Assets
Total
Liabilities
Maximum
Exposure to Loss
December 31, 2023
Indirect investments$2,741 $91 $18 
December 31, 2022
Indirect investments$6,636 $90 $43 

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 6 (“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, 2023, and December 31, 2022, 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. 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, 2023, and December 31, 2022. 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. These liabilities are recorded in “accrued expenses and other liabilities” on our Consolidated Balance Sheets. Of the total balance as of December 31, 2023, $731 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 5 (“Asset Quality”).
Other unconsolidated VIEs
Dollars in millionsTotal AssetsTotal Liabilities
December 31, 2023
Other unconsolidated VIEs$1,149 $1 
December 31, 2022
Other unconsolidated VIEs$1,798 $1 
v3.24.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Income Taxes
14. 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
202320222021
Currently payable:
Federal$257 $368 $423 
State48 80 73 
Total currently payable$305 $448 $496 
Deferred:
Federal$(84)$(14)$119 
State(25)(12)27 
Total deferred(109)(26)146 
Total income tax (benefit) expense (a)
$196 $422 $642 
(a)There was income tax (benefit) expense on securities transactions of $(3) million in 2023, $2 million in 2022, and $(2) million in 2021. 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 $34 million in 2023, $33 million in 2022, and $33 million in 2021.

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
20232022
Allowance for loan and lease losses$422 $380 
Employee benefits166 187 
Net unrealized securities losses1,612 1,959 
Federal net operating losses and credits3 4 
Non-tax accruals142 61 
Operating lease liabilities(a)
136 149 
State net operating losses and credits1 1 
Partnership investments78 90 
Other148 164 
Gross deferred tax assets2,708 2,995 
Less: Valuation Allowance12 11 
Total deferred tax assets$2,696 $2,984 
Leasing transactions$446 $521 
State taxes77 86 
Operating lease right-of-use assets (a)
119 130 
Goodwill157 139 
Other82 86 
Total deferred tax liabilities881 962 
Net deferred tax assets (liabilities) (b)
$1,815 $2,022 
(a)A separate deferred tax asset and liability is recognized for each operating lease item resulting from the adoption of ASC 842 in 2019.
(b)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, 2023, we had net capital loss carryforwards of $12 million for which we have recorded $12 million of valuation allowances. The capital loss carryforwards if not utilized, will expire beginning in 2025. 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, 2023, we had federal net operating loss carryforwards of $7 million and federal credit carryforwards of $2 million. The federal net operating loss carryforwards are from prior acquisitions by First Niagara and are subject to annual limitations under the tax code and, if not utilized, will expire in the years beginning 2027. The federal credit carryforward consists of general business credits which expire in 2027, under the Internal Revenue Code. We currently expect to fully utilize these losses and credits.

We had state net operating loss carryforwards of $23 million, resulting in a net state deferred tax asset of $1 million.
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
202320222021
AmountRateAmountRateAmountRate
Income (loss) before income taxes times 21% statutory federal tax rate$244 21.0 %$490 21.0 %$683 21.0 %
Amortization of tax-advantaged investments171 14.8 149 6.4 151 4.6 
Tax-exempt interest income(35)(3.1)(28)(1.2)(26)(.8)
Corporate-owned life insurance income(28)(2.4)(28)(1.2)(27)(.8)
State income tax, net of federal tax benefit18 1.6 53 2.3 79 2.4 
Tax credits(196)(16.9)(204)(8.8)(218)(6.7)
FDIC Insurance22 1.9 12 .5 7 .3 
Other— — (22)(.9)(7)(.3)
Total income tax expense (benefit)$196 16.9 %$422 18.1 %$642 19.7 %

Liability for Unrecognized Tax Benefits
The change in our liability for unrecognized tax benefits is as follows:
Year ended December 31,
Dollars in millions		20232022
Balance at beginning of year$40 $50 
Increase for other tax positions of prior years5 4 
Decrease for payments and settlements— — 
Decrease related to tax positions taken in prior years— (14)
Balance at end of year$45 $40 

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 $45 million at December 31, 2023, and $40 million at December 31, 2022. It is reasonably possible that the balance of unrecognized tax benefits could decrease in the next twelve months due to examinations by various tax authorities or the expiration of statutes of limitations.

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 $4 million, $1.5 million, and $0.1 million in 2023, 2022, and 2021, respectively. We did not recover any state tax penalties in 2023, 2022, or 2021. At December 31, 2023, we had $0.6 million accrued interest payable, compared to none at December 31, 2022.

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, 2023 and December 31, 2022, respectively.
The BEPS 2.0/Pillar Two proposals issued by the Organization for Economic Co-operation and Development focus on global profit allocation and a global minimum tax rate. While we continue to analyze the tax implications of BEPS 2.0/Pillar Two, we do not currently anticipate that the implementation of tax laws aligned with the BEPS 2.0/Pillar Two proposals will have a material impact on KeyCorp’s income tax expense.
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 2016, and 2019 and forward. Currently, we are under IRS audit for tax year 2016. We are not subject to income tax examinations by other tax authorities for years prior to 2014.
Pre-1988 Bank Reserves acquired in a business combination
Retained earnings of KeyBank included approximately $92 million of allocated bad debt deductions for which no income taxes have been recorded. Under current federal law, these reserves are subject to recapture into taxable income if KeyBank, or any successor, fails to maintain its bank status under the Internal Revenue Code or makes non-dividend distributions or distributions greater than its accumulated earnings and profits. No deferred tax liability has been established as these events are not expected to occur in the foreseeable future.
v3.24.0.1
Acquisitions and Discontinued Operations
 12 Months Ended
Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]  
Acquisitions and Discontinued Operations
15. Acquisitions and Discontinued Operations

Acquisitions

XUP Payments. On November 19, 2021, KeyBank acquired XUP Payments, a B2B focused digital platform. The acquisition was accounted for as a business combination. As a result of the acquisition, we recognized goodwill of $20.6 million and no separately identified intangible assets were recorded. Other acquired assets and liabilities of XUP were immaterial. The valuation was final as of March 31, 2022.

GradFin. On May 2, 2022, KeyBank acquired GradFin, a public service loan forgiveness counseling provider. The acquisition was accounted for as a business combination. Consideration paid totaled $72 million consisting of $62 million in cash and $10 million in contingent consideration. As a result of the acquisition, we recognized goodwill of $58 million and other intangible assets of $12 million, with remaining assets acquired consisting primarily of cash. Other acquired assets and liabilities of GradFin were immaterial. The valuation was final as of September 30, 2022.

Discontinued operations

Discontinued operations includes our government-guaranteed and private education lending business.  At December 31, 2023, and December 31, 2022, approximately $339 million and $434 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.
v3.24.0.1
Securities Financing Activities
 12 Months Ended
Dec. 31, 2023
Broker-Dealer [Abstract]  
Securities Financing Activities
16. Securities Financing Activities

The following table summarizes our securities financing agreements at December 31, 2023, and December 31, 2022:
 December 31, 2023December 31, 2022
Dollars in millions
Gross Amount
Presented in
Balance Sheet
Netting
Adjustments (a)
Collateral (b)
Net
Amounts
Gross Amount
Presented in
Balance Sheet
Netting
Adjustments (a)
Collateral (b)
Net
Amounts
Offsetting of financial assets:
Reverse repurchase agreements$7 $(7)$— $— $8 $(8)$— $— 
Securities borrowed— — — — — — — — 
Total$7 $(7)$— $— $8 $(8)$— $— 
Offsetting of financial liabilities:
Repurchase agreements (c)
$38 $(7)$(31)$— $71 $(8)$(63)$— 
Total$38 $(7)$(31)$— $71 $(8)$(63)$— 
(a)Netting adjustments take into account the impact of master netting agreements that allow us to settle with a single counterparty on a net basis.
(b)These adjustments take into account the impact of bilateral collateral agreements that allow us to offset the net positions with the related collateral. The application of collateral cannot reduce the net position below zero. Therefore, excess collateral, if any, is not reflected above.
(c)Repurchase agreements are collateralized by mortgaged-backed agency securities and are contracted on an overnight or continuous basis.

As of December 31, 2023, the carrying amount of assets pledged as collateral against repurchase agreements totaled $38 million. Assets pledged as collateral are reported in “available for sale” and “held-to-maturity” securities on the Consolidated Balance Sheets. At December 31, 2023, the liabilities associated with collateral pledged were solely comprised of customer sweep financing activity and had a carrying value of $31 million. The collateral pledged under customer sweep repurchase agreements is posted to a third-party custodian and cannot be sold or repledged by the secured party. The risk related to a decline in the market value of collateral pledged is minimal given the collateral's high credit quality and the overnight duration of the repurchase agreements.

Like other financing transactions, securities financing agreements contain an element of credit risk. To mitigate and manage credit risk exposure, we generally enter into master netting agreements and other collateral arrangements that give us the right, in the event of default, to liquidate collateral held and to offset receivables and payables with the same counterparty.  Additionally, we establish and monitor limits on our counterparty credit risk exposure by product type. For the reverse repurchase agreements, we monitor the value of the underlying securities we received from counterparties and either request additional collateral or return a portion of the collateral based on the value of those securities. We generally hold collateral in the form of highly rated securities issued by the U.S. Treasury and fixed income securities. In addition, we may need to provide collateral to counterparties under our repurchase
agreements. With the exception of collateral pledged against customer sweep repurchase agreements, the collateral we pledge and receive can generally be sold or repledged by the secured parties.
v3.24.0.1
Stock-Based Compensation
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation
17. Stock-Based Compensation
We maintain several stock-based compensation plans, which are described below. Total compensation expense for these plans was $121 million for 2023, $120 million for 2022, and $104 million for 2021. The total income tax benefit recognized in the income statement for these plans was $29 million for 2023, $29 million for 2022, and $25 million for 2021.
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, 2023, we had 42,362,938 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.
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 2023, 2022, and 2021 are shown in the following table.
Year ended December 31,202320222021
Average option life6.7 years6.5 years6.6 years
Future dividend yield4.28 %3.01 %3.88 %
Historical share price volatility.347 .341 .335 
Weighted-average risk-free interest rate3.9 %2.0 %0.8 %
The following table summarizes activity, pricing and other information for our stock options for the year ended December 31, 2023:
Number of
Options
Weighted-Average
Exercise Price Per
Option
Weighted-Average
Remaining Life (in years)
Aggregate
Intrinsic
Value(a)
Outstanding at December 31, 20224,496,332 $17.71 3.8$8 
Granted528,951 21.07 
Exercised(134,484)10.28 
Lapsed or canceled(31,346)17.51 
Outstanding at December 31, 20234,859,453 $18.28 4.4$4 
Expected to vest1,174,800 22.66 7.9— 
Exercisable at December 31, 20233,618,041 $16.78 3.3$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 $4.23 for options granted during 2023, $5.78 for options granted during 2022, and $3.38 for options granted during 2021. Stock option exercises numbered 134,484 in 2023, 484,521 in 2022, and 2,319,438 in 2021. The aggregate intrinsic value of exercised options was $1 million for 2023, $5 million for 2022, and $22 million for 2021. As of December 31, 2023, 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 2.2 years.
Cash received from options exercised was $1 million, $6 million, and $27 million in 2023, 2022, and 2021, respectively. The actual tax benefit realized for the tax deductions from options exercised was less than $1 million in 2023 and less than $1 million in 2022.
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, which generally vest at the rate of 25% per year;
•performance units payable in stock, 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
•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.
During 2023, 28,008 performance units vested that were payable in stock and 1,778,941 performance units vested that were payable in cash. The total fair value of the performance units that vested in stock and cash during 2023 totaled $1 million and $32 million, respectively. During 2022, 30,055 performance units vested that were payable in stock and 2,224,127 performance units vested that were payable in cash. The total fair value of the performance units that vested in stock and cash during 2022 totaled $1 million and $55 million, respectively.

The following table summarizes activity and pricing information for the nonvested shares in the Program for the year ended December 31, 2023.
 
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, 202211,924,785 $21.56 58,331 $19.02 4,907,796 $17.42 
Granted6,247,357 19.15 — — 2,507,322 14.48 
Vested(4,924,223)20.36 (28,008)18.98 (1,778,941)18.06 
Forfeited(391,878)20.87 — — (52,887)11.75 
Outstanding at December 31, 202312,856,041 $20.97 30,323 $19.07 5,583,290 $14.67 
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 $17.81 during 2023, $23.39 during 2022, and $20.06 during 2021. As of December 31, 2023, unrecognized compensation cost related to nonvested shares under the Program totaled $85 million. We expect to recognize this cost over a weighted-average period of 2.5 years. The total fair value of shares vested was $133 million in 2023, $144 million in 2022, and $105 million in 2021.
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, 2023.
Number of
Nonvested
Shares
Weighted-Average
Grant-Date
Fair Value
Outstanding at December 31, 20223,022,971 $18.82 
Granted666,556 12.93 
Vested(1,045,551)18.75 
Forfeited(41,109)20.55 
Outstanding at December 31, 20232,602,867 $17.71 
The weighted-average grant-date fair value of awards granted was $12.93 during 2023, $20.11 during 2022, and $21.25 during 2021. As of December 31, 2023, unrecognized compensation cost related to nonvested shares granted under our deferred compensation plans and the other restricted stock or unit award programs totaled $11 million. We expect to recognize this cost over a weighted-average period of 2.5 years. The total fair value of shares vested was $20 million in 2023, $21 million in 2022, and $16 million in 2021.
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 720,280 Common Shares at a weighted-average cost to employees of $10.62 during 2023, 422,844 Common Shares at a weighted-average cost to employees of $17.46 during 2022, and 335,951 Common Shares at a weighted-average cost to employees of $19.28 during 2021.

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.”
v3.24.0.1
Employee Benefits
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Employee Benefits
18. Employee Benefits
Pension Plans
Key maintains a cash balance pension plan and other 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.
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.
Pre-tax AOCI not yet recognized as net pension cost was $384 million at December 31, 2023, and $385 million at December 31, 2022, consisting entirely of net unrecognized losses.
During 2023, 2022, and 2021, 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 plans are as follows:
Year ended December 31,
Dollars in millions
202320222021
Interest cost on PBO$45 $27 $25 
Expected return on plan assets(42)(27)(28)
Amortization of losses9 15 18 
Settlement loss18 12 9 
Net pension cost$30 $27 $24 
Other changes in plan assets and benefit obligations recognized in OCI:
Net (gain) loss$26 $31 $(19)
Amortization of gains(27)(27)(27)
Total recognized in comprehensive income$(1)$4 $(46)
Total recognized in net pension cost and comprehensive income$29 $31 $(22)

The information related to our pension plans presented in the following tables is based on current actuarial reports using measurement dates of December 31, 2023, and December 31, 2022.

The following table summarizes changes in the PBO related to our pension plans. Actuarial losses in 2023 were primarily driven by a decrease in discount rates.
Year ended December 31,
Dollars in millions
20232022
PBO at beginning of year$965 $1,156 
Interest cost45 27 
Actuarial losses (gains)10 (133)
Benefit payments(97)(85)
PBO at end of year$923 $965 
The following table summarizes changes in the FVA.
Year ended December 31,
Dollars in millions
20232022
FVA at beginning of year$886 $1,096 
Actual return on plan assets25 (138)
Employer contributions13 13 
Benefit payments(97)(85)
FVA at end of year$827 $886 
The following table summarizes the funded status of the pension plans, which equals the amounts recognized in the balance sheets at December 31, 2023, and December 31, 2022.
December 31,
Dollars in millions
20232022
Funded status (a)
$(95)$(78)
Net prepaid pension cost recognized consists of:  
Noncurrent assets$34 $58 
Current liabilities(14)(13)
Noncurrent liabilities(115)(123)
Net prepaid pension cost recognized (b)
$(95)$(78)
(a)The shortage of the FVA under the PBO.
(b)Represents the accrued benefit liability of the pension plans.
At December 31, 2023, 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 2024. We also do not expect to make any significant discretionary contributions during 2024.
At December 31, 2023, we expect to pay the benefits from all funded and unfunded pension plans as follows: 2024 — $89 million; 2025 — $87 million; 2026 — $84 million; 2027 — $81 million; 2028 — $79 million and $347 million in the aggregate from 2029 through 2033.
The ABO for all of our pension plans was $922 million at December 31, 2023, and $965 million at December 31, 2022. As indicated in the table below, collectively our plans had an ABO in excess of plan assets as follows: 
December 31,20232022
Dollars in millionsCash Balance Pension PlanOther Defined Benefit PlansCash Balance Pension PlanOther Defined Benefit Plans
PBO$793 $128 $828 $137 
ABO793 128 828 137 
Fair value of plan assets827 — 886 — 

To determine the actuarial present value of benefit obligations, we assumed the following weighted-average rates.
December 31,20232022
Discount rate4.68 %4.85 %
Weighted-average interest crediting rate4.09 %3.97 %
To determine net pension cost, we assumed the following weighted-average rates.
Year ended December 31,
202320222021
Discount rate
4.85 %2.43 %2.05 %
Expected return on plan assets
4.50 %2.75 %2.75 %
We estimate that we will recognize $11 million in net pension cost for 2024. We estimate that a 25 basis point increase or decrease in the expected return on plan assets would change our net pension cost for 2024 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 2024 by approximately $2 million.
The expected return on plan assets 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 was 4.5% for 2023, 4.5% for 2022 and 2.75% for 2021. We deemed a rate of 4.50% to be appropriate in estimating 2023 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, 2023.
Target Allocation  
Asset Class2023
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, 2023, and December 31, 2022.

December 31, 2023    
Dollars in millionsLevel 1Level 2Level 3Total
ASSET CLASS
Mutual funds:
Fixed income — U.S.$— $342 $— $342 
Collective investment funds (measured at NAV) (a)
— — — 465 
Insurance investment contracts and pooled separate accounts (measured at NAV) (a)
— — — 20 
Total net assets at fair value$— $342 $— $827 
(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, 2022    
Dollars in millionsLevel 1Level 2Level 3Total
ASSET CLASS
Mutual funds:
Fixed income — U.S.$— $359 $— $359 
Collective investment funds (measured at NAV) (a)
— — — 507 
Insurance investment contracts and pooled separate accounts (measured at NAV) (a)
— — — 20 
Total net assets at fair value$— $359 $— $886 
(a)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the fair value of plan assets presented elsewhere within this footnote.
Other Postretirement Benefit Plans
We sponsor a retiree healthcare plan in which all employees age 55 with five years of service (or employees age 50 with 15 years of service who are terminated under conditions that entitle them to a severance benefit) are eligible to participate. Participant contributions are adjusted annually. Key may provide a subsidy toward the cost of coverage for certain employees hired before 2001 with a minimum of 15 years of service at the time of termination. We use a separate VEBA trust to fund the retiree healthcare plan.
The components of pre-tax AOCI not yet recognized as net postretirement benefit cost are shown below.
December 31,  
Dollars in millions20232022
Net unrecognized losses (gains)$(9)$(9)
Net unrecognized prior service credit(11)(12)
Total unrecognized AOCI$(20)$(21)
The components of net postretirement benefit cost and the amount recognized in OCI for all funded and unfunded plans are as follows:
December 31,   
Dollars in millions202320222021
Interest cost on APBO$2 $2 $2 
Expected return on plan assets(2)(2)(2)
Amortization of prior service credit(1)(1)(1)
Amortization of gains(1)(1)(1)
Net postretirement benefit cost$(2)$(2)$(2)
Other changes in plan assets and benefit obligations recognized in OCI:
Net (gain) loss$1 $1 $1 
Amortization of prior service credit1 1 1 
Total recognized in comprehensive income$2 $2 $2 
Total recognized in net postretirement benefit cost and comprehensive income$— $— $— 
The information related to our postretirement benefit plans presented in the following tables is based on current actuarial reports using measurement dates of December 31, 2023, and December 31, 2022.
The following table summarizes changes in the APBO. Actuarial losses are a result of asset performance.
Year ended December 31,  
Dollars in millions20232022
APBO at beginning of year$40 $57 
Service cost— — 
Interest cost2 2 
Plan participants’ contributions1 1 
Actuarial losses (gains)6 (5)
Benefit payments(9)(15)
Plan amendments— — 
APBO at end of year$40 $40 
The following table summarizes changes in FVA.
Year ended December 31,  
Dollars in millions20232022
FVA at beginning of year$40 $57 
Employer contributions— — 
Plan participants’ contributions1 1 
Benefit payments(9)(15)
Actual return on plan assets8 (3)
FVA at end of year$40 $40 
The postretirement plans were fully funded at December 31, 2023, and December 31, 2022. Therefore, no liabilities were recognized on our Consolidated Balance Sheets.
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 2024, if any, will be minimal.
At December 31, 2023, we expect to pay the benefits from other postretirement plans as follows: 2024 — $5 million; 2025 — $5 million; 2026 — $5 million; 2027 — $4 million; 2028 — $4 million; and $19 million in the aggregate from 2029 through 2033.
To determine the APBO, we assumed discount rates of 4.5% at December 31, 2023, and 4.5% at December 31, 2022.
To determine net postretirement benefit cost, we assumed the following weighted-average rates.
Year ended December 31,202320222021
Discount rate4.50 %4.50 %4.50 %
Expected return on plan assets4.50 4.50 4.50 
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.
We expect to recognize a $2 million credit in net postretirement benefit cost for 2024.
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 Class2023
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, 2023, and December 31, 2022.
December 31, 2023    
Dollars in millionsLevel 1Level 2Level 3Total
ASSET CLASS
Mutual funds:
Equity — U.S.$24 $— $— $24 
Equity — International7 — — 7 
Fixed income — U.S.8 — — 8 
Other assets (measured at NAV)(a)
— — — 1 
Total net assets at fair value$39 $— $— $40 
(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, 2022    
Dollars in millionsLevel 1Level 2Level 3Total
ASSET CLASS
Mutual funds:
Equity — U.S.$24 $— $— $24 
Equity — International7 — — 7 
Fixed income — U.S.8 — — 8 
Other assets (measured at NAV)— — — 1 
Total net assets at fair value$39 $— $— $40 
(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 Medicare Prescription Drug, Improvement and Modernization Act of 2003 introduced a prescription drug benefit under Medicare and prescribes a federal subsidy to sponsors of retiree healthcare benefit plans that offer prescription drug coverage that is “actuarially equivalent” to the benefits under Medicare Part D. Based on our application of the relevant regulatory formula, we determined that the prescription drug coverage related to our retiree healthcare benefit plan is not actuarially equivalent to the Medicare benefit for the vast majority of retirees. For the years ended December 31, 2023, and December 31, 2022, we did not receive federal subsidies.
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 2023. 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 a profit sharing contributions for 2023 or 2022. We made a contribution of 1% for 2021, on eligible compensation for employees eligible on the last business day of the plan year. 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 $99 million in 2023, $82 million in 2022, and $119 million in 2021.
v3.24.0.1
Short-Term Borrowings
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Short-Term Borrowings
19. Short-Term Borrowings
Selected financial information pertaining to the components of our short-term borrowings is as follows:
December 31,   
Dollars in millions202320222021
FEDERAL FUNDS PURCHASED
Balance at year end$— $4,006 $— 
Average during the year1,098 1,490 — 
Maximum month-end balance3,020 5,872 — 
Weighted-average rate during the year 4.83 %2.04 %— %
Weighted-average rate at December 31 — 4.18 — 
SECURITIES SOLD UNDER REPURCHASE AGREEMENTS
Balance at year end$38 $71 $173 
Average during the year549 617 239 
Maximum month-end balance1,954 1,090 281 
Weighted-average rate during the year 4.77 %1.66 %.02 %
Weighted-average rate at December 311.63 3.74 .01 
OTHER SHORT-TERM BORROWINGS
Balance at year end$3,053 $5,386 $588 
Average during the year5,890 2,963 770 
Maximum month-end balance1,061 11,372 897 
Weighted-average rate during the year 5.24 %1.82 %1.08 %
Weighted-average rate at December 315.58 .50 1.97 

As described below and in Note 20 (“Long-Term Debt”), 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 $10.7 billion at December 31, 2023, 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, 2023, our unused secured borrowing capacity was $54.7 billion at the Federal Reserve Bank of Cleveland and $13.6 billion at the FHLB.
v3.24.0.1
Long-Term Debt
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Long-Term Debt
20. Long-Term Debt
The following table presents the components of our long-term debt, net of unamortized discounts and adjustments related to hedging with derivative financial instruments. 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 8 (“Derivatives and Hedging Activities”). 
December 31,  
Dollars in millions20232022
Senior medium-term notes due through 2033 (a)
$3,870 $3,789 
2.075% Subordinated notes due 2028 (b)
162 162 
6.875% Subordinated notes due 2029 (b)
91 99 
7.75% Subordinated notes due 2029 (b)
117 112 
Other subordinated notes (b)(c)
77 77 
Total parent company4,317 4,239 
Senior medium-term notes due through 2039 (d)
5,519 6,411 
4.39% Senior remarketable notes due 2027 (e)
214 191 
3.40% Subordinated notes due 2026 (f)
569 555 
6.95% Subordinated notes due 2028 (f)
286 281 
3.90% Subordinated notes due 2029 (f)
333 327 
4.90% Subordinated notes due 2032 (f)
695 685 
Secured borrowing due through 2032 (g)
11 14 
Federal Home Loan Bank advances due through 2038 (h)
7,586 6,594 
Investment Fund Financing due through 2055 (i)
24 10 
Total subsidiaries15,237 15,068 
Total long-term debt$19,554 $19,307 
(a)Senior medium-term notes had a weighted-average interest rate of 2.31% at December 31, 2023, and 2.3134% at December 31, 2022. These notes had fixed interest rates at December 31, 2023, and December 31, 2022. These notes may not be redeemed prior to their maturity dates.
(b)See Note 21 (“Trust Preferred Securities Issued by Unconsolidated Subsidiaries”) for a description of these notes.
(c)The First Niagara variable rate trust preferred securities had a weighted-average interest rate of 7.14% at December 31, 2023, and 6.16% at December 31, 2022. These notes may be redeemed prior to their maturity dates.
(d)Senior medium-term notes had weighted-average interest rates of 4.88% at December 31, 2023, and 5.96% at December 31, 2022. These notes are a combination of fixed and floating rates. These notes may not be redeemed prior to their maturity dates.
(e)The remarketable senior medium-term notes had a weighted-average interest rate of 4.39% at both December 31, 2023 and December 31, 2022. These notes had fixed interest rates at December 31, 2023, and December 31, 2022. These notes may not be redeemed prior to their maturity dates.
(f)These notes are all obligations of KeyBank. Only medium term notes due 2027 may be redeemed prior to maturity date.
(g)This includes $5 million of Capital Lease financing debt with maturity dates ranging from October 1, 2025 to October 1, 2032. This category of debt consists primarily of non-recourse debt collateralized by leased equipment under operating, direct financing and sales-type leases. Additional information pertaining to these commercial lease financing receivables is included in Note 4 (“Loan Portfolio”). This also includes $5 million of capital leases acquired in the First Niagara merger with a maturity range from March 2022 through October 2032.
(h)Long-term advances from the Federal Home Loan Bank had a weighted-average interest rate of 5.76% at December 31, 2023, and 4.48% at December 31, 2022. These advances, which had fixed interest rates, were secured by real estate loans and securities totaling $7.6 billion at December 31, 2023, and $6.6 billion at December 31, 2022.
(i)Investment Fund Financing with maturity dates of September 1, 2048 and April 29, 2055 respectively.
At December 31, 2023, scheduled principal payments on long-term debt were as follows:
Dollars in millionsParentSubsidiariesTotal
2024$— $8,708 $8,708 
20251,081 1,896 2,977 
2026— 1,059 1,059 
2027720 1,227 1,947 
2028888 296 1,184 
All subsequent years1,628 2,051 3,679 

As described below, KeyBank and KeyCorp have a number of programs that support our long-term financing needs.

Global bank note program. On September 29, 2021, KeyBank updated its Bank Note Program authorizing the issuance of up to $20 billion of notes. Under the program, KeyBank is authorized to issue notes with original maturities of seven days or more for senior notes or five years or more for subordinated notes. Notes will be denominated in U.S. dollars. Amounts outstanding under the program and any prior bank note programs are classified as “long-term debt” on our Consolidated Balance Sheets.
On June 14, 2022, KeyBank completed the final remarketing of its Term Enhanced ReMarketable Securities, originally issued in 1998. In connection therewith, KeyBank issued $300 million Fixed Rate Senior Notes due December 14, 2027. Because this issuance was originally authorized under the Bank Note Program in existence in 1998, we would not consider this an issuance against capacity under our current Bank Note Program.
On August 8, 2022, KeyBank issued two notes under the Bank Note Program: $1.25 billion of 4.150% Fixed Rate Senior Bank Notes due August 8, 2025, and $750 million of 4.900% Fixed Rate Subordinated Bank Notes due August 8, 2032.
On November 15, 2022, under the Bank Note Program, KeyBank issued $1.0 billion of 5.850% Fixed Rate Senior Bank Notes due November 15, 2027.
On January 26, 2023, KeyBank issued the following notes under the bank note program: $1.0 billion of Fixed Rate Senior Bank Notes due January 26, 2033, and $500 million of Fixed Rate Senior Bank Notes due January 26, 2026.
As of December 31, 2023, $15.5 billion remained available for issuance under the Bank Note Program.
KeyCorp shelf registration, including Medium-Term Note Program. On June 9, 2023, KeyCorp updated its shelf registration statement on file with the SEC under rules that allow companies to register various types of debt and equity securities without limitations on the aggregate amounts available for issuance. KeyCorp also maintains a Medium-Term Note Program that permits KeyCorp to issue notes with original maturities of nine months or more.
On May 23, 2022, KeyCorp issued $600 million of 3.878% Fixed-to-Floating Senior Notes due May 23, 2025 and $750 million of 4.789% Fixed-to-Floating Senior Notes due June 1, 2033. The fixed rate periods for each issuance are effective through May 23, 2024, and June 1, 2032, respectively.
At December 31, 2023, KeyCorp had authorized and available for issuance up to $15 billion of additional debt securities under the Medium-Term Note Program.
Issuances of capital securities or preferred stock by KeyCorp must be approved by the Board and cannot be objected to by the Federal Reserve.
v3.24.0.1
Trust Preferred Securities Issued by Unconsolidated Subsidiaries
 12 Months Ended
Dec. 31, 2023
Banking and Thrift, Other Disclosure [Abstract]  
Trust Preferred Securities Issued by Unconsolidated Subsidiaries
21. Trust Preferred Securities Issued by Unconsolidated Subsidiaries
We own the outstanding common stock of business trusts formed by us that issued corporation-obligated mandatorily redeemable trust preferred securities. The trusts used the proceeds from the issuance of their trust preferred securities and common stock to buy debentures issued by KeyCorp. These debentures are the trusts’ only assets; the interest payments from the debentures finance the distributions paid on the mandatorily redeemable trust preferred securities. The outstanding common stock of these business trusts is recorded in “Other Investments” on 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, common stock, and related debentures are summarized as follows:
Dollars in millions
Trust Preferred
Securities,
Net of Discount (a)(d)
Common
Stock
Principal
Amount of
Debentures,
Net of Discount (b)
Interest Rate
of Trust Preferred
Securities and
Debentures (c)
Maturity
of Trust Preferred
Securities and
Debentures
December 31, 2023
KeyCorp Capital I$156 $6 $162 6.396 %2028
KeyCorp Capital II87 4 91 6.875 2029
KeyCorp Capital III113 4 117 7.750 2029
HNC Statutory Trust III21 1 22 7.040 2035
HNC Statutory Trust IV18 1 19 6.932 2037
Willow Grove Statutory Trust I20 1 21 6.956 2036
Westbank Capital Trust II8 — 8 7.822 2034
Westbank Capital Trust III8 — 8 7.822 2034
Total$431 $17 $448 6.981 %— 
December 31, 2022$433 $17 $450 5.321 %— 
(a)The trust preferred securities must be redeemed when the related debentures mature, or earlier if provided in the governing indenture. Each issue of trust preferred securities carries an interest rate identical to that of the related debenture. Certain trust preferred securities include debt issuance costs and basis adjustments related to fair value hedges totaling $15 million at December 31, 2023, and $17 million at December 31, 2022. See Note 8 (“Derivatives and Hedging Activities”) for an explanation of fair value hedges.
(b)We have the right to redeem these debentures. If the debentures purchased by KeyCorp Capital I, HNC Statutory Trust III, Willow Grove Statutory Trust I, HNC Statutory Trust IV, Westbank Capital Trust II, or Westbank Capital Trust III are redeemed before they mature, the redemption price will be the principal amount, plus any accrued but unpaid interest. If the debentures purchased by KeyCorp Capital II or KeyCorp Capital III are redeemed before they mature, the redemption price will be the greater of: (i) the principal amount, plus any accrued but unpaid interest, or (ii) the sum of the present values of principal and interest payments discounted at the Treasury Rate (as defined in the applicable indenture), plus 20 basis points for KeyCorp Capital II or 25 basis points for KeyCorp Capital III or 50 basis points in the case of redemption upon either a tax or a capital treatment event for either KeyCorp Capital II or KeyCorp Capital III, plus any accrued but unpaid interest.
(c)The interest rates for the trust preferred securities issued by KeyCorp Capital II and KeyCorp Capital III are fixed. The trust preferred securities issued by KeyCorp Capital I, HNC Statutory Trust III, HNC Statutory Trust IV, Willow Grove Statutory Trust I, Westbank Capital Trust II, and Westbank Capital Trust III have a floating interest rate, equal to three-month CME term SOFR plus 26.161 basis points, that reprices quarterly. The total interest rates are weighted-average rates.
v3.24.0.1
Commitments, Contingent Liabilities, and Guarantees
 12 Months Ended
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
Commitments, Contingent Liabilities, and Guarantees
22. 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 5 (“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 6 (“Fair Value Measurements”). Other unfunded equity investment commitments at December 31, 2023, and December 31, 2022, 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 13 (“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
20232022
Loan commitments:
Commercial and other$55,603 $58,269 
Commercial real estate and construction3,440 4,037 
Home equity8,984 9,346 
Credit cards7,058 7,424 
Total loan commitments75,085 79,076 
Commercial letters of credit65 86 
Purchase card commitments995 875 
Principal investing commitments1 9 
Tax credit investment commitments1,361 958 
Total loan and other commitments$77,507 $81,004 

Legal Proceedings

Litigation. From time to time, in the ordinary course of business, we and our subsidiaries are subject to various litigation, investigations, and administrative proceedings. Private, civil litigation may range from individual actions involving a single plaintiff to putative class action lawsuits with potentially thousands of class members. Investigations may involve both formal and informal proceedings, by both government agencies and self-regulatory bodies. These matters may involve claims for substantial monetary relief. At times, these matters may present novel claims or legal theories. Due to the complex nature of these various other matters, it may be years before some matters are resolved. While it is impossible to ascertain the ultimate resolution or range of financial liability, based on information presently known to us, we do not believe there is any matter to which we are a party, or involving any of our properties that, individually or in the aggregate, would reasonably be expected to have a material adverse effect on our financial condition. We continually monitor and reassess the potential materiality of these litigation matters. We note, however, that in light of the inherent uncertainty in legal proceedings there can be no assurance that the ultimate resolution will not exceed established reserves. As a result, the outcome of a particular matter, or a combination of matters, may be material to our results of operations for a particular period, depending upon the size of the loss or our income for that particular period.

Record-Keeping Investigation. On February 9, 2024, the Company’s broker-dealer subsidiary, KeyBanc Capital Markets, Inc. (KBCM), and investment advisory subsidiary, Key Investment Services (KIS), entered into a resolution with the SEC to resolve the SEC’s investigation concerning compliance with certain record-keeping requirements relating to business communications transmitted on unapproved electronic communications platforms. Under this resolution, KBCM and KIS agreed to pay a penalty of $10 million to the SEC along with other prospective relief.

Gurevitch Litigation. On August 4, 2023, a putative class action, Gurevitch v. KeyCorp et al., was filed against KeyCorp and certain of its current and former executives in the United States District Court for the Northern District of Ohio. The named plaintiff seeks to represent a national class of individuals who purchased or acquired KeyCorp securities from February 2020 to June 2023 and who were allegedly harmed by certain disclosures relating to KeyCorp’s liquidity, operations, and prospects. The lead plaintiff is scheduled to file an amended complaint in March 2024. At this stage of the proceedings, it is too early to determine if the matter would reasonably be expected to have a material adverse effect on our financial condition.

Derivative Litigation. In November and December 2023, purported shareholders of KeyCorp filed two shareholder
derivative lawsuits in the United States District Court for the Northern District of Ohio. The lawsuits assert that
various officers and directors violated their duties to KeyCorp by virtue of the matters alleged in the Gurevitch
litigation described above. The lawsuits are purportedly brought on behalf of KeyCorp and seek relief on KeyCorp’s
behalf and for its benefit.

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, 2023. 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, 2023Maximum Potential Undiscounted Future PaymentsLiability Recorded
Dollars in millions
Financial guarantees:
Standby letters of credit$4,234 $79 
Recourse agreement with FNMA7,465 98 
Residential mortgage reserve3,350 11 
Written put options (a)
3,304 183 
Total$18,353 $371 
(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, 2023, 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, 2023, our standby letters of credit had a remaining weighted-average life of 1.6 years, with remaining actual lives ranging from less than 1 year to 10.9 years.

Recourse agreement with FNMA. At December 31, 2023, the outstanding commercial mortgage loans in this program had a weighted-average remaining term of 7.0 years, and the unpaid principal balance outstanding of loans sold by us as a participant was $24.0 billion. The maximum potential amount of undiscounted future payments that we could be required to make under this program, as shown in the preceding table, is equal to approximately 31% of the principal balance of loans outstanding at December 31, 2023. 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 in an amount that we believe approximates the fair value of our liability in addition to the expected credit loss for the guarantee as described in Note 5 (“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, 2023, the unpaid principal balance outstanding of loans sold by us was $11.2 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, 2023. 
Our liability for estimated repurchase obligations on loans sold, which is included in other liabilities on our Consolidated Balance Sheets, was $11 million at December 31, 2023.

Written put options. In the ordinary course of business, we “write” put options for clients that wish to mitigate their exposure to changes in interest rates and commodity prices. At December 31, 2023, our written put options had an average life of 1.8 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 8 (“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 8.

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.
v3.24.0.1
Accumulated Other Comprehensive Income
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
Accumulated Other Comprehensive Income
23. 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, 2021$(403)$88 $(271)$(586)
Other comprehensive income before reclassification, net of income taxes
(4,492)(1,319)(25)(5,836)
Amounts reclassified from accumulated other comprehensive income, net of income taxes (a)
— 107 20 127 
Net current-period other comprehensive income, net of income taxes(4,492)(1,212)(5)(5,709)
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)
(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 millions20232022
Unrealized gains (losses) on available for sale securities
Realized losses$(4)$— Other income
(4)— 
Income (loss) from continuing operations before income taxes
(1)— Income taxes
$(3)$— Income (loss) from continuing operations
Unrealized gains (losses) on derivative financial instruments
Interest rate$(956)$(146)Interest income — Loans
Interest rate(2)(3)Interest expense — Long-term debt
Interest rate5 9 Investment banking and debt placement fees
(953)(140)
Income (loss) from continuing operations before income taxes
(228)(33)Income taxes
$(725)$(107)Income (loss) from continuing operations
Net pension and postretirement benefit costs
Amortization of losses$(8)$(15)Other expense
Settlement loss(18)(12)Other expense
Amortization of prior service credit1 1 Other expense
(25)(26)
Income (loss) from continuing operations before income taxes
(7)(6)Income taxes
$(18)$(20)Income (loss) from continuing operations
v3.24.0.1
Shareholders' Equity
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
Shareholders' Equity
24. Shareholders' Equity
Comprehensive Capital Plan

In July 2021, the Board of Directors authorized the repurchase of up to $1.5 billion of our Common Shares, effective for the third quarter of 2021 through the third quarter of 2022. In September 2022, the Board of Directors approved the extension of the previous authorization through the third quarter of 2023. This authorization expired as of September 30, 2023. During 2023, Key repurchased $38 million shares in the open market and $34 million of shares related to equity compensation programs.

Consistent with our capital plan, the Board declared a quarterly dividend of $.205 per common share for each of the four quarters in 2023. These quarterly dividend payments brought our annual dividend to $.82 per common share for 2023.
Preferred Stock

The following table summarizes our preferred stock at December 31, 2023:
Preferred stock seriesAmount outstanding (in millions)Shares authorized and outstandingPar valueLiquidation preferenceOwnership interest per depositary shareLiquidation preference per depositary share2023 dividends paid per depositary share
Fixed-to-Floating Rate Perpetual Noncumulative Series D$525 21,000 $1 $25,000 1/25th$1,000 $12.50 
Fixed-to-Floating Rate Perpetual Noncumulative Series E500 500,000 1 1,000 1/40th25 .382813 
Fixed Rate Perpetual Noncumulative Series F425 425,000 1 1,000 1/40th25 .353125 
Fixed Rate Perpetual Noncumulative Series G450 450,000 1 1,000 1/40th25 .351563 
Fixed Rate Perpetual Noncumulative Series H600 600,000 1 1,000 1/40th25 .387500 
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, 2023, KeyCorp and KeyBank (consolidated) met all regulatory capital requirements.
KeyBank (consolidated) qualified for the “well capitalized” prompt corrective action capital category at December 31, 2023, 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, 2023, 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, 2023, 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.
 ActualTo Meet Minimum
Capital Adequacy
Requirements		To Qualify as Well 
Capitalized Under Federal
Deposit Insurance Act
Dollars in millionsAmountRatioAmountRatioAmountRatio
December 31, 2023
TOTAL CAPITAL TO NET RISK-WEIGHTED ASSETS
Key$21,028 14.15 %$11,886 8.00 %N/AN/A
KeyBank (consolidated)20,726 14.16 11,712 8.00 $14,640 10.00 %
TIER 1 CAPITAL TO NET RISK-WEIGHTED ASSETS
Key$17,340 11.67 %$8,914 6.00 %N/AN/A
KeyBank (consolidated)17,487 11.94 8,784 6.00 $11,712 8.00 %
TIER 1 CAPITAL TO AVERAGE QUARTERLY TANGIBLE ASSETS
Key$17,340 9.03 %$7,678 4.00 %N/AN/A
KeyBank (consolidated)17,487 9.22 7,587 4.00 $9,483 5.00 %
December 31, 2022
TOTAL CAPITAL TO NET RISK-WEIGHTED ASSETS
Key$20,776 12.79 %$12,998 8.00 %N/AN/A
KeyBank (consolidated)19,903 12.39 12,850 8.00 $16,063 10.00 %
TIER 1 CAPITAL TO NET RISK-WEIGHTED ASSETS
Key$17,225 10.60 %$9,748 6.00 %N/AN/A
KeyBank (consolidated)16,801 10.46 9,638 6.00 $12,850 8.00 %
TIER 1 CAPITAL TO AVERAGE QUARTERLY TANGIBLE ASSETS
Key$17,225 8.88 %$7,759 4.00 %N/AN/A
KeyBank (consolidated)16,801 8.78 7,657 4.00 $9,572 5.00 %
v3.24.0.1
Business Segment Reporting
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Business Segment Reporting
25. Business Segment Reporting

The following is a description of the segments and their primary businesses at December 31, 2023.

Consumer Bank

The Consumer Bank serves individuals and small businesses throughout our 15-state branch footprint as well as healthcare professionals nationally through our Laurel Road digital brand by offering a variety of deposit and investment products, personal finance and financial wellness services, lending, mortgage and home equity, student loan refinancing, credit card, treasury services, and business advisory services. In addition, wealth management and investment services are offered to assist institutional, non-profit, and high-net-worth clients with their banking, trust, portfolio management, charitable giving, and related needs.

Commercial Bank

The Commercial Bank is an aggregation of our Institutional and Commercial operating segments. The Commercial operating segment is a full-service corporate bank focused principally on serving the borrowing, cash management, and capital markets needs of middle market clients within Key’s 15-state branch footprint. It is also a significant, national, commercial real estate lender and third-party servicer of commercial mortgage loans and a special servicer of CMBS. The Institutional operating segment operates nationally in providing lending, equipment financing, and banking products and services to large corporate and institutional clients. The industry coverage and product teams have established expertise in the following sectors: Consumer, Energy, Healthcare, Industrial, Public Sector, Real Estate, and Technology. The operating segment includes the KBCM platform which provides a broad suite of capital markets products and services including syndicated finance, debt and equity capital markets, derivatives, foreign exchange, financial advisory, and public finance. Additionally, KBCM provides fixed income and equity sales and trading services to investor clients.

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 major business segments for the years ended December 31, 2023, 2022, and 2021.

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 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 interest income 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.
•Indirect expenses, such as computer servicing costs and corporate overhead, are allocated based on assumptions regarding the extent that each line of business actually uses the services.
•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.”
•Capital is assigned to each line of business based on economic equity.
 
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 millions202320222021202320222021
SUMMARY OF OPERATIONS
Net interest income (TE)
$2,276 $2,409 $2,361 $1,811 $1,863 $1,650 
Noninterest income
944 995 1,068 1,422 1,600 1,990 
Total revenue (TE) (a)
3,220 3,404 3,429 3,233 3,463 3,640 
Provision for credit losses
111 193 (118)379 317 (279)
Depreciation and amortization expense
106 87 84 99 113 134 
Other noninterest expense
2,677 2,644 2,321 1,703 1,620 1,732 
Income (loss) from continuing operations before income taxes (TE)
326 480 1,142 1,052 1,413 2,053 
Allocated income taxes (benefit) and TE adjustments
78 115 274 213 269 412 
Income (loss) from continuing operations
248 365 868 839 1,144 1,641 
Income (loss) from discontinued operations, net of taxes
— — — — — — 
Net income (loss)
248 365 868 839 1,144 1,641 
Less: Net income (loss) attributable to noncontrolling interests
— — — — — — 
Net income (loss) attributable to Key
$248 $365 $868 $839 $1,144 $1,641 
AVERAGE BALANCES (b)
     
Loans and leases
$42,408 $41,315 $39,422 $75,143 $69,549 $60,486 
Total assets (a)
45,232 44,414 42,656 84,895 80,068 70,051 
Deposits
83,964 90,132 88,474 53,874 54,672 55,598 
OTHER FINANCIAL DATA
Expenditures for additions to long-lived assets (a), (b)
$72 $52 $39 $3 $4 $12 
Net loan charge-offs (b)
133 83 126 111 84 81 
Return on average allocated equity (b)
6.92 %10.36 %24.31 %8.14 %12.57 %19.21 %
Return on average allocated equity
6.92 10.36 24.31 8.14 12.57 19.21 
Average full-time equivalent employees (c)
7,773 8,101 8,043 2,484 2,466 2,384 
Year ended December 31,OtherKey
Dollars in millions202320222021202320222021
SUMMARY OF OPERATIONS
Net interest income (TE)$(144)$282 $87 $3,943 $4,554 $4,098 
Noninterest income104 123 136 2,470 2,718 3,194 
Total revenue (TE) (a)
(40)405 223 6,413 7,272 7,292 
Provision for credit losses(1)(8)(21)489 502 (418)
Depreciation and amortization expense27 71 80 232 271 298 
Other noninterest expense122 (125)78 4,502 4,139 4,131 
Income (loss) from continuing operations before income taxes (TE)(188)467 86 1,190 2,360 3,281 
Allocated income taxes (benefit) and TE adjustments(65)65 (17)226 449 669 
Income (loss) from continuing operations(123)402 103 964 1,911 2,612 
Income (loss) from discontinued operations, net of taxes3 6 13 3 6 13 
Net income (loss)(120)408 116 967 1,917 2,625 
Less: Net income (loss) attributable to noncontrolling interests— — — — — — 
Net income (loss) attributable to Key$(120)$408 $116 $967 $1,917 $2,625 
AVERAGE BALANCES (b)
Loans and leases$453 $438 $361 $118,004 $111,302 $100,269 
Total assets (a)
61,500 61,404 66,212 191,627 185,886 178,919 
Deposits6,221 2,058 963 144,059 146,862 145,035 
OTHER FINANCIAL DATA
Expenditures for additions to long-lived assets (a), (b)
$118 $198 $63 $193 $254 $114 
Net loan charge-offs (b)
— (6)(23)244 161 184 
Return on average allocated equity (b)
1,025.00 %19.12 %1.85 %6.94 %12.97 %14.79 %
Return on average allocated equity1,000.00 19.40 2.09 6.97 13.01 14.86 
Average full-time equivalent employees (c)
7,435 7,094 6,547 17,692 17,661 16,974 
(a)Substantially all revenue generated by our major business segments is derived from clients that reside in the United States. Substantially all long-lived assets, including premises and equipment, capitalized software, and goodwill held by our major business segments, are located in the United States.
(b)From continuing operations.
(c)The number of average full-time equivalent employees was not adjusted for discontinued operations.
v3.24.0.1
Condensed Financial Information of the Parent Company
 12 Months Ended
Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract]  
Condensed Financial Information of the Parent Company
26. Condensed Financial Information of the Parent Company
CONDENSED BALANCE SHEETS
December 31,
Dollars in millions
20232022
ASSETS
Cash and due from banks$2,727 $3,146 
Short-term investments17 15 
Securities available for sale— — 
Other investments85 78 
Loans to:
Banks250 250 
Nonbank subsidiaries— 16 
Total loans250 266 
Investment in subsidiaries:
Banks14,789 13,033 
Nonbank subsidiaries901 928 
Total investment in subsidiaries15,690 13,961 
Goodwill167 167 
Corporate-owned life insurance197 209 
Derivative assets1 111 
Accrued income and other assets331 248 
Total assets$19,465 $18,201 
LIABILITIES
Accrued expense and other liabilities$511 $508 
Long-term debt due to:
Subsidiaries447 450 
Unaffiliated companies3,870 3,789 
Total long-term debt4,317 4,239 
Total liabilities4,828 4,747 
SHAREHOLDERS’ EQUITY (a)
14,637 13,454 
Total liabilities and shareholders’ equity$19,465 $18,201 
(a)See Key’s Consolidated Statements of Changes in Equity.

CONDENSED STATEMENTS OF INCOME
Year ended December 31,
Dollars in millions202320222021
INCOME
Dividends from subsidiaries:
Bank subsidiaries$675 $475 $1,925 
Nonbank subsidiaries— 100 50 
Interest income from subsidiaries15 4 1 
Other income24 7 36 
Total income714 586 2,012 
EXPENSE
Interest on long-term debt with subsidiary trusts33 19 13 
Interest on other borrowed funds273 130 65 
Personnel and other expense111 101 101 
Total expense417 250 179 
Income (loss) before income taxes and equity in net income (loss) less dividends from subsidiaries297 336 1,833 
Income tax (expense) benefit95 60 38 
Income (loss) before equity in net income (loss) less dividends from subsidiaries392 396 1,871 
Equity in net income (loss) less dividends from subsidiaries575 1,521 754 
NET INCOME (LOSS)967 1,917 2,625 
Less: Net income attributable to noncontrolling interests— — — 
NET INCOME (LOSS) ATTRIBUTABLE TO KEY$967 $1,917 $2,625 
.
CONDENSED STATEMENTS OF CASH FLOWS
Year ended December 31,
Dollars in millions202320222021
OPERATING ACTIVITIES
Net income (loss) attributable to Key$967 $1,917 $2,625 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Deferred income taxes (benefit)(6)6 (22)
Stock-based compensation expense9 117 9 
Equity in net (income) loss less dividends from subsidiaries(575)(1,521)(754)
Net (increase) decrease in other assets44 23 13 
Net increase (decrease) in other liabilities3 (24)48 
Other operating activities, net122 (480)(414)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES564 38 1,505 
INVESTING ACTIVITIES
Net (increase) decrease in securities available for sale and in short-term and other investments(14)(26)(15)
Proceeds from sales, prepayments and maturities of securities available for sale— — — 
Net (increase) decrease in loans to subsidiaries16 (200)— 
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES2 (226)(15)
FINANCING ACTIVITIES
Net proceeds from issuance of long-term debt— 1,350 — 
Payments on long-term debt— — (997)
Repurchase of Treasury Shares(73)(44)(1,176)
Net cash from the issuance (redemption) of Common Shares and preferred stock— 590 — 
Cash dividends paid(912)(855)(823)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES(985)1,041 (2,996)
NET INCREASE (DECREASE) IN CASH AND DUE FROM BANKS(419)853 (1,506)
CASH AND DUE FROM BANKS AT BEGINNING OF YEAR3,146 2,293 3,799 
CASH AND DUE FROM BANKS AT END OF YEAR$2,727 $3,146 $2,293 
KeyCorp paid interest on borrowed funds totaling $171 million in 2023, $137 million in 2022, and $130 million in 2021.
v3.24.0.1
Revenue from Contracts with Customers
 12 Months Ended
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]  
Revenue from Contracts with Customers
27. Revenue from Contracts with Customers

The following table represents a disaggregation of revenue from contracts with customers, by line of business:
Year ended December 31,20232022
Dollars in millionsConsumer BankCommercial BankTotal Contract RevenueConsumer BankCommercial BankTotal Contract Revenue
NONINTEREST INCOME
Trust and investment services income$410 $68 $478 $403 $69 $472 
Investment banking and debt placement fees— 344 344 — 430 430 
Services charges on deposit accounts158 111 269 211 139 350 
Cards and payments income187 145 332 177 154 331 
Other noninterest income12 — 12 11 — 11 
Total revenue from contracts with customers$767 $668 $1,435 $802 $792 $1,594 
Other noninterest income (a)
$931 $1,001 
Noninterest income from other segments (b)
104 123 
Total noninterest income$2,470 $2,718 
(a)Noninterest income considered earned outside the scope of contracts with customers.
(b)Other includes other segments that consists of corporate treasury, our principal investing unit, and various exit portfolios as well as reconciling items which primarily represents the unallocated portion of nonearning assets of corporate support functions. Charges related to the funding of these assets are part of net interest income and are allocated to the business segments through noninterest expense. Reconciling items also includes intercompany eliminations and certain items that are not allocated to the business segments because they do not reflect their normal operations. Refer to Note 25 (“Business Segment Reporting”) for more information.

We had no material contract assets or contract liabilities for the twelve months ended December 31, 2023, and December 31, 2022.
v3.24.0.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Pay vs Performance Disclosure      
Net income (loss) attributable to Key $ 967 $ 1,917 $ 2,625
v3.24.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2023
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.0.1
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2023
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
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 related to derivative valuations and reserves have been reclassified from Other Income to Corporate Services Income to conform to current reporting practices.
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).
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
Effective January 1, 2023, we adopted the provisions of ASU 2022-02, Financial Instruments —Credit Losses (Topic
326), which eliminated the accounting for troubled debt restructurings while expanding loan modification and vintage disclosure requirements. Under this guidance 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. Prior to the adoption of ASU 2022-02, a TDR occurred when a loan to a borrower experiencing financial difficulty was restricted with a concession provided that a creditor would not otherwise consider.

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 6 (“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, and nonaccruing TDR loans prior to the adoption of ASU 2022-02. 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 and TDRs prior to the adoption of ASU 2022-02. 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, in
addition to all TDRs. 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 “other income” 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 “other income” 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 7 (“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 7 (“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. Changes in the fair value of a hedging instrument are reflected in the same income statement line as the earnings effect of the change in fair value of the hedged item attributable to the hedged risk.
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.
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).
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.

Beginning January 1, 2021, 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 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 5 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 17 (“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 “Other 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 2023

StandardDate of AdoptionDescriptionEffect on Financial Statements or Other Significant Matters
ASU 2021-08, Business Combinations
(Topic 805)		January 1, 2023

At the acquisition date, an acquirer must account for any acquired revenue contracts in accordance with Topic 606 as if it had originated the contracts (i.e., measure contract assets and liabilities, generally consistent with acquiree's financial statements).

The guidance should be applied on a prospective basis.		The adoption of this guidance did not have a material impact on Key’s financial condition or results of operations.
ASU 2022-01, Derivatives and Hedging (Topic 815)January 1, 2023

This guidance allows entities to apply the same portfolio hedging method to both prepayable and nonprepayable financial assets. It also allows multiple hedged layers to be designated for a single closed portfolio of financial assets or one or more beneficial interests secured by a portfolio of financial instruments. If a breach is anticipated, an entity is required to partially or fully dedesignate a hedged layer or layers until a breach is no longer anticipated. There are additional requirements and enhanced disclosures related to basis adjustments.

The guidance should be applied on a prospective, retrospective or modified retrospective basis depending on the amendment.		The adoption of this guidance did not have a material impact on Key’s financial condition or results of operations.
ASU 2022-02, Financial Instruments—Credit Losses (Topic 326)January 1, 2023

The amendments eliminate current Troubled Debt Restructuring (TDR) guidance and instead require entities to apply the loan refinancing and restructuring guidance to determine whether a modification results in a new loan or is a continuation of an existing loan.

Entities must disclose current-period gross write-offs on an amortized cost basis by credit quality indicator and class of financing receivable by year of origination.

The guidance should be applied on a prospective basis except for amendments related to recognition and measurement of TDRs, where a modified retrospective transition method is optional.		The adoption of this guidance did not have a material impact on Key's financial condition or results of operations. Newly required disclosures are included in Note 5 (“Asset Quality”).
ASU 2023-02,
Investments—Equity
Method and Joint
Ventures (Topic 323)		January 1, 2023


Reporting entities may elect to account for their tax equity investments, not limited to LIHTC structures, using the proportional amortization method as long as certain criteria are met. Entities must make an accounting policy election to apply the proportional amortization method on a tax credit-program-by-tax-credit-program basis. Also, LIHTC
investments not accounted for using the proportional amortization method will no longer be allowed to use the delayed equity contribution guidance. Further, accounting guidance in ASC 323-740 is now only applicable to tax equity investments accounted for using the proportional amortization method.

The guidance should be applied on a modified
retrospective or retrospective basis.
The guidance did not have a material impact on Key’s financial condition or results of operations.

Key adopted this guidance on a modified retrospective basis.

Accounting Guidance Adopted in 2024

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

The amendments clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and is not considered in measuring fair value.

Entities cannot, as a separate unit of account, recognize and measure a contractual sale restriction.

The amendments require disclosures for equity securities subject to contractual restrictions including; the fair value of equity securities subject to contractual sale restrictions reflected in the balance sheet, the nature and remaining duration of the restriction(s) and the circumstances that could cause a lapse in the restriction(s).

The guidance should be applied prospectively with any adjustments from the adoption of the amendments recognized in earnings and disclosed on the date of adoption.		The guidance did not have a material impact on Key’s financial condition or results of operations.
v3.24.0.1
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Schedule of New Accounting Pronouncements and Changes in Accounting Principles
Accounting Guidance Adopted in 2023

StandardDate of AdoptionDescriptionEffect on Financial Statements or Other Significant Matters
ASU 2021-08, Business Combinations
(Topic 805)		January 1, 2023

At the acquisition date, an acquirer must account for any acquired revenue contracts in accordance with Topic 606 as if it had originated the contracts (i.e., measure contract assets and liabilities, generally consistent with acquiree's financial statements).

The guidance should be applied on a prospective basis.		The adoption of this guidance did not have a material impact on Key’s financial condition or results of operations.
ASU 2022-01, Derivatives and Hedging (Topic 815)January 1, 2023

This guidance allows entities to apply the same portfolio hedging method to both prepayable and nonprepayable financial assets. It also allows multiple hedged layers to be designated for a single closed portfolio of financial assets or one or more beneficial interests secured by a portfolio of financial instruments. If a breach is anticipated, an entity is required to partially or fully dedesignate a hedged layer or layers until a breach is no longer anticipated. There are additional requirements and enhanced disclosures related to basis adjustments.

The guidance should be applied on a prospective, retrospective or modified retrospective basis depending on the amendment.		The adoption of this guidance did not have a material impact on Key’s financial condition or results of operations.
ASU 2022-02, Financial Instruments—Credit Losses (Topic 326)January 1, 2023

The amendments eliminate current Troubled Debt Restructuring (TDR) guidance and instead require entities to apply the loan refinancing and restructuring guidance to determine whether a modification results in a new loan or is a continuation of an existing loan.

Entities must disclose current-period gross write-offs on an amortized cost basis by credit quality indicator and class of financing receivable by year of origination.

The guidance should be applied on a prospective basis except for amendments related to recognition and measurement of TDRs, where a modified retrospective transition method is optional.		The adoption of this guidance did not have a material impact on Key's financial condition or results of operations. Newly required disclosures are included in Note 5 (“Asset Quality”).
ASU 2023-02,
Investments—Equity
Method and Joint
Ventures (Topic 323)		January 1, 2023


Reporting entities may elect to account for their tax equity investments, not limited to LIHTC structures, using the proportional amortization method as long as certain criteria are met. Entities must make an accounting policy election to apply the proportional amortization method on a tax credit-program-by-tax-credit-program basis. Also, LIHTC
investments not accounted for using the proportional amortization method will no longer be allowed to use the delayed equity contribution guidance. Further, accounting guidance in ASC 323-740 is now only applicable to tax equity investments accounted for using the proportional amortization method.

The guidance should be applied on a modified
retrospective or retrospective basis.
The guidance did not have a material impact on Key’s financial condition or results of operations.

Key adopted this guidance on a modified retrospective basis.

Accounting Guidance Adopted in 2024

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

The amendments clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and is not considered in measuring fair value.

Entities cannot, as a separate unit of account, recognize and measure a contractual sale restriction.

The amendments require disclosures for equity securities subject to contractual restrictions including; the fair value of equity securities subject to contractual sale restrictions reflected in the balance sheet, the nature and remaining duration of the restriction(s) and the circumstances that could cause a lapse in the restriction(s).

The guidance should be applied prospectively with any adjustments from the adoption of the amendments recognized in earnings and disclosed on the date of adoption.		The guidance did not have a material impact on Key’s financial condition or results of operations.
v3.24.0.1
Earnings Per Common Share (Tables)
 12 Months Ended
Dec. 31, 2023
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 amounts202320222021
EARNINGS
Income (loss) from continuing operations$964 $1,911 $2,612 
Less: Net income (loss) attributable to noncontrolling interests— — — 
Income (loss) from continuing operations attributable to Key964 1,911 2,612 
Less: Dividends on preferred stock143 118 106 
Income (loss) from continuing operations attributable to Key common shareholders821 1,793 2,506 
Income (loss) from discontinued operations, net of taxes3 6 13 
Net income (loss) attributable to Key common shareholders$824 $1,799 $2,519 
WEIGHTED-AVERAGE COMMON SHARES
Weighted-average Common Shares outstanding (000)927,217 924,363 947,065 
Effect of common share options and other stock awards5,542 8,696 10,349 
Weighted-average common shares and potential Common Shares outstanding (000) (a)
932,759 933,059 957,414 
EARNINGS PER COMMON SHARE
Income (loss) from continuing operations attributable to Key common shareholders$.88 $1.94 $2.64 
Income (loss) from discontinued operations, net of taxes— .01 .01 
Net income (loss) attributable to Key common shareholders (b)
.89 1.94 2.65 
Income (loss) from continuing operations attributable to Key common shareholders — assuming dilution.88 1.92 2.62 
Income (loss) from discontinued operations, net of taxes — assuming dilution— .01 .01 
Net income (loss) attributable to Key common shareholders — assuming dilution (b)
.88 1.93 2.63 
(a)Assumes conversion of Common Share options and other stock awards and/or convertible preferred stock, as applicable.
(b)EPS may not foot due to rounding.
v3.24.0.1
Loan Portfolio (Tables)
 12 Months Ended
Dec. 31, 2023
Financing Receivable, before Allowance for Credit Loss [Abstract]  
Schedule of Loans by Category
December 31,  
Dollars in millions20232022
Commercial and industrial (b)
$55,815 $59,647 
Commercial real estate:
Commercial mortgage15,187 16,352 
Construction3,066 2,530 
Total commercial real estate loans18,253 18,882 
Commercial lease financing (c)
3,523 3,936 
Total commercial loans77,591 82,465 
Residential — prime loans:
Real estate — residential mortgage20,958 21,401 
Home equity loans7,139 7,951 
Total residential — prime loans28,097 29,352 
Consumer direct loans5,890 6,508 
Credit cards1,002 1,026 
Consumer indirect loans26 43 
Total consumer loans35,015 36,929 
Total loans (d)
$112,606 $119,394 
(a)Accrued interest of $522 million and $417 million at December 31, 2023, and December 31, 2022, 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 $207 million and $172 million of commercial credit card balances at December 31, 2023, and December 31, 2022, respectively.
(c)Commercial lease financing includes receivables of $7 million and $8 million held as collateral for secured borrowings at December 31, 2023, and December 31, 2022, respectively. Principal reductions are based on the cash payments received from these related receivables. Additional information pertaining to this secured borrowing is included in Note 20 (“Long-Term Debt”).
(d)Total loans exclude loans of $339 million at December 31, 2023, and $434 million at December 31, 2022, related to the discontinued operations of the education lending business.
v3.24.0.1
Asset Quality (Tables)
 12 Months Ended
Dec. 31, 2023
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, 2023:
Dollars in millionsDecember 31, 2022ProvisionCharge-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 
Consumer direct loans111 53 (50)7 121 
Credit cards66 42 (37)7 78 
Consumer indirect loans2 (1)(1)1 1 
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.

Twelve Months Ended December 31, 2022:
Dollars in millionsDecember 31, 2021ProvisionCharge-offsRecoveriesDecember 31, 2022
Commercial and Industrial $445 $259 $(153)$50 $601 
Commercial real estate:
Real estate — commercial mortgage182 39 (23)5 203 
Real estate — construction29 (2)— 1 28 
Total commercial real estate loans211 37 (23)6 231 
Commercial lease financing32 (2)(2)4 32 
Total commercial loans688 294 (178)60 864 
Real estate — residential mortgage95 94 2 5 196 
Home equity loans110 (14)(1)3 98 
Consumer direct loans105 32 (34)8 111 
Credit cards61 29 (30)6 66 
Consumer indirect loans2 2 (4)2 2 
Total consumer loans373 143 (67)24 473 
Total ALLL — continuing operations1,061 437 
(a)
(245)84 1,337 
Discontinued operations28 (3)(6)2 21 
Total ALLL — including discontinued operations$1,089 $434 $(251)$86 $1,358 
(a)Excludes a provision related to reserves on lending-related commitments of $65 million.
Twelve Months Ended December 31, 2021
Dollars in millionsDecember 31, 2020Provision Charge-offsRecoveriesDecember 31, 2021
Commercial and industrial$678 $(142)  $(174)$83 $445 
Commercial real estate:
Real estate — commercial mortgage327 (114)(40)9 182 
Real estate — construction47 (18)— — 29 
Total commercial real estate loans374 (132)(40)9 211 
Commercial lease financing47 (16)(6)7 32 
Total commercial loans1,099 (290)(220)99 688 
Real estate — residential mortgage102 (12)2 3 95 
Home equity loans171 (57)(9)5 110 
Consumer direct loans128 (2)  (29)8 105 
Credit cards87 (7)  (27)8 61 
Consumer indirect loans39 (13)(39)15 2 
Total consumer loans527 (91)  (102)39 373 
Total ALLL — continuing operations1,626 (381)
(a)
(322)138 1,061 
Discontinued operations36 (6)  (4)2 28 
Total ALLL — including discontinued operations$1,662 $(387)$(326)$140 $1,089 
(a)Excludes a credit related to reserves on lending-related commitments of $37 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, and unemployment rate, Producer Price Index
Commercial real estateProperty & real estate price indices, unemployment rate, business bankruptcies, GDP, SOFR
Commercial lease financingBBB corporate bond rate (spread), GDP, and unemployment rate
ConsumerReal estate — residential mortgageGDP, home price index, unemployment rate, and 30 year mortgage rate
Home equityHome price index, unemployment rate, and 30 year mortgage rate
Consumer directUnemployment rate and U.S. household income
Consumer indirectUnemployment rate
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)
As of December 31, 2023Term LoansRevolving Loans Amortized Cost BasisRevolving Loans Converted to Term Loans Amortized Cost Basis
Amortized Cost Basis by Origination Year and Internal Risk Rating
Dollars in millions20232022202120202019PriorTotal
Commercial and Industrial
Risk Rating:
Pass$4,020 $10,145 $6,141 $2,539 $2,064 $3,534 $24,395 $123 $52,961 
Criticized (Accruing)84 361 427 233 127 170 1,140 15 2,557 
Criticized (Nonaccruing)14 49 50 2 28 70 84 — 297 
Total commercial and industrial4,118 10,555 6,618 2,774 2,219 3,774 25,619 138 55,815 
Current period gross write-offs1 73581121105— 188 
Real estate — commercial mortgage
Risk Rating:
Pass1,084 3,664 2,922 804 1,545 2,507 1,017 66 13,609 
Criticized (Accruing)6 646 411 15 186 193 20 1 1,478 
Criticized (Nonaccruing)— — 1 3 7 55 34 — 100 
Total real estate — commercial mortgage
1,090 4,310 3,334 822 1,738 2,755 1,071 67 15,187 
Current period gross write-offs— 11112213— 39 
Real estate — construction
Risk Rating:
Pass401 1,185 912 157 62 48 31 8 2,804 
Criticized (Accruing)10 40 60 64 41 47 — — 262 
Criticized (Nonaccruing)— — — — — — — — — 
Total real estate — construction411 1,225 972 221 103 95 31 8 3,066 
Current period gross write-offs— — — — — — — — — 
Commercial lease financing
Risk Rating:
Pass520 878 575 352 307 808 — — 3,440 
Criticized (Accruing)11 30 9 9 8 16 — — 83 
Criticized (Nonaccruing)— — — — — — — — — 
Total commercial lease financing531 908 584 361 315 824 — — 3,523 
Current period gross write-offs— — — — — — — — — 
Total commercial loans$6,150 $16,998 $11,508 $4,178 $4,375 $7,448 $26,721 $213 $77,591 
Total commercial loan current period gross write-offs$1 $8 $36 $19 $13 $42 $108 $— $227 
(a)Accrued interest of $383 million, presented in “Accrued income and other assets” on the Consolidated Balance Sheets, was excluded from the amortized cost basis disclosed in this table.
Consumer Credit Exposure
Credit Risk Profile by FICO Score and Vintage (a)
As of December 31, 2023Term LoansRevolving Loans Amortized Cost BasisRevolving Loans Converted to Term Loans Amortized Cost Basis
Amortized Cost Basis by Origination Year and FICO Score
Dollars in millions20232022202120202019PriorTotal
Real estate — residential mortgage
FICO Score:
750 and above$680 $5,992 $7,785 $2,392 $586 $923 $— $— $18,358 
660 to 749180 739 780 248 90 240 — — 2,277 
Less than 66015 58 56 22 17 130 — — 298 
No Score2 1 1 1 — 18 2 — 25 
Total real estate — residential mortgage877 6,790 8,622 2,663 693 1,311 2 — 20,958 
Current period gross write-offs— — — — — 1 — — 1 
Home equity loans
FICO Score:
750 and above— 85 1,575 435 114 378 2,034 331 4,952 
660 to 74924 65 229 152 66 164 886 107 1,693 
Less than 6603 13 38 27 17 77 281 31 487 
No Score2 — — — — 1 4 — 7 
Total home equity loans29 163 1,842 614 197 620 3,205 469 7,139 
Current period gross write-offs(1)— — — — 2 — 1 2 
Consumer direct loans
FICO Score:
750 and above185 1,187 1,457 660 277 98 97 — 3,961 
660 to 749150 365 342 171 83 50 199 — 1,360 
Less than 66024 64 65 32 17 12 57 — 271 
No Score30 33 17 11 10 12 185 — 298 
Total consumer direct loans389 1,649 1,881 874 387 172 538 — 5,890 
Current period gross write-offs1 12 10 6 5 2 14 — 50 
Credit cards
FICO Score:
750 and above— — — — — — 489 — 489 
660 to 749— — — — — — 400 — 400 
Less than 660— — — — — — 112 — 112 
No Score— — — — — — 1 — 1 
Total credit cards— — — — — — 1,002 — 1,002 
Current period gross write-offs— — — — — — 37 — 37 
Consumer indirect loans
FICO Score:
750 and above— — (2)— — 14 — — 12 
660 to 749— — — — — 10 — — 10 
Less than 660— — — — — 4 — — 4 
No Score— — — — — — — — — 
Total consumer indirect loans— — (2)— — 28 — — 26 
Current period gross write-offs— — — — — 1 — — 1 
Total consumer loans$1,295 $8,602 $12,343 $4,151 $1,277 $2,131 $4,747 $469 $35,015 
Total consumer loan current period gross write-offs$— $12 $10 $6 $5 $6 $51 $1 $91 
(a)Accrued interest of $139 million, presented in “Accrued income and other assets” on the Consolidated Balance Sheets, was excluded from the amortized cost basis disclosed in this table.
Schedule of Aging Analysis of Past Due and Current Loans
The following aging analysis of past due and current loans as of December 31, 2023, and December 31, 2022, provides further information regarding Key’s credit exposure.
Aging Analysis of Loan Portfolio(a)
December 31, 2023Current
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 (c)
Dollars in millions
LOAN TYPE
Commercial and industrial$55,354 $62 $30 $72 $297 $461 $55,815 
Commercial real estate:
Commercial mortgage15,049 25 3 10 100 138 15,187 
Construction3,065 1 — — — 1 3,066 
Total commercial real estate loans18,114 26 3 10 100 139 18,253 
Commercial lease financing3,520 2 1 — — 3 3,523 
Total commercial loans$76,988 $90 $34 $82 $397 $603 $77,591 
Real estate — residential mortgage$20,863 $17 $7 $— $71 $95 $20,958 
Home equity loans7,001 27 10 4 97 138 7,139 
Consumer direct loans5,853 15 10 9 3 37 5,890 
Credit cards974 6 5 12 5 28 1,002 
Consumer indirect loans24 1 — — 1 2 26 
Total consumer loans$34,715 $66 $32 $25 $177 $300 $35,015 
Total loans$111,703 $156 $66 $107 $574 $903 $112,606 
(a)Amounts in table represent amortized cost and exclude loans held for sale.
(b)Accrued interest of $522 million presented in “Accrued income and other assets” on the Consolidated Balance Sheets is excluded from the amortized cost basis disclosed in this table.
(c)Net of unearned income, net of deferred fees and costs, and unamortized discounts and premiums.

December 31, 2022Current
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 (c)
Dollars in millions
LOAN TYPE
Commercial and industrial$59,366 $43 $33 $31 $174 $281 $59,647 
Commercial real estate:
Commercial mortgage16,305 16 2 8 21 47 16,352 
Construction2,530 — — — — — 2,530 
Total commercial real estate loans18,835 16 2 8 21 47 18,882 
Commercial lease financing3,928 3 1 3 1 8 3,936 
Total commercial loans$82,129 $62 $36 $42 $196 $336 $82,465 
Real estate — residential mortgage$21,307 $13 $3 $1 $77 $94 $21,401 
Home equity loans7,804 27 8 5 107 147 7,951 
Consumer direct loans6,478 15 7 5 3 30 6,508 
Credit cards1,007 5 4 7 3 19 1,026 
Consumer indirect loans42 — — — 1 1 43 
Total consumer loans$36,638 $60 $22 $18 $191 $291 $36,929 
Total loans$118,767 $122 $58 $60 $387 $627 $119,394 
(a)Amounts in table represent amortized cost and exclude loans held for sale.
(b)Accrued interest of $417 million presented in “Accrued income and other assets” on the Consolidated Balance Sheets is excluded from the amortized cost basis disclosed in this table.
(c)Net of unearned income, net of deferred fees and costs, and unamortized discounts and premiums.
Schedule of Modified Financing Receivables
As of December 31, 2023Interest Rate ReductionTerm ExtensionOther
Combination(b)
Total
Dollars in millionsAmortized Cost BasisAmortized Cost BasisAmortized Cost BasisAmortized Cost BasisAmortized Cost Basis% of Total Loan Type
LOAN TYPE
Commercial and Industrial$— $180 $49 $34 $263 0.47 %
Commercial real estate:
Commercial mortgage— 4 2 — 6 0.04 
Construction— — — — — — 
Total commercial real estate loans— 4 2 — 6 0.03 
Commercial lease financing— — — — — — 
Total commercial loans$— $184 $51 $34 $269 0.35 %
Real estate — residential mortgage— — 1 9 10 0.05 
Home equity loans2 1 1 5 9 0.13 
Consumer direct loans— 1 — 2 3 0.05 
Credit cards— — — 4 4 0.40 
Consumer indirect loans(a)
— — — — — — 
Total consumer loans2 2 2 20 26 0.07 
Total loans$2 $186 $53 $54 $295 0.26 %
(a)The amortized cost amount as of December 31, 2023, for Consumer indirect loans modified for borrowers experiencing financial difficulty totaled less than $1 million.
(b)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 during the three and twelve months ended December 31, 2023.
Three months ended December 31, 2023Weighted-average Interest Rate ChangeWeighted-average Term Extension (in years)
LOAN TYPE
Commercial and Industrial(14.58)%0.38
Real estate — residential mortgage(1.82)%7.75
Home equity loans(2.48)%7.74
Consumer direct loans(1.17)%0.38
Credit cards(13.76)%0.25
Consumer indirect loans— %0.42
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
Consumer direct loans(3.62)%1.01
Credit cards(14.90)%1.00
Consumer indirect loans(3.05)%0.51
The following table depicts the performance of loans that have been modified for borrowers experiencing financial difficulty in the past 12 months.
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 
Construction— — — — 
Total commercial real estate loans244 25 — 269 
Commercial lease financing— — — — 
Total commercial loans244 25 — 269 
Real estate — residential mortgage9 1 — 10 
Home equity loans8 — 1 9 
Consumer direct loans3 — — 3 
Credit cards3 1 — 4 
Consumer indirect loans— — — — 
Total consumer loans$23 $2 $1 $26 
Total loans$267 $27 $1 $295 
A further breakdown of TDRs included in nonperforming loans by loan category for the periods indicated are as follows:
December 31, 2022
Number  
of Loans  		Pre-modification  
Outstanding  
Recorded  
Investment  		Post-modification  
Outstanding  
Recorded  
Investment  
Dollars in millions
LOAN TYPE
Nonperforming:
Commercial and industrial27 $60 $45 
Commercial real estate:
Real estate — commercial mortgage4 50 13 
Total commercial real estate loans4 50 13 
Total commercial loans31 110 58 
Real estate — residential mortgage238 30 27 
Home equity loans468 32 28 
Consumer direct loans156 2 2 
Credit cards331 2 2 
Consumer indirect loans16 2 1 
Total consumer loans1,209 68 60 
Total nonperforming TDRs1,240 178 118 
Prior-year accruing: (a)
Commercial and industrial19 — — 
Commercial real estate:
Real estate — commercial mortgage— — — 
Total commercial loans19 — — 
Real estate — residential mortgage425 41 35 
Home equity loans1,547 96 73 
Consumer direct loans272 4 3 
Credit cards607 4 2 
Consumer indirect loans95 11 5 
Total consumer loans2,946 156 118 
Total prior-year accruing TDRs2,965 156 118 
Total TDRs4,205 $334 $236 
(a)All TDRs that were restructured prior to January 1, 2022, are fully accruing.
Schedule of Changes in Liability for Credit Losses on Off-Balance Sheet Exposures
Changes in the liability for credit losses for off balance sheet exposures are summarized as follows:
 Twelve months ended December 31,
Dollars in millions20232022
Balance at beginning of period$225 $160 
Provision (credit) for losses on off balance sheet exposures74 65 
Other(3)— 
Balance at end of period$296 $225 
Schedule of Post-Modification Outstanding Recorded Investment by Concession Type for Our Commercial Accruing and Nonaccruing TDRs
The following table shows the post-modification outstanding recorded investment by concession type for our commercial and consumer accruing and nonaccruing TDRs that occurred during the periods indicated:
December 31,
Dollars in millions2022
Commercial loans:
Extension of Maturity Date$36 
Total$36 
Consumer loans:
Interest rate reduction$13 
Other20 
Total$33 
Total TDRs$69 
Schedule of Post-Modification Outstanding Recorded Investment, Accruing And Nonaccruing TDRs
The following table summarizes the change in the post-modification outstanding recorded investment of our accruing and nonaccruing TDRs during the periods indicated:
December 31,
Dollars in millions2022
Balance at beginning of the period$220 
Additions79 
Payments(45)
Charge-offs(18)
Balance at end of period$236 
v3.24.0.1
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Schedule of Fair Value of Assets and Liabilities Measured on Recurring Basis The following tables present assets and liabilities measured at fair value on a recurring basis at December 31, 2023, and December 31, 2022.
December 31, 2023December 31, 2022
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Dollars in millions
ASSETS MEASURED ON A RECURRING BASIS
Trading account assets:
U.S. Treasury, agencies and corporations$— $685 $— $685 $— $698 $— $698 
States and political subdivisions— 93 — 93 — 33 — 33 
Other mortgage-backed securities— 340 — 340 — 84 — 84 
Other securities— 21 — 21 — — — — 
Total trading account securities— 1,139 — 1,139 — 815 — 815 
Commercial loans— 3 — 3 — 14 — 14 
Total trading account assets— 1,142 — 1,142 — 829 — 829 
Securities available for sale:
U.S. Treasury, agencies and corporations— 9,026 — 9,026 — 9,415 — 9,415 
States and political subdivisions— — — — — — — — 
Agency residential collateralized mortgage obligations— 15,478 — 15,478 — 16,433 — 16,433 
Agency residential mortgage-backed securities— 3,589 — 3,589 — 3,920 — 3,920 
Agency commercial mortgage-backed securities— 9,092 — 9,092 — 9,349 — 9,349 
Other securities— — — — — — — — 
Total securities available for sale$— $37,185 $— $37,185 $— $39,117 $— $39,117 
Other investments:
Principal investments:
Direct$— $— $— $— $— $— $1 $1 
Indirect (measured at NAV) (a)
— — — 17 — — — 34 
Total principal investments— — — 17 — — 1 35 
Equity investments:
Direct— — 2 2 4 — 2 6 
Direct (measured at NAV) (a)
— — — 40 — — — 32 
Indirect (measured at NAV) (a)
— — — 4 — — — 4 
Total equity investments— — 2 46 4 — 2 42 
Total other investments— — 2 63 4 — 3 77 
Loans, net of unearned income (residential)— — 9 9 — — 9 9 
Loans held for sale (residential)— 51 — 51 — 24 — 24 
Derivative assets:
Interest rate— 175 (2)173 — 301 2 303 
Foreign exchange74 15 — 89 112 24 — 136 
Commodity— 721 — 721 — 1,328 — 1,328 
Credit— — — — — — 1 1 
Other— 14 2 16 — 13 — 13 
Derivative assets74 925 — 999 112 1,666 3 1,781 
Netting adjustments (b)
— — — (818)— — — (757)
Total derivative assets74 925 — 181 112 1,666 3 1,024 
Total assets on a recurring basis at fair value$74 $39,303 $11 $38,631 $116 $41,636 $15 $41,080 
LIABILITIES MEASURED ON A RECURRING BASIS
Bank notes and other short-term borrowings:
Short positions$30 $774 $— $804 $126 $509 $— $635 
Derivative liabilities:
Interest rate— 985 — 985 — 1,307 — 1,307 
Foreign exchange58 15 — 73 107 24 — 131 
Commodity— 698 — 698 — 1,304 — 1,304 
Credit— 1 — 1 — — 3 3 
Other— 20 — 20 — 5 — 5 
Derivative liabilities58 1,719 — 1,777 107 2,640 3 2,750 
Netting adjustments (b)
— — — (473)— — — (1,262)
Total derivative liabilities58 1,719 — 1,304 107 2,640 3 1,488 
Total liabilities on a recurring basis at fair value$88 $2,493 $— $2,108 $233 $3,149 $3 $2,123 
(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.
(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.
Fair value of level 3 securities is determined by:
• Internally developed valuation techniques, principally discounted cash flow methods (income approach).
• Revenue multiples of comparable public companies (market approach).

For level 3 securities, increases (decreases) in the discount rate and marketability discount used in the discounted cash flow models would have resulted in lower (higher) fair value measurements. Higher volatility factors would have further magnified changes in fair value.

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, 2, and 3 (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 (direct)
Direct principal investments consist of equity and debt instruments of private companies made by our principal investing entities. Fair value is determined using:
• Operating performance and market multiples of comparable businesses
• Other unique facts and circumstances related to each individual investment
Direct principal investments are accounted for as investment companies in accordance with the applicable accounting guidance, whereby each investment is adjusted to fair value with any net realized or unrealized gain/loss recorded in the current period’s earnings.

As of December 31, 2023, we have wound down substantially all of our direct principal investment portfolio.
Level 3
Asset/liability classValuation techniqueValuation hierarchy classification(s)
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.

Under the provisions of the Volcker Rule, we were required to dispose or conform our indirect investments to the requirements of the statute by no later than July 21, 2023. Key completed conforming and/or divesting certain indirect investments subject to the Volcker Rule as of June 30, 2023.
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 1 investments reflect the quoted market prices of the investments available in an active market.
Level 1 and 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.
NAV
Asset/liability classValuation techniqueValuation hierarchy classification(s)
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. (These adjustments represent unobservable inputs to the valuation but are not considered significant given the relative insensitivity of the value to changes in these inputs to the fair value of the 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 1, 2 and 3 (primarily level 2)
Derivatives
Exchange-traded derivatives are valued using quoted prices in active markets and, therefore, are 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, certain options, floors, cross currency swaps, credit default swaps, and forward mortgage loan sale commitments. Significant inputs used in the valuation models include:
• LIBOR, 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. Level 3
Commercial loans and student loans held for sale
Through a quarterly analysis of our loan portfolios held for sale, which include both performing and nonperforming commercial loans and student loans, we determine any adjustments necessary to record the portfolios at the lower of cost or fair value in accordance with GAAP. Valuation inputs include:

• Non-binding bids for the respective loans or similar loans
• Recent sales transactions
• Internal models that emulate recent securitizations
Level 2 and 3
Direct financing leases and operating lease assets held for sale
Valuations of direct financing leases and operating lease assets held for sale are performed using an internal model that relies on market data, including:

• Swap rates and bond ratings
• Our own assumptions about the exit market for the leases
• Details about the individual leases in the portfolio
Leases for which we receive a current nonbinding bid, and for which the sale is considered probable, may be classified as Level 2. Valuations of lease and operating lease assets held for sale that employ our own assumptions are classified as Level 3 assets. The inputs based on our own assumptions include changes in the value of leased items and internal credit ratings.
Level 2 and 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
LIHTC, HTC, and NMTC investments(a)
Valuation of LIHTC, HTC and NMTC involves measuring the present value of future tax benefits and comparing that value against the current carrying value of the investment. Expected future tax benefits are discounted to their present value using discounted cash flow modeling that incorporates an appropriate risk premium. LIHTC and HTC investments are impaired when it is more likely than not that the carrying amount of the investment will not be realized. Level 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, 2023, and December 31, 2022, the carrying amount of equity investments recorded under this method was $339 million and $249 million, respectively. No impairment or other adjustments were recorded for the year ended December 31, 2023.
Level 3
Mortgage Servicing Rights(a)
Refer to Note 9 (“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 fair value our material Level 3 recurring and nonrecurring assets at December 31, 2023, and December 31, 2022, along with the valuation techniques used, are shown in the following table:
Level 3 Asset (Liability) Valuation TechniqueSignificant
Unobservable Input
Range
(Weighted-Average) (b), (c)
Dollars in millions
December 31, 2023December 31, 2022December 31, 2023December 31, 2022
Recurring    
Loans, net of unearned income (residential)$9 $9 Market comparable pricingComparability factor
62.67%-89.60% (70.83%)
61.00 - 86.58% (72.21%)
Derivative instruments:
Interest rate(2)2 Discounted cash flowsProbability of default
.02 - 100% (5.30%)
.02 - 100% (8.00%)
Loss given default
0 - 1 (.48)
0 - 1 (.49)
Insignificant level 3 assets, net of liabilities(d)4 1 
Nonrecurring   
Collateral dependent loans104 17 Fair value of underlying collateralCredit and liquidity discount
0 - 10.00% (5.00%)
0 - 85.00% (34.00%)
Accrued income and other assets:(e)
OREO and other assets21 14 Appraised valueAppraised valueN/MN/M
(a)Principal investments, direct is excluded from this table as the balance at December 31, 2023, is insignificant (less than $1 million).
(b)The weighted average of significant unobservable inputs is calculated using a weighting relative to fair value.
(c)For significant unobservable inputs with no range, a single figure is reported to denote the single quantitative factor used.
(d)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.
(e)Excludes $8 million pertaining to mortgage servicing assets measured at fair value as of December 31, 2023. No mortgage servicing assets required fair value adjustments as of December 31, 2022. Refer to Note 9 (“Mortgage Servicing Assets”) for significant unobservable inputs pertaining to these assets.
Schedule of Fair Value of Direct and Indirect Investments, Related Unfunded Commitments and Financial Support Provided
The following table presents the fair value of our direct and indirect principal investments and related unfunded commitments at December 31, 2023, as well as financial support provided for the years ended December 31, 2023, and December 31, 2022.
  Financial support provided
  Year ended December 31,
 December 31, 202320232022
Dollars in millionsFair Value
Unfunded
Commitments
Funded
Commitments
Funded
Other
Funded
Commitments
Funded
Other
INVESTMENT TYPE
Direct investments$— $— $— $— $— $— 
Indirect investments (a)
17 1 — — — — 
Total$17 $1 $— $— $— $— 
(a)Our indirect investments consist of buyout funds, venture capital funds, and fund of funds. These investments are generally not redeemable. Instead, distributions are received through the liquidation of the underlying investments of the fund. An investment in any one of these funds typically can be sold only with the approval of the fund’s general partners. At December 31, 2023, no significant liquidation of the underlying investments has been communicated to Key. The purpose of funding our capital commitments to these investments is to allow the funds to make additional follow-on investments and pay fund expenses until the fund dissolves. We, and all other investors in the fund, are obligated to fund the full amount of our respective capital commitments to the fund based on our and their respective ownership percentages, as noted in the applicable Limited Partnership Agreement.
Schedule of Change in Fair Values of Level 3 Financial Instruments
The following table shows the 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, 2023, and December 31, 2022.
 
Dollars in millions
Beginning
of Period
Balance
Gains (Losses) included in
comprehensive income
Gains
(Losses)
Included
in Earnings
 PurchasesSalesSettlementsTransfers Other
Transfers
into
Level 3
 
Transfers
out of
Level 3
 
End of
Period
Balance
Unrealized
Gains
(Losses)
Included in
Earnings
 
Year ended December 31, 2023
Securities available for sale
Other securities$— $— $— 
  
$— $— $— $— $—   $—   $— $—   
Other investments
Principal investments
Direct1 — (1)— — — — —   —   — — 
Equity investments
Direct2 — — 
(c)
— — — — — — 2 — 
Loans held for sale (residential)— — — — — — — — — — — 
Loans held for investment (residential)9 — — — — — — — — 9 — 
Derivative instruments (b)
Interest rate2 — (23)
(d)
19 1 — — (6)
(e) 
5 
(e) 
(2)—   
Credit(2)— — 
(d)
— 2 — — —   —   — —   
Other (a)
— — — — — — 2 — — 2 — 
Dollars in millions
Beginning
of Period
Balance
Gains (Losses) included in comprehensive income
Gains
(Losses)
Included in
Earnings
 PurchasesSalesSettlementsTransfers Other
Transfers
into
Level 3
 
Transfers
out of
Level 3
 
End of
Period
Balance
Unrealized
Gains
(Losses)
Included in
Earnings
Year ended December 31, 2022
Securities available for sale
Other securities$— $— $— 
  
$— $— $— $— $—   $—   $— $— 
Other investments
Principal investments
Direct1 — — — — — — —   —   1 — 
Equity investments
Direct9 (3)
(c) 
(4)— —   —   2 (3)
Loans held for sale (residential)— — — — — — — — — — — 
Loans held for investment (residential)11 — (3)— (1)— 2 — — 9 — 
Derivative instruments (b)
Interest rate33 (72)
(d) 
2 (2)— 33 
(e) 
8 
(e) 
2 
Credit(6)— 4 
(d) 
— — $— — —     (2)— 
Other (a)
5 — — — — — (5)— — — — 
(a)Amounts represent Level 3 interest rate lock commitments.
(b)Amounts represent Level 3 derivative assets less Level 3 derivative liabilities.
(c)Realized and unrealized gains and losses on principal investments are reported in “other income” on the income statement. Realized and unrealized losses on equity investments are reported in “other income” on the income statement.
(d)Realized and unrealized gains and losses on derivative instruments are reported in “corporate services income” and “other income” on the income statement.
(e)Certain derivatives previously classified as Level 2 were transferred to Level 3 because Level 3 unobservable inputs became significant. Certain derivatives previously classified as Level 3 were transferred to Level 2 because Level 3 unobservable inputs became less significant.
Schedule of Assets and Liabilities Measured at Fair Value on Nonrecurring Basis
The following table presents our assets measured at fair value on a nonrecurring basis at December 31, 2023, and December 31, 2022:
 December 31, 2023December 31, 2022
Dollars in millionsLevel 1Level 2Level 3TotalLevel 1Level 2Level 3Total
ASSETS MEASURED ON A NONRECURRING BASIS
Collateral-dependent loans$— $— $104 $104 $— $— $17 $17 
Other intangible assets— — — — — — — — 
Accrued income and other assets— — 29 29 — — 14 14 
Total assets on a nonrecurring basis at fair value$— $— $133 $133 $— $— $31 $31 
Schedule of Fair Value Disclosures of Financial Instruments
The levels in the fair value hierarchy ascribed to our financial instruments and the related carrying amounts at December 31, 2023, and December 31, 2022, are shown in the following table. Assets and liabilities are further arranged by measurement category.
 December 31, 2023
  Fair Value
Dollars in millions
Carrying
Amount
Level 1Level 2Level 3
Measured
at NAV
Netting
Adjustment
 Total
ASSETS (by measurement category)
Fair value - net income
Trading account assets (b)
$1,142 $— $1,142 $— $— $—   $1,142 
Other investments (b)
1,244 — — 1,183 61 —   1,244 
Loans, net of unearned income (residential) (d)
9 — — 9 — —   9 
Loans held for sale (residential) (b)
51 — 51 — — —   51 
Derivative assets - trading (b)
168 74 886 — — (792)
(f) 
168 
Fair value - OCI
Securities available for sale (b)
37,185 — 37,185 — — —   37,185 
Derivative assets - hedging (b) (g)
13 — 39 — — (26)
(f) 
13 
Amortized cost
Held-to-maturity securities (c)
8,575 — 8,056 — — —   8,056 
Loans, net of unearned income (d)
111,089 — — 105,950 — —   105,950 
Loans held for sale (b)
432 — — 432 — — 432 
Other
Cash and short-term investments (a)
11,758 11,758 — — — — 11,758 
LIABILITIES (by measurement category)
Fair value - net income
Derivative liabilities - trading (b)
$1,304 $58 $1,707 $— $— $(461)
(f) 
$1,304 
Fair value - OCI
Derivative liabilities - hedging (b) (g)
— — 12 — — (12)
(f) 
— 
Amortized cost
Time deposits (e)
14,776 — 14,911 — — —   14,911 
Short-term borrowings (a)
3,091 30 3,061 — — —   3,091 
Long-term debt (e)
19,554 11,288 7,720 — — —   19,008 
Other
Deposits with no stated maturity (a)
130,811 — 130,811 — — — 
  
130,811 
December 31, 2022
 Fair Value
Dollars in millions
Carrying
Amount
Level 1Level 2Level 3
Measured
at NAV
Netting
Adjustment
 Total
ASSETS (by measurement category)
Fair value - net income
Trading account assets (b)
$829 $— $829 $— $— $— $829 
Other investments (b)
1,308 4 — 1,234 70 — 1,308 
Loans, net of unearned income (residential) (d)
9 — — 9 — — 9 
Loans held for sale (residential) (b)
24 — 24 — — — 24 
Derivative assets - trading (b)
927 112 1,552 3 — (740)
(f) 
927 
Fair value - OCI
Securities available for sale (b)
39,117 — 39,117 — — — 39,117 
Derivative assets - hedging (b) (g)
97 — 114 — — (17)
(f) 
97 
Amortized cost
Held-to-maturity securities (c)
8,710 — 8,113 — — — 8,113 
Loans, net of unearned income (d)
118,048 — — 112,590 — — 112,590 
Loans held for sale (b)
939 — — 939 — — 939 
Other
Cash and short-term investments (a)
3,319 3,319 — — — — 3,319 
LIABILITIES (by measurement category)
Fair value - net income
Derivative liabilities - trading (b)
$1,485 $107 $2,637 $3 $— $(1,262)
(f) 
$1,485 
Fair value - OCI
Derivative liabilities - hedging (b) (g)
3 — 3 — — — 
(f) 
3 
Amortized cost
Time deposits (e)
7,373 — 7,392 — — — 7,392 
Short-term borrowings (a)
9,463 126 9,337 — — — 9,463 
Long-term debt (e)
19,307 12,196 $6,685 — — — 18,881 
Other
Deposits with no stated maturity (a)
135,222 — 135,222 — — — 135,222 
Valuation Methods and Assumptions
(a)Fair value equals or approximates carrying amount. The fair value of deposits with no stated maturity does not take into consideration the value ascribed to core deposit intangibles.
(b)Information pertaining to our methodology for measuring the fair values of these assets and liabilities is included in the sections entitled “Qualitative Disclosures of Valuation Techniques” and “Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis” in this Note. Investments accounted for under the cost method (or cost less impairment adjusted for observable price changes for certain equity investments) are classified as Level 3 assets. These investments are not actively traded in an open market as sales for these types of investments are rare. The carrying amount of the investments carried at cost are adjusted for declines in value if they are considered to be other-than-temporary (or due to observable orderly transactions of the same issuer for equity investments eligible for the cost less impairment measurement alternative). These adjustments are included in “other income” on the income statement.
(c)Fair values of held-to-maturity securities are determined by using models that are based on security-specific details, as well as relevant industry and economic factors. The most significant of these inputs are quoted market prices, interest rate spreads on relevant benchmark securities, and certain prepayment assumptions. We review the valuations derived from the models to ensure that they are reasonable and consistent with the values placed on similar securities traded in the secondary markets.
(d)The fair value of loans is based on the present value of the expected cash flows. The projected cash flows are based on the contractual terms of the loans, adjusted for prepayments and use of a discount rate based on the relative risk of the cash flows, taking into account the loan type, maturity of the loan, liquidity risk, servicing costs, and a required return on debt and capital. In addition, an incremental liquidity discount is applied to certain loans, using historical sales of loans during periods of similar economic conditions as a benchmark. The fair value of loans includes lease financing receivables at their aggregate carrying amount, which is equivalent to their fair value.
(e)Fair values of time deposits and long-term debt are based on discounted cash flows utilizing relevant market inputs.
(f)Netting adjustments represent the amounts recorded to convert our derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. The net basis takes into account the impact of bilateral collateral and master netting agreements that allow us to settle all derivative contracts with a single counterparty on a net basis and to offset the net derivative position with the related cash collateral. Total derivative assets and liabilities include these netting adjustments.
(g)Derivative assets-hedging and derivative liabilities-hedging includes both cash flow and fair value hedges. Additional information regarding our accounting policies for cash flow and fair value hedges is provided in Note 1 (“Summary of Significant Accounting Policies”) under the heading “Derivatives and Hedging.”
v3.24.0.1
Securities (Tables)
 12 Months Ended
Dec. 31, 2023
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.
 20232022
December 31,
Dollars in millions
Amortized
Cost (a)
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
Amortized
Cost(a)
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
SECURITIES AVAILABLE FOR SALE
U.S. Treasury, agencies, and corporations$9,300 $6 $280 $9,026 $10,044 $— $629 $9,415 
Agency residential collateralized mortgage obligations
18,911 4 3,437 15,478 20,180 — 3,747 16,433 
Agency residential mortgage-backed securities4,189 — 600 3,589 4,616 — 696 3,920 
Agency commercial mortgage-backed securities 10,295 — 1,203 9,092 10,712 2 1,365 9,349 
Other securities— — — — — — — — 
Total securities available for sale$42,695 $10 $5,520 $37,185 $45,552 $2 $6,437 $39,117 
HELD-TO-MATURITY SECURITIES
Agency residential collateralized mortgage obligations
$5,170 $9 $283 $4,896 $4,586 $5 $283 $4,308 
Agency residential mortgage-backed securities165 — 13 152 181 — 16 165 
Agency commercial mortgage-backed securities2,473 1 204 2,270 2,522 1 208 2,315 
Asset-backed securities(b)
738 — 29 709 1,407 — 96 1,311 
Other securities29 — — 29 14 — — 14 
Total held-to-maturity securities$8,575 $10 $529 $8,056 $8,710 $6 $603 $8,113 
 
(a)Amortized cost amounts exclude accrued interest receivable which is recorded within “other assets” on the balance sheet. At December 31, 2023, accrued interest receivable on available for sale securities and held-to-maturity securities totaled $64 million and $25 million, respectively. At December 31, 2022, accrued interest receivable on available for sale securities and held-to-maturity securities totaled $67 million and $88 million, respectively.
(b)Includes $731 million of securities as of December 31, 2023, and $1.4 billion of securities as of December 31, 2022, related to the purchase of senior notes from a securitization collateralized by sold indirect auto loans.
Schedule of Securities in an Unrealized Loss Position
The following table summarizes securities in an unrealized loss position for which an allowance for credit losses has not been recorded as of December 31, 2023, and December 31, 2022:
 Duration of Unrealized Loss Position  
 Less than 12 Months12 Months or LongerTotal
Dollars in millionsFair Value
Gross
Unrealized
Losses
Fair Value
Gross
Unrealized
Losses
Fair Value
Gross
Unrealized
Losses
December 31, 2023
Securities available for sale:
U.S. Treasury, agencies, and corporations$— $— $8,532 $280 $8,532 $280 
Agency residential collateralized mortgage obligations— — 14,979 3,437 14,979 3,437 
Agency residential mortgage-backed securities24 — 3,562 600 3,586 600 
Agency commercial mortgage-backed securities 891 49 8,201 1,154 9,092 1,203 
Held-to-maturity securities:
Agency residential collateralized mortgage obligations1,123 30 3,070 253 4,193 283 
Agency residential mortgage-backed securities— — 152 13 152 13 
Agency commercial mortgage-backed securities— — 2,199 204 2,199 204 
Asset-backed securities— — 709 29 709 29 
Other securities17 — 
(a)
12 — 29 — 
Total securities in an unrealized loss position$2,055 $79 $41,416 $5,970 $43,471 $6,049 
December 31, 2022      
Securities available for sale:
U.S. Treasury, agencies, and corporations$494 $48 $8,920 $581 $9,414 $629 
Agency residential collateralized mortgage obligations3,114 377 13,317 3,370 16,431 3,747 
Agency residential mortgage-backed securities579 31 3,338 665 3,917 696 
Agency commercial mortgage-backed securities 4,511 282 4,791 1,083 9,302 1,365 
Held-to-maturity securities:
Agency residential collateralized mortgage obligations2,659 178 726 105 3,385 283 
Agency residential mortgage-backed securities165 16 — — 165 16 
Agency commercial mortgage-backed securities 2,243 208 — — 2,243 208 
Asset-backed securities1 — 1,309 96 1,310 96 
Other securities10 — 
(b)
4 — 14 — 
Total securities in an unrealized loss position$13,776 $1,140 $32,405 $5,900 $46,181 $7,040 
(a)At December 31, 2023, gross unrealized losses totaled less than $1 million for other securities held to maturity with a loss duration of less than 12 months.
(b)At December 31, 2022, gross unrealized losses totaled less than $1 million for other securities held to maturity with a loss duration of less than 12 months
Schedule of Securities by Maturity
The following table shows securities by remaining maturity. 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, 2023
Amortized
Cost
Fair
Value
Amortized
Cost
Fair
Value
Dollars in millions
Due in one year or less$8,044 $7,813 $755 $726 
Due after one through five years8,336 7,679 3,740 3,537 
Due after five through ten years18,128 15,268 2,851 2,632 
Due after ten years8,187 6,425 1,229 1,161 
Total$42,695 $37,185 $8,575 $8,056 
v3.24.0.1
Derivatives and Hedging Activities (Tables)
 12 Months Ended
Dec. 31, 2023
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, 2023, and December 31, 2022. The change in the notional amounts of these derivatives by type from December 31, 2022, to December 31, 2023, indicates the volume of our derivative transaction activity during 2023. 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, 2023December 31, 2022
  
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$44,621 $39 $12 $41,200 $114 $3 
Derivatives not designated as hedging instruments:
Interest rate78,051 134 973 80,772 189 1,304 
Foreign exchange6,034 89 73 9,507 136 131 
Commodity11,611 721 698 16,176 1,328 1,304 
Credit121 — 1 95 1 3 
Other (b)
2,683 16 20 940 13 5 
Total derivatives not designated as hedging instruments:98,500 960 1,765 107,490 1,667 2,747 
Total143,121 999 1,777 148,690 1,781 2,750 
Netting adjustments (c)
— (818)(473)— (757)(1,262)
Net derivatives in the balance sheet143,121 181 1,304 148,690 1,024 1,488 
Other collateral (d)
— (1)(18)— — (5)
Net derivative amounts$143,121 $180 $1,286 $148,690 $1,024 $1,483 
 
(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 mortgage banking activities, forward sales 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, 2023, excess collateral that has not been offset against net derivative instrument positions totaled $161 million of cash collateral and $269 million of securities collateral posted as well as $16 million of cash collateral and $212 million of securities collateral held.
(d)Other collateral represents the amount that cannot be used to offset our derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. The other collateral consists of securities and is exchanged under bilateral collateral and master netting agreements that allow us to offset the net derivative position with the related collateral. The application of the other collateral cannot reduce the net derivative position below zero. Therefore, excess other collateral, if any, is not reflected above.
Schedule of Pre-Tax Net Gains (Losses) on Fair Value Hedges
The following tables summarize the amounts that were recorded on the balance sheet as of December 31, 2023 and December 31, 2022, related to cumulative basis adjustments for fair value hedges.
December 31, 2023
Dollars in millionsBalance sheet line item in which the hedge item is included
Carrying amount of hedged item(a)
Hedge accounting basis adjustment
Interest rate contracts
Long-term debt(b)
$9,919 $(437)
Interest rate contracts
Securities available for sale(c)
8,655 (152)
December 31, 2022
Dollars in millionsBalance sheet line item in which the hedge item is included
Carrying amount of hedged item (a)
Hedge accounting basis adjustment
Interest rate contracts
Long-term debt(b)
$10,411 $(552)
Interest rate contracts
Securities available for sale(c)
405 48 
(a)The carrying amount represents the portion of the asset or liability designated as the hedged item.
(b)Basis adjustments related to de-designated hedges that no longer qualify as fair value hedges reduced the hedge accounting basis adjustment by $5 million and $6 million at December 31, 2023 and December 31, 2022, respectively.
(c)Certain amounts are designed as fair value hedges under the portfolio layer method. The carrying amount represents the amortized costs basis of the prepayable financial assets used to designate hedging relationships in which the hedged item is the last layer expected to be remaining at the end of the relationship. At December 31, 2023 and December 31, 2022, the
amortized cost of the closed portfolios used in these hedging relationships was $13 billion and $708 million, respectively, of which $7 billion and $405 million were designated in a portfolio layer hedging relationship. At December 31, 2023 and December 31, 2022, the cumulative basis adjustments associated with these amounts totaled $(147) million and $48 million.
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location
The following tables summarize the effect of fair value and cash flow hedge accounting on the income statement for the years ended December 31, 2023, December 31, 2022, and December 31, 2021.
Location and amount of net gains (losses) recognized in income on fair value and cash flow hedging relationships
Dollars in millionsInterest expense – long-term debtInterest income – loansInterest Income - securitiesInvestment banking and debt placement fees
Twelve Months Ended December 31, 2023
Total amounts presented in the consolidated statement of income$(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)$(956)$— $5 
Twelve Months Ended December 31, 2022
Total amounts presented in the consolidated statement of income$(475)$4,241 $752 $638 
Net gains (losses) on fair value hedging relationships
Interest contracts
Recognized on hedged items690 — (339)— 
Recognized on derivatives designated as hedging instruments(697)— 350 — 
Net income (expense) recognized on fair value hedges$(7)$— $11 $— 
Net gain (loss) on cash flow hedging relationships
Realized gains (losses) (pre-tax) reclassified from AOCI into net income
Interest contracts$(3)$(146)$— $9 
Net income (expense) recognized on cash flow hedges$(3)$(146)$— $9 
Twelve Months Ended December 31, 2021
Total amounts presented in the consolidated statement of income$(221)$3,532 $546 $937 
Net gains (losses) on fair value hedging relationships
Interest contracts
Recognized on hedged items276 — (113)— 
Recognized on derivatives designated as hedging instruments(150)— 113 — 
Net income (expense) recognized on fair value hedges$126 $— $— $— 
Net gain (loss) on cash flow hedging relationships
Realized gains (losses) (pre-tax) reclassified from AOCI into net income
Interest contracts$(4)$329 $— $4 
Net income (expense) recognized on cash flow hedges$(4)$329 $— $4 
Schedule of Derivative Instrument Cash Flow Hedge Earning Recognized by Income Statement Location
The following table summarizes the pre-tax net gains (losses) on our cash flow hedges for the years ended December 31, 2023, December 31, 2022, and December 31, 2021, and where they are recorded on the income statement. The table includes net gains (losses) recognized in OCI during the period and net gains (losses) reclassified from AOCI into income during the current period.
Dollars in millionsNet Gains (Losses)
Recognized in OCI		Income Statement Location of Net Gains (Losses)
Reclassified From OCI Into Income		Net Gains
(Losses) Reclassified
From OCI Into Income
Twelve Months Ended December 31, 2023
Cash Flow Hedges
Interest rate$(294)Interest income — Loans$(956)
Interest rate— Interest expense — Long-term debt(2)
Interest rate5 Investment banking and debt placement fees5 
Total$(289)$(953)
Twelve Months Ended December 31, 2022
Cash Flow Hedges
Interest rate$(1,660)Interest income — Loans$(146)
Interest rate7 Interest expense — Long-term debt(3)
Interest rate11 Investment banking and debt placement fees9 
Total$(1,642)$(140)
Twelve Months Ended December 31, 2021
Cash Flow Hedges
Interest rate$(307)Interest income — Loans$329 
Interest rate2 Interest expense — Long-term debt(4)
Interest rate10 Investment banking and debt placement fees4 
Total$(295)$329 
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, 2023, December 31, 2022, and December 31, 2021, and where they are recorded on the income statement.
 202320222021
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$41 $— $— $41 $57 $— $6 $63 $30 $— $2 $32 
Foreign exchange50 — — 50 52 — — 52 47 — — 47 
Commodity22 — — 22 23 — — 23 14 — — 14 
Credit2 — (52)(50)(1)— (39)(40)4 — (36)(32)
Other— (1)(6)(7)— 4 (2)2 — 13 (7)6 
Total net gains (losses)$115 $(1)$(58)$56 $131 $4 $(35)$100 $95 $13 $(41)$67 
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
20232022
Interest rate$123 $136 
Foreign exchange42 67 
Commodity409 820 
Credit— — 
Other15 11 
Derivative assets before collateral589 1,034 
Plus (Less): Related collateral(408)(10)
Total derivative assets$181 $1,024 
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, 2023, and December 31, 2022. 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. 
 20232022
December 31,
Dollars in millions
Notional
Amount		Average
Term
(Years)		Payment /
Performance
Risk 		Notional
Amount		Average
Term
(Years)		Payment /
Performance
Risk
Other$4 10.694.86 %$1 15.175.10 %
Total credit derivatives sold$4 — — $1 — — 
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, 2023December 31, 2022
Net derivative liabilities with credit-risk contingent features

$(45)$(612)
Collateral posted42 534 
v3.24.0.1
Mortgage Servicing Assets (Tables)
 12 Months Ended
Dec. 31, 2023
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
20232022
Balance at beginning of period$653 $634 
Servicing retained from loan sales87 106 
Purchases21 38 
Amortization(123)(125)
Temporary recoveries (impairments)— — 
Balance at end of period$638 $653 
Fair value at end of period$911 $997 
Changes in the carrying amount of residential mortgage servicing assets are summarized as follows:
Dollars in millions20232022
Balance at beginning of period
$106 $93 
Servicing retained from loan sales
12 23 
Purchases
— — 
Amortization(9)(11)
Temporary recoveries (impairments)(1)1 
Balance at end of period$108 $106 
Fair value at end of period
$132 $130 
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, 2023December 31, 2022
Valuation Technique
Significant
Unobservable Input
RangeWeighted-AverageRangeWeighted-Average
Discounted cash flowExpected defaults1.00 %2.00 %1.01 %0.97 %2.00 %1.07 %
Residual cash flows discount rate7.42 %10.56 %10.17 %8.54 %10.02 %9.48 %
Escrow earn rate5.67 %5.72 %5.67 %5.09 %5.21 %5.17 %
Loan assumption rate— %2.15 %1.97 %— %1.41 %1.12 %
The range and weighted-average of the significant unobservable inputs used to fair value our residential mortgage servicing assets along with the valuation techniques, are shown in the following table:
December 31, 2023December 31, 2022
Valuation Technique
Significant
Unobservable Input
RangeWeighted-AverageRangeWeighted-Average
Discounted cash flowPrepayment speed6.27 %44.47 %7.70 %6.10 %41.34 %7.20 %
Discount rate6.50 %8.75 %6.59 %7.50 %8.50 %7.53 %
Servicing cost$70.00 $3,582 $75.02 $62.00 $4,375 $67.05 
v3.24.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Schedule of Components of Lease Expense The components of lease expense are summarized as follows:
Dollars in millionsDecember 31, 2023December 31, 2022
Operating lease cost$122 $128 
Finance lease cost:
Amortization of right-of-use assets1 1 
Interest on lease liabilities— — 
Variable lease cost19 24 
Total lease cost (a)
$142 $153 
(a)Short-term lease cost was less than $1 million for both the twelve months ended December 31, 2023, and December 31, 2022
Information pertaining to the lease term and weighted-average discount rate is summarized as follows:
December 31, 2023December 31, 2022
Weighted-average remaining lease term:
Operating leases5.696.10
Finance leases3.534.53
Weighted-average discount rate:
Operating leases3.09 %2.78 %
Finance leases4.54 %4.54 %
Schedule of Cash Flows Related to Leases
Cash flows related to leases are summarized as follows:
Dollars in millionsDecember 31, 2023December 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$135 $139 
Financing cash flows from finance leases1 1 
Right-of-use assets obtained in exchange for lease obligations: (a)
Operating leases$65 $46 
(a)There were no right-of-use assets obtained in exchange for finance lease obligations for either the twelve months ended December 31, 2023 or December 31, 2022.
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, 2023December 31, 2022
Operating lease assetsAccrued income and other assets$479 $525 
Operating lease liabilitiesAccrued expense and other liabilities548 601 
Finance leases:
Property and equipment, grossPremises and equipment$18 $18 
Accumulated depreciationPremises and equipment(15)(14)
Property and equipment, net3 4 
Finance lease liabilitiesLong-term debt5 6 
Schedule of Finance Lease, Maturities of Lease Liabilities
Maturities of lease liabilities are summarized as follows:
Dollars in millionsOperating LeasesFinance LeasesTotal
2024$133 $2 $135 
2025118 1 119 
2026102 — 102 
202784 — 84 
202864 — 64 
Thereafter103 3 106 
Total lease payments$604 $6 $610 
Less imputed interest56 1 57 
Total$548 $5 $553 
Schedule of Lessee, Operating Lease, Maturities of Lease Liabilities
Maturities of lease liabilities are summarized as follows:
Dollars in millionsOperating LeasesFinance LeasesTotal
2024$133 $2 $135 
2025118 1 119 
2026102 — 102 
202784 — 84 
202864 — 64 
Thereafter103 3 106 
Total lease payments$604 $6 $610 
Less imputed interest56 1 57 
Total$548 $5 $553 
Schedule of Lease Income, Operating Lease The components of equipment leasing income are summarized in the table below:
Dollars in millionsDecember 31, 2023December 31, 2022
Sales-type and direct financing leases
Interest income on lease receivable$78 $64 
 Interest income related to accretion of unguaranteed residual asset13 15 
 Interest income on deferred fees and costs4 — 
Total sales-type and direct financing lease income95 79 
Operating leases
Operating lease income related to lease payments84 105 
Other operating leasing gains and (losses)8 (2)
Total operating lease income and other leasing gains92 103 
Total lease income$187 $182 
Schedule of Lease Income, Sales-type Lease The components of equipment leasing income are summarized in the table below:
Dollars in millionsDecember 31, 2023December 31, 2022
Sales-type and direct financing leases
Interest income on lease receivable$78 $64 
 Interest income related to accretion of unguaranteed residual asset13 15 
 Interest income on deferred fees and costs4 — 
Total sales-type and direct financing lease income95 79 
Operating leases
Operating lease income related to lease payments84 105 
Other operating leasing gains and (losses)8 (2)
Total operating lease income and other leasing gains92 103 
Total lease income$187 $182 
Schedule of Lease Income, Direct Financing Lease The components of equipment leasing income are summarized in the table below:
Dollars in millionsDecember 31, 2023December 31, 2022
Sales-type and direct financing leases
Interest income on lease receivable$78 $64 
 Interest income related to accretion of unguaranteed residual asset13 15 
 Interest income on deferred fees and costs4 — 
Total sales-type and direct financing lease income95 79 
Operating leases
Operating lease income related to lease payments84 105 
Other operating leasing gains and (losses)8 (2)
Total operating lease income and other leasing gains92 103 
Total lease income$187 $182 
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, 2023December 31, 2022
Lease receivables$2,896 $3,170 
Unearned income(286)(253)
Unguaranteed residual value468 472 
Deferred fees and costs2 5 
Net investment in sales-type and direct financing leases$3,080 $3,394 
Schedule of Minimum Future Lease Payments to be Received for Sales-Type and Direct Financing Leases
At December 31, 2023, minimum future lease payments to be received for sales-type and direct financing leases are as follows:
Dollars in millionsSales-type and direct financing lease payments
2024$823 
2025615 
2026485 
2027316 
2028192 
Thereafter445 
Total lease payments$2,876 
Schedule of Minimum Future Lease Payments to be Received for Operating Leases
At December 31, 2023, minimum future lease payments to be received for operating leases are as follows:
Dollars in millionsOperating lease payments
2024$63 
202552 
202636 
202724 
202814 
Thereafter32 
Total lease payments$220 
v3.24.0.1
Premises and Equipment (Tables)
 12 Months Ended
Dec. 31, 2023
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)
20232022
LandIndefinite$114 $114 
Buildings and improvements
15-40
665 696 
Leasehold improvements
1-15
535 615 
Furniture and equipment
2-15
812 824 
Capitalized building leases
   1-14 (a)
18 18 
Construction in processN/A61 41 
Total premises and equipment2,205 2,308 
Less: Accumulated depreciation and amortization(1,544)(1,672)
Premises and equipment, net$661 $636 
(a)Capitalized building and equipment leases are amortized over the lesser of the useful life of asset or lease term.
v3.24.0.1
Goodwill and Other Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2023
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 BankTotal
BALANCE AT DECEMBER 31, 2021$1,761 $932 $2,693 
XUP acquisition measurement period adjustment— 1 1 
GradFin acquisition58 — 58 
BALANCE AT DECEMBER 31, 20221,819 933 2,752 
BALANCE AT DECEMBER 31, 2023$1,819 $933 $2,752 
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:
 20232022
December 31,
Dollars in millions
Gross Carrying
Amount		Accumulated
Amortization
Gross Carrying
Amount
Accumulated
Amortization
Intangible assets subject to amortization:
Core deposit intangibles$356 $326 $355 $303 
PCCR intangibles16 15 16 14 
Other intangible assets80 56 84 44 
Total$452 $397 $455 $361 
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 millions20242025202620272028
Intangible asset amortization expense $28 $19 $7 $1 $— 
v3.24.0.1
Variable Interest Entities (Tables)
 12 Months Ended
Dec. 31, 2023
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, 2023, and December 31, 2022. 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, 2023
LIHTC investments$8,904 $3,848 $2,768 
December 31, 2022
LIHTC investments$8,227 $3,091 $2,370 
The table below reflects the size of the private equity funds in which KCC was invested as well as our maximum exposure to loss in connection with these investments at December 31, 2023.
 Unconsolidated VIEs
Dollars in millions
Total
Assets
Total
Liabilities
Maximum
Exposure to Loss
December 31, 2023
Indirect investments$2,741 $91 $18 
December 31, 2022
Indirect investments$6,636 $90 $43 
The table below shows our assets and liabilities associated with these unconsolidated VIEs at December 31, 2023, and December 31, 2022. 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. These liabilities are recorded in “accrued expenses and other liabilities” on our Consolidated Balance Sheets. Of the total balance as of December 31, 2023, $731 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 5 (“Asset Quality”).
Other unconsolidated VIEs
Dollars in millionsTotal AssetsTotal Liabilities
December 31, 2023
Other unconsolidated VIEs$1,149 $1 
December 31, 2022
Other unconsolidated VIEs$1,798 $1 
v3.24.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2023
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
202320222021
Currently payable:
Federal$257 $368 $423 
State48 80 73 
Total currently payable$305 $448 $496 
Deferred:
Federal$(84)$(14)$119 
State(25)(12)27 
Total deferred(109)(26)146 
Total income tax (benefit) expense (a)
$196 $422 $642 
(a)There was income tax (benefit) expense on securities transactions of $(3) million in 2023, $2 million in 2022, and $(2) million in 2021. 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 $34 million in 2023, $33 million in 2022, and $33 million in 2021.
Schedule of Significant Components of Deferred Tax Assets and Liabilities Included in "Accrued Income and Other Assets" and "Accrued Expense 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
20232022
Allowance for loan and lease losses$422 $380 
Employee benefits166 187 
Net unrealized securities losses1,612 1,959 
Federal net operating losses and credits3 4 
Non-tax accruals142 61 
Operating lease liabilities(a)
136 149 
State net operating losses and credits1 1 
Partnership investments78 90 
Other148 164 
Gross deferred tax assets2,708 2,995 
Less: Valuation Allowance12 11 
Total deferred tax assets$2,696 $2,984 
Leasing transactions$446 $521 
State taxes77 86 
Operating lease right-of-use assets (a)
119 130 
Goodwill157 139 
Other82 86 
Total deferred tax liabilities881 962 
Net deferred tax assets (liabilities) (b)
$1,815 $2,022 
(a)A separate deferred tax asset and liability is recognized for each operating lease item resulting from the adoption of ASC 842 in 2019.
(b)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
202320222021
AmountRateAmountRateAmountRate
Income (loss) before income taxes times 21% statutory federal tax rate$244 21.0 %$490 21.0 %$683 21.0 %
Amortization of tax-advantaged investments171 14.8 149 6.4 151 4.6 
Tax-exempt interest income(35)(3.1)(28)(1.2)(26)(.8)
Corporate-owned life insurance income(28)(2.4)(28)(1.2)(27)(.8)
State income tax, net of federal tax benefit18 1.6 53 2.3 79 2.4 
Tax credits(196)(16.9)(204)(8.8)(218)(6.7)
FDIC Insurance22 1.9 12 .5 7 .3 
Other— — (22)(.9)(7)(.3)
Total income tax expense (benefit)$196 16.9 %$422 18.1 %$642 19.7 %
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		20232022
Balance at beginning of year$40 $50 
Increase for other tax positions of prior years5 4 
Decrease for payments and settlements— — 
Decrease related to tax positions taken in prior years— (14)
Balance at end of year$45 $40 
v3.24.0.1
Securities Financing Activities (Tables)
 12 Months Ended
Dec. 31, 2023
Broker-Dealer [Abstract]  
Schedule of Summarized Securities Financing Agreements
The following table summarizes our securities financing agreements at December 31, 2023, and December 31, 2022:
 December 31, 2023December 31, 2022
Dollars in millions
Gross Amount
Presented in
Balance Sheet
Netting
Adjustments (a)
Collateral (b)
Net
Amounts
Gross Amount
Presented in
Balance Sheet
Netting
Adjustments (a)
Collateral (b)
Net
Amounts
Offsetting of financial assets:
Reverse repurchase agreements$7 $(7)$— $— $8 $(8)$— $— 
Securities borrowed— — — — — — — — 
Total$7 $(7)$— $— $8 $(8)$— $— 
Offsetting of financial liabilities:
Repurchase agreements (c)
$38 $(7)$(31)$— $71 $(8)$(63)$— 
Total$38 $(7)$(31)$— $71 $(8)$(63)$— 
(a)Netting adjustments take into account the impact of master netting agreements that allow us to settle with a single counterparty on a net basis.
(b)These adjustments take into account the impact of bilateral collateral agreements that allow us to offset the net positions with the related collateral. The application of collateral cannot reduce the net position below zero. Therefore, excess collateral, if any, is not reflected above.
(c)Repurchase agreements are collateralized by mortgaged-backed agency securities and are contracted on an overnight or continuous basis.
v3.24.0.1
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Schedule of Assumptions Used in Options Pricing Model The assumptions pertaining to options issued during 2023, 2022, and 2021 are shown in the following table.
Year ended December 31,202320222021
Average option life6.7 years6.5 years6.6 years
Future dividend yield4.28 %3.01 %3.88 %
Historical share price volatility.347 .341 .335 
Weighted-average risk-free interest rate3.9 %2.0 %0.8 %
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, 2023:
Number of
Options
Weighted-Average
Exercise Price Per
Option
Weighted-Average
Remaining Life (in years)
Aggregate
Intrinsic
Value(a)
Outstanding at December 31, 20224,496,332 $17.71 3.8$8 
Granted528,951 21.07 
Exercised(134,484)10.28 
Lapsed or canceled(31,346)17.51 
Outstanding at December 31, 20234,859,453 $18.28 4.4$4 
Expected to vest1,174,800 22.66 7.9— 
Exercisable at December 31, 20233,618,041 $16.78 3.3$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 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, 2023.
 
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, 202211,924,785 $21.56 58,331 $19.02 4,907,796 $17.42 
Granted6,247,357 19.15 — — 2,507,322 14.48 
Vested(4,924,223)20.36 (28,008)18.98 (1,778,941)18.06 
Forfeited(391,878)20.87 — — (52,887)11.75 
Outstanding at December 31, 202312,856,041 $20.97 30,323 $19.07 5,583,290 $14.67 
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, 2023.
Number of
Nonvested
Shares
Weighted-Average
Grant-Date
Fair Value
Outstanding at December 31, 20223,022,971 $18.82 
Granted666,556 12.93 
Vested(1,045,551)18.75 
Forfeited(41,109)20.55 
Outstanding at December 31, 20232,602,867 $17.71 
v3.24.0.1
Employee Benefits (Tables)
 12 Months Ended
Dec. 31, 2023
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 plans are as follows:
Year ended December 31,
Dollars in millions
202320222021
Interest cost on PBO$45 $27 $25 
Expected return on plan assets(42)(27)(28)
Amortization of losses9 15 18 
Settlement loss18 12 9 
Net pension cost$30 $27 $24 
Other changes in plan assets and benefit obligations recognized in OCI:
Net (gain) loss$26 $31 $(19)
Amortization of gains(27)(27)(27)
Total recognized in comprehensive income$(1)$4 $(46)
Total recognized in net pension cost and comprehensive income$29 $31 $(22)
Schedule of Changes in Fair Value of Plan Assets
The following table summarizes changes in the FVA.
Year ended December 31,
Dollars in millions
20232022
FVA at beginning of year$886 $1,096 
Actual return on plan assets25 (138)
Employer contributions13 13 
Benefit payments(97)(85)
FVA at end of year$827 $886 
The following table summarizes changes in FVA.
Year ended December 31,  
Dollars in millions20232022
FVA at beginning of year$40 $57 
Employer contributions— — 
Plan participants’ contributions1 1 
Benefit payments(9)(15)
Actual return on plan assets8 (3)
FVA at end of year$40 $40 
Schedule of Changes in Projected Benefit Obligations
The following table summarizes changes in the PBO related to our pension plans. Actuarial losses in 2023 were primarily driven by a decrease in discount rates.
Year ended December 31,
Dollars in millions
20232022
PBO at beginning of year$965 $1,156 
Interest cost45 27 
Actuarial losses (gains)10 (133)
Benefit payments(97)(85)
PBO at end of year$923 $965 
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, 2023, and December 31, 2022.
December 31,
Dollars in millions
20232022
Funded status (a)
$(95)$(78)
Net prepaid pension cost recognized consists of:  
Noncurrent assets$34 $58 
Current liabilities(14)(13)
Noncurrent liabilities(115)(123)
Net prepaid pension cost recognized (b)
$(95)$(78)
(a)The shortage of the FVA under the PBO.
(b)Represents the accrued benefit liability of the pension plans.
Schedule of Plans ABO in Excess of Plan Assets As indicated in the table below, collectively our plans had an ABO in excess of plan assets as follows: 
December 31,20232022
Dollars in millionsCash Balance Pension PlanOther Defined Benefit PlansCash Balance Pension PlanOther Defined Benefit Plans
PBO$793 $128 $828 $137 
ABO793 128 828 137 
Fair value of plan assets827 — 886 — 
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 31,20232022
Discount rate4.68 %4.85 %
Weighted-average interest crediting rate4.09 %3.97 %
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,
202320222021
Discount rate
4.85 %2.43 %2.05 %
Expected return on plan assets
4.50 %2.75 %2.75 %
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, 2023.
Target Allocation  
Asset Class2023
Global equity 16 %
Fixed income84 
Total100 %
  
Schedule of Changes in Accumulated Postemployment Benefit Obligations
The following table summarizes changes in the APBO. Actuarial losses are a result of asset performance.
Year ended December 31,  
Dollars in millions20232022
APBO at beginning of year$40 $57 
Service cost— — 
Interest cost2 2 
Plan participants’ contributions1 1 
Actuarial losses (gains)6 (5)
Benefit payments(9)(15)
Plan amendments— — 
APBO at end of year$40 $40 
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, 2023, and December 31, 2022.
December 31, 2023    
Dollars in millionsLevel 1Level 2Level 3Total
ASSET CLASS
Mutual funds:
Equity — U.S.$24 $— $— $24 
Equity — International7 — — 7 
Fixed income — U.S.8 — — 8 
Other assets (measured at NAV)(a)
— — — 1 
Total net assets at fair value$39 $— $— $40 
(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, 2022    
Dollars in millionsLevel 1Level 2Level 3Total
ASSET CLASS
Mutual funds:
Equity — U.S.$24 $— $— $24 
Equity — International7 — — 7 
Fixed income — U.S.8 — — 8 
Other assets (measured at NAV)— — — 1 
Total net assets at fair value$39 $— $— $40 
(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.
Schedule of Allocation of Plan Assets
The following tables show the fair values of our pension plan assets by asset class at December 31, 2023, and December 31, 2022.

December 31, 2023    
Dollars in millionsLevel 1Level 2Level 3Total
ASSET CLASS
Mutual funds:
Fixed income — U.S.$— $342 $— $342 
Collective investment funds (measured at NAV) (a)
— — — 465 
Insurance investment contracts and pooled separate accounts (measured at NAV) (a)
— — — 20 
Total net assets at fair value$— $342 $— $827 
(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, 2022    
Dollars in millionsLevel 1Level 2Level 3Total
ASSET CLASS
Mutual funds:
Fixed income — U.S.$— $359 $— $359 
Collective investment funds (measured at NAV) (a)
— — — 507 
Insurance investment contracts and pooled separate accounts (measured at NAV) (a)
— — — 20 
Total net assets at fair value$— $359 $— $886 
(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 Class2023
U.S. equity securities64 %
International equity securities16 
Fixed income securities20 
Total100 %
  
Defined Benefit Plan, Assumptions
To determine net postretirement benefit cost, we assumed the following weighted-average rates.
Year ended December 31,202320222021
Discount rate4.50 %4.50 %4.50 %
Expected return on plan assets4.50 4.50 4.50 
Schedule of Net Periodic Benefit Cost Not yet Recognized
The components of pre-tax AOCI not yet recognized as net postretirement benefit cost are shown below.
December 31,  
Dollars in millions20232022
Net unrecognized losses (gains)$(9)$(9)
Net unrecognized prior service credit(11)(12)
Total unrecognized AOCI$(20)$(21)
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss)
The components of net postretirement benefit cost and the amount recognized in OCI for all funded and unfunded plans are as follows:
December 31,   
Dollars in millions202320222021
Interest cost on APBO$2 $2 $2 
Expected return on plan assets(2)(2)(2)
Amortization of prior service credit(1)(1)(1)
Amortization of gains(1)(1)(1)
Net postretirement benefit cost$(2)$(2)$(2)
Other changes in plan assets and benefit obligations recognized in OCI:
Net (gain) loss$1 $1 $1 
Amortization of prior service credit1 1 1 
Total recognized in comprehensive income$2 $2 $2 
Total recognized in net postretirement benefit cost and comprehensive income$— $— $— 
v3.24.0.1
Short-Term Borrowings (Tables)
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Components of Short-Term Borrowings
Selected financial information pertaining to the components of our short-term borrowings is as follows:
December 31,   
Dollars in millions202320222021
FEDERAL FUNDS PURCHASED
Balance at year end$— $4,006 $— 
Average during the year1,098 1,490 — 
Maximum month-end balance3,020 5,872 — 
Weighted-average rate during the year 4.83 %2.04 %— %
Weighted-average rate at December 31 — 4.18 — 
SECURITIES SOLD UNDER REPURCHASE AGREEMENTS
Balance at year end$38 $71 $173 
Average during the year549 617 239 
Maximum month-end balance1,954 1,090 281 
Weighted-average rate during the year 4.77 %1.66 %.02 %
Weighted-average rate at December 311.63 3.74 .01 
OTHER SHORT-TERM BORROWINGS
Balance at year end$3,053 $5,386 $588 
Average during the year5,890 2,963 770 
Maximum month-end balance1,061 11,372 897 
Weighted-average rate during the year 5.24 %1.82 %1.08 %
Weighted-average rate at December 315.58 .50 1.97 
v3.24.0.1
Long-Term Debt (Tables)
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Components of Long-Term Debt
The following table presents the components of our long-term debt, net of unamortized discounts and adjustments related to hedging with derivative financial instruments. 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 8 (“Derivatives and Hedging Activities”). 
December 31,  
Dollars in millions20232022
Senior medium-term notes due through 2033 (a)
$3,870 $3,789 
2.075% Subordinated notes due 2028 (b)
162 162 
6.875% Subordinated notes due 2029 (b)
91 99 
7.75% Subordinated notes due 2029 (b)
117 112 
Other subordinated notes (b)(c)
77 77 
Total parent company4,317 4,239 
Senior medium-term notes due through 2039 (d)
5,519 6,411 
4.39% Senior remarketable notes due 2027 (e)
214 191 
3.40% Subordinated notes due 2026 (f)
569 555 
6.95% Subordinated notes due 2028 (f)
286 281 
3.90% Subordinated notes due 2029 (f)
333 327 
4.90% Subordinated notes due 2032 (f)
695 685 
Secured borrowing due through 2032 (g)
11 14 
Federal Home Loan Bank advances due through 2038 (h)
7,586 6,594 
Investment Fund Financing due through 2055 (i)
24 10 
Total subsidiaries15,237 15,068 
Total long-term debt$19,554 $19,307 
(a)Senior medium-term notes had a weighted-average interest rate of 2.31% at December 31, 2023, and 2.3134% at December 31, 2022. These notes had fixed interest rates at December 31, 2023, and December 31, 2022. These notes may not be redeemed prior to their maturity dates.
(b)See Note 21 (“Trust Preferred Securities Issued by Unconsolidated Subsidiaries”) for a description of these notes.
(c)The First Niagara variable rate trust preferred securities had a weighted-average interest rate of 7.14% at December 31, 2023, and 6.16% at December 31, 2022. These notes may be redeemed prior to their maturity dates.
(d)Senior medium-term notes had weighted-average interest rates of 4.88% at December 31, 2023, and 5.96% at December 31, 2022. These notes are a combination of fixed and floating rates. These notes may not be redeemed prior to their maturity dates.
(e)The remarketable senior medium-term notes had a weighted-average interest rate of 4.39% at both December 31, 2023 and December 31, 2022. These notes had fixed interest rates at December 31, 2023, and December 31, 2022. These notes may not be redeemed prior to their maturity dates.
(f)These notes are all obligations of KeyBank. Only medium term notes due 2027 may be redeemed prior to maturity date.
(g)This includes $5 million of Capital Lease financing debt with maturity dates ranging from October 1, 2025 to October 1, 2032. This category of debt consists primarily of non-recourse debt collateralized by leased equipment under operating, direct financing and sales-type leases. Additional information pertaining to these commercial lease financing receivables is included in Note 4 (“Loan Portfolio”). This also includes $5 million of capital leases acquired in the First Niagara merger with a maturity range from March 2022 through October 2032.
(h)Long-term advances from the Federal Home Loan Bank had a weighted-average interest rate of 5.76% at December 31, 2023, and 4.48% at December 31, 2022. These advances, which had fixed interest rates, were secured by real estate loans and securities totaling $7.6 billion at December 31, 2023, and $6.6 billion at December 31, 2022.
(i)Investment Fund Financing with maturity dates of September 1, 2048 and April 29, 2055 respectively.
Schedule of Scheduled Principal Payments on Long-Term Debt
At December 31, 2023, scheduled principal payments on long-term debt were as follows:
Dollars in millionsParentSubsidiariesTotal
2024$— $8,708 $8,708 
20251,081 1,896 2,977 
2026— 1,059 1,059 
2027720 1,227 1,947 
2028888 296 1,184 
All subsequent years1,628 2,051 3,679 
v3.24.0.1
Trust Preferred Securities Issued by Unconsolidated Subsidiaries (Tables)
 12 Months Ended
Dec. 31, 2023
Banking and Thrift, Other Disclosure [Abstract]  
Schedule of Trust Preferred Securities, Common Stock, and related Debentures
The trust preferred securities, common stock, and related debentures are summarized as follows:
Dollars in millions
Trust Preferred
Securities,
Net of Discount (a)(d)
Common
Stock
Principal
Amount of
Debentures,
Net of Discount (b)
Interest Rate
of Trust Preferred
Securities and
Debentures (c)
Maturity
of Trust Preferred
Securities and
Debentures
December 31, 2023
KeyCorp Capital I$156 $6 $162 6.396 %2028
KeyCorp Capital II87 4 91 6.875 2029
KeyCorp Capital III113 4 117 7.750 2029
HNC Statutory Trust III21 1 22 7.040 2035
HNC Statutory Trust IV18 1 19 6.932 2037
Willow Grove Statutory Trust I20 1 21 6.956 2036
Westbank Capital Trust II8 — 8 7.822 2034
Westbank Capital Trust III8 — 8 7.822 2034
Total$431 $17 $448 6.981 %— 
December 31, 2022$433 $17 $450 5.321 %— 
(a)The trust preferred securities must be redeemed when the related debentures mature, or earlier if provided in the governing indenture. Each issue of trust preferred securities carries an interest rate identical to that of the related debenture. Certain trust preferred securities include debt issuance costs and basis adjustments related to fair value hedges totaling $15 million at December 31, 2023, and $17 million at December 31, 2022. See Note 8 (“Derivatives and Hedging Activities”) for an explanation of fair value hedges.
(b)We have the right to redeem these debentures. If the debentures purchased by KeyCorp Capital I, HNC Statutory Trust III, Willow Grove Statutory Trust I, HNC Statutory Trust IV, Westbank Capital Trust II, or Westbank Capital Trust III are redeemed before they mature, the redemption price will be the principal amount, plus any accrued but unpaid interest. If the debentures purchased by KeyCorp Capital II or KeyCorp Capital III are redeemed before they mature, the redemption price will be the greater of: (i) the principal amount, plus any accrued but unpaid interest, or (ii) the sum of the present values of principal and interest payments discounted at the Treasury Rate (as defined in the applicable indenture), plus 20 basis points for KeyCorp Capital II or 25 basis points for KeyCorp Capital III or 50 basis points in the case of redemption upon either a tax or a capital treatment event for either KeyCorp Capital II or KeyCorp Capital III, plus any accrued but unpaid interest.
(c)The interest rates for the trust preferred securities issued by KeyCorp Capital II and KeyCorp Capital III are fixed. The trust preferred securities issued by KeyCorp Capital I, HNC Statutory Trust III, HNC Statutory Trust IV, Willow Grove Statutory Trust I, Westbank Capital Trust II, and Westbank Capital Trust III have a floating interest rate, equal to three-month CME term SOFR plus 26.161 basis points, that reprices quarterly. The total interest rates are weighted-average rates.
v3.24.0.1
Commitments, Contingent Liabilities, and Guarantees (Tables)
 12 Months Ended
Dec. 31, 2023
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
20232022
Loan commitments:
Commercial and other$55,603 $58,269 
Commercial real estate and construction3,440 4,037 
Home equity8,984 9,346 
Credit cards7,058 7,424 
Total loan commitments75,085 79,076 
Commercial letters of credit65 86 
Purchase card commitments995 875 
Principal investing commitments1 9 
Tax credit investment commitments1,361 958 
Total loan and other commitments$77,507 $81,004 
Schedule of Guarantees The following table shows the types of guarantees that we had outstanding at December 31, 2023. 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, 2023Maximum Potential Undiscounted Future PaymentsLiability Recorded
Dollars in millions
Financial guarantees:
Standby letters of credit$4,234 $79 
Recourse agreement with FNMA7,465 98 
Residential mortgage reserve3,350 11 
Written put options (a)
3,304 183 
Total$18,353 $371 
(a)The maximum potential undiscounted future payments represent notional amounts of derivatives qualifying as guarantees.
v3.24.0.1
Accumulated Other Comprehensive Income (Tables)
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
Schedule of Changes in AOCI
The following table summarizes our changes in AOCI:
Dollars in millions
Unrealized gains
(losses) on securities
available for sale
Unrealized gains
(losses) on derivative
financial instruments
Net pension and
postretirement
benefit costs
Total
Balance at December 31, 2021$(403)$88 $(271)$(586)
Other comprehensive income before reclassification, net of income taxes
(4,492)(1,319)(25)(5,836)
Amounts reclassified from accumulated other comprehensive income, net of income taxes (a)
— 107 20 127 
Net current-period other comprehensive income, net of income taxes(4,492)(1,212)(5)(5,709)
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)
(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 millions20232022
Unrealized gains (losses) on available for sale securities
Realized losses$(4)$— Other income
(4)— 
Income (loss) from continuing operations before income taxes
(1)— Income taxes
$(3)$— Income (loss) from continuing operations
Unrealized gains (losses) on derivative financial instruments
Interest rate$(956)$(146)Interest income — Loans
Interest rate(2)(3)Interest expense — Long-term debt
Interest rate5 9 Investment banking and debt placement fees
(953)(140)
Income (loss) from continuing operations before income taxes
(228)(33)Income taxes
$(725)$(107)Income (loss) from continuing operations
Net pension and postretirement benefit costs
Amortization of losses$(8)$(15)Other expense
Settlement loss(18)(12)Other expense
Amortization of prior service credit1 1 Other expense
(25)(26)
Income (loss) from continuing operations before income taxes
(7)(6)Income taxes
$(18)$(20)Income (loss) from continuing operations
v3.24.0.1
Shareholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
Schedule of Stockholders Equity
The following table summarizes our preferred stock at December 31, 2023:
Preferred stock seriesAmount outstanding (in millions)Shares authorized and outstandingPar valueLiquidation preferenceOwnership interest per depositary shareLiquidation preference per depositary share2023 dividends paid per depositary share
Fixed-to-Floating Rate Perpetual Noncumulative Series D$525 21,000 $1 $25,000 1/25th$1,000 $12.50 
Fixed-to-Floating Rate Perpetual Noncumulative Series E500 500,000 1 1,000 1/40th25 .382813 
Fixed Rate Perpetual Noncumulative Series F425 425,000 1 1,000 1/40th25 .353125 
Fixed Rate Perpetual Noncumulative Series G450 450,000 1 1,000 1/40th25 .351563 
Fixed Rate Perpetual Noncumulative Series H600 600,000 1 1,000 1/40th25 .387500 
Schedule of Key's and KeyBank's Actual Capital Amounts and Ratios, Minimum Capital Amounts and Ratios
At December 31, 2023, 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.
 ActualTo Meet Minimum
Capital Adequacy
Requirements		To Qualify as Well 
Capitalized Under Federal
Deposit Insurance Act
Dollars in millionsAmountRatioAmountRatioAmountRatio
December 31, 2023
TOTAL CAPITAL TO NET RISK-WEIGHTED ASSETS
Key$21,028 14.15 %$11,886 8.00 %N/AN/A
KeyBank (consolidated)20,726 14.16 11,712 8.00 $14,640 10.00 %
TIER 1 CAPITAL TO NET RISK-WEIGHTED ASSETS
Key$17,340 11.67 %$8,914 6.00 %N/AN/A
KeyBank (consolidated)17,487 11.94 8,784 6.00 $11,712 8.00 %
TIER 1 CAPITAL TO AVERAGE QUARTERLY TANGIBLE ASSETS
Key$17,340 9.03 %$7,678 4.00 %N/AN/A
KeyBank (consolidated)17,487 9.22 7,587 4.00 $9,483 5.00 %
December 31, 2022
TOTAL CAPITAL TO NET RISK-WEIGHTED ASSETS
Key$20,776 12.79 %$12,998 8.00 %N/AN/A
KeyBank (consolidated)19,903 12.39 12,850 8.00 $16,063 10.00 %
TIER 1 CAPITAL TO NET RISK-WEIGHTED ASSETS
Key$17,225 10.60 %$9,748 6.00 %N/AN/A
KeyBank (consolidated)16,801 10.46 9,638 6.00 $12,850 8.00 %
TIER 1 CAPITAL TO AVERAGE QUARTERLY TANGIBLE ASSETS
Key$17,225 8.88 %$7,759 4.00 %N/AN/A
KeyBank (consolidated)16,801 8.78 7,657 4.00 $9,572 5.00 %
v3.24.0.1
Business Segment Reporting (Tables)
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Schedule of Selected Financial Data for Our Business Segments
Year ended December 31,
Consumer BankCommercial Bank
Dollars in millions202320222021202320222021
SUMMARY OF OPERATIONS
Net interest income (TE)
$2,276 $2,409 $2,361 $1,811 $1,863 $1,650 
Noninterest income
944 995 1,068 1,422 1,600 1,990 
Total revenue (TE) (a)
3,220 3,404 3,429 3,233 3,463 3,640 
Provision for credit losses
111 193 (118)379 317 (279)
Depreciation and amortization expense
106 87 84 99 113 134 
Other noninterest expense
2,677 2,644 2,321 1,703 1,620 1,732 
Income (loss) from continuing operations before income taxes (TE)
326 480 1,142 1,052 1,413 2,053 
Allocated income taxes (benefit) and TE adjustments
78 115 274 213 269 412 
Income (loss) from continuing operations
248 365 868 839 1,144 1,641 
Income (loss) from discontinued operations, net of taxes
— — — — — — 
Net income (loss)
248 365 868 839 1,144 1,641 
Less: Net income (loss) attributable to noncontrolling interests
— — — — — — 
Net income (loss) attributable to Key
$248 $365 $868 $839 $1,144 $1,641 
AVERAGE BALANCES (b)
     
Loans and leases
$42,408 $41,315 $39,422 $75,143 $69,549 $60,486 
Total assets (a)
45,232 44,414 42,656 84,895 80,068 70,051 
Deposits
83,964 90,132 88,474 53,874 54,672 55,598 
OTHER FINANCIAL DATA
Expenditures for additions to long-lived assets (a), (b)
$72 $52 $39 $3 $4 $12 
Net loan charge-offs (b)
133 83 126 111 84 81 
Return on average allocated equity (b)
6.92 %10.36 %24.31 %8.14 %12.57 %19.21 %
Return on average allocated equity
6.92 10.36 24.31 8.14 12.57 19.21 
Average full-time equivalent employees (c)
7,773 8,101 8,043 2,484 2,466 2,384 
Year ended December 31,OtherKey
Dollars in millions202320222021202320222021
SUMMARY OF OPERATIONS
Net interest income (TE)$(144)$282 $87 $3,943 $4,554 $4,098 
Noninterest income104 123 136 2,470 2,718 3,194 
Total revenue (TE) (a)
(40)405 223 6,413 7,272 7,292 
Provision for credit losses(1)(8)(21)489 502 (418)
Depreciation and amortization expense27 71 80 232 271 298 
Other noninterest expense122 (125)78 4,502 4,139 4,131 
Income (loss) from continuing operations before income taxes (TE)(188)467 86 1,190 2,360 3,281 
Allocated income taxes (benefit) and TE adjustments(65)65 (17)226 449 669 
Income (loss) from continuing operations(123)402 103 964 1,911 2,612 
Income (loss) from discontinued operations, net of taxes3 6 13 3 6 13 
Net income (loss)(120)408 116 967 1,917 2,625 
Less: Net income (loss) attributable to noncontrolling interests— — — — — — 
Net income (loss) attributable to Key$(120)$408 $116 $967 $1,917 $2,625 
AVERAGE BALANCES (b)
Loans and leases$453 $438 $361 $118,004 $111,302 $100,269 
Total assets (a)
61,500 61,404 66,212 191,627 185,886 178,919 
Deposits6,221 2,058 963 144,059 146,862 145,035 
OTHER FINANCIAL DATA
Expenditures for additions to long-lived assets (a), (b)
$118 $198 $63 $193 $254 $114 
Net loan charge-offs (b)
— (6)(23)244 161 184 
Return on average allocated equity (b)
1,025.00 %19.12 %1.85 %6.94 %12.97 %14.79 %
Return on average allocated equity1,000.00 19.40 2.09 6.97 13.01 14.86 
Average full-time equivalent employees (c)
7,435 7,094 6,547 17,692 17,661 16,974 
(a)Substantially all revenue generated by our major business segments is derived from clients that reside in the United States. Substantially all long-lived assets, including premises and equipment, capitalized software, and goodwill held by our major business segments, are located in the United States.
(b)From continuing operations.
(c)The number of average full-time equivalent employees was not adjusted for discontinued operations.
v3.24.0.1
Condensed Financial Information of the Parent Company (Tables)
 12 Months Ended
Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract]  
Schedule of Condensed Balance Sheets
CONDENSED BALANCE SHEETS
December 31,
Dollars in millions
20232022
ASSETS
Cash and due from banks$2,727 $3,146 
Short-term investments17 15 
Securities available for sale— — 
Other investments85 78 
Loans to:
Banks250 250 
Nonbank subsidiaries— 16 
Total loans250 266 
Investment in subsidiaries:
Banks14,789 13,033 
Nonbank subsidiaries901 928 
Total investment in subsidiaries15,690 13,961 
Goodwill167 167 
Corporate-owned life insurance197 209 
Derivative assets1 111 
Accrued income and other assets331 248 
Total assets$19,465 $18,201 
LIABILITIES
Accrued expense and other liabilities$511 $508 
Long-term debt due to:
Subsidiaries447 450 
Unaffiliated companies3,870 3,789 
Total long-term debt4,317 4,239 
Total liabilities4,828 4,747 
SHAREHOLDERS’ EQUITY (a)
14,637 13,454 
Total liabilities and shareholders’ equity$19,465 $18,201 
(a)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 millions202320222021
INCOME
Dividends from subsidiaries:
Bank subsidiaries$675 $475 $1,925 
Nonbank subsidiaries— 100 50 
Interest income from subsidiaries15 4 1 
Other income24 7 36 
Total income714 586 2,012 
EXPENSE
Interest on long-term debt with subsidiary trusts33 19 13 
Interest on other borrowed funds273 130 65 
Personnel and other expense111 101 101 
Total expense417 250 179 
Income (loss) before income taxes and equity in net income (loss) less dividends from subsidiaries297 336 1,833 
Income tax (expense) benefit95 60 38 
Income (loss) before equity in net income (loss) less dividends from subsidiaries392 396 1,871 
Equity in net income (loss) less dividends from subsidiaries575 1,521 754 
NET INCOME (LOSS)967 1,917 2,625 
Less: Net income attributable to noncontrolling interests— — — 
NET INCOME (LOSS) ATTRIBUTABLE TO KEY$967 $1,917 $2,625 
.
Schedule of Condensed Statements of Cash Flows
CONDENSED STATEMENTS OF CASH FLOWS
Year ended December 31,
Dollars in millions202320222021
OPERATING ACTIVITIES
Net income (loss) attributable to Key$967 $1,917 $2,625 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Deferred income taxes (benefit)(6)6 (22)
Stock-based compensation expense9 117 9 
Equity in net (income) loss less dividends from subsidiaries(575)(1,521)(754)
Net (increase) decrease in other assets44 23 13 
Net increase (decrease) in other liabilities3 (24)48 
Other operating activities, net122 (480)(414)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES564 38 1,505 
INVESTING ACTIVITIES
Net (increase) decrease in securities available for sale and in short-term and other investments(14)(26)(15)
Proceeds from sales, prepayments and maturities of securities available for sale— — — 
Net (increase) decrease in loans to subsidiaries16 (200)— 
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES2 (226)(15)
FINANCING ACTIVITIES
Net proceeds from issuance of long-term debt— 1,350 — 
Payments on long-term debt— — (997)
Repurchase of Treasury Shares(73)(44)(1,176)
Net cash from the issuance (redemption) of Common Shares and preferred stock— 590 — 
Cash dividends paid(912)(855)(823)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES(985)1,041 (2,996)
NET INCREASE (DECREASE) IN CASH AND DUE FROM BANKS(419)853 (1,506)
CASH AND DUE FROM BANKS AT BEGINNING OF YEAR3,146 2,293 3,799 
CASH AND DUE FROM BANKS AT END OF YEAR$2,727 $3,146 $2,293 
v3.24.0.1
Revenue from Contracts with Customers (Tables)
 12 Months Ended
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue
The following table represents a disaggregation of revenue from contracts with customers, by line of business:
Year ended December 31,20232022
Dollars in millionsConsumer BankCommercial BankTotal Contract RevenueConsumer BankCommercial BankTotal Contract Revenue
NONINTEREST INCOME
Trust and investment services income$410 $68 $478 $403 $69 $472 
Investment banking and debt placement fees— 344 344 — 430 430 
Services charges on deposit accounts158 111 269 211 139 350 
Cards and payments income187 145 332 177 154 331 
Other noninterest income12 — 12 11 — 11 
Total revenue from contracts with customers$767 $668 $1,435 $802 $792 $1,594 
Other noninterest income (a)
$931 $1,001 
Noninterest income from other segments (b)
104 123 
Total noninterest income$2,470 $2,718 
(a)Noninterest income considered earned outside the scope of contracts with customers.
(b)Other includes other segments that consists of corporate treasury, our principal investing unit, and various exit portfolios as well as reconciling items which primarily represents the unallocated portion of nonearning assets of corporate support functions. Charges related to the funding of these assets are part of net interest income and are allocated to the business segments through noninterest expense. Reconciling items also includes intercompany eliminations and certain items that are not allocated to the business segments because they do not reflect their normal operations. Refer to Note 25 (“Business Segment Reporting”) for more information.
v3.24.0.1
Summary of Significant Accounting Policies (Details)
 12 Months Ended
Dec. 31, 2023
machine
state
branch
segment
Dec. 31, 2022
Accounting Policies [Line Items]    
Number of retail branches | branch 959  
Number of ATMs | machine 1,217  
Number of states with ATMs | state 15  
Number of 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%  
v3.24.0.1
Earnings Per Common Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
EARNINGS      
Income (loss) from continuing operations $ 964 $ 1,911 $ 2,612
Less: Net income (loss) attributable to noncontrolling interests 0 0 0
Income (loss) from continuing operations attributable to Key 964 1,911 2,612
Less: Dividends on preferred stock 143 118 106
Income (loss) from continuing operations attributable to Key common shareholders 821 1,793 2,506
Income (loss) from discontinued operations, net of taxes 3 6 13
Net income (loss) attributable to Key common shareholders $ 824 $ 1,799 $ 2,519
WEIGHTED-AVERAGE COMMON SHARES      
Weighted-average common shares outstanding (in shares) 927,217 924,363 947,065
Effect of common share options and other stock awards (in shares) 5,542 8,696 10,349
Weighted-average common shares and potential common shares outstanding (in shares) [1] 932,759 933,059 957,414
EARNINGS PER COMMON SHARE      
Income (loss) from continuing operations attributable to Key common shareholders (in dollars per share) $ 0.88 $ 1.94 $ 2.64
Income (loss) from discontinued operations, net of taxes (in dollars per share) 0 0.01 0.01
Net income (loss) attributable to Key common shareholders (in dollars per share) [2] 0.89 1.94 2.65
Income (loss) from continuing operations attributable to Key common shareholders - assuming dilution (in dollars per share) 0.88 1.92 2.62
Income (loss) from discontinued operations, net of taxes — assuming dilution (in dollars per share) 0 0.01 0.01
Net income (loss) attributable to Key common shareholders (in dollars per share) [2] $ 0.88 $ 1.93 $ 2.63
[1] Assumes conversion of Common Share options and other stock awards and/or convertible preferred stock, as applicable.
[2] EPS may not foot due to rounding.
v3.24.0.1
Restrictions on Cash, Dividends and Lending Activities (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2023
USD ($)
Dec. 31, 2023
USD ($)
Restricted Cash and Cash Equivalents Items [Line Items]    
Short-term investments held for discharge of obligations $ 2,700 $ 2,700
KeyBank (consolidated)    
Restricted Cash and Cash Equivalents Items [Line Items]    
Dividends paid by non banking subsidiaries   $ 675
Capacity to pay dividends $ 2,300  
v3.24.0.1
Loan Portfolio (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans $ 112,606 $ 119,394
Discontinued operations | Education Lending    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 339 434
Total commercial loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 77,591 82,465
Accrued interest 383  
Total commercial loans | Commercial and Industrial    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 55,815 59,647
Accrued interest 522 417
Total commercial loans | Commercial mortgage    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 15,187 16,352
Total commercial loans | Construction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 3,066 2,530
Total commercial loans | Total commercial real estate loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 18,253 18,882
Total commercial loans | Commercial lease financing    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 3,523 3,936
Total commercial loans | Commercial credit card    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 207 172
Total commercial loans | Collateral pledged    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 7 8
Total consumer loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 35,015 36,929
Accrued interest 139  
Total consumer loans | Real estate — residential mortgage    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 20,958 21,401
Total consumer loans | Home equity loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 7,139 7,951
Total consumer loans | Total residential — prime loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 28,097 29,352
Total consumer loans | Consumer direct loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 5,890 6,508
Total consumer loans | Credit cards    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 1,002 1,026
Total consumer loans | Consumer indirect loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 26 43
Total consumer loans | Commercial credit card    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans $ 1,002 $ 1,026
v3.24.0.1
Asset Quality - Changes in Allowance for Loan and Lease Losses by Loan Category (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance $ 1,337 $ 1,061 $ 1,626
Provision 415 437 (381)
Charge-offs (318) (245) (322)
Recoveries 74 84 138
Ending balance 1,508 1,337 1,061
Total ALLL, including discontinued operations, beginning balance 1,358 1,089 1,662
Total provision, including discontinued operations 413 434 (387)
Total charge-offs, including discontinued operations (322) (251) (326)
Total recoveries, including discontinued operations 75 86 140
Total ALLL, including discontinued operations, ending balance 1,524 1,358 1,089
Provision (credit) for losses on lending-related commitments 74 65 (37)
Total commercial loans      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance 864 688 1,099
Provision 371 294 (290)
Charge-offs (227) (178) (220)
Recoveries 52 60 99
Ending balance 1,060 864 688
Total consumer loans      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance 473 373 527
Provision 44 143 (91)
Charge-offs (91) (67) (102)
Recoveries 22 24 39
Ending balance 448 473 373
Commercial and Industrial | Total commercial loans      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance 601 445 678
Provision 99 259 (142)
Charge-offs (188) (153) (174)
Recoveries 44 50 83
Ending balance 556 601 445
Commercial mortgage | Total commercial loans      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance 203 182 327
Provision 253 39 (114)
Charge-offs (39) (23) (40)
Recoveries 2 5 9
Ending balance 419 203 182
Construction | Total commercial loans      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance 28 29 47
Provision 23 (2) (18)
Charge-offs 0 0 0
Recoveries 1 1 0
Ending balance 52 28 29
Total commercial real estate loans | Total commercial loans      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance 231 211 374
Provision 276 37 (132)
Charge-offs (39) (23) (40)
Recoveries 3 6 9
Ending balance 471 231 211
Commercial lease financing | Total commercial loans      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance 32 32 47
Provision (4) (2) (16)
Charge-offs 0 (2) (6)
Recoveries 5 4 7
Ending balance 33 32 32
Real estate — residential mortgage | Total consumer loans      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance 196    
Provision (37)    
Charge-offs (1)    
Recoveries 4    
Ending balance 162 196  
Real estate — residential mortgage | Total consumer loans      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance 196 95 102
Provision   94 (12)
Charge-offs   2 2
Recoveries   5 3
Ending balance   196 95
Home equity loans | Total consumer loans      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance 98 110 171
Provision (13) (14) (57)
Charge-offs (2) (1) (9)
Recoveries 3 3 5
Ending balance 86 98 110
Consumer direct loans | Total consumer loans      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance 111 105 128
Provision 53 32 (2)
Charge-offs (50) (34) (29)
Recoveries 7 8 8
Ending balance 121 111 105
Credit cards | Total consumer loans      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance 66 61 87
Provision 42 29 (7)
Charge-offs (37) (30) (27)
Recoveries 7 6 8
Ending balance 78 66 61
Consumer indirect loans | Total consumer loans      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance 2 2 39
Provision (1) 2 (13)
Charge-offs (1) (4) (39)
Recoveries 1 2 15
Ending balance 1 2 2
Discontinued operations      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance 21 28 36
Provision (2) (3) (6)
Charge-offs (4) (6) (4)
Recoveries 1 2 2
Ending balance $ 16 $ 21 $ 28
v3.24.0.1
Asset Quality - Additional Information (Details)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2023
USD ($)
Dec. 31, 2023
USD ($)
loan
Dec. 31, 2022
USD ($)
loan
Dec. 31, 2021
USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Percentage of carrying amount of our commercial nonperforming loans outstanding 72.00% 72.00%    
Percentage of nonperforming loans outstanding face value 77.00% 77.00%    
Percentage of loans held for sale and other nonperforming assets 80.00% 80.00%    
Net reduction to interest income   $ 37 $ 17 $ 17
Contractually current percentage of nonperforming loans 51.00% 51.00% 41.00%  
Financial receivable, modifications, subsequent default, recorded investment     $ 12  
Number   of Loans   | loan     4,205  
Loan restructuring trial modifications amount   $ 295    
Commitments outstanding to lend additional funds $ 61 $ 61    
Commitments outstanding to lend additional funds to borrowers     $ 10  
Trial Modification Plans        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Number   of Loans   | loan   121    
Loan restructuring trial modifications amount   $ 15    
Total commercial loans        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loan restructuring trial modifications amount   $ 269    
TDRs, period for default (in days)   90 days    
Total consumer loans        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Financial receivable, modifications, subsequent default, recorded investment   $ 89 $ 156  
Loan restructuring trial modifications amount   $ 26    
TDRs, period for default (in days)   60 days    
Continuing Operations | Total commercial loans        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Increase (decrease) in ALLL   $ 196    
Percentage of increase (decrease) in ALLL   22.70%    
Continuing Operations | Total consumer loans        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Increase (decrease) in ALLL   $ (25)    
Percentage of increase (decrease) in ALLL   (5.30%)    
Total commercial loans        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Number of loans | loan     12  
Total consumer loans        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Number of loans | loan     191  
Commercial and Industrial | Total commercial loans        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Financial receivable, modifications, subsequent default, recorded investment   $ 11    
Loan restructuring trial modifications amount   263    
Commercial mortgage | Total commercial loans        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Financial receivable, modifications, subsequent default, recorded investment 1      
Loan restructuring trial modifications amount   6    
Non-performing Loans        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Nonperforming loans on nonaccrual status with no allowance $ 301 $ 301    
Number   of Loans   | loan     1,240  
Non-performing Loans | Total commercial loans        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Number   of Loans   | loan     31  
Non-performing Loans | Total consumer loans        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Number   of Loans   | loan     1,209  
Non-performing Loans | Commercial and Industrial | Total commercial loans        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Number   of Loans   | loan     27  
Non-performing Loans | Commercial mortgage | Total commercial loans        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Number   of Loans   | loan     4  
v3.24.0.1
Asset Quality - Schedule of Commercial Credit Exposure (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Financing Receivable, Credit Quality Indicator [Line Items]    
Total loans $ 112,606 $ 119,394
Total commercial loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
2023 6,150  
Current period gross write-offs, 2023 1  
2022 16,998  
Current period gross write-offs, 2022 8  
2021 11,508  
Current period gross write-offs, 2021 36  
2020 4,178  
Current period gross write-offs, 2020 19  
2019 4,375  
Current period gross write-offs, 2019 13  
Prior 7,448  
Current period gross write-offs, prior 42  
Revolving Loans Amortized Cost Basis 26,721  
Current period gross write-offs, Revolving Loans Amortized Cost Basis 108  
Revolving Loans Converted to Term Loans Amortized Cost Basis 213  
Current period gross write-offs, Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 77,591 82,465
Current period gross write-offs, total 227  
Accrued interest 383  
Total commercial loans | Commercial and Industrial    
Financing Receivable, Credit Quality Indicator [Line Items]    
2023 4,118  
Current period gross write-offs, 2023 1  
2022 10,555  
Current period gross write-offs, 2022 7  
2021 6,618  
Current period gross write-offs, 2021 35  
2020 2,774  
Current period gross write-offs, 2020 8  
2019 2,219  
Current period gross write-offs, 2019 11  
Prior 3,774  
Current period gross write-offs, prior 21  
Revolving Loans Amortized Cost Basis 25,619  
Current period gross write-offs, Revolving Loans Amortized Cost Basis 105  
Revolving Loans Converted to Term Loans Amortized Cost Basis 138  
Current period gross write-offs, Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 55,815 59,647
Current period gross write-offs, total 188  
Accrued interest 522 417
Total commercial loans | Commercial and Industrial | Pass    
Financing Receivable, Credit Quality Indicator [Line Items]    
2023 4,020  
2022 10,145  
2021 6,141  
2020 2,539  
2019 2,064  
Prior 3,534  
Revolving Loans Amortized Cost Basis 24,395  
Revolving Loans Converted to Term Loans Amortized Cost Basis 123  
Total loans 52,961  
Total commercial loans | Commercial and Industrial | Criticized (Accruing)    
Financing Receivable, Credit Quality Indicator [Line Items]    
2023 84  
2022 361  
2021 427  
2020 233  
2019 127  
Prior 170  
Revolving Loans Amortized Cost Basis 1,140  
Revolving Loans Converted to Term Loans Amortized Cost Basis 15  
Total loans 2,557  
Total commercial loans | Commercial and Industrial | Criticized (Nonaccruing)    
Financing Receivable, Credit Quality Indicator [Line Items]    
2023 14  
2022 49  
2021 50  
2020 2  
2019 28  
Prior 70  
Revolving Loans Amortized Cost Basis 84  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 297  
Total commercial loans | Commercial mortgage    
Financing Receivable, Credit Quality Indicator [Line Items]    
2023 1,090  
Current period gross write-offs, 2023 0  
2022 4,310  
Current period gross write-offs, 2022 1  
2021 3,334  
Current period gross write-offs, 2021 1  
2020 822  
Current period gross write-offs, 2020 11  
2019 1,738  
Current period gross write-offs, 2019 2  
Prior 2,755  
Current period gross write-offs, prior 21  
Revolving Loans Amortized Cost Basis 1,071  
Current period gross write-offs, Revolving Loans Amortized Cost Basis 3  
Revolving Loans Converted to Term Loans Amortized Cost Basis 67  
Current period gross write-offs, Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 15,187 16,352
Current period gross write-offs, total 39  
Total commercial loans | Commercial mortgage | Pass    
Financing Receivable, Credit Quality Indicator [Line Items]    
2023 1,084  
2022 3,664  
2021 2,922  
2020 804  
2019 1,545  
Prior 2,507  
Revolving Loans Amortized Cost Basis 1,017  
Revolving Loans Converted to Term Loans Amortized Cost Basis 66  
Total loans 13,609  
Total commercial loans | Commercial mortgage | Criticized (Accruing)    
Financing Receivable, Credit Quality Indicator [Line Items]    
2023 6  
2022 646  
2021 411  
2020 15  
2019 186  
Prior 193  
Revolving Loans Amortized Cost Basis 20  
Revolving Loans Converted to Term Loans Amortized Cost Basis 1  
Total loans 1,478  
Total commercial loans | Commercial mortgage | Criticized (Nonaccruing)    
Financing Receivable, Credit Quality Indicator [Line Items]    
2023 0  
2022 0  
2021 1  
2020 3  
2019 7  
Prior 55  
Revolving Loans Amortized Cost Basis 34  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 100  
Total commercial loans | Construction    
Financing Receivable, Credit Quality Indicator [Line Items]    
2023 411  
Current period gross write-offs, 2023 0  
2022 1,225  
Current period gross write-offs, 2022 0  
2021 972  
Current period gross write-offs, 2021 0  
2020 221  
Current period gross write-offs, 2020 0  
2019 103  
Current period gross write-offs, 2019 0  
Prior 95  
Current period gross write-offs, prior 0  
Revolving Loans Amortized Cost Basis 31  
Current period gross write-offs, Revolving Loans Amortized Cost Basis 0  
Revolving Loans Converted to Term Loans Amortized Cost Basis 8  
Current period gross write-offs, Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 3,066 2,530
Current period gross write-offs, total 0  
Total commercial loans | Construction | Pass    
Financing Receivable, Credit Quality Indicator [Line Items]    
2023 401  
2022 1,185  
2021 912  
2020 157  
2019 62  
Prior 48  
Revolving Loans Amortized Cost Basis 31  
Revolving Loans Converted to Term Loans Amortized Cost Basis 8  
Total loans 2,804  
Total commercial loans | Construction | Criticized (Accruing)    
Financing Receivable, Credit Quality Indicator [Line Items]    
2023 10  
2022 40  
2021 60  
2020 64  
2019 41  
Prior 47  
Revolving Loans Amortized Cost Basis 0  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 262  
Total commercial loans | Construction | Criticized (Nonaccruing)    
Financing Receivable, Credit Quality Indicator [Line Items]    
2023 0  
2022 0  
2021 0  
2020 0  
2019 0  
Prior 0  
Revolving Loans Amortized Cost Basis 0  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 0  
Total commercial loans | Commercial lease financing    
Financing Receivable, Credit Quality Indicator [Line Items]    
2023 531  
Current period gross write-offs, 2023 0  
2022 908  
Current period gross write-offs, 2022 0  
2021 584  
Current period gross write-offs, 2021 0  
2020 361  
Current period gross write-offs, 2020 0  
2019 315  
Current period gross write-offs, 2019 0  
Prior 824  
Current period gross write-offs, prior 0  
Revolving Loans Amortized Cost Basis 0  
Current period gross write-offs, Revolving Loans Amortized Cost Basis 0  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Current period gross write-offs, Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 3,523 $ 3,936
Current period gross write-offs, total 0  
Total commercial loans | Commercial lease financing | Pass    
Financing Receivable, Credit Quality Indicator [Line Items]    
2023 520  
2022 878  
2021 575  
2020 352  
2019 307  
Prior 808  
Revolving Loans Amortized Cost Basis 0  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 3,440  
Total commercial loans | Commercial lease financing | Criticized (Accruing)    
Financing Receivable, Credit Quality Indicator [Line Items]    
2023 11  
2022 30  
2021 9  
2020 9  
2019 8  
Prior 16  
Revolving Loans Amortized Cost Basis 0  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 83  
Total commercial loans | Commercial lease financing | Criticized (Nonaccruing)    
Financing Receivable, Credit Quality Indicator [Line Items]    
2023 0  
2022 0  
2021 0  
2020 0  
2019 0  
Prior 0  
Revolving Loans Amortized Cost Basis 0  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans $ 0  
v3.24.0.1
Asset Quality - Schedule of Consumer Credit Exposure (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Financing Receivable, Credit Quality Indicator [Line Items]    
Total loans $ 112,606 $ 119,394
Total consumer loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
2023 1,295  
Current period gross write-offs, 2023 0  
2022 8,602  
Current period gross write-offs, 2022 12  
2021 12,343  
Current period gross write-offs, 2021 10  
2020 4,151  
Current period gross write-offs, 2020 6  
2019 1,277  
Current period gross write-offs, 2019 5  
Prior 2,131  
Current period gross write-offs, prior 6  
Revolving Loans Amortized Cost Basis 4,747  
Current period gross write-offs, Revolving Loans Amortized Cost Basis 51  
Revolving Loans Converted to Term Loans Amortized Cost Basis 469  
Current period gross write-offs, Revolving Loans Converted to Term Loans Amortized Cost Basis 1  
Total loans 35,015 36,929
Current period gross write-offs, total 91  
Accrued interest 139  
Total consumer loans | Real estate — residential mortgage    
Financing Receivable, Credit Quality Indicator [Line Items]    
2023 877  
Current period gross write-offs, 2023 0  
2022 6,790  
Current period gross write-offs, 2022 0  
2021 8,622  
Current period gross write-offs, 2021 0  
2020 2,663  
Current period gross write-offs, 2020 0  
2019 693  
Current period gross write-offs, 2019 0  
Prior 1,311  
Current period gross write-offs, prior 1  
Revolving Loans Amortized Cost Basis 2  
Current period gross write-offs, Revolving Loans Amortized Cost Basis 0  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Current period gross write-offs, Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 20,958 21,401
Current period gross write-offs, total 1  
Total consumer loans | Real estate — residential mortgage | 750 and above    
Financing Receivable, Credit Quality Indicator [Line Items]    
2023 680  
2022 5,992  
2021 7,785  
2020 2,392  
2019 586  
Prior 923  
Revolving Loans Amortized Cost Basis 0  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 18,358  
Total consumer loans | Real estate — residential mortgage | 660 to 749    
Financing Receivable, Credit Quality Indicator [Line Items]    
2023 180  
2022 739  
2021 780  
2020 248  
2019 90  
Prior 240  
Revolving Loans Amortized Cost Basis 0  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 2,277  
Total consumer loans | Real estate — residential mortgage | Less than 660    
Financing Receivable, Credit Quality Indicator [Line Items]    
2023 15  
2022 58  
2021 56  
2020 22  
2019 17  
Prior 130  
Revolving Loans Amortized Cost Basis 0  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 298  
Total consumer loans | Real estate — residential mortgage | No Score    
Financing Receivable, Credit Quality Indicator [Line Items]    
2023 2  
2022 1  
2021 1  
2020 1  
2019 0  
Prior 18  
Revolving Loans Amortized Cost Basis 2  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 25  
Total consumer loans | Home equity loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
2023 29  
2022 163  
2021 1,842  
2020 614  
2019 197  
Prior 620  
Revolving Loans Amortized Cost Basis 3,205  
Revolving Loans Converted to Term Loans Amortized Cost Basis 469  
Total loans 7,139 7,951
Total consumer loans | Home equity loans | 750 and above    
Financing Receivable, Credit Quality Indicator [Line Items]    
2023 0  
2022 85  
2021 1,575  
2020 435  
2019 114  
Prior 378  
Revolving Loans Amortized Cost Basis 2,034  
Revolving Loans Converted to Term Loans Amortized Cost Basis 331  
Total loans 4,952  
Total consumer loans | Home equity loans | 660 to 749    
Financing Receivable, Credit Quality Indicator [Line Items]    
2023 24  
2022 65  
2021 229  
2020 152  
2019 66  
Prior 164  
Revolving Loans Amortized Cost Basis 886  
Revolving Loans Converted to Term Loans Amortized Cost Basis 107  
Total loans 1,693  
Total consumer loans | Home equity loans | Less than 660    
Financing Receivable, Credit Quality Indicator [Line Items]    
2023 3  
2022 13  
2021 38  
2020 27  
2019 17  
Prior 77  
Revolving Loans Amortized Cost Basis 281  
Revolving Loans Converted to Term Loans Amortized Cost Basis 31  
Total loans 487  
Total consumer loans | Home equity loans | No Score    
Financing Receivable, Credit Quality Indicator [Line Items]    
2023 2  
2022 0  
2021 0  
2020 0  
2019 0  
Prior 1  
Revolving Loans Amortized Cost Basis 4  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 7  
Total consumer loans | Home equity loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current period gross write-offs, 2023 (1)  
Current period gross write-offs, 2022 0  
Current period gross write-offs, 2021 0  
Current period gross write-offs, 2020 0  
Current period gross write-offs, 2019 0  
Current period gross write-offs, prior 2  
Current period gross write-offs, Revolving Loans Amortized Cost Basis 0  
Current period gross write-offs, Revolving Loans Converted to Term Loans Amortized Cost Basis 1  
Current period gross write-offs, total 2  
Total consumer loans | Consumer direct loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
2023 389  
Current period gross write-offs, 2023 1  
2022 1,649  
Current period gross write-offs, 2022 12  
2021 1,881  
Current period gross write-offs, 2021 10  
2020 874  
Current period gross write-offs, 2020 6  
2019 387  
Current period gross write-offs, 2019 5  
Prior 172  
Current period gross write-offs, prior 2  
Revolving Loans Amortized Cost Basis 538  
Current period gross write-offs, Revolving Loans Amortized Cost Basis 14  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Current period gross write-offs, Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 5,890 6,508
Current period gross write-offs, total 50  
Total consumer loans | Consumer direct loans | 750 and above    
Financing Receivable, Credit Quality Indicator [Line Items]    
2023 185  
2022 1,187  
2021 1,457  
2020 660  
2019 277  
Prior 98  
Revolving Loans Amortized Cost Basis 97  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 3,961  
Total consumer loans | Consumer direct loans | 660 to 749    
Financing Receivable, Credit Quality Indicator [Line Items]    
2023 150  
2022 365  
2021 342  
2020 171  
2019 83  
Prior 50  
Revolving Loans Amortized Cost Basis 199  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 1,360  
Total consumer loans | Consumer direct loans | Less than 660    
Financing Receivable, Credit Quality Indicator [Line Items]    
2023 24  
2022 64  
2021 65  
2020 32  
2019 17  
Prior 12  
Revolving Loans Amortized Cost Basis 57  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 271  
Total consumer loans | Consumer direct loans | No Score    
Financing Receivable, Credit Quality Indicator [Line Items]    
2023 30  
2022 33  
2021 17  
2020 11  
2019 10  
Prior 12  
Revolving Loans Amortized Cost Basis 185  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 298  
Total consumer loans | Commercial credit card    
Financing Receivable, Credit Quality Indicator [Line Items]    
2023 0  
Current period gross write-offs, 2023 0  
2022 0  
Current period gross write-offs, 2022 0  
2021 0  
Current period gross write-offs, 2021 0  
2020 0  
Current period gross write-offs, 2020 0  
2019 0  
Current period gross write-offs, 2019 0  
Prior 0  
Current period gross write-offs, prior 0  
Revolving Loans Amortized Cost Basis 1,002  
Current period gross write-offs, Revolving Loans Amortized Cost Basis 37  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Current period gross write-offs, Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 1,002 1,026
Current period gross write-offs, total 37  
Total consumer loans | Commercial credit card | 750 and above    
Financing Receivable, Credit Quality Indicator [Line Items]    
2023 0  
2022 0  
2021 0  
2020 0  
2019 0  
Prior 0  
Revolving Loans Amortized Cost Basis 489  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 489  
Total consumer loans | Commercial credit card | 660 to 749    
Financing Receivable, Credit Quality Indicator [Line Items]    
2023 0  
2022 0  
2021 0  
2020 0  
2019 0  
Prior 0  
Revolving Loans Amortized Cost Basis 400  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 400  
Total consumer loans | Commercial credit card | Less than 660    
Financing Receivable, Credit Quality Indicator [Line Items]    
2023 0  
2022 0  
2021 0  
2020 0  
2019 0  
Prior 0  
Revolving Loans Amortized Cost Basis 112  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 112  
Total consumer loans | Commercial credit card | No Score    
Financing Receivable, Credit Quality Indicator [Line Items]    
2023 0  
2022 0  
2021 0  
2020 0  
2019 0  
Prior 0  
Revolving Loans Amortized Cost Basis 1  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 1  
Total consumer loans | Consumer indirect loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
2023 0  
Current period gross write-offs, 2023 0  
2022 0  
Current period gross write-offs, 2022 0  
2020 0  
Current period gross write-offs, 2020 0  
2019 0  
Current period gross write-offs, 2019 0  
Prior 28  
Current period gross write-offs, prior 1  
Revolving Loans Amortized Cost Basis 0  
Current period gross write-offs, Revolving Loans Amortized Cost Basis 0  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Current period gross write-offs, Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 26 $ 43
Current period gross write-offs, total 1  
Total consumer loans | Consumer indirect loans | 750 and above    
Financing Receivable, Credit Quality Indicator [Line Items]    
2023 0  
2022 0  
2020 0  
2019 0  
Prior 14  
Revolving Loans Amortized Cost Basis 0  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 12  
Total consumer loans | Consumer indirect loans | 660 to 749    
Financing Receivable, Credit Quality Indicator [Line Items]    
2023 0  
2022 0  
2020 0  
2019 0  
Prior 10  
Revolving Loans Amortized Cost Basis 0  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 10  
Total consumer loans | Consumer indirect loans | Less than 660    
Financing Receivable, Credit Quality Indicator [Line Items]    
2023 0  
2022 0  
2020 0  
2019 0  
Prior 4  
Revolving Loans Amortized Cost Basis 0  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 4  
Total consumer loans | Consumer indirect loans | No Score    
Financing Receivable, Credit Quality Indicator [Line Items]    
2023 0  
2022 0  
2020 0  
2019 0  
Prior 0  
Revolving Loans Amortized Cost Basis 0  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 0  
Total consumer loans | Consumer indirect loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
2021 (2)  
Current period gross write-offs, 2021 0  
Total consumer loans | Consumer indirect loans | 750 and above    
Financing Receivable, Credit Quality Indicator [Line Items]    
2021 (2)  
Total consumer loans | Consumer indirect loans | 660 to 749    
Financing Receivable, Credit Quality Indicator [Line Items]    
2021 0  
Total consumer loans | Consumer indirect loans | Less than 660    
Financing Receivable, Credit Quality Indicator [Line Items]    
2021 0  
Total consumer loans | Consumer indirect loans | No Score    
Financing Receivable, Credit Quality Indicator [Line Items]    
2021 $ 0  
v3.24.0.1
Asset Quality - Aging Analysis of Past Due and Current Loans (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Financing Receivable, Past Due [Line Items]    
Total loans $ 112,606 $ 119,394
Non-performing Loans    
Financing Receivable, Past Due [Line Items]    
Total loans 574 387
Current    
Financing Receivable, Past Due [Line Items]    
Total loans 111,703 118,767
30-59 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total loans 156 122
60-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total loans 66 58
90 and Greater Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total loans 107 60
Total Past Due and Non-performing Loans    
Financing Receivable, Past Due [Line Items]    
Total loans 903 627
Total commercial loans    
Financing Receivable, Past Due [Line Items]    
Total loans 77,591 82,465
Accrued interest 383  
Total commercial loans | Non-performing Loans    
Financing Receivable, Past Due [Line Items]    
Total loans 397 196
Total commercial loans | Commercial and Industrial    
Financing Receivable, Past Due [Line Items]    
Total loans 55,815 59,647
Accrued interest 522 417
Total commercial loans | Commercial and Industrial | Non-performing Loans    
Financing Receivable, Past Due [Line Items]    
Total loans 297 174
Total commercial loans | Commercial mortgage    
Financing Receivable, Past Due [Line Items]    
Total loans 15,187 16,352
Total commercial loans | Commercial mortgage | Non-performing Loans    
Financing Receivable, Past Due [Line Items]    
Total loans 100 21
Total commercial loans | Construction    
Financing Receivable, Past Due [Line Items]    
Total loans 3,066 2,530
Total commercial loans | Construction | Non-performing Loans    
Financing Receivable, Past Due [Line Items]    
Total loans 0 0
Total commercial loans | Total commercial real estate loans    
Financing Receivable, Past Due [Line Items]    
Total loans 18,253 18,882
Total commercial loans | Total commercial real estate loans | Non-performing Loans    
Financing Receivable, Past Due [Line Items]    
Total loans 100 21
Total commercial loans | Commercial lease financing    
Financing Receivable, Past Due [Line Items]    
Total loans 3,523 3,936
Total commercial loans | Commercial lease financing | Non-performing Loans    
Financing Receivable, Past Due [Line Items]    
Total loans 0 1
Total commercial loans | Credit cards    
Financing Receivable, Past Due [Line Items]    
Total loans 207 172
Total commercial loans | Current    
Financing Receivable, Past Due [Line Items]    
Total loans 76,988 82,129
Total commercial loans | Current | Commercial and Industrial    
Financing Receivable, Past Due [Line Items]    
Total loans 55,354 59,366
Total commercial loans | Current | Commercial mortgage    
Financing Receivable, Past Due [Line Items]    
Total loans 15,049 16,305
Total commercial loans | Current | Construction    
Financing Receivable, Past Due [Line Items]    
Total loans 3,065 2,530
Total commercial loans | Current | Total commercial real estate loans    
Financing Receivable, Past Due [Line Items]    
Total loans 18,114 18,835
Total commercial loans | Current | Commercial lease financing    
Financing Receivable, Past Due [Line Items]    
Total loans 3,520 3,928
Total commercial loans | 30-59 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total loans 90 62
Total commercial loans | 30-59 Days Past Due | Commercial and Industrial    
Financing Receivable, Past Due [Line Items]    
Total loans 62 43
Total commercial loans | 30-59 Days Past Due | Commercial mortgage    
Financing Receivable, Past Due [Line Items]    
Total loans 25 16
Total commercial loans | 30-59 Days Past Due | Construction    
Financing Receivable, Past Due [Line Items]    
Total loans 1 0
Total commercial loans | 30-59 Days Past Due | Total commercial real estate loans    
Financing Receivable, Past Due [Line Items]    
Total loans 26 16
Total commercial loans | 30-59 Days Past Due | Commercial lease financing    
Financing Receivable, Past Due [Line Items]    
Total loans 2 3
Total commercial loans | 60-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total loans 34 36
Total commercial loans | 60-89 Days Past Due | Commercial and Industrial    
Financing Receivable, Past Due [Line Items]    
Total loans 30 33
Total commercial loans | 60-89 Days Past Due | Commercial mortgage    
Financing Receivable, Past Due [Line Items]    
Total loans 3 2
Total commercial loans | 60-89 Days Past Due | Construction    
Financing Receivable, Past Due [Line Items]    
Total loans 0 0
Total commercial loans | 60-89 Days Past Due | Total commercial real estate loans    
Financing Receivable, Past Due [Line Items]    
Total loans 3 2
Total commercial loans | 60-89 Days Past Due | Commercial lease financing    
Financing Receivable, Past Due [Line Items]    
Total loans 1 1
Total commercial loans | 90 and Greater Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total loans 82 42
Total commercial loans | 90 and Greater Days Past Due | Commercial and Industrial    
Financing Receivable, Past Due [Line Items]    
Total loans 72 31
Total commercial loans | 90 and Greater Days Past Due | Commercial mortgage    
Financing Receivable, Past Due [Line Items]    
Total loans 10 8
Total commercial loans | 90 and Greater Days Past Due | Construction    
Financing Receivable, Past Due [Line Items]    
Total loans 0 0
Total commercial loans | 90 and Greater Days Past Due | Total commercial real estate loans    
Financing Receivable, Past Due [Line Items]    
Total loans 10 8
Total commercial loans | 90 and Greater Days Past Due | Commercial lease financing    
Financing Receivable, Past Due [Line Items]    
Total loans 0 3
Total commercial loans | Total Past Due and Non-performing Loans    
Financing Receivable, Past Due [Line Items]    
Total loans 603 336
Total commercial loans | Total Past Due and Non-performing Loans | Commercial and Industrial    
Financing Receivable, Past Due [Line Items]    
Total loans 461 281
Total commercial loans | Total Past Due and Non-performing Loans | Commercial mortgage    
Financing Receivable, Past Due [Line Items]    
Total loans 138 47
Total commercial loans | Total Past Due and Non-performing Loans | Construction    
Financing Receivable, Past Due [Line Items]    
Total loans 1 0
Total commercial loans | Total Past Due and Non-performing Loans | Total commercial real estate loans    
Financing Receivable, Past Due [Line Items]    
Total loans 139 47
Total commercial loans | Total Past Due and Non-performing Loans | Commercial lease financing    
Financing Receivable, Past Due [Line Items]    
Total loans 3 8
Total consumer loans    
Financing Receivable, Past Due [Line Items]    
Total loans 35,015 36,929
Accrued interest 139  
Total consumer loans | Non-performing Loans    
Financing Receivable, Past Due [Line Items]    
Total loans 177 191
Total consumer loans | Real estate — residential mortgage    
Financing Receivable, Past Due [Line Items]    
Total loans 20,958 21,401
Total consumer loans | Real estate — residential mortgage | Non-performing Loans    
Financing Receivable, Past Due [Line Items]    
Total loans 71 77
Total consumer loans | Home equity loans    
Financing Receivable, Past Due [Line Items]    
Total loans 7,139 7,951
Total consumer loans | Home equity loans | Non-performing Loans    
Financing Receivable, Past Due [Line Items]    
Total loans 97 107
Total consumer loans | Consumer direct loans    
Financing Receivable, Past Due [Line Items]    
Total loans 5,890 6,508
Total consumer loans | Consumer direct loans | Non-performing Loans    
Financing Receivable, Past Due [Line Items]    
Total loans 3 3
Total consumer loans | Credit cards    
Financing Receivable, Past Due [Line Items]    
Total loans 1,002 1,026
Total consumer loans | Credit cards | Non-performing Loans    
Financing Receivable, Past Due [Line Items]    
Total loans 5 3
Total consumer loans | Consumer indirect loans    
Financing Receivable, Past Due [Line Items]    
Total loans 26 43
Total consumer loans | Consumer indirect loans | Non-performing Loans    
Financing Receivable, Past Due [Line Items]    
Total loans 1 1
Total consumer loans | Current    
Financing Receivable, Past Due [Line Items]    
Total loans 34,715 36,638
Total consumer loans | Current | Real estate — residential mortgage    
Financing Receivable, Past Due [Line Items]    
Total loans 20,863 21,307
Total consumer loans | Current | Home equity loans    
Financing Receivable, Past Due [Line Items]    
Total loans 7,001 7,804
Total consumer loans | Current | Consumer direct loans    
Financing Receivable, Past Due [Line Items]    
Total loans 5,853 6,478
Total consumer loans | Current | Credit cards    
Financing Receivable, Past Due [Line Items]    
Total loans 974 1,007
Total consumer loans | Current | Consumer indirect loans    
Financing Receivable, Past Due [Line Items]    
Total loans 24 42
Total consumer loans | 30-59 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total loans 66 60
Total consumer loans | 30-59 Days Past Due | Real estate — residential mortgage    
Financing Receivable, Past Due [Line Items]    
Total loans 17 13
Total consumer loans | 30-59 Days Past Due | Home equity loans    
Financing Receivable, Past Due [Line Items]    
Total loans 27 27
Total consumer loans | 30-59 Days Past Due | Consumer direct 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 5
Total consumer loans | 30-59 Days Past Due | Consumer indirect loans    
Financing Receivable, Past Due [Line Items]    
Total loans 1 0
Total consumer loans | 60-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total loans 32 22
Total consumer loans | 60-89 Days Past Due | Real estate — residential mortgage    
Financing Receivable, Past Due [Line Items]    
Total loans 7 3
Total consumer loans | 60-89 Days Past Due | Home equity loans    
Financing Receivable, Past Due [Line Items]    
Total loans 10 8
Total consumer loans | 60-89 Days Past Due | Consumer direct loans    
Financing Receivable, Past Due [Line Items]    
Total loans 10 7
Total consumer loans | 60-89 Days Past Due | Credit cards    
Financing Receivable, Past Due [Line Items]    
Total loans 5 4
Total consumer loans | 60-89 Days Past Due | Consumer indirect loans    
Financing Receivable, Past Due [Line Items]    
Total loans 0 0
Total consumer loans | 90 and Greater Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total loans 25 18
Total consumer loans | 90 and Greater Days Past Due | Real estate — residential mortgage    
Financing Receivable, Past Due [Line Items]    
Total loans 0 1
Total consumer loans | 90 and Greater Days Past Due | Home equity loans    
Financing Receivable, Past Due [Line Items]    
Total loans 4 5
Total consumer loans | 90 and Greater Days Past Due | Consumer direct loans    
Financing Receivable, Past Due [Line Items]    
Total loans 9 5
Total consumer loans | 90 and Greater Days Past Due | Credit cards    
Financing Receivable, Past Due [Line Items]    
Total loans 12 7
Total consumer loans | 90 and Greater Days Past Due | Consumer indirect loans    
Financing Receivable, Past Due [Line Items]    
Total loans 0 0
Total consumer loans | Total Past Due and Non-performing Loans    
Financing Receivable, Past Due [Line Items]    
Total loans 300 291
Total consumer loans | Total Past Due and Non-performing Loans | Real estate — residential mortgage    
Financing Receivable, Past Due [Line Items]    
Total loans 95 94
Total consumer loans | Total Past Due and Non-performing Loans | Home equity loans    
Financing Receivable, Past Due [Line Items]    
Total loans 138 147
Total consumer loans | Total Past Due and Non-performing Loans | Consumer direct loans    
Financing Receivable, Past Due [Line Items]    
Total loans 37 30
Total consumer loans | Total Past Due and Non-performing Loans | Credit cards    
Financing Receivable, Past Due [Line Items]    
Total loans 28 19
Total consumer loans | Total Past Due and Non-performing Loans | Consumer indirect loans    
Financing Receivable, Past Due [Line Items]    
Total loans $ 2 $ 1
v3.24.0.1
Asset Quality - Schedule of Modifications for Borrowers Experiencing Financial Difficulty (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2023
USD ($)
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized Cost Basis $ 295
Percentage of Amortized Cost Basis 0.26%
Interest Rate Reduction  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized Cost Basis $ 2
Term Extension  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized Cost Basis 186
Other  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized Cost Basis 53
Combination  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized Cost Basis 54
Total commercial loans  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized Cost Basis $ 269
Percentage of Amortized Cost Basis 0.35%
Total commercial loans | Interest Rate Reduction  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized Cost Basis $ 0
Total commercial loans | Term Extension  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized Cost Basis 184
Total commercial loans | Other  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized Cost Basis 51
Total commercial loans | Combination  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized Cost Basis 34
Total commercial loans | Commercial and Industrial  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized Cost Basis $ 263
Percentage of Amortized Cost Basis 0.47%
Total commercial loans | Commercial and Industrial | Interest Rate Reduction  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized Cost Basis $ 0
Total commercial loans | Commercial and Industrial | Term Extension  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized Cost Basis 180
Total commercial loans | Commercial and Industrial | Other  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized Cost Basis 49
Total commercial loans | Commercial and Industrial | Combination  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized Cost Basis 34
Total commercial loans | Commercial mortgage  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized Cost Basis $ 6
Percentage of Amortized Cost Basis 0.04%
Total commercial loans | Commercial mortgage | Interest Rate Reduction  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized Cost Basis $ 0
Total commercial loans | Commercial mortgage | Term Extension  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized Cost Basis 4
Total commercial loans | Commercial mortgage | Other  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized Cost Basis 2
Total commercial loans | Commercial mortgage | Combination  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized Cost Basis 0
Total commercial loans | Construction  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized Cost Basis $ 0
Percentage of Amortized Cost Basis 0.00%
Total commercial loans | Construction | Interest Rate Reduction  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized Cost Basis $ 0
Total commercial loans | Construction | Term Extension  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized Cost Basis 0
Total commercial loans | Construction | Other  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized Cost Basis 0
Total commercial loans | Construction | Combination  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized Cost Basis 0
Total commercial loans | Total commercial real estate loans  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized Cost Basis $ 6
Percentage of Amortized Cost Basis 0.03%
Total commercial loans | Total commercial real estate loans | Interest Rate Reduction  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized Cost Basis $ 0
Total commercial loans | Total commercial real estate loans | Term Extension  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized Cost Basis 4
Total commercial loans | Total commercial real estate loans | Other  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized Cost Basis 2
Total commercial loans | Total commercial real estate loans | Combination  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized Cost Basis 0
Total commercial loans | Commercial lease financing  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized Cost Basis $ 0
Percentage of Amortized Cost Basis 0.00%
Total commercial loans | Commercial lease financing | Interest Rate Reduction  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized Cost Basis $ 0
Total commercial loans | Commercial lease financing | Term Extension  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized Cost Basis 0
Total commercial loans | Commercial lease financing | Other  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized Cost Basis 0
Total commercial loans | Commercial lease financing | Combination  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized Cost Basis 0
Total consumer loans  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized Cost Basis $ 26
Percentage of Amortized Cost Basis 0.07%
Total consumer loans | Interest Rate Reduction  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized Cost Basis $ 2
Total consumer loans | Term Extension  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized Cost Basis 2
Total consumer loans | Other  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized Cost Basis 2
Total consumer loans | Combination  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized Cost Basis 20
Total consumer loans | Real estate — residential mortgage  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized Cost Basis $ 10
Percentage of Amortized Cost Basis 0.05%
Total consumer loans | Real estate — residential mortgage | Interest Rate Reduction  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized Cost Basis $ 0
Total consumer loans | Real estate — residential mortgage | Term Extension  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized Cost Basis 0
Total consumer loans | Real estate — residential mortgage | Other  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized Cost Basis 1
Total consumer loans | Real estate — residential mortgage | Combination  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized Cost Basis 9
Total consumer loans | Home equity loans  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized Cost Basis $ 9
Percentage of Amortized Cost Basis 0.13%
Total consumer loans | Home equity loans | Interest Rate Reduction  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized Cost Basis $ 2
Total consumer loans | Home equity loans | Term Extension  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized Cost Basis 1
Total consumer loans | Home equity loans | Other  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized Cost Basis 1
Total consumer loans | Home equity loans | Combination  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized Cost Basis 5
Total consumer loans | Consumer direct loans  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized Cost Basis $ 3
Percentage of Amortized Cost Basis 0.05%
Total consumer loans | Consumer direct loans | Interest Rate Reduction  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized Cost Basis $ 0
Total consumer loans | Consumer direct loans | Term Extension  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized Cost Basis 1
Total consumer loans | Consumer direct loans | Other  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized Cost Basis 0
Total consumer loans | Consumer direct loans | Combination  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized Cost Basis 2
Total consumer loans | Commercial credit card  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized Cost Basis $ 4
Percentage of Amortized Cost Basis 0.40%
Total consumer loans | Commercial credit card | Interest Rate Reduction  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized Cost Basis $ 0
Total consumer loans | Commercial credit card | Term Extension  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized Cost Basis 0
Total consumer loans | Commercial credit card | Other  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized Cost Basis 0
Total consumer loans | Commercial credit card | Combination  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized Cost Basis 4
Total consumer loans | Consumer indirect loans  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized Cost Basis $ 0
Percentage of Amortized Cost Basis 0.00%
Total consumer loans | Consumer indirect loans | Interest Rate Reduction  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized Cost Basis $ 0
Total consumer loans | Consumer indirect loans | Term Extension  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized Cost Basis 0
Total consumer loans | Consumer indirect loans | Other  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized Cost Basis 0
Total consumer loans | Consumer indirect loans | Combination  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized Cost Basis $ 0
v3.24.0.1
Asset Quality - Schedule of Financial Effects of Modifications to Borrowers Experiencing Financial Difficulty (Details)
 3 Months Ended 12 Months Ended
Dec. 31, 2023
Dec. 31, 2023
Total commercial loans | Commercial and Industrial    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Weighted-average Interest Rate Change (14.58%) 5.69%
Weighted-average Term Extension (in years) 4 months 17 days 7 months 2 days
Total commercial loans | Commercial mortgage    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Weighted-average Interest Rate Change   0.00%
Weighted-average Term Extension (in years)   1 year 4 months 13 days
Total consumer loans | Real estate — residential mortgage    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Weighted-average Interest Rate Change (1.82%) (1.97%)
Weighted-average Term Extension (in years) 7 years 9 months 7 years 6 months 29 days
Total consumer loans | Home equity loans    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Weighted-average Interest Rate Change (2.48%) (4.02%)
Weighted-average Term Extension (in years) 7 years 8 months 26 days 6 years 10 months 13 days
Total consumer loans | Consumer direct loans    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Weighted-average Interest Rate Change (1.17%) (3.62%)
Weighted-average Term Extension (in years) 4 months 17 days 1 year 3 days
Total consumer loans | Credit cards    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Weighted-average Interest Rate Change (13.76%) (14.90%)
Weighted-average Term Extension (in years) 3 months 1 year
Total consumer loans | Consumer indirect loans    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Weighted-average Interest Rate Change 0.00% (3.05%)
Weighted-average Term Extension (in years) 5 months 1 day 6 months 3 days
v3.24.0.1
Asset Quality - Schedule of Performance of Loans That Have Been Modified in the Last 12 Months (Details)
$ in Millions
Dec. 31, 2023
USD ($)
Financing Receivable, Past Due [Line Items]  
Total loans modified in last 12 months $ 295
Current  
Financing Receivable, Past Due [Line Items]  
Total loans modified in last 12 months 267
30-89 Days Past Due  
Financing Receivable, Past Due [Line Items]  
Total loans modified in last 12 months 27
90 and Greater Days Past Due  
Financing Receivable, Past Due [Line Items]  
Total loans modified in last 12 months 1
Total commercial loans  
Financing Receivable, Past Due [Line Items]  
Total loans modified in last 12 months 269
Total commercial loans | Current  
Financing Receivable, Past Due [Line Items]  
Total loans modified in last 12 months 244
Total commercial loans | 30-89 Days Past Due  
Financing Receivable, Past Due [Line Items]  
Total loans modified in last 12 months 25
Total commercial loans | 90 and Greater Days Past Due  
Financing Receivable, Past Due [Line Items]  
Total loans modified in last 12 months 0
Total commercial loans | Commercial and Industrial  
Financing Receivable, Past Due [Line Items]  
Total loans modified in last 12 months 263
Total commercial loans | Commercial and Industrial | Current  
Financing Receivable, Past Due [Line Items]  
Total loans modified in last 12 months 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 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 0
Total commercial loans | Commercial mortgage  
Financing Receivable, Past Due [Line Items]  
Total loans modified in last 12 months 6
Total commercial loans | Commercial mortgage | Current  
Financing Receivable, Past Due [Line Items]  
Total loans modified in last 12 months 6
Total commercial loans | Commercial mortgage | 30-89 Days Past Due  
Financing Receivable, Past Due [Line Items]  
Total loans modified in last 12 months 0
Total commercial loans | Commercial mortgage | 90 and Greater Days Past Due  
Financing Receivable, Past Due [Line Items]  
Total loans modified in last 12 months 0
Total commercial loans | Construction  
Financing Receivable, Past Due [Line Items]  
Total loans modified in last 12 months 0
Total commercial loans | Construction | Current  
Financing Receivable, Past Due [Line Items]  
Total loans modified in last 12 months 0
Total commercial loans | Construction | 30-89 Days Past Due  
Financing Receivable, Past Due [Line Items]  
Total loans modified in last 12 months 0
Total commercial loans | Construction | 90 and Greater Days Past Due  
Financing Receivable, Past Due [Line Items]  
Total loans modified in last 12 months 0
Total commercial loans | Total commercial real estate loans  
Financing Receivable, Past Due [Line Items]  
Total loans modified in last 12 months 269
Total commercial loans | Total commercial real estate loans | Current  
Financing Receivable, Past Due [Line Items]  
Total loans modified in last 12 months 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 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 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 26
Total consumer loans | Current  
Financing Receivable, Past Due [Line Items]  
Total loans modified in last 12 months 23
Total consumer loans | 30-89 Days Past Due  
Financing Receivable, Past Due [Line Items]  
Total loans modified in last 12 months 2
Total consumer loans | 90 and Greater Days Past Due  
Financing Receivable, Past Due [Line Items]  
Total loans modified in last 12 months 1
Total consumer loans | Real estate — residential mortgage  
Financing Receivable, Past Due [Line Items]  
Total loans modified in last 12 months 10
Total consumer loans | Real estate — residential mortgage | Current  
Financing Receivable, Past Due [Line Items]  
Total loans modified in last 12 months 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
Total consumer loans | Real estate — residential mortgage | 90 and Greater Days Past Due  
Financing Receivable, Past Due [Line Items]  
Total loans modified in last 12 months 0
Total consumer loans | Home equity loans  
Financing Receivable, Past Due [Line Items]  
Total loans modified in last 12 months 9
Total consumer loans | Home equity loans | Current  
Financing Receivable, Past Due [Line Items]  
Total loans modified in last 12 months 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
Total consumer loans | Home equity loans | 90 and Greater Days Past Due  
Financing Receivable, Past Due [Line Items]  
Total loans modified in last 12 months 1
Total consumer loans | Consumer direct loans  
Financing Receivable, Past Due [Line Items]  
Total loans modified in last 12 months 3
Total consumer loans | Consumer direct loans | Current  
Financing Receivable, Past Due [Line Items]  
Total loans modified in last 12 months 3
Total consumer loans | Consumer direct loans | 30-89 Days Past Due  
Financing Receivable, Past Due [Line Items]  
Total loans modified in last 12 months 0
Total consumer loans | Consumer direct loans | 90 and Greater Days Past Due  
Financing Receivable, Past Due [Line Items]  
Total loans modified in last 12 months 0
Total consumer loans | Credit cards  
Financing Receivable, Past Due [Line Items]  
Total loans modified in last 12 months 4
Total consumer loans | Credit cards | Current  
Financing Receivable, Past Due [Line Items]  
Total loans modified in last 12 months 3
Total consumer loans | Credit cards | 30-89 Days Past Due  
Financing Receivable, Past Due [Line Items]  
Total loans modified in last 12 months 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
Total consumer loans | Consumer indirect loans  
Financing Receivable, Past Due [Line Items]  
Total loans modified in last 12 months 0
Total consumer loans | Consumer indirect loans | Current  
Financing Receivable, Past Due [Line Items]  
Total loans modified in last 12 months 0
Total consumer loans | Consumer indirect loans | 30-89 Days Past Due  
Financing Receivable, Past Due [Line Items]  
Total loans modified in last 12 months 0
Total consumer loans | Consumer indirect loans | 90 and Greater Days Past Due  
Financing Receivable, Past Due [Line Items]  
Total loans modified in last 12 months $ 0
v3.24.0.1
Asset Quality - Changes in Liability for Credit Losses on Lending Related Commitments (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Off-Balance-Sheet, Credit Loss, Liability [Roll Forward]      
Balance at beginning of period $ 225 $ 160  
Provision (credit) for losses on off balance sheet exposures 74 65 $ (37)
Other (3) 0  
Balance at end of period $ 296 $ 225 $ 160
v3.24.0.1
Asset Quality - Post-Modification Outstanding Recorded Investment by Concession Type for Our Commercial Accruing and Nonaccruing TDRs (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2022
USD ($)
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Total TDRs $ 69
Total commercial loans  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Extension of Maturity Date 36
Total 36
Total consumer loans  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Interest rate reduction 13
Other 20
Total $ 33
v3.24.0.1
Asset Quality - Post-Modification Outstanding Recorded Investment TDRs (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2022
USD ($)
Financing Receivables, Modifications, Rollforward [Roll Forward]  
Balance at beginning of the period $ 220
Additions 79
Payments (45)
Charge-offs (18)
Balance at end of period $ 236
v3.24.0.1
Asset Quality - Breakdown of Nonperforming TDRs by Loans Category (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2022
USD ($)
loan
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Number   of Loans   | loan 4,205
Pre-modification   Outstanding   Recorded   Investment   $ 334
Post-modification   Outstanding   Recorded   Investment   $ 236
Prior-year accruing  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Number   of Loans   | loan 2,965
Pre-modification   Outstanding   Recorded   Investment   $ 156
Post-modification   Outstanding   Recorded   Investment   $ 118
Non-performing Loans  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Number   of Loans   | loan 1,240
Pre-modification   Outstanding   Recorded   Investment   $ 178
Post-modification   Outstanding   Recorded   Investment   $ 118
Total commercial loans | Prior-year accruing  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Number   of Loans   | loan 19
Pre-modification   Outstanding   Recorded   Investment   $ 0
Post-modification   Outstanding   Recorded   Investment   $ 0
Total commercial loans | Commercial and Industrial | Prior-year accruing  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Number   of Loans   | loan 19
Pre-modification   Outstanding   Recorded   Investment   $ 0
Post-modification   Outstanding   Recorded   Investment   $ 0
Total commercial loans | Commercial mortgage | Prior-year accruing  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Number   of Loans   | loan 0
Pre-modification   Outstanding   Recorded   Investment   $ 0
Post-modification   Outstanding   Recorded   Investment   $ 0
Total commercial loans | Non-performing Loans  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Number   of Loans   | loan 31
Pre-modification   Outstanding   Recorded   Investment   $ 110
Post-modification   Outstanding   Recorded   Investment   $ 58
Total commercial loans | Non-performing Loans | Commercial and Industrial  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Number   of Loans   | loan 27
Pre-modification   Outstanding   Recorded   Investment   $ 60
Post-modification   Outstanding   Recorded   Investment   $ 45
Total commercial loans | Non-performing Loans | Commercial mortgage  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Number   of Loans   | loan 4
Pre-modification   Outstanding   Recorded   Investment   $ 50
Post-modification   Outstanding   Recorded   Investment   $ 13
Total commercial loans | Non-performing Loans | Total commercial real estate loans  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Number   of Loans   | loan 4
Pre-modification   Outstanding   Recorded   Investment   $ 50
Post-modification   Outstanding   Recorded   Investment   $ 13
Total consumer loans | Prior-year accruing  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Number   of Loans   | loan 2,946
Pre-modification   Outstanding   Recorded   Investment   $ 156
Post-modification   Outstanding   Recorded   Investment   $ 118
Total consumer loans | Real estate — residential mortgage | Prior-year accruing  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Number   of Loans   | loan 425
Pre-modification   Outstanding   Recorded   Investment   $ 41
Post-modification   Outstanding   Recorded   Investment   $ 35
Total consumer loans | Home equity loans | Prior-year accruing  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Number   of Loans   | loan 1,547
Pre-modification   Outstanding   Recorded   Investment   $ 96
Post-modification   Outstanding   Recorded   Investment   $ 73
Total consumer loans | Consumer direct loans | Prior-year accruing  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Number   of Loans   | loan 272
Pre-modification   Outstanding   Recorded   Investment   $ 4
Post-modification   Outstanding   Recorded   Investment   $ 3
Total consumer loans | Credit cards | Prior-year accruing  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Number   of Loans   | loan 607
Pre-modification   Outstanding   Recorded   Investment   $ 4
Post-modification   Outstanding   Recorded   Investment   $ 2
Total consumer loans | Consumer indirect loans | Prior-year accruing  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Number   of Loans   | loan 95
Pre-modification   Outstanding   Recorded   Investment   $ 11
Post-modification   Outstanding   Recorded   Investment   $ 5
Total consumer loans | Non-performing Loans  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Number   of Loans   | loan 1,209
Pre-modification   Outstanding   Recorded   Investment   $ 68
Post-modification   Outstanding   Recorded   Investment   $ 60
Total consumer loans | Non-performing Loans | Real estate — residential mortgage  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Number   of Loans   | loan 238
Pre-modification   Outstanding   Recorded   Investment   $ 30
Post-modification   Outstanding   Recorded   Investment   $ 27
Total consumer loans | Non-performing Loans | Home equity loans  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Number   of Loans   | loan 468
Pre-modification   Outstanding   Recorded   Investment   $ 32
Post-modification   Outstanding   Recorded   Investment   $ 28
Total consumer loans | Non-performing Loans | Consumer direct loans  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Number   of Loans   | loan 156
Pre-modification   Outstanding   Recorded   Investment   $ 2
Post-modification   Outstanding   Recorded   Investment   $ 2
Total consumer loans | Non-performing Loans | Credit cards  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Number   of Loans   | loan 331
Pre-modification   Outstanding   Recorded   Investment   $ 2
Post-modification   Outstanding   Recorded   Investment   $ 2
Total consumer loans | Non-performing Loans | Consumer indirect loans  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Number   of Loans   | loan 16
Pre-modification   Outstanding   Recorded   Investment   $ 2
Post-modification   Outstanding   Recorded   Investment   $ 1
v3.24.0.1
Fair Value Measurements - Fair Value of Assets and Liabilities Measured on Recurring Basis (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
ASSETS MEASURED ON A RECURRING BASIS    
Total trading account securities $ 1,142 $ 829
Securities available for sale 37,185 39,117
Loans, net of unearned income 112,606 119,394
Derivative assets 999 1,781
Netting adjustments (818) (757)
Total derivative assets 181 1,024
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 1,777 2,750
Netting adjustments (473) (1,262)
U.S. Treasury, agencies and corporations    
ASSETS MEASURED ON A RECURRING BASIS    
Securities available for sale 9,026 9,415
Other securities    
ASSETS MEASURED ON A RECURRING BASIS    
Securities available for sale 0 0
Agency residential mortgage-backed securities    
ASSETS MEASURED ON A RECURRING BASIS    
Securities available for sale 3,589 3,920
Agency commercial mortgage-backed securities    
ASSETS MEASURED ON A RECURRING BASIS    
Securities available for sale 9,092 9,349
Fair Value, Recurring    
ASSETS MEASURED ON A RECURRING BASIS    
Total trading account securities 1,139 815
Commercial loans 3 14
Total trading account assets 1,142 829
Securities available for sale 37,185 39,117
Total other investments 63 77
Loans, net of unearned income 9 9
Loans held for sale (residential) 51 24
Derivative assets 999 1,781
Netting adjustments (818) (757)
Total derivative assets 181 1,024
Total assets on a recurring basis at fair value 38,631 41,080
LIABILITIES MEASURED ON A RECURRING BASIS    
Total liabilities on a recurring basis at fair value 2,108 2,123
Fair Value, Recurring | Agency residential collateralized mortgage obligations    
ASSETS MEASURED ON A RECURRING BASIS    
Securities available for sale 15,478 16,433
Fair Value, Recurring | U.S. Treasury, agencies and corporations    
ASSETS MEASURED ON A RECURRING BASIS    
Total trading account securities 685 698
Securities available for sale 9,026 9,415
Fair Value, Recurring | States and political subdivisions    
ASSETS MEASURED ON A RECURRING BASIS    
Total trading account securities 93 33
Securities available for sale 0 0
Fair Value, Recurring | Other securities    
ASSETS MEASURED ON A RECURRING BASIS    
Total trading account securities 21 0
Securities available for sale 0 0
Fair Value, Recurring | Agency commercial mortgage-backed securities    
ASSETS MEASURED ON A RECURRING BASIS    
Securities available for sale 9,092 9,349
Fair Value, Recurring | Principal investments: Direct    
ASSETS MEASURED ON A RECURRING BASIS    
Total other investments 0 1
Fair Value, Recurring | Principal Investments    
ASSETS MEASURED ON A RECURRING BASIS    
Total other investments 17 35
Fair Value, Recurring | Equity Investments, Direct    
ASSETS MEASURED ON A RECURRING BASIS    
Total other investments 2 6
Fair Value, Recurring | Equity Investments    
ASSETS MEASURED ON A RECURRING BASIS    
Total other investments 46 42
Fair Value, Recurring | Mortgage-backed securities    
ASSETS MEASURED ON A RECURRING BASIS    
Total trading account securities 340 84
Fair Value, Recurring | Mortgage-backed securities | Agency residential mortgage-backed securities    
ASSETS MEASURED ON A RECURRING BASIS    
Securities available for sale 3,589 3,920
Fair Value, Recurring | Short positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Short positions 804 635
Fair Value, Recurring | Long positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 1,777 2,750
Netting adjustments (473) (1,262)
Total derivative liabilities 1,304 1,488
Fair Value, Recurring | Interest rate    
ASSETS MEASURED ON A RECURRING BASIS    
Derivative assets 173 303
Fair Value, Recurring | Interest rate | Long positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 985 1,307
Fair Value, Recurring | Foreign exchange    
ASSETS MEASURED ON A RECURRING BASIS    
Derivative assets 89 136
Fair Value, Recurring | Foreign exchange | Long positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 73 131
Fair Value, Recurring | Commodity    
ASSETS MEASURED ON A RECURRING BASIS    
Derivative assets 721 1,328
Fair Value, Recurring | Commodity | Long positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 698 1,304
Fair Value, Recurring | Credit    
ASSETS MEASURED ON A RECURRING BASIS    
Derivative assets 0 1
Fair Value, Recurring | Credit | Long positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 1 3
Fair Value, Recurring | Other    
ASSETS MEASURED ON A RECURRING BASIS    
Derivative assets 16 13
Fair Value, Recurring | Other | Long positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 20 5
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 4
Loans, net of unearned income 0 0
Loans held for sale (residential) 0 0
Derivative assets 74 112
Netting adjustments 0 0
Total derivative assets 74 112
Total assets on a recurring basis at fair value 74 116
LIABILITIES MEASURED ON A RECURRING BASIS    
Total liabilities on a recurring basis at fair value 88 233
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: Direct    
ASSETS MEASURED ON A RECURRING BASIS    
Total other investments 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, Direct    
ASSETS MEASURED ON A RECURRING BASIS    
Total other investments 0 4
Level 1 | Fair Value, Recurring | Equity Investments    
ASSETS MEASURED ON A RECURRING BASIS    
Total other investments 0 4
Level 1 | Fair Value, Recurring | Mortgage-backed securities    
ASSETS MEASURED ON A RECURRING BASIS    
Total trading account securities 0 0
Level 1 | Fair Value, Recurring | 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 30 126
Level 1 | Fair Value, Recurring | Long positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 58 107
Netting adjustments 0 0
Total derivative liabilities 58 107
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 74 112
Level 1 | Fair Value, Recurring | Foreign exchange | Long positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 58 107
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 1,139 815
Commercial loans 3 14
Total trading account assets 1,142 829
Securities available for sale 37,185 39,117
Total other investments 0 0
Loans, net of unearned income 0 0
Loans held for sale (residential) 51 24
Derivative assets 925 1,666
Netting adjustments 0 0
Total derivative assets 925 1,666
Total assets on a recurring basis at fair value 39,303 41,636
LIABILITIES MEASURED ON A RECURRING BASIS    
Total liabilities on a recurring basis at fair value 2,493 3,149
Level 2 | Fair Value, Recurring | Agency residential collateralized mortgage obligations    
ASSETS MEASURED ON A RECURRING BASIS    
Securities available for sale 15,478 16,433
Level 2 | Fair Value, Recurring | U.S. Treasury, agencies and corporations    
ASSETS MEASURED ON A RECURRING BASIS    
Total trading account securities 685 698
Securities available for sale 9,026 9,415
Level 2 | Fair Value, Recurring | States and political subdivisions    
ASSETS MEASURED ON A RECURRING BASIS    
Total trading account securities 93 33
Securities available for sale 0 0
Level 2 | Fair Value, Recurring | Other securities    
ASSETS MEASURED ON A RECURRING BASIS    
Total trading account securities 21 0
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 9,092 9,349
Level 2 | Fair Value, Recurring | Principal investments: Direct    
ASSETS MEASURED ON A RECURRING BASIS    
Total other investments 0 0
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, Direct    
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 | Mortgage-backed securities    
ASSETS MEASURED ON A RECURRING BASIS    
Total trading account securities 340 84
Level 2 | Fair Value, Recurring | Mortgage-backed securities | Agency residential mortgage-backed securities    
ASSETS MEASURED ON A RECURRING BASIS    
Securities available for sale 3,589 3,920
Level 2 | Fair Value, Recurring | Short positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Short positions 774 509
Level 2 | Fair Value, Recurring | Long positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 1,719 2,640
Netting adjustments 0 0
Total derivative liabilities 1,719 2,640
Level 2 | Fair Value, Recurring | Interest rate    
ASSETS MEASURED ON A RECURRING BASIS    
Derivative assets 175 301
Level 2 | Fair Value, Recurring | Interest rate | Long positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 985 1,307
Level 2 | Fair Value, Recurring | Foreign exchange    
ASSETS MEASURED ON A RECURRING BASIS    
Derivative assets 15 24
Level 2 | Fair Value, Recurring | Foreign exchange | Long positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 15 24
Level 2 | Fair Value, Recurring | Commodity    
ASSETS MEASURED ON A RECURRING BASIS    
Derivative assets 721 1,328
Level 2 | Fair Value, Recurring | Commodity | Long positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 698 1,304
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 1 0
Level 2 | Fair Value, Recurring | Other    
ASSETS MEASURED ON A RECURRING BASIS    
Derivative assets 14 13
Level 2 | Fair Value, Recurring | Other | Long positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 20 5
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 2 3
Loans, net of unearned income 9 9
Loans held for sale (residential) 0 0
Derivative assets 0 3
Netting adjustments 0 0
Total derivative assets 0 3
Total assets on a recurring basis at fair value 11 15
LIABILITIES MEASURED ON A RECURRING BASIS    
Total liabilities on a recurring basis at fair value 0 3
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: Direct    
ASSETS MEASURED ON A RECURRING BASIS    
Total other investments 0 1
Level 3 | Fair Value, Recurring | Principal Investments    
ASSETS MEASURED ON A RECURRING BASIS    
Total other investments 0 1
Level 3 | Fair Value, Recurring | Equity Investments, Direct    
ASSETS MEASURED ON A RECURRING BASIS    
Total other investments 2 2
Level 3 | Fair Value, Recurring | Equity Investments    
ASSETS MEASURED ON A RECURRING BASIS    
Total other investments 2 2
Level 3 | Fair Value, Recurring | Mortgage-backed securities    
ASSETS MEASURED ON A RECURRING BASIS    
Total trading account securities 0 0
Level 3 | Fair Value, Recurring | 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 3
Netting adjustments 0 0
Total derivative liabilities 0 3
Level 3 | Fair Value, Recurring | Interest rate    
ASSETS MEASURED ON A RECURRING BASIS    
Derivative assets (2) 2
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 1
Level 3 | Fair Value, Recurring | Credit | Long positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 0 3
Level 3 | Fair Value, Recurring | Other    
ASSETS MEASURED ON A RECURRING BASIS    
Derivative assets 2 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 17 34
Measured at NAV | Fair Value, Recurring | Equity Investments, Direct, NAV    
ASSETS MEASURED ON A RECURRING BASIS    
Total other investments 40 32
Measured at NAV | Fair Value, Recurring | Equity Investments, Indirect, NAV    
ASSETS MEASURED ON A RECURRING BASIS    
Total other investments $ 4 $ 4
v3.24.0.1
Fair Value Measurements - Fair Value of Direct and Indirect Investments, Related Unfunded Commitments and Financial Support Provided (Details) - Principal Investments - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value $ 17  
Unfunded Commitments 1  
Funded Commitments 0 $ 0
Funded Other 0 0
Direct investments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value 0  
Unfunded Commitments 0  
Funded Commitments 0 0
Funded Other 0 0
Indirect Investments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value 17  
Unfunded Commitments 1  
Funded Commitments 0 0
Funded Other $ 0 $ 0
v3.24.0.1
Fair Value Measurements - Change in Fair Values of Level 3 Financial Instruments (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Other securities    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning of Period Balance $ 0 $ 0
Gains (Losses) included in comprehensive income 0 0
Gains (Losses) Included in Earnings 0 0
Purchases 0 0
Sales 0 0
Settlements 0 0
Transfers Other 0 0
Transfers into Level 3 0 0
Transfers out of Level 3 0 0
End of Period Balance 0 0
Unrealized Gains (Losses) Included in Earnings 0 0
Other investments    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning of Period Balance 2 9
Gains (Losses) included in comprehensive income 0
Gains (Losses) Included in Earnings 0 (3)
Purchases 0
Sales 0 (4)
Settlements 0
Transfers Other 0 0
Transfers into Level 3 0 0
Transfers out of Level 3 0 0
End of Period Balance 2 2
Unrealized Gains (Losses) Included in Earnings 0  
Other investments | Principal investments: Direct    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning of Period Balance 1 1
Gains (Losses) included in comprehensive income 0 0
Gains (Losses) Included in Earnings (1) 0
Purchases 0 0
Sales 0 0
Settlements 0 0
Transfers Other 0 0
Transfers into Level 3 0 0
Transfers out of Level 3 0 0
End of Period Balance 0 1
Unrealized Gains (Losses) Included in Earnings 0 0
Interest rate    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning of Period Balance 2 33
Gains (Losses) included in comprehensive income 0
Gains (Losses) Included in Earnings (23) (72)
Purchases 19 2
Sales 1 (2)
Settlements 0
Transfers Other 0 0
Transfers into Level 3 (6) 33
Transfers out of Level 3 5 8
End of Period Balance (2) 2
Unrealized Gains (Losses) Included in Earnings 0
Credit    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning of Period Balance (2) (6)
Gains (Losses) included in comprehensive income 0 0
Gains (Losses) Included in Earnings 0 4
Purchases 0 0
Sales 2 0
Settlements 0 0
Transfers Other 0 0
Transfers into Level 3 0 0
Transfers out of Level 3 0
End of Period Balance 0 (2)
Unrealized Gains (Losses) Included in Earnings 0 0
Other    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning of Period Balance 0 5
Gains (Losses) included in comprehensive income 0 0
Gains (Losses) Included in Earnings 0 0
Purchases 0 0
Sales 0 0
Settlements 0 0
Transfers Other 2 (5)
Transfers into Level 3 0 0
Transfers out of Level 3 0 0
End of Period Balance 2 0
Unrealized Gains (Losses) Included in Earnings 0 0
Loans held for sale (residential)    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning of Period Balance 0 0
Gains (Losses) included in comprehensive income 0 0
Gains (Losses) Included in Earnings 0 0
Purchases 0 0
Sales 0 0
Settlements 0 0
Transfers Other 0 0
Transfers into Level 3 0 0
Transfers out of Level 3 0 0
End of Period Balance 0 0
Unrealized Gains (Losses) Included in Earnings 0 (3)
Loans held for investment (residential)    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning of Period Balance 9 11
Gains (Losses) included in comprehensive income 0 0
Gains (Losses) Included in Earnings 0 (3)
Purchases 0 0
Sales 0 (1)
Settlements 0 0
Transfers Other 0 2
Transfers into Level 3 0 0
Transfers out of Level 3 0 0
End of Period Balance 9 9
Unrealized Gains (Losses) Included in Earnings $ 0 $ 0
v3.24.0.1
Fair Value Measurements - Additional Information (Details) - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Equity securities without readily determinable fair value $ 339,000,000 $ 249,000,000
Impairment on equity securities without readily determinable fair value 0  
Loans, net of unearned income 112,606,000,000 119,394,000,000
Discontinued operations | Education Lending    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Loans, net of unearned income 339,000,000 434,000,000
Carrying Amount    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Loans, net of unearned income 111,089,000,000 118,048,000,000
Carrying Amount | Discontinued operations | Education Lending    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Loans, net of unearned income 339,000,000 434,000,000
Estimate of Fair Value Measurement    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Loans, net of unearned income 105,950,000,000 112,590,000,000
Estimate of Fair Value Measurement | Discontinued operations | Education Lending    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Loans, net of unearned income 264,000,000 357,000,000
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
v3.24.0.1
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Nonrecurring Basis (Details) - Fair Value, Nonrecurring - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
ASSETS MEASURED ON A NONRECURRING BASIS    
Collateral-dependent loans $ 104 $ 17
Other intangible assets 0 0
Accrued income and other assets 29 14
Total assets on a recurring basis at fair value 133 31
Level 1    
ASSETS MEASURED ON A NONRECURRING BASIS    
Collateral-dependent loans 0 0
Other intangible assets 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
Other intangible assets 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 104 17
Other intangible assets 0 0
Accrued income and other assets 29 14
Total assets on a recurring basis at fair value $ 133 $ 31
v3.24.0.1
Fair Value Measurements - Quantitative Information about Level 3 Fair Value Measurements (Details)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Fair Value, Option, Quantitative Disclosures [Line Items]    
Derivative assets $ 181,000,000 $ 1,024,000,000
Mortgage servicing assets excluded from OREO 8,000,000 0
Fair Value, Recurring    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Derivative assets 181,000,000 1,024,000,000
Other investments 63,000,000 77,000,000
Fair Value, Nonrecurring    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Collateral dependent loans 104,000,000 17,000,000
Level 3 | Fair Value, Recurring    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Derivative assets 0 3,000,000
Insignificant level 3 assets, net of liabilities 4,000,000 1,000,000
Other investments 2,000,000 3,000,000
Level 3 | Fair Value, Nonrecurring    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Collateral dependent loans 104,000,000 17,000,000
Principal investments: Direct | Fair Value, Recurring    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Other investments 0 1,000,000
Principal investments: Direct | Level 3 | Fair Value, Recurring    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Other investments 0 1,000,000
Market comparable pricing | Level 3 | Fair Value, Recurring    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Loans, net of unearned income (residential) 9,000,000 9,000,000
Fair value of underlying collateral | Level 3 | Fair Value, Nonrecurring    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Collateral dependent loans 104,000,000 17,000,000
Appraised value | Level 3 | Fair Value, Nonrecurring    
Fair Value, Option, Quantitative Disclosures [Line Items]    
OREO and other assets 21,000,000 14,000,000
Interest rate | Discounted cash flows | Level 3 | Fair Value, Recurring    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Derivative assets $ (2,000,000) $ 2,000,000
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 0.6267 0.6100
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 0.8960 0.8658
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 0.7083 0.7221
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 0.0530 0.0800
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 0.48 0.49
Credit and 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
Credit and 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 0.1000 0.8500
Credit and 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 0.0500 0.3400
v3.24.0.1
Fair Value Measurements - Fair Value Disclosures of Financial Instruments (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
ASSETS    
Trading account assets $ 1,142 $ 829
Derivative assets 181 1,024
Securities available for sale 37,185 39,117
Held-to-maturity securities 8,575 8,710
Loans, net of unearned income 112,606 119,394
Loans held for sale, carrying amount [1] 483 963
LIABILITIES    
Long-term debt, carrying amount 19,554 19,307
Carrying Amount    
ASSETS    
Trading account assets 1,142 829
Other investments 1,244 1,308
Loans, net of unearned income (residential) 9 9
Loans held for sale (residential) 51 24
Securities available for sale 37,185 39,117
Held-to-maturity securities 8,575 8,710
Loans, net of unearned income 111,089 118,048
Loans held for sale, carrying amount 432 939
Cash and short-term investments 11,758 3,319
LIABILITIES    
Time deposits, carrying amount 14,776 7,373
Short-term borrowings, carrying amount 3,091 9,463
Long-term debt, carrying amount 19,554 19,307
Deposits with no stated maturity 130,811 135,222
Estimate of Fair Value Measurement    
ASSETS    
Trading account assets 1,142 829
Other investments 1,244 1,308
Loans, net of unearned income (residential) 9 9
Loans held for sale (residential) 51 24
Securities available for sale 37,185 39,117
Held-to-maturity securities 8,056 8,113
Loans, net of unearned income 105,950 112,590
Loans held for sale, carrying amount 432 939
Cash and short-term investments 11,758 3,319
LIABILITIES    
Time deposits 14,911 7,392
Short-term borrowings 3,091 9,463
Long-term debt 19,008 18,881
Deposits with no stated maturity 130,811 135,222
Estimate of Fair Value Measurement | Level 1    
ASSETS    
Trading account assets 0 0
Other investments 0 4
Loans, net of unearned income (residential) 0 0
Loans held for sale (residential) 0 0
Securities available for sale 0 0
Held-to-maturity securities 0 0
Loans, net of unearned income 0 0
Loans held for sale, carrying amount 0 0
Cash and short-term investments 11,758 3,319
LIABILITIES    
Time deposits 0 0
Short-term borrowings 30 126
Long-term debt 11,288 12,196
Deposits with no stated maturity 0 0
Estimate of Fair Value Measurement | Level 2    
ASSETS    
Trading account assets 1,142 829
Other investments 0 0
Loans, net of unearned income (residential) 0 0
Loans held for sale (residential) 51 24
Securities available for sale 37,185 39,117
Held-to-maturity securities 8,056 8,113
Loans, net of unearned income 0 0
Loans held for sale, carrying amount 0 0
Cash and short-term investments 0 0
LIABILITIES    
Time deposits 14,911 7,392
Short-term borrowings 3,061 9,337
Long-term debt 7,720 6,685
Deposits with no stated maturity 130,811 135,222
Estimate of Fair Value Measurement | Level 3    
ASSETS    
Trading account assets 0 0
Other investments 1,183 1,234
Loans, net of unearned income (residential) 9 9
Loans held for sale (residential) 0 0
Securities available for sale 0 0
Held-to-maturity securities 0 0
Loans, net of unearned income 105,950 112,590
Loans held for sale, carrying amount 432 939
Cash and short-term investments 0 0
LIABILITIES    
Time deposits 0 0
Short-term borrowings 0 0
Long-term debt 0 0
Deposits with no stated maturity 0 0
Estimate of Fair Value Measurement | Measured at NAV    
ASSETS    
Other investments 61 70
Not Designated as Hedging Instrument | Carrying Amount    
ASSETS    
Derivative assets 168 927
LIABILITIES    
Derivative liabilities 1,304 1,485
Not Designated as Hedging Instrument | Estimate of Fair Value Measurement    
ASSETS    
Derivative assets 168 927
Derivative assets, netting adjustment (792) (740)
LIABILITIES    
Derivative liabilities 1,304 1,485
Derivative liabilities, netting adjustment (461) (1,262)
Not Designated as Hedging Instrument | Estimate of Fair Value Measurement | Level 1    
ASSETS    
Derivative assets 74 112
LIABILITIES    
Derivative liabilities 58 107
Not Designated as Hedging Instrument | Estimate of Fair Value Measurement | Level 2    
ASSETS    
Derivative assets 886 1,552
LIABILITIES    
Derivative liabilities 1,707 2,637
Not Designated as Hedging Instrument | Estimate of Fair Value Measurement | Level 3    
ASSETS    
Derivative assets 0 3
LIABILITIES    
Derivative liabilities 0 3
Designated as Hedging Instrument | Carrying Amount    
ASSETS    
Derivative assets 13 97
LIABILITIES    
Derivative liabilities 0 3
Designated as Hedging Instrument | Estimate of Fair Value Measurement    
ASSETS    
Derivative assets 13 97
Derivative assets, netting adjustment (26) (17)
LIABILITIES    
Derivative liabilities 0 3
Derivative liabilities, netting adjustment (12)  
Designated as Hedging Instrument | Estimate of Fair Value Measurement | Level 1    
ASSETS    
Derivative assets 0 0
LIABILITIES    
Derivative liabilities 0 0
Designated as Hedging Instrument | Estimate of Fair Value Measurement | Level 2    
ASSETS    
Derivative assets 39 114
LIABILITIES    
Derivative liabilities 12 3
Designated as Hedging Instrument | Estimate of Fair Value Measurement | Level 3    
ASSETS    
Derivative assets 0 0
LIABILITIES    
Derivative liabilities $ 0 $ 0
[1] Total loans held for sale include Real estate — residential mortgage loans held for sale at fair value of $51 million at December 31, 2023, and $24 million at December 31, 2022
v3.24.0.1
Securities - Details of Securities (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
SECURITIES AVAILABLE FOR SALE    
Total $ 42,695 $ 45,552
Gross Unrealized Gains 10 2
Gross Unrealized Losses 5,520 6,437
Securities available for sale 37,185 39,117
HELD-TO-MATURITY SECURITIES    
Total 8,575 8,710
Gross Unrealized Gains 10 6
Gross Unrealized Losses 529 603
Fair Value $ 8,056 $ 8,113
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 $ 64 $ 67
Held-to-maturity securities, accrued interest 25 88
U.S. Treasury, agencies, and corporations    
SECURITIES AVAILABLE FOR SALE    
Total 9,300 10,044
Gross Unrealized Gains 6 0
Gross Unrealized Losses 280 629
Securities available for sale 9,026 9,415
Agency residential collateralized mortgage obligations    
SECURITIES AVAILABLE FOR SALE    
Total 18,911 20,180
Gross Unrealized Gains 4 0
Gross Unrealized Losses 3,437 3,747
Securities available for sale 15,478 16,433
HELD-TO-MATURITY SECURITIES    
Total 5,170 4,586
Gross Unrealized Gains 9 5
Gross Unrealized Losses 283 283
Fair Value 4,896 4,308
Agency residential mortgage-backed securities    
SECURITIES AVAILABLE FOR SALE    
Total 4,189 4,616
Gross Unrealized Gains 0 0
Gross Unrealized Losses 600 696
Securities available for sale 3,589 3,920
HELD-TO-MATURITY SECURITIES    
Total 165 181
Gross Unrealized Gains 0 0
Gross Unrealized Losses 13 16
Fair Value 152 165
Agency commercial mortgage-backed securities    
SECURITIES AVAILABLE FOR SALE    
Total 10,295 10,712
Gross Unrealized Gains 0 2
Gross Unrealized Losses 1,203 1,365
Securities available for sale 9,092 9,349
HELD-TO-MATURITY SECURITIES    
Total 2,473 2,522
Gross Unrealized Gains 1 1
Gross Unrealized Losses 204 208
Fair Value 2,270 2,315
Asset-backed securities    
HELD-TO-MATURITY SECURITIES    
Total 738 1,407
Gross Unrealized Gains 0 0
Gross Unrealized Losses 29 96
Fair Value 709 1,311
Securities related to purchase of senior notes 731 1,400
Other securities    
SECURITIES AVAILABLE FOR SALE    
Total 0 0
Gross Unrealized Gains 0 0
Gross Unrealized Losses 0 0
Securities available for sale 0 0
HELD-TO-MATURITY SECURITIES    
Total 29 14
Gross Unrealized Gains 0 0
Gross Unrealized Losses 0 0
Fair Value $ 29 $ 14
v3.24.0.1
Securities - Schedule of Available for Sale Securities in an Unrealized Loss Position (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Held-to-maturity securities:    
Temporarily impaired securities, fair value, less than 12 months $ 2,055 $ 13,776
Temporarily impaired securities, gross unrealized losses, less than 12 months 79 1,140
Temporarily impaired securities, fair value, 12 months or longer 41,416 32,405
Temporarily impaired securities, gross unrealized losses, 12 months or longer 5,970 5,900
Temporarily impaired securities, fair value 43,471 46,181
Temporarily impaired securities, gross unrealized losses 6,049 7,040
U.S. Treasury, agencies and corporations    
Securities available for sale:    
Fair value, less than 12 months 0 494
Gross unrealized losses, less than 12 months 0 48
Fair value, 12 months or longer 8,532 8,920
Gross unrealized losses, 12 months or longer 280 581
Fair value 8,532 9,414
Gross unrealized losses 280 629
Agency residential collateralized mortgage obligations    
Securities available for sale:    
Fair value, less than 12 months 0 3,114
Gross unrealized losses, less than 12 months 0 377
Fair value, 12 months or longer 14,979 13,317
Gross unrealized losses, 12 months or longer 3,437 3,370
Fair value 14,979 16,431
Gross unrealized losses 3,437 3,747
Held-to-maturity securities:    
Fair value, less than 12 months 1,123 2,659
Gross unrealized losses, less than 12 months 30 178
Fair value, 12 months or longer 3,070 726
Gross unrealized losses, 12 months or longer 253 105
Fair value 4,193 3,385
Gross unrealized losses 283 283
Agency residential mortgage-backed securities    
Securities available for sale:    
Fair value, less than 12 months 24 579
Gross unrealized losses, less than 12 months 0 31
Fair value, 12 months or longer 3,562 3,338
Gross unrealized losses, 12 months or longer 600 665
Fair value 3,586 3,917
Gross unrealized losses 600 696
Held-to-maturity securities:    
Fair value, less than 12 months 0 165
Gross unrealized losses, less than 12 months 0 16
Fair value, 12 months or longer 152 0
Gross unrealized losses, 12 months or longer 13 0
Fair value 152 165
Gross unrealized losses 13 16
Agency commercial mortgage-backed securities    
Securities available for sale:    
Fair value, less than 12 months 891 4,511
Gross unrealized losses, less than 12 months 49 282
Fair value, 12 months or longer 8,201 4,791
Gross unrealized losses, 12 months or longer 1,154 1,083
Fair value 9,092 9,302
Gross unrealized losses 1,203 1,365
Held-to-maturity securities:    
Fair value, less than 12 months 0 2,243
Gross unrealized losses, less than 12 months 0 208
Fair value, 12 months or longer 2,199 0
Gross unrealized losses, 12 months or longer 204 0
Fair value 2,199 2,243
Gross unrealized losses 204 208
Asset-backed securities    
Held-to-maturity securities:    
Fair value, less than 12 months 0 1
Gross unrealized losses, less than 12 months 0 0
Fair value, 12 months or longer 709 1,309
Gross unrealized losses, 12 months or longer 29 96
Fair value 709 1,310
Gross unrealized losses 29 96
Other securities    
Held-to-maturity securities:    
Fair value, less than 12 months 17 10
Gross unrealized losses, less than 12 months 0 0
Fair value, 12 months or longer 12 4
Gross unrealized losses, 12 months or longer 0 0
Fair value 29 14
Gross unrealized losses $ 0 $ 0
v3.24.0.1
Securities - Additional Information (Details) - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]      
Gross realized gains $ 4,000,000 $ 0 $ 0
Gross realized losses 8,000,000 $ 0 $ 0
Securities pledged to secure securities sold under repurchase agreements $ 37,400,000,000    
v3.24.0.1
Securities - Securities by Maturity (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Securities Available for Sale, Amortized Cost    
Due in one year or less $ 8,044  
Due after one through five years 8,336  
Due after five through ten years 18,128  
Due after ten years 8,187  
Total 42,695 $ 45,552
Securities Available for Sale, Fair Value    
Due in one year or less 7,813  
Due after one through five years 7,679  
Due after five through ten years 15,268  
Due after ten years 6,425  
Total 37,185 39,117
Held-to-Maturity Securities, Amortized Cost    
Due in one year or less 755  
Due after one through five years 3,740  
Due after five through ten years 2,851  
Due after ten years 1,229  
Total 8,575 8,710
Held-to-Maturity Securities, Fair Value    
Due in one year or less 726  
Due after one through five years 3,537  
Due after five through ten years 2,632  
Due after ten years 1,161  
Total $ 8,056 $ 8,113
v3.24.0.1
Derivatives and Hedging Activities - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]    
Derivative assets after effects of bilateral collateral and master netting agreements $ 13  
Derivative liabilities after effects of bilateral collateral and master netting agreements 1  
Derivative assets not designated as hedging instruments after effects of bilateral collateral and master netting agreements, and a reserve for potential future losses 168  
Derivative liabilities not designated as hedging instruments after effects of bilateral collateral and master netting agreements, and a reserve for potential future losses 1,300  
Reclassify of after-tax net losses on derivative instruments from AOCI 324  
Reclassification of net losses related to terminated cash flow hedges from AOCI to income $ 189  
Maximum length of time over which forecasted transactions are hedged, years 4 years 7 days  
Cash collateral netted against derivative assets $ 408 $ 10
Collateral netted against derivative liabilities 64 626
Gross exposure on derivatives, after taking into account the effects of bilateral collateral and master netting agreements 703  
Net exposure on derivatives, after taking into account, the effects of bilateral collateral and master netting agreements 65  
Over-collateralization on derivatives to broker-dealers and banks, after the application of master netting agreements and collateral 47  
Additional collateral held in the form of securities 18  
Default reserve associated with uncollateralized contracts 7  
Gross exposure on derivatives after taking into account effects of master netting agreements 128  
Net exposure on derivatives with clients after application of master netting agreements collateral and related reserve 115  
Net liability position totaled $ 1 $ 2
v3.24.0.1
Derivatives and Hedging Activities - Fair Values, Volume of Activity and Gain (Loss) Information Related to Derivative Instruments (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Derivatives, Fair Value [Line Items]    
Notional Amount $ 143,121 $ 148,690
Derivative assets, fair value 999 1,781
Derivative assets, netting adjustments (818) (757)
Derivative assets, fair value 180 1,024
Derivative liabilities, fair value 1,777 2,750
Derivative liabilities, netting adjustments (473) (1,262)
Derivative liabilities, fair value 1,286 1,483
Amount of offset in excess of collateral posted 161  
Amount of offset in excess of securities collateral posted 269  
Amount of offset in excess of cash collateral held 16  
Amount of offset in excess of securities collateral held 212  
Not Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Notional Amount 98,500 107,490
Derivative assets, fair value 960 1,667
Derivative liabilities, fair value 1,765 2,747
Interest rate | Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Notional Amount 44,621 41,200
Derivative assets, fair value 39 114
Derivative liabilities, fair value 12 3
Interest rate | Not Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Notional Amount 78,051 80,772
Derivative assets, fair value 134 189
Derivative liabilities, fair value 973 1,304
Foreign exchange | Not Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Notional Amount 6,034 9,507
Derivative assets, fair value 89 136
Derivative liabilities, fair value 73 131
Commodity | Not Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Notional Amount 11,611 16,176
Derivative assets, fair value 721 1,328
Derivative liabilities, fair value 698 1,304
Credit | Not Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Notional Amount 121 95
Derivative assets, fair value 0 1
Derivative liabilities, fair value 1 3
Other | Not Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Notional Amount 2,683 940
Derivative assets, fair value 16 13
Derivative liabilities, fair value 20 5
Net derivatives in the balance sheet    
Derivatives, Fair Value [Line Items]    
Notional Amount 143,121 148,690
Derivative assets, fair value 181 1,024
Derivative liabilities, fair value 1,304 1,488
Other collateral    
Derivatives, Fair Value [Line Items]    
Derivative assets, fair value (1) 0
Derivative liabilities, fair value $ (18) $ (5)
v3.24.0.1
Derivatives and Hedging Activities - Cumulative Basis Adjustments on Fair Value Hedges (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Derivatives, Fair Value [Line Items]    
Securities available for sale $ 37,185 $ 39,117
Long-term debt | Interest rate    
Derivatives, Fair Value [Line Items]    
Carrying amount of hedged item 9,919 10,411
Hedge accounting basis adjustment (437) (552)
Securities available for sale | Interest rate    
Derivatives, Fair Value [Line Items]    
Carrying amount of hedged item 8,655 405
Hedge accounting basis adjustment (152) 48
Securities available for sale 13,000 708
Hedged layer amount 7,000 405
Hedged asset portfolio layer method cumulative basis adjustments (147) 48
Not Designated as Hedging Instrument | Long-term debt | Interest rate    
Derivatives, Fair Value [Line Items]    
Hedge accounting basis adjustment $ (5) $ (6)
v3.24.0.1
Derivatives and Hedging Activities - Effect of Fair Value and Cash Flow Hedges on Income (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Derivative Instruments, Gain (Loss) [Line Items]      
Interest expense — Long-term debt $ (1,305) $ (475) $ (221)
Interest income — Loans 6,219 4,241 3,532
Interest Income - securities 793 752 546
Investment banking and debt placement fees 542 638 937
Investment banking and debt placement fees | Fair Value Hedging      
Gain (Loss) on Fair Value Hedges Recognized in Earnings [Abstract]      
Net income (expense) recognized on fair value hedges   0  
Investment banking and debt placement fees | Cash Flow Hedging      
Cash Flow Hedges Derivative Instruments at Fair Value, Net [Abstract]      
Net income (expense) recognized on cash flow hedges 5    
Interest rate | Interest expense – long-term debt | Fair Value Hedging      
Gain (Loss) on Fair Value Hedges Recognized in Earnings [Abstract]      
Recognized on hedged items (119) 690 276
Recognized on derivatives designated as hedging instruments (135) (697) (150)
Net income (expense) recognized on fair value hedges (254) (7) 126
Interest rate | Interest expense – long-term debt | Cash Flow Hedging      
Cash Flow Hedges Derivative Instruments at Fair Value, Net [Abstract]      
Realized gains (losses) (pre-tax) reclassified from AOCI into net income (2) (3) (4)
Net income (expense) recognized on cash flow hedges (2) (3) (4)
Interest rate | Interest income — Loans | Fair Value Hedging      
Gain (Loss) on Fair Value Hedges Recognized in Earnings [Abstract]      
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      
Cash Flow Hedges Derivative Instruments at Fair Value, Net [Abstract]      
Realized gains (losses) (pre-tax) reclassified from AOCI into net income (956) (146) 329
Net income (expense) recognized on cash flow hedges (956) (146) 329
Interest rate | Interest Income - securities | Fair Value Hedging      
Gain (Loss) on Fair Value Hedges Recognized in Earnings [Abstract]      
Recognized on hedged items 181 (339) (113)
Recognized on derivatives designated as hedging instruments (132) 350 113
Net income (expense) recognized on fair value hedges 49 11 0
Interest rate | Interest Income - securities | Cash Flow Hedging      
Cash Flow Hedges Derivative Instruments at Fair Value, Net [Abstract]      
Realized gains (losses) (pre-tax) reclassified from AOCI into net income 0   0
Net income (expense) recognized on cash flow hedges 0   0
Interest rate | Investment banking and debt placement fees | Fair Value Hedging      
Gain (Loss) on Fair Value Hedges Recognized in Earnings [Abstract]      
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      
Cash Flow Hedges Derivative Instruments at Fair Value, Net [Abstract]      
Realized gains (losses) (pre-tax) reclassified from AOCI into net income $ 5 9 4
Net income (expense) recognized on cash flow hedges   $ 9 $ 4
v3.24.0.1
Derivatives and Hedging Activities - Derivative Instrument Cash Flow Hedge Earning Recognized by Income Statement Location (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Derivatives, Fair Value [Line Items]      
Net Gains (Losses) Recognized in OCI $ (289) $ (1,642) $ (295)
Net Gains (Losses) Reclassified From OCI Into Income (953) (140) 329
Interest income — Loans | Interest rate | Cash Flow Hedges      
Derivatives, Fair Value [Line Items]      
Net Gains (Losses) Recognized in OCI (294) (1,660) (307)
Net Gains (Losses) Reclassified From OCI Into Income (956) (146) 329
Interest expense — Long-term debt | Interest rate | Cash Flow Hedges      
Derivatives, Fair Value [Line Items]      
Net Gains (Losses) Recognized in OCI 0 7 2
Net Gains (Losses) Reclassified From OCI Into Income (2) (3) (4)
Investment banking and debt placement fees | Interest rate | Cash Flow Hedges      
Derivatives, Fair Value [Line Items]      
Net Gains (Losses) Recognized in OCI 5 11 10
Net Gains (Losses) Reclassified From OCI Into Income $ 5 $ 9 $ 4
v3.24.0.1
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, 2023
Dec. 31, 2022
Dec. 31, 2021
Derivative Instruments, Gain (Loss) [Line Items]      
Total net gains (losses) $ 56 $ 100 $ 67
Interest rate      
Derivative Instruments, Gain (Loss) [Line Items]      
Total net gains (losses) 41 63 32
Foreign exchange      
Derivative Instruments, Gain (Loss) [Line Items]      
Total net gains (losses) 50 52 47
Commodity      
Derivative Instruments, Gain (Loss) [Line Items]      
Total net gains (losses) 22 23 14
Credit      
Derivative Instruments, Gain (Loss) [Line Items]      
Total net gains (losses) (50) (40) (32)
Other      
Derivative Instruments, Gain (Loss) [Line Items]      
Total net gains (losses) (7) 2 6
Corporate services income      
Derivative Instruments, Gain (Loss) [Line Items]      
Total net gains (losses) 115 131 95
Corporate services income | Interest rate      
Derivative Instruments, Gain (Loss) [Line Items]      
Total net gains (losses) 41 57 30
Corporate services income | Foreign exchange      
Derivative Instruments, Gain (Loss) [Line Items]      
Total net gains (losses) 50 52 47
Corporate services income | Commodity      
Derivative Instruments, Gain (Loss) [Line Items]      
Total net gains (losses) 22 23 14
Corporate services income | Credit      
Derivative Instruments, Gain (Loss) [Line Items]      
Total net gains (losses) 2 (1) 4
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) (1) 4 13
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) (1) 4 13
Other income      
Derivative Instruments, Gain (Loss) [Line Items]      
Total net gains (losses) (58) (35) (41)
Other income | Interest rate      
Derivative Instruments, Gain (Loss) [Line Items]      
Total net gains (losses) 0 6 2
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) (52) (39) (36)
Other income | Other      
Derivative Instruments, Gain (Loss) [Line Items]      
Total net gains (losses) $ (6) $ (2) $ (7)
v3.24.0.1
Derivatives and Hedging Activities - Fair Value of Derivative Assets by Type (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Credit Derivatives [Line Items]    
Derivative assets before collateral $ 589 $ 1,034
Plus (Less): Related collateral (408) (10)
Derivative assets 181 1,024
Interest rate    
Credit Derivatives [Line Items]    
Derivative assets before collateral 123 136
Foreign exchange    
Credit Derivatives [Line Items]    
Derivative assets before collateral 42 67
Commodity    
Credit Derivatives [Line Items]    
Derivative assets before collateral 409 820
Credit    
Credit Derivatives [Line Items]    
Derivative assets before collateral 0 0
Other    
Credit Derivatives [Line Items]    
Derivative assets before collateral $ 15 $ 11
v3.24.0.1
Derivatives and Hedging Activities - Credit Derivatives Sold and Held (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Credit Derivatives [Line Items]    
Notional Amount $ 4 $ 1
Payment / Performance Risk 0.00% 0.00%
Other    
Credit Derivatives [Line Items]    
Notional Amount $ 4 $ 1
Average Term (Years) 10 years 8 months 8 days 15 years 2 months 1 day
Payment / Performance Risk 4.86% 5.10%
v3.24.0.1
Derivatives and Hedging Activities - Schedule of Credit Risk Contingent Feature (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]    
Net derivative liabilities with credit-risk contingent features $ (45) $ (612)
Collateral posted $ 42 $ 534
v3.24.0.1
Mortgage Servicing Assets - Changes in Carrying Amount of Mortgage Servicing Assets (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Agency commercial mortgage-backed securities    
Servicing Asset at Amortized Cost, Balance [Roll Forward]    
Balance at beginning of period $ 653 $ 634
Servicing retained from loan sales 87 106
Purchases 21 38
Amortization (123) (125)
Temporary recoveries (impairments) 0 0
Balance at end of period 638 653
Fair value at end of period 911 997
Agency residential mortgage-backed securities    
Servicing Asset at Amortized Cost, Balance [Roll Forward]    
Balance at beginning of period 106 93
Servicing retained from loan sales 12 23
Purchases 0 0
Amortization (9) (11)
Temporary recoveries (impairments) (1) 1
Balance at end of period 108 106
Fair value at end of period $ 132 $ 130
v3.24.0.1
Mortgage Servicing Assets - Schedule of Range and Weighted-Average of Significant Unobservable Inputs (Details) - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Agency commercial mortgage-backed securities | Minimum    
Servicing Assets at Fair Value [Line Items]    
Expected defaults 1.00% 0.97%
Residual cash flows discount rate 7.42% 8.54%
Escrow earn rate 5.67% 5.09%
Loan assumption rate 0.00% 0.00%
Agency commercial mortgage-backed securities | Maximum    
Servicing Assets at Fair Value [Line Items]    
Expected defaults 2.00% 2.00%
Residual cash flows discount rate 10.56% 10.02%
Escrow earn rate 5.72% 5.21%
Loan assumption rate 2.15% 1.41%
Agency commercial mortgage-backed securities | Weighted-Average    
Servicing Assets at Fair Value [Line Items]    
Expected defaults 1.01% 1.07%
Residual cash flows discount rate 10.17% 9.48%
Escrow earn rate 5.67% 5.17%
Loan assumption rate 1.97% 1.12%
Agency residential mortgage-backed securities | Minimum    
Servicing Assets at Fair Value [Line Items]    
Residual cash flows discount rate 6.50% 7.50%
Prepayment speed 6.27% 6.10%
Servicing cost $ 70.00 $ 62.00
Agency residential mortgage-backed securities | Maximum    
Servicing Assets at Fair Value [Line Items]    
Residual cash flows discount rate 8.75% 8.50%
Prepayment speed 44.47% 41.34%
Servicing cost $ 3,582 $ 4,375
Agency residential mortgage-backed securities | Weighted-Average    
Servicing Assets at Fair Value [Line Items]    
Residual cash flows discount rate 6.59% 7.53%
Prepayment speed 7.70% 7.20%
Servicing cost $ 75.02 $ 67.05
v3.24.0.1
Mortgage Servicing Assets - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Agency commercial mortgage-backed securities      
Servicing Assets at Fair Value [Line Items]      
Contractual fee income $ 314 $ 292 $ 264
Amortization of mortgage servicing rights 123 125 120
Agency residential mortgage-backed securities      
Servicing Assets at Fair Value [Line Items]      
Contractual fee income 38 35 42
Amortization of mortgage servicing rights $ 9 $ 11 $ 18
v3.24.0.1
Leases - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Lessee, Lease, Description [Line Items]    
Lease renewal term 5 years  
Carrying amount of residual assets covered by residual value guarantees $ 258 $ 270
Carrying amount of operating lease assets $ 372 $ 505
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  
v3.24.0.1
Leases - Components of Lease Expense and Income (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Leases [Abstract]    
Operating lease cost $ 122 $ 128
Finance lease cost:    
Amortization of right-of-use assets 1 1
Interest on lease liabilities 0 0
Variable lease cost 19 24
Total lease cost 142 153
Short-term lease cost (less than $1 million) $ 1 $ 1
v3.24.0.1
Leases - Schedule of Cash Flows Related to Leases (Details) - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:    
Operating cash flows from operating leases $ 135,000,000 $ 139,000,000
Financing cash flows from finance leases 1,000,000 1,000,000
Right-of-use assets obtained in exchange for lease obligations:    
Operating leases 65,000,000 46,000,000
Finance leases $ 0 $ 0
v3.24.0.1
Leases - Schedule of Additional Balance Sheet Information (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Leases [Abstract]    
Operating lease, right-of-use asset, statement of financial position [Extensible List] Accrued income and other assets Accrued income and other assets
Operating lease assets $ 479 $ 525
Operating lease, liability, statement of financial position [Extensible List] Accrued expense and other liabilities Accrued expense and other liabilities
Operating lease liabilities $ 548 $ 601
Finance leases:    
Finance lease, right-of-use asset, statement of financial position [Extensible List] Premises and equipment Premises and equipment
Property and equipment, gross $ 18 $ 18
Accumulated depreciation (15) (14)
Property and equipment, net $ 3 $ 4
Finance lease, liability, statement of financial position [Extensible Enumeration] Long-term debt Long-term debt
Finance lease liabilities $ 5 $ 6
v3.24.0.1
Leases - Schedule of Information Pertaining to Lease Term and Weighted-Average Discount Rate (Details)
Dec. 31, 2023
Dec. 31, 2022
Weighted-average remaining lease term:    
Operating leases 5 years 8 months 8 days 6 years 1 month 6 days
Finance leases 3 years 6 months 10 days 4 years 6 months 10 days
Weighted-average discount rate:    
Operating leases 3.09% 2.78%
Finance leases 4.54% 4.54%
v3.24.0.1
Leases - Schedule of Maturities of Lease Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Operating Leases    
2024 $ 133  
2025 118  
2026 102  
2027 84  
2028 64  
Thereafter 103  
Total lease payments 604  
Less imputed interest 56  
Total 548 $ 601
Finance Leases    
2024 2  
2025 1  
2026 0  
2027 0  
2028 0  
Thereafter 3  
Total lease payments 6  
Less imputed interest 1  
Total 5 $ 6
Total    
2024 135  
2025 119  
2026 102  
2027 84  
2028 64  
Thereafter 106  
Total lease payments 610  
Less imputed interest 57  
Total $ 553  
v3.24.0.1
Leases - Components of Equipment Leasing Income (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Sales-type and direct financing leases      
Interest income on lease receivable $ 78 $ 64  
Interest income related to accretion of unguaranteed residual asset 13 15  
Interest income on deferred fees and costs 4 0  
Total sales-type and direct financing lease income 95 79  
Operating leases      
Operating lease income related to lease payments 84 105  
Other operating leasing gains and (losses) 8 (2)  
Total operating lease income and other leasing gains 92 103 $ 148
Total lease income $ 187 $ 182  
v3.24.0.1
Leases - Composition of Net Investment in Sales-Type and Direct Financing Leases (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Leases [Abstract]    
Lease receivables $ 2,896 $ 3,170
Unearned income (286) (253)
Unguaranteed residual value 468 472
Deferred fees and costs 2 5
Net investment in sales-type and direct financing leases $ 3,080 $ 3,394
v3.24.0.1
Leases - Minimum Future Lease Payments to be Received for Sales-Type and Direct Financing Leases (Details)
$ in Millions
Dec. 31, 2023
USD ($)
Sales-type and direct financing lease payments  
2024 $ 823
2025 615
2026 485
2027 316
2028 192
Thereafter 445
Total lease payments $ 2,876
v3.24.0.1
Leases - Minimum Future Lease Payments to be Received for Operating Leases (Details)
$ in Millions
Dec. 31, 2023
USD ($)
Leases [Abstract]  
2024 $ 63
2025 52
2026 36
2027 24
2028 14
Thereafter 32
Total lease payments $ 220
v3.24.0.1
Premises and Equipment - Schedule of Premises and Equipment (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Property, Plant and Equipment [Line Items]    
Capitalized building leases $ 18 $ 18
Total premises and equipment 2,205 2,308
Less: Accumulated depreciation and amortization (1,544) (1,672)
Premises and equipment, net 661 636
Land    
Property, Plant and Equipment [Line Items]    
Premises and equipment 114 114
Buildings and improvements    
Property, Plant and Equipment [Line Items]    
Premises and equipment $ 665 696
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 $ 535 615
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 $ 812 824
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 $ 61 $ 41
v3.24.0.1
Premises and Equipment - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Property, Plant and Equipment [Abstract]      
Depreciation and amortization expense $ 89 $ 96 $ 107
Capitalized computer software 520 447  
Capitalized computer software, accumulated amortization 225 163  
In-process software amortization expense $ 78 $ 77 $ 66
v3.24.0.1
Goodwill and Other Intangible Assets - Additional Information (Details) - USD ($)
Dec. 31, 2023
Oct. 01, 2023
Dec. 31, 2022
Dec. 31, 2021
Goodwill [Line Items]        
Goodwill $ 2,752,000,000   $ 2,752,000,000 $ 2,693,000,000
Expected deductible goodwill for tax purpose 359,000,000      
Accumulated impairment loss 0   $ 0 $ 0
Commercial Bank        
Goodwill [Line Items]        
Goodwill 800,000,000      
Percentage of estimated fair value in excess of carrying amount   31.00%    
Institutional Bank        
Goodwill [Line Items]        
Goodwill $ 133,000,000      
Percentage of estimated fair value in excess of carrying amount   7.00%    
Consumer Bank        
Goodwill [Line Items]        
Percentage of estimated fair value in excess of carrying amount   31.00%    
v3.24.0.1
Goodwill and Other Intangible Assets - Changes in Carrying Amount of Goodwill (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2022
USD ($)
Goodwill [Roll Forward]  
Beginning balance $ 2,693
XUP acquisition measurement period adjustment 1
GradFin acquisition 58
Ending balance 2,752
Consumer Bank  
Goodwill [Roll Forward]  
Beginning balance 1,761
XUP acquisition measurement period adjustment 0
GradFin acquisition 58
Ending balance 1,819
Commercial Bank  
Goodwill [Roll Forward]  
Beginning balance 932
XUP acquisition measurement period adjustment 1
GradFin acquisition 0
Ending balance $ 933
v3.24.0.1
Goodwill and Other Intangible Assets - Gross Carrying Amount and Accumulated Amortization of Intangible Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Goodwill [Line Items]    
Gross Carrying Amount $ 452 $ 455
Accumulated Amortization 397 361
Core deposit intangibles    
Goodwill [Line Items]    
Gross Carrying Amount 356 355
Accumulated Amortization 326 303
PCCR intangibles    
Goodwill [Line Items]    
Gross Carrying Amount 16 16
Accumulated Amortization 15 14
Other intangible assets    
Goodwill [Line Items]    
Gross Carrying Amount 80 84
Accumulated Amortization $ 56 $ 44
v3.24.0.1
Goodwill and Other Intangible Assets - Future Amortization Expense of Finite-Lived Intangible Assets (Details)
$ in Millions
Dec. 31, 2023
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
2024 $ 28
2025 19
2026 7
2027 1
2028 $ 0
v3.24.0.1
Variable Interest Entities - Additional Information (Details) - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Variable Interest Entity [Line Items]    
Accrued income and other assets $ 8,601,000,000 $ 9,223,000,000
Accrued expense and other liabilities 5,412,000,000 4,994,000,000
VIE, assets that can only be used to settle obligations 188,281,000,000 189,813,000,000
VIE, liabilities 173,644,000,000 176,359,000,000
Fair Value, Recurring    
Variable Interest Entity [Line Items]    
Other investments 63,000,000 77,000,000
Variable Interest Entity, Not Primary Beneficiary    
Variable Interest Entity [Line Items]    
Accrued income and other assets 2,300,000,000 1,900,000,000
Accrued expense and other liabilities 1,400,000,000 957,000,000
VIE, assets that can only be used to settle obligations 1,149,000,000 1,798,000,000
Tax credit of investment   187,000,000
VIE, liabilities 1,000,000 1,000,000
Variable Interest Entity, Not Primary Beneficiary | NMTC    
Variable Interest Entity [Line Items]    
VIE, assets that can only be used to settle obligations 25,000,000 12,000,000
Variable Interest Entity, Not Primary Beneficiary | Other Unconsolidated Variable Interest Entities    
Variable Interest Entity [Line Items]    
Other investments 731,000,000  
Variable Interest Entity, Not Primary Beneficiary | Investments    
Variable Interest Entity [Line Items]    
Amortization of investment 217,000,000 190,000,000
Tax credit of investment 204,000,000  
Other tax benefits 52,000,000 45,000,000
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 | Principal investments: Indirect    
Variable Interest Entity [Line Items]    
Other investments $ 17,000,000 $ 34,000,000
v3.24.0.1
Variable Interest Entities - Variable Interest Entities Information (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Variable Interest Entity [Line Items]    
Total Assets $ 188,281 $ 189,813
Total Liabilities 173,644 176,359
Variable Interest Entity, Not Primary Beneficiary    
Variable Interest Entity [Line Items]    
Total Assets 1,149 1,798
Total Liabilities 1 1
Variable Interest Entity, Not Primary Beneficiary | LIHTC Investments    
Variable Interest Entity [Line Items]    
Total Assets 8,904 8,227
Total Liabilities 3,848 3,091
Maximum Exposure to Loss 2,768 2,370
Variable Interest Entity, Not Primary Beneficiary | Principal investments: Indirect    
Variable Interest Entity [Line Items]    
Total Assets 2,741 6,636
Total Liabilities 91 90
Maximum Exposure to Loss $ 18 $ 43
v3.24.0.1
Income Taxes - Income Taxes Included in Income Statement (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Currently payable:      
Federal $ 257 $ 368 $ 423
State 48 80 73
Total currently payable 305 448 496
Deferred:      
Federal (84) (14) 119
State (25) (12) 27
Total deferred (109) (26) 146
Total income tax expense (benefit) 196 422 642
Income tax (benefit) expense on securities transactions (3) 2 (2)
Equity and gross receipts based taxes assessed in lieu of income tax recorded in noninterest expense $ 34 $ 33 $ 33
v3.24.0.1
Income Taxes - Significant Components of Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]    
Allowance for loan and lease losses $ 422 $ 380
Employee benefits 166 187
Net unrealized securities losses 1,612 1,959
Federal net operating losses and credits 3 4
Non-tax accruals 142 61
Operating lease liabilities 136 149
State net operating losses and credits 1 1
Partnership investments 78 90
Other 148 164
Gross deferred tax assets 2,708 2,995
Less: Valuation Allowance 12 11
Total deferred tax assets 2,696 2,984
Leasing transactions 446 521
State taxes 77 86
Operating lease right-of-use assets 119 130
Goodwill 157 139
Other 82 86
Total deferred tax liabilities 881 962
Net deferred tax assets (liabilities) $ 1,815 $ 2,022
v3.24.0.1
Income Taxes - Additional Information (Details) - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Taxes [Line Items]      
Net capital loss carryforwards $ 12,000,000    
Valuation allowances 12,000,000 $ 11,000,000  
Deferred tax asset 2,696,000,000 2,984,000,000  
Unrecognized tax benefits 45,000,000 40,000,000 $ 50,000,000
Net interest expense (benefit) (4,000,000) (1,500,000) (100,000)
Recovery of penalties related to unrecognized tax benefits in income tax expense 0 0 $ 0
Accrued interest payable 600,000 0  
Reduction in federal tax credit carryforward 0 $ 0  
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 7,000,000    
Credit carryforward 2,000,000    
State      
Income Taxes [Line Items]      
Operating loss carryforwards 23,000,000    
Deferred tax asset $ 1,000,000    
v3.24.0.1
Income Taxes - Total Income Tax Expense (Benefit) and Resulting Effective Tax Rate (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Amount      
Income (loss) before income taxes times 21% statutory federal tax rate $ 244 $ 490 $ 683
Amortization of tax-advantaged investments 171 149 151
Tax-exempt interest income (35) (28) (26)
Corporate-owned life insurance income (28) (28) (27)
State income tax, net of federal tax benefit 18 53 79
Tax credits (196) (204) (218)
FDIC Insurance 22 12 7
Other 0 (22) (7)
Total income tax expense (benefit) $ 196 $ 422 $ 642
Rate      
Income (loss) before income taxes times 21% statutory federal tax rate 21.00% 21.00% 21.00%
Amortization of tax-advantaged investments 14.80% 6.40% 4.60%
Tax-exempt interest income (3.10%) (1.20%) (0.80%)
Corporate-owned life insurance income (2.40%) (1.20%) (0.80%)
State income tax, net of federal tax benefit 1.60% 2.30% 2.40%
Tax credits (16.90%) (8.80%) (6.70%)
FDIC Insurance 1.90% 0.50% 0.30%
Other 0.00% (0.90%) (0.30%)
Total income tax expense (benefit) 16.90% 18.10% 19.70%
v3.24.0.1
Income Taxes - Change in Liability for Unrecognized Tax Benefits (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]    
Balance at beginning of year $ 40 $ 50
Increase for other tax positions of prior years 5 4
Decrease for payments and settlements 0 0
Decrease related to tax positions taken in prior years 0 (14)
Balance at end of year $ 45 $ 40
v3.24.0.1
Acquisitions and Discontinued Operations (Details) - USD ($)
$ in Millions
 12 Months Ended
May 02, 2022
Nov. 19, 2021
Dec. 31, 2022
Dec. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Goodwill acquired     $ 58.0  
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     $ 434.0 $ 339.0
XUP        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Goodwill acquired   $ 20.6    
GradFin        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Goodwill acquired $ 58.0      
Business combination, consideration transferred 72.0      
Cash payment 62.0      
Contingent consideration 10.0      
Intangible assets acquired $ 12.0      
v3.24.0.1
Securities Financing Activities (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Securities Financing Transaction [Line Items]    
Reverse repurchase agreements $ 0 $ 0
Securities borrowed 0 0
Total 0 0
Repurchase agreements 0 0
Total 0 0
Collateral    
Securities Financing Transaction [Line Items]    
Reverse repurchase agreements 0 0
Securities borrowed 0 0
Total 0 0
Repurchase agreements (31) (63)
Total (31) (63)
Federal Agency CMOs    
Securities Financing Transaction [Line Items]    
Assets pledged as collateral 38  
Liabilities associated with collateral pledged 31  
Gross Amount Presented in Balance Sheet    
Securities Financing Transaction [Line Items]    
Reverse repurchase agreements 7 8
Securities borrowed 0 0
Total 7 8
Repurchase agreements 38 71
Total 38 71
Netting Adjustments    
Securities Financing Transaction [Line Items]    
Reverse repurchase agreements (7) (8)
Securities borrowed 0 0
Total (7) (8)
Repurchase agreements (7) (8)
Total $ (7) $ (8)
v3.24.0.1
Stock-Based Compensation - Additional Information (Details) - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Total compensation expense for stock-based compensation plans $ 121,000,000 $ 120,000,000 $ 104,000,000  
Total income tax benefit recognized for stock-based compensation plans $ 29,000,000 $ 29,000,000 $ 25,000,000  
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) 42,362,938      
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) $ 4.23 $ 5.78 $ 3.38  
Number of options, exercised (in shares) 134,484      
Total intrinsic value of exercised options $ 1,000,000 $ 5,000,000 $ 22,000,000  
Cash received from options exercised 1,000,000 6,000,000 $ 27,000,000  
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
Stock Options        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Options expiration years 10 years      
Number of options, exercised (in shares) 134,484 484,521 2,319,438  
Unrecognized compensation cost related to nonvested options expected to vest $ 1,000,000      
Weighted-average period 2 years 2 months 12 days      
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 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      
Cash Performance Units        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Vesting period 3 years      
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) $ 12.93 $ 20.11 $ 21.25  
Deferred Compensation Plans        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Unrecognized compensation cost related to nonvested options expected to vest $ 11,000,000      
Weighted-average period 2 years 6 months      
Fair value of units/shares vested $ 20,000,000 $ 21,000,000 $ 16,000,000  
Long-Term Incentive Compensation Program        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Unrecognized compensation cost related to nonvested options expected to vest $ 85,000,000      
Weighted-average period 2 years 6 months      
Fair value of units/shares vested $ 133,000,000 $ 144,000,000 $ 105,000,000  
Weighted-average grant-date fair value granted (in dollars per share) $ 17.81 $ 23.39 $ 20.06  
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) 720,280 422,844 335,951  
Weighted-average cost of common shares issued under the plan (in dollars per share) $ 10.62 $ 17.46 $ 19.28  
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) 28,008 30,055    
Weighted-average grant-date fair value granted (in dollars per share) $ 0      
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 $ 1,000,000 $ 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) 1,778,941      
Weighted-average grant-date fair value granted (in dollars per share) $ 14.48      
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)   2,224,127    
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 $ 32,000,000 $ 55,000,000    
v3.24.0.1
Stock-Based Compensation - Assumptions Used in Options Pricing Model (Details)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Share-Based Payment Arrangement [Abstract]      
Average option life 6 years 8 months 12 days 6 years 6 months 6 years 7 months 6 days
Future dividend yield 4.28% 3.01% 3.88%
Historical share price volatility 0.347% 0.341% 0.335%
Weighted-average risk-free interest rate 3.90% 2.00% 0.80%
v3.24.0.1
Stock-Based Compensation - Activity, Pricing and Other Information for Stock Options (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Number of Options    
Outstanding, beginning balance (in shares) 4,496,332  
Granted (in shares) 528,951  
Exercised (in shares) (134,484)  
Lapsed or canceled (in shares) (31,346)  
Outstanding, ending balance (in shares) 4,859,453 4,496,332
Expected to vest (in shares) 1,174,800  
Exercisable, ending balance (in shares) 3,618,041  
Weighted-Average Exercise Price Per Option    
Outstanding, beginning balance (in dollars per share) $ 17.71  
Granted (in dollars per share) 21.07  
Exercised (in dollars per share) 10.28  
Lapsed or canceled (in dollars per share) 17.51  
Outstanding, ending balance (in dollars per share) 18.28 $ 17.71
Expected to vest (in dollars per share) 22.66  
Weighted-average exercise price per option exercisable, ending balance (in dollars per share) $ 16.78  
Weighted-average remaining life, outstanding 4 years 4 months 24 days 3 years 9 months 18 days
Expected to vest, weighted-average remaining life 7 years 10 months 24 days  
Weighted-average remaining life, exercisable 3 years 3 months 18 days  
Aggregate intrinsic value outstanding $ 4 $ 8
Expected to vest, aggregate intrinsic value 0  
Aggregate intrinsic value exercisable $ 4  
v3.24.0.1
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, 2023
$ / shares
shares
Vesting Contingent on Service Conditions  
Number of Nonvested Shares  
Outstanding, beginning balance (in shares) | shares 11,924,785
Granted (in shares) | shares 6,247,357
Vested (in shares) | shares (4,924,223)
Forfeited (in shares) | shares (391,878)
Outstanding, ending balance (in shares) | shares 12,856,041
Weighted-Average Grant-Date Fair Value  
Outstanding, beginning balance (in dollars per share) | $ / shares $ 21.56
Granted (in dollars per share) | $ / shares 19.15
Vested (in dollars per share) | $ / shares 20.36
Forfeited (in dollars per share) | $ / shares 20.87
Outstanding, ending balance (in dollars per share) | $ / shares $ 20.97
Vesting Contingent on Performance and Service Conditions - Payable in Stock  
Number of Nonvested Shares  
Outstanding, beginning balance (in shares) | shares 58,331
Granted (in shares) | shares 0
Vested (in shares) | shares (28,008)
Forfeited (in shares) | shares 0
Outstanding, ending balance (in shares) | shares 30,323
Weighted-Average Grant-Date Fair Value  
Outstanding, beginning balance (in dollars per share) | $ / shares $ 19.02
Granted (in dollars per share) | $ / shares 0
Vested (in dollars per share) | $ / shares 18.98
Forfeited (in dollars per share) | $ / shares 0
Outstanding, ending balance (in dollars per share) | $ / shares $ 19.07
Vesting Contingent on Performance and Service Conditions - Payable in Cash  
Number of Nonvested Shares  
Outstanding, beginning balance (in shares) | shares 4,907,796
Granted (in shares) | shares 2,507,322
Vested (in shares) | shares (1,778,941)
Forfeited (in shares) | shares (52,887)
Outstanding, ending balance (in shares) | shares 5,583,290
Weighted-Average Grant-Date Fair Value  
Outstanding, beginning balance (in dollars per share) | $ / shares $ 17.42
Granted (in dollars per share) | $ / shares 14.48
Vested (in dollars per share) | $ / shares 18.06
Forfeited (in dollars per share) | $ / shares 11.75
Outstanding, ending balance (in dollars per share) | $ / shares $ 14.67
v3.24.0.1
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, 2023
Dec. 31, 2022
Dec. 31, 2021
Number of Nonvested Shares      
Outstanding, beginning balance (in shares) 3,022,971    
Granted (in shares) 666,556    
Vested (in shares) (1,045,551)    
Forfeited (in shares) (41,109)    
Outstanding, ending balance (in shares) 2,602,867 3,022,971  
Weighted-Average Grant-Date Fair Value      
Outstanding, beginning balance (in dollars per share) $ 18.82    
Granted (in dollars per share) 12.93 $ 20.11 $ 21.25
Vested (in dollars per share) 18.75    
Forfeited (in dollars per share) 20.55    
Outstanding, ending balance (in dollars per share) $ 17.71 $ 18.82  
v3.24.0.1
Employee Benefits - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]        
Pre-tax AOCI not yet recognized as net pension cost   $ 384 $ 385  
Accumulated benefit obligation for all pension plans   $ 922 $ 965  
Percentage increase or decrease in expected return on plan assets   0.25%    
Estimated increase or decrease in net pension cost   $ 2    
Percentage increase or decrease in assumed discount rate   0.25%    
Estimated change in net pension cost due to discount rate   $ 2    
Expected return on plan assets   4.50% 2.75% 2.75%
Expected return on plan assets on estimating 2023 pension cost   4.50%    
Employer contribution to saving plan   7.00%    
Employer discretionary contribution, required service period   1 year    
Employer discretionary contribution percentage       1.00%
Total expenses associated with saving plan   $ 99 $ 82 $ 119
Pension Plan        
Defined Benefit Plan Disclosure [Line Items]        
Benefits expected to be paid from all funded and unfunded pension plans/other postretirement plans in 2024   89    
Benefits expected to be paid from all funded and unfunded pension plans/other postretirement plans in 2025   87    
Benefits expected to be paid from all funded and unfunded pension plans/other postretirement plans in 2026   84    
Benefits expected to be paid from all funded and unfunded pension plans/other postretirement plans in 2027   81    
Benefits expected to be paid from all funded and unfunded pension plans/other postretirement plans in 2028   79    
Benefits expected to be paid from all funded and unfunded pension plans/other postretirement plans in 2029 through 2033   347    
Accumulated benefit obligation for all pension plans   793 828  
Net periodic benefit cost (credit)   $ 30 $ 27 $ 24
Expected return on plan assets   4.50% 4.50% 2.75%
Discount rate   4.68% 4.85%  
Other Postretirement Benefit Plans        
Defined Benefit Plan Disclosure [Line Items]        
Pre-tax AOCI not yet recognized as net pension cost   $ (20) $ (21)  
Benefits expected to be paid from all funded and unfunded pension plans/other postretirement plans in 2024   5    
Benefits expected to be paid from all funded and unfunded pension plans/other postretirement plans in 2025   5    
Benefits expected to be paid from all funded and unfunded pension plans/other postretirement plans in 2026   5    
Benefits expected to be paid from all funded and unfunded pension plans/other postretirement plans in 2027   4    
Benefits expected to be paid from all funded and unfunded pension plans/other postretirement plans in 2028   4    
Benefits expected to be paid from all funded and unfunded pension plans/other postretirement plans in 2029 through 2033   19    
Net periodic benefit cost (credit)   $ (2) $ (2) $ (2)
Expected return on plan assets   4.50% 4.50% 4.50%
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    
Discount rate   4.50% 4.50%  
Forecast | Pension Plan        
Defined Benefit Plan Disclosure [Line Items]        
Net periodic benefit cost (credit) $ 11      
Forecast | Other Postretirement Benefit Plans        
Defined Benefit Plan Disclosure [Line Items]        
Net periodic benefit cost (credit) $ 2      
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%    
v3.24.0.1
Employee Benefits - Net Pension Cost and Amount Recognized in OCI for All Funded and Unfunded Plans (Details) - Pension Plan - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]      
Interest cost $ 45 $ 27 $ 25
Expected return on plan assets (42) (27) (28)
Amortization of losses 9 15 18
Settlement loss 18 12 9
Net postretirement benefit cost 30 27 24
Other changes in plan assets and benefit obligations recognized in OCI:      
Net (gain) loss 26 31 (19)
Amortization of gains (27) (27) (27)
Total recognized in comprehensive income (1) 4 (46)
Total recognized in net pension cost and comprehensive income $ 29 $ 31 $ (22)
v3.24.0.1
Employee Benefits - Changes in PBO Related to Pension Plans (Details) - Pension Plan - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]      
APBO at beginning of year $ 965 $ 1,156  
Interest cost 45 27 $ 25
Actuarial losses (gains) 10 (133)  
Benefit payments (97) (85)  
APBO at end of year $ 923 $ 965 $ 1,156
v3.24.0.1
Employee Benefits - Changes in FVA (Details) - Pension Plan - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]    
FVA at beginning of year $ 886 $ 1,096
Actual return on plan assets 25 (138)
Employer contributions 13 13
Benefit payments (97) (85)
FVA at end of year $ 827 $ 886
v3.24.0.1
Employee Benefits - Funded Status of Pension Plans Recognized in Balance Sheets (Details) - Pension Plan - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]    
Funded status $ (95) $ (78)
Net prepaid pension cost recognized consists of:    
Noncurrent assets 34 58
Current liabilities (14) (13)
Noncurrent liabilities (115) (123)
Net prepaid pension cost recognized $ (95) $ (78)
v3.24.0.1
Employee Benefits - Plans ABO in Excess of Plan Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]    
ABO $ 922 $ 965
Cash Balance Pension Plan    
Defined Benefit Plan Disclosure [Line Items]    
PBO 793 828
ABO 793 828
Fair value of plan assets 827 886
Other Defined Benefit Plans    
Defined Benefit Plan Disclosure [Line Items]    
PBO 128 137
ABO 128 137
Fair value of plan assets $ 0 $ 0
v3.24.0.1
Employee Benefits - Weighted-Average Rates to Determine Actuarial Present Value of Benefit Obligations (Details) - Pension Plan
Dec. 31, 2023
Dec. 31, 2022
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Discount rate 4.68% 4.85%
Weighted-average interest crediting rate 4.09% 3.97%
v3.24.0.1
Employee Benefits - Weighted-Average Rates to Determine Net Pension Cost (Details)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Retirement Benefits [Abstract]      
Discount rate 4.85% 2.43% 2.05%
Expected return on plan assets 4.50% 2.75% 2.75%
v3.24.0.1
Employee Benefits - Asset Target Allocations Prescribed by Pension Funds' Investment Policies (Details)
Dec. 31, 2023
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%
v3.24.0.1
Employee Benefits - Fair Values of Pension Plan Assets by Asset Category (Details) - Pension Plan - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]      
Plan assets $ 827 $ 886 $ 1,096
Fair Value, Inputs, Level 1, 2 and 3 | Fixed income — U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 342 359  
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 342 359  
Level 2 | Fixed income — U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 342 359  
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 465 507  
Measured at NAV | Insurance investment contracts and pooled separate accounts (measured at NAV)      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets $ 20 $ 20  
v3.24.0.1
Employee Benefits - Pre-tax AOCI Not Yet Recognized as Net Postretirement Benefit Cost (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]    
Total unrecognized AOCI $ 384 $ 385
Other Postretirement Benefit Plans    
Defined Benefit Plan Disclosure [Line Items]    
Net unrecognized losses (gains) (9) (9)
Net unrecognized prior service credit (11) (12)
Total unrecognized AOCI $ (20) $ (21)
v3.24.0.1
Employee Benefits - Net Postretirement Benefit Cost and the Amount Recognized in OCI for All Funded and Unfunded Plans (Details) - Other Postretirement Benefit Plans - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]      
Interest cost on APBO $ 2 $ 2 $ 2
Expected return on plan assets (2) (2) (2)
Amortization of prior service credit (1) (1) (1)
Amortization of gains (1) (1) (1)
Net postretirement benefit cost (2) (2) (2)
Other changes in plan assets and benefit obligations recognized in OCI:      
Net (gain) loss 1 1 1
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
v3.24.0.1
Employee Benefits - Changes in APBO (Details) - Other Postretirement Benefit Plans - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]      
APBO at beginning of year $ 40 $ 57  
Service cost 0 0  
Interest cost 2 2 $ 2
Plan participants’ contributions 1 1  
Actuarial losses (gains) 6 (5)  
Benefit payments (9) (15)  
Plan amendments 0 0  
APBO at end of year $ 40 $ 40 $ 57
v3.24.0.1
Employee Benefits - Change in FVA (Other Post Retirement Benefit Plan Assets) (Details) - Other Postretirement Benefit Plans - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]    
FVA at beginning of year $ 40 $ 57
Employer contributions 0 0
Plan participants’ contributions 1 1
Benefit payments (9) (15)
Actual return on plan assets 8 (3)
FVA at end of year $ 40 $ 40
v3.24.0.1
Employee Benefits - Weighted-Average Rates to Determine Net Postretirement Benefit Cost (Details)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]      
Discount rate 4.85% 2.43% 2.05%
Expected return on plan assets 4.50% 2.75% 2.75%
Other Postretirement Benefit Plans      
Defined Benefit Plan Disclosure [Line Items]      
Discount rate 4.50% 4.50% 4.50%
Expected return on plan assets 4.50% 4.50% 4.50%
v3.24.0.1
Employee Benefits - Asset Target Allocations Prescribed by Trusts' Investment Policies (Details)
Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]  
Target allocation 100.00%
Other Postretirement Benefit Plans  
Defined Benefit Plan Disclosure [Line Items]  
Target allocation 100.00%
U.S. equity securities | Other Postretirement Benefit Plans  
Defined Benefit Plan Disclosure [Line Items]  
Target allocation 64.00%
International equity securities | Other Postretirement Benefit Plans  
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 | Other Postretirement Benefit Plans  
Defined Benefit Plan Disclosure [Line Items]  
Target allocation 20.00%
v3.24.0.1
Employee Benefits - Fair Values of Postretirement Plan Assets by Asset Category (Details) - Other Postretirement Benefit Plans - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]      
Plan assets $ 40 $ 40 $ 57
Fair Value, Inputs, Level 1, 2 and 3 | Equity — U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 24 24  
Fair Value, Inputs, Level 1, 2 and 3 | Equity — International      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 7 7  
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 39 39  
Level 1 | Equity — U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 24 24  
Level 1 | Equity — International      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 7 7  
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  
v3.24.0.1
Short-Term Borrowings - Components of Short-Term Borrowings (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Short-term Debt [Line Items]      
Balance at year end, securities sold under repurchase agreements $ 0 $ 0  
FEDERAL FUNDS PURCHASED      
Short-term Debt [Line Items]      
Balance at year end, federal funds purchase 0 4,006 $ 0
Average during the year 1,098 1,490 0
Maximum month-end balance $ 3,020 $ 5,872 $ 0
Weighted-average rate during the year 4.83% 2.04% 0.00%
Weighted-average rate at year end 0.00% 4.18% 0.00%
SECURITIES SOLD UNDER REPURCHASE AGREEMENTS      
Short-term Debt [Line Items]      
Average during the year $ 549 $ 617 $ 239
Maximum month-end balance $ 1,954 $ 1,090 $ 281
Weighted-average rate during the year 4.77% 1.66% 0.02%
Weighted-average rate at year end 1.63% 3.74% 0.01%
Balance at year end, securities sold under repurchase agreements $ 38 $ 71 $ 173
OTHER SHORT-TERM BORROWINGS      
Short-term Debt [Line Items]      
Average during the year 5,890 2,963 770
Maximum month-end balance $ 1,061 $ 11,372 $ 897
Weighted-average rate during the year 5.24% 1.82% 1.08%
Weighted-average rate at year end 5.58% 0.50% 1.97%
Balance at year end, other short-term borrowings $ 3,053 $ 5,386 $ 588
v3.24.0.1
Short-Term Borrowings - Additional Information (Details)
$ in Billions
Dec. 31, 2023
USD ($)
Short-term Debt [Line Items]  
Deposits with the federal reserve $ 10.7
Federal Reserve Bank of Cleveland  
Short-term Debt [Line Items]  
Unused secured borrowing capacity 54.7
Federal Home Loan Bank of Cincinnati  
Short-term Debt [Line Items]  
Unused secured borrowing capacity $ 13.6
v3.24.0.1
Long-Term Debt - Components of Long-Term Debt (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Debt Instrument [Line Items]    
Total long-term debt $ 19,554 $ 19,307
Finance lease liabilities 5 6
Senior Medium-Term Notes Due Through 2033    
Debt Instrument [Line Items]    
Senior medium-term notes $ 3,870 $ 3,789
Long-term debt weighted average interest rate 2.31% 2.3134%
Other subordinated notes    
Debt Instrument [Line Items]    
Long-term debt weighted average interest rate 7.14% 6.16%
Senior Medium-Term Notes Due Through 2039    
Debt Instrument [Line Items]    
Senior medium-term notes $ 5,519 $ 6,411
Long-term debt weighted average interest rate 4.88% 5.96%
4.39% Senior Remarketable Notes Due 2027    
Debt Instrument [Line Items]    
Long-term debt weighted average interest rate 4.39% 4.39%
Secured Borrowing Due Through 2032    
Debt Instrument [Line Items]    
Secured borrowing due through 2032 $ 11 $ 14
Finance lease liabilities 5  
Federal Home Loan Bank Advances Due Through 2038    
Debt Instrument [Line Items]    
Federal home loan bank advances due through 2038 $ 7,586 $ 6,594
Long-term debt weighted average interest rate 5.76% 4.48%
Investment Fund Financing due through 2055    
Debt Instrument [Line Items]    
Investment fund financing due through 2052 $ 24 $ 10
Obligations Under Capital Lease Due Through 2032    
Debt Instrument [Line Items]    
Finance lease liabilities 5  
Real Estate Loans and securities pledged $ 7,600 6,600
Subordinated Notes | 2.075% Subordinated notes due 2028    
Debt Instrument [Line Items]    
Debt instrument interest rate 2.075%  
Subordinated long-term notes $ 162 162
Subordinated Notes | 6.875 Percent Subordinated Notes Due 2029    
Debt Instrument [Line Items]    
Debt instrument interest rate 6.875%  
Subordinated long-term notes $ 91 99
Subordinated Notes | 7.75% Subordinated Notes Due 2029    
Debt Instrument [Line Items]    
Debt instrument interest rate 7.75%  
Subordinated long-term notes $ 117 112
Subordinated Notes | Other subordinated notes    
Debt Instrument [Line Items]    
Subordinated long-term notes $ 77 77
Subordinated Notes | 4.39% Senior Remarketable Notes Due 2027    
Debt Instrument [Line Items]    
Debt instrument interest rate 4.39%  
Subordinated long-term notes $ 214 191
Subordinated Notes | 3.40% Subordinated Notes Due 2026    
Debt Instrument [Line Items]    
Debt instrument interest rate 3.40%  
Subordinated long-term notes $ 569 555
Subordinated Notes | 6.95% Subordinated Notes Due 2028    
Debt Instrument [Line Items]    
Debt instrument interest rate 6.95%  
Subordinated long-term notes $ 286 281
Subordinated Notes | 3.90% Subordinated Notes Due 2029    
Debt Instrument [Line Items]    
Debt instrument interest rate 3.90%  
Subordinated long-term notes $ 333 327
Subordinated Notes | 4.90% Subordinated Notes Due 2032    
Debt Instrument [Line Items]    
Debt instrument interest rate 4.90%  
Subordinated long-term notes $ 695 685
Key    
Debt Instrument [Line Items]    
Total long-term debt 4,317 4,239
Subsidiaries    
Debt Instrument [Line Items]    
Total long-term debt $ 15,237 $ 15,068
v3.24.0.1
Long-Term Debt - Scheduled Principal Payments on Long-Term Debt (Details)
$ in Millions
Dec. 31, 2023
USD ($)
Debt Instrument [Line Items]  
2024 $ 8,708
2025 2,977
2026 1,059
2027 1,947
2028 1,184
All subsequent years 3,679
Parent  
Debt Instrument [Line Items]  
2024 0
2025 1,081
2026 0
2027 720
2028 888
All subsequent years 1,628
Subsidiaries  
Debt Instrument [Line Items]  
2024 8,708
2025 1,896
2026 1,059
2027 1,227
2028 296
All subsequent years $ 2,051
v3.24.0.1
Long-Term Debt - Additional Information (Details)
 12 Months Ended
Sep. 29, 2021
USD ($)
Dec. 31, 2023
USD ($)
Jan. 26, 2023
USD ($)
Nov. 15, 2022
USD ($)
Aug. 08, 2022
USD ($)
note
Jun. 14, 2022
USD ($)
May 23, 2022
USD ($)
Debt Instrument [Line Items]              
Bank note, maximum issuable amount $ 20,000,000,000            
Number of notes issued | note         2    
Senior notes available for future issuance   $ 15,500,000,000          
Floating Rate Senior Bank Notes Due 2027              
Debt Instrument [Line Items]              
Issuance of senior notes       $ 1,000,000,000      
Debt instrument interest rate       5.85%      
Floating Rate Senior Bank Notes Due 2025              
Debt Instrument [Line Items]              
Issuance of senior notes         $ 1,250,000,000    
Debt instrument interest rate         4.15%    
Floating Rate Subordinated Bank Notes Due 2025              
Debt Instrument [Line Items]              
Issuance of senior notes         $ 750,000,000    
Debt instrument interest rate         4.90%    
Floating Rate Senior Bank Notes Due 2033              
Debt Instrument [Line Items]              
Issuance of senior notes     $ 1,000,000,000        
Floating Rate Senior Bank Notes Due 2026              
Debt Instrument [Line Items]              
Issuance of senior notes     $ 500,000,000        
3.878% Senior Notes Due 2025              
Debt Instrument [Line Items]              
Issuance of senior notes             $ 600,000,000
Debt instrument interest rate             3.878%
4.789% Senior Notes Due 2033              
Debt Instrument [Line Items]              
Issuance of senior notes             $ 750,000,000
Debt instrument interest rate             4.789%
Senior Notes              
Debt Instrument [Line Items]              
Original maturity of bank note 7 days            
Subordinated Notes              
Debt Instrument [Line Items]              
Original maturity of bank note 5 years            
Floating Rate Senior Bank Notes Due 2027              
Debt Instrument [Line Items]              
Issuance of senior notes           $ 300,000,000  
Medium-Term Notes              
Debt Instrument [Line Items]              
Debt term   9 months          
Additional debt securities authorized and available for issuance under note program   $ 15,000,000,000          
v3.24.0.1
Trust Preferred Securities Issued by Unconsolidated Subsidiaries (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Common Stock $ 1,257 $ 1,257
Debentures adjustments related to financial instrument hedging 15 17
KeyCorp Capital I    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Trust preferred securities, net of discount 156  
Common Stock 6  
Principal amount of debentures, net of discount $ 162  
Interest rate of trust preferred securities and debentures 6.396%  
KeyCorp Capital II    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Trust preferred securities, net of discount $ 87  
Common Stock 4  
Principal amount of debentures, net of discount $ 91  
Interest rate of trust preferred securities and debentures 6.875%  
KeyCorp Capital III    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Trust preferred securities, net of discount $ 113  
Common Stock 4  
Principal amount of debentures, net of discount $ 117  
Interest rate of trust preferred securities and debentures 7.75%  
HNC Statutory Trust III    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Trust preferred securities, net of discount $ 21  
Common Stock 1  
Principal amount of debentures, net of discount $ 22  
Interest rate of trust preferred securities and debentures 7.04%  
HNC Statutory Trust IV    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Trust preferred securities, net of discount $ 18  
Common Stock 1  
Principal amount of debentures, net of discount $ 19  
Interest rate of trust preferred securities and debentures 6.932%  
Willow Grove Statutory Trust I    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Trust preferred securities, net of discount $ 20  
Common Stock 1  
Principal amount of debentures, net of discount $ 21  
Interest rate of trust preferred securities and debentures 6.956%  
Westbank Capital Trust II    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Trust preferred securities, net of discount $ 8  
Common Stock 0  
Principal amount of debentures, net of discount $ 8  
Interest rate of trust preferred securities and debentures 7.822%  
Westbank Capital Trust III    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Trust preferred securities, net of discount $ 8  
Common Stock 0  
Principal amount of debentures, net of discount $ 8  
Interest rate of trust preferred securities and debentures 7.822%  
Business Trusts    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Trust preferred securities, net of discount $ 431 433
Common Stock 17 17
Principal amount of debentures, net of discount $ 448 $ 450
Interest rate of trust preferred securities and debentures 6.981% 5.321%
Treasury Rate | KeyCorp Capital II    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Basis spread on variable rate 0.20%  
Treasury Rate | KeyCorp Capital III    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Basis spread on variable rate 0.25%  
Secured Overnight Financing Rate (SOFR) | Westbank Capital Trust II and III    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Basis spread on variable rate 0.26161%  
Debt Instrument, Redemption, Period Five | Treasury Rate | Keycorp Capital II and III    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Basis spread on variable rate 0.50%  
v3.24.0.1
Commitments, Contingent Liabilities, and Guarantees - Commitments to Extend Credit or Funding (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Guarantor Obligations [Line Items]    
Total loan commitments $ 75,085 $ 79,076
Commercial letters of credit 65 86
Purchase card commitments 995 875
Principal investing commitments 1 9
Tax credit investment commitments 1,361 958
Total loan and other commitments 77,507 81,004
Commercial and other    
Guarantor Obligations [Line Items]    
Total loan commitments 55,603 58,269
Commercial real estate and construction    
Guarantor Obligations [Line Items]    
Total loan commitments 3,440 4,037
Home equity    
Guarantor Obligations [Line Items]    
Total loan commitments 8,984 9,346
Credit cards    
Guarantor Obligations [Line Items]    
Total loan commitments $ 7,058 $ 7,424
v3.24.0.1
Commitments, Contingent Liabilities, and Guarantees - Additional Information (Details)
$ in Millions
 2 Months Ended 12 Months Ended
Feb. 09, 2024
USD ($)
Dec. 31, 2023
USD ($)
lawsuit
Dec. 31, 2023
USD ($)
Commitments Contingencies And Guarantees [Line Items]      
Number of shareholder derivative lawsuits filed | lawsuit   2  
Subsequent Event      
Commitments Contingencies And Guarantees [Line Items]      
Penalty charged $ 10    
Standby letters of credit      
Commitments Contingencies And Guarantees [Line Items]      
Remaining weighted-average life of standby letters of credit in years     1 year 7 months 6 days
Recourse agreement with FNMA      
Commitments Contingencies And Guarantees [Line Items]      
Weighted-average remaining term for outstanding commercial mortgage loans in years     7 years
Unpaid principal balance outstanding of loans sold   $ 24,000 $ 24,000
Maximum potential amount of undiscounted future payments that could be required, percentage of principal balance of loans outstanding   31.00% 31.00%
Residential mortgage reserve      
Commitments Contingencies And Guarantees [Line Items]      
Unpaid principal balance outstanding of loans sold   $ 11,200 $ 11,200
Maximum potential amount of undiscounted future payments that could be required, percentage of principal balance of loans outstanding   30.00% 30.00%
Liability for estimated repurchase obligations on loans sold   $ 11 $ 11
Written put options      
Commitments Contingencies And Guarantees [Line Items]      
Weighted average life of written put options     1 year 9 months 18 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     10 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%
v3.24.0.1
Commitments, Contingent Liabilities, and Guarantees - Guarantees (Details)
$ in Millions
Dec. 31, 2023
USD ($)
Guarantor Obligations [Line Items]  
Maximum Potential Undiscounted Future Payments $ 18,353
Liability Recorded 371
Standby letters of credit  
Guarantor Obligations [Line Items]  
Maximum Potential Undiscounted Future Payments 4,234
Liability Recorded 79
Recourse agreement with FNMA  
Guarantor Obligations [Line Items]  
Maximum Potential Undiscounted Future Payments 7,465
Liability Recorded 98
Residential mortgage reserve  
Guarantor Obligations [Line Items]  
Maximum Potential Undiscounted Future Payments 3,350
Liability Recorded 11
Written put options  
Guarantor Obligations [Line Items]  
Maximum Potential Undiscounted Future Payments 3,304
Liability Recorded $ 183
v3.24.0.1
Accumulated Other Comprehensive Income - Changes in AOCI (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Other comprehensive income before reclassification, net of income taxes $ 320 $ (5,836)  
Amounts reclassified from accumulated other comprehensive income, net of income taxes 746 127  
Total other comprehensive income (loss), net of tax 1,066 (5,709) $ (1,324)
Unrealized gains (losses) on securities available for sale      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance (4,895) (403)  
Other comprehensive income before reclassification, net of income taxes 702 (4,492)  
Amounts reclassified from accumulated other comprehensive income, net of income taxes 3 0  
Total other comprehensive income (loss), net of tax 705 (4,492)  
Ending balance (4,190) (4,895) (403)
Unrealized gains (losses) on derivative financial instruments      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance (1,124) 88  
Other comprehensive income before reclassification, net of income taxes (364) (1,319)  
Amounts reclassified from accumulated other comprehensive income, net of income taxes 725 107  
Total other comprehensive income (loss), net of tax 361 (1,212)  
Ending balance (763) (1,124) 88
Net pension and postretirement benefit costs      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance (276) (271)  
Other comprehensive income before reclassification, net of income taxes (18) (25)  
Amounts reclassified from accumulated other comprehensive income, net of income taxes 18 20  
Total other comprehensive income (loss), net of tax 0 (5)  
Ending balance (276) (276) (271)
Total      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance (6,295) (586)  
Total other comprehensive income (loss), net of tax 1,066 (5,709) (1,324)
Ending balance $ (5,229) $ (6,295) $ (586)
v3.24.0.1
Accumulated Other Comprehensive Income - Reclassifications Out of AOCI (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Other income [1] $ 35 $ 31 $ 120
Income (loss) before income taxes and equity in net income (loss) less dividends from subsidiaries 1,190 2,360 3,281
Income taxes 196 422 642
Interest income — Loans 6,219 4,241 3,532
Interest expense — Long-term debt (1,305) (475) (221)
Investment banking and debt placement fees 542 638 937
Other expense 997 707 705
INCOME (LOSS) FROM CONTINUING OPERATIONS 964 1,911 $ 2,612
Reclassification out of Accumulated Other Comprehensive Income | Unrealized gains (losses) on securities available for sale      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Other income (4) 0  
Income (loss) before income taxes and equity in net income (loss) less dividends from subsidiaries (4) 0  
Income taxes (1) 0  
INCOME (LOSS) FROM CONTINUING OPERATIONS (3) 0  
Reclassification out of Accumulated Other Comprehensive Income | Unrealized gains (losses) on derivative financial instruments      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Income (loss) before income taxes and equity in net income (loss) less dividends from subsidiaries (953) (140)  
Income taxes (228) (33)  
INCOME (LOSS) FROM CONTINUING OPERATIONS (725) (107)  
Reclassification out of Accumulated Other Comprehensive Income | Unrealized gains (losses) on derivative financial instruments | Interest rate      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Interest income — Loans (956) (146)  
Interest expense — Long-term debt (2) (3)  
Investment banking and debt placement fees 5 9  
Reclassification out of Accumulated Other Comprehensive Income | Amortization of losses      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Other expense (8) (15)  
Reclassification out of Accumulated Other Comprehensive Income | Settlement loss      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Other expense (18) (12)  
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  
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) before income taxes and equity in net income (loss) less dividends from subsidiaries (25) (26)  
Income taxes (7) (6)  
INCOME (LOSS) FROM CONTINUING OPERATIONS $ (18) $ (20)  
[1] Net securities gains (losses) totaled $(11) million for the year ended December 31, 2023, $9 million for the year ended December 31, 2022, and $7 million for the year ended December 31, 2021.
v3.24.0.1
Shareholders' Equity - Comprehensive Capital Plan (Details) - USD ($)
 3 Months Ended 12 Months Ended
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Jul. 31, 2021
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]                
Common shares repurchased, value         $ 38,000,000 $ 0 $ 559,000,000  
Cash dividends declared on Common Shares (in dollars per share) $ 0.205 $ 0.205 $ 0.205 $ 0.205 $ 0.82 $ 0.79 $ 0.75  
2021 Repurchase Authorization                
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]                
Authorized amount of share repurchases               $ 1,500,000,000
Open Market Share Repurchases                
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]                
Common shares repurchased, value         $ 38,000,000      
Equity Compensation Programs                
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]                
Common shares repurchased, value         $ 34,000,000      
v3.24.0.1
Shareholders' Equity - Schedule of Preferred Stock (Details)
Dec. 31, 2023
USD ($)
$ / shares
shares
Series D Preferred Stock  
Class of Stock [Line Items]  
Preferred stock, amount outstanding | $ $ 525,000,000
Preferred stock, shares authorized (in shares) | shares 21,000
Preferred stock, shares outstanding (in shares) | shares 21,000
Preferred stock, par value (in dollars per share) $ 1
Preferred stock, liquidation preference, value | $ $ 25,000
Depository Shares, Series D  
Class of Stock [Line Items]  
Depository receipt ratio 0.04
Preferred stock, liquidation preference (in dollars per share) $ 1,000
Dividend payable per share (in dollars per share) $ 12.50
Series E Preferred Stock  
Class of Stock [Line Items]  
Preferred stock, amount outstanding | $ $ 500,000,000
Preferred stock, shares authorized (in shares) | shares 500,000
Preferred stock, shares outstanding (in shares) | shares 500,000
Preferred stock, par value (in dollars per share) $ 1
Preferred stock, liquidation preference, value | $ $ 1,000
Depository Shares, Series E  
Class of Stock [Line Items]  
Depository receipt ratio 25,000.000
Preferred stock, liquidation preference (in dollars per share) $ 25
Dividend payable per share (in dollars per share) $ 0.382813
Series F Preferred Stock  
Class of Stock [Line Items]  
Preferred stock, amount outstanding | $ $ 425,000,000
Preferred stock, shares authorized (in shares) | shares 425,000
Preferred stock, shares outstanding (in shares) | shares 425,000
Preferred stock, par value (in dollars per share) $ 1
Preferred stock, liquidation preference, value | $ $ 1,000
Depository Shares, Series F  
Class of Stock [Line Items]  
Depository receipt ratio 25,000.000
Preferred stock, liquidation preference (in dollars per share) $ 25
Dividend payable per share (in dollars per share) $ 0.353125
Series G Preferred Stock  
Class of Stock [Line Items]  
Preferred stock, amount outstanding | $ $ 450,000,000
Preferred stock, shares authorized (in shares) | shares 450,000
Preferred stock, shares outstanding (in shares) | shares 450,000
Preferred stock, par value (in dollars per share) $ 1
Preferred stock, liquidation preference, value | $ $ 1,000
Depository Shares, Series G  
Class of Stock [Line Items]  
Depository receipt ratio 25,000.000
Preferred stock, liquidation preference (in dollars per share) $ 25
Dividend payable per share (in dollars per share) $ 0.351563
Series H Preferred Stock  
Class of Stock [Line Items]  
Preferred stock, amount outstanding | $ $ 600,000,000
Preferred stock, shares authorized (in shares) | shares 600,000
Preferred stock, shares outstanding (in shares) | shares 600,000
Preferred stock, par value (in dollars per share) $ 1
Preferred stock, liquidation preference, value | $ $ 1,000
Depository Shares, Series H  
Class of Stock [Line Items]  
Depository receipt ratio 25,000.000
Preferred stock, liquidation preference (in dollars per share) $ 25
Dividend payable per share (in dollars per share) $ 0.387500
v3.24.0.1
Shareholders' Equity - Key's and KeyBank's Actual Capital Amounts and Ratios, Minimum Capital Amounts and Ratios (Details)
$ in Millions
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Key    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Total capital to net risk-weighted assets, actual amount $ 21,028 $ 20,776
Tier 1 capital to net risk-weighted assets, actual amount 17,340 17,225
Tier 1 capital to average quarterly tangible assets, amount $ 17,340 $ 17,225
Total capital to net risk-weighted assets, actual ratio 0.1415 0.1279
Tier 1 capital to net risk-weighted assets, actual ratio 0.1167 0.1060
Tier 1 capital to average quarterly tangible assets, actual ratio 0.0903 0.0888
Total capital to net risk-weighted assets, to meet minimum capital adequacy requirements, amount $ 11,886 $ 12,998
Tier 1 capital to net risk-weighted assets, to meet minimum capital adequacy requirements, amount 8,914 9,748
Tier 1 capital to average quarterly tangible assets to meet minimum capital adequacy requirements, amount $ 7,678 $ 7,759
Total capital to net risk-weighted assets, to meet minimum capital adequacy requirements, ratio 0.0800 0.0800
Tier 1 capital to net risk-weighted assets, to meet minimum capital adequacy requirements, ratio 0.0600 0.0600
Tier 1 capital to average quarterly tangible assets to meet minimum capital adequacy requirements, ratio 0.0400 0.0400
KeyBank (consolidated)    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Total capital to net risk-weighted assets, actual amount $ 20,726 $ 19,903
Tier 1 capital to net risk-weighted assets, actual amount 17,487 16,801
Tier 1 capital to average quarterly tangible assets, amount $ 17,487 $ 16,801
Total capital to net risk-weighted assets, actual ratio 0.1416 0.1239
Tier 1 capital to net risk-weighted assets, actual ratio 0.1194 0.1046
Tier 1 capital to average quarterly tangible assets, actual ratio 0.0922 0.0878
Total capital to net risk-weighted assets, to meet minimum capital adequacy requirements, amount $ 11,712 $ 12,850
Tier 1 capital to net risk-weighted assets, to meet minimum capital adequacy requirements, amount 8,784 9,638
Tier 1 capital to average quarterly tangible assets to meet minimum capital adequacy requirements, amount $ 7,587 $ 7,657
Total capital to net risk-weighted assets, to meet minimum capital adequacy requirements, ratio 0.0800 0.0800
Tier 1 capital to net risk-weighted assets, to meet minimum capital adequacy requirements, ratio 0.0600 0.0600
Tier 1 capital to average quarterly tangible assets to meet minimum capital adequacy requirements, ratio 0.0400 0.0400
Total capital to net risk-weighted assets, to qualify as well capitalized under federal deposit insurance act, amount $ 14,640 $ 16,063
Tier 1 capital to net risk-weighted assets, to qualify as well capitalized under federal deposit insurance act, amount 11,712 12,850
Tier 1 capital to average quarterly tangible assets to qualify as well capitalized under federal deposit insurance act, amount $ 9,483 $ 9,572
Total capital to net risk-weighted assets, to qualify as well capitalized under federal deposit insurance act, ratio 0.1000 0.1000
Tier 1 capital to net risk-weighted assets, to qualify as well capitalized under federal deposit insurance act, ratio 0.0800 0.0800
Tier 1 capital to average quarterly tangible assets to qualify as well capitalized under federal deposit insurance act, ratio 5.00% 5.00%
v3.24.0.1
Business Segment Reporting - Additional Information (Details)
Dec. 31, 2023
state
Consumer Bank  
Segment Reporting Information [Line Items]  
Number of state branch network 15
v3.24.0.1
Business Segment Reporting - Financial Information of Business Groups (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2023
USD ($)
employee
Dec. 31, 2022
USD ($)
employee
Dec. 31, 2021
USD ($)
employee
Segment Reporting Information [Line Items]      
Net interest income (TE) $ 3,943 $ 4,554 $ 4,098
Noninterest income 2,470 2,718 3,194
Total revenue (TE) 6,413 7,272 7,292
Provision for credit losses 489 502 (418)
Depreciation and amortization expense 232 271 298
Other noninterest expense 4,502 4,139 4,131
Income (loss) from continuing operations before income taxes (TE) 1,190 2,360 3,281
Allocated income taxes (benefit) and TE adjustments 226 449 669
INCOME (LOSS) FROM CONTINUING OPERATIONS 964 1,911 2,612
Income (loss) from discontinued operations, net of taxes 3 6 13
NET INCOME (LOSS) 967 1,917 2,625
Less: Net income (loss) attributable to noncontrolling interests 0 0 0
NET INCOME (LOSS) ATTRIBUTABLE TO KEY 967 1,917 2,625
AVERAGE BALANCES      
Loans and leases 118,004 111,302 100,269
Total assets 191,627 185,886 178,919
Deposits 144,059 146,862 145,035
OTHER FINANCIAL DATA      
Expenditures for additions to long-lived assets 193 254 114
Net loan charge-offs $ 244 $ 161 $ 184
Return on average allocated equity 6.94% 12.97% 14.79%
Return on average allocated equity 6.97% 13.01% 14.86%
Average full-time equivalent employees | employee 17,692 17,661 16,974
Operating Segments | Consumer Bank      
Segment Reporting Information [Line Items]      
Net interest income (TE) $ 2,276 $ 2,409 $ 2,361
Noninterest income 944 995 1,068
Total revenue (TE) 3,220 3,404 3,429
Provision for credit losses 111 193 (118)
Depreciation and amortization expense 106 87 84
Other noninterest expense 2,677 2,644 2,321
Income (loss) from continuing operations before income taxes (TE) 326 480 1,142
Allocated income taxes (benefit) and TE adjustments 78 115 274
INCOME (LOSS) FROM CONTINUING OPERATIONS 248 365 868
Income (loss) from discontinued operations, net of taxes 0 0 0
NET INCOME (LOSS) 248 365 868
Less: Net income (loss) attributable to noncontrolling interests 0 0 0
NET INCOME (LOSS) ATTRIBUTABLE TO KEY 248 365 868
AVERAGE BALANCES      
Loans and leases 42,408 41,315 39,422
Total assets 45,232 44,414 42,656
Deposits 83,964 90,132 88,474
OTHER FINANCIAL DATA      
Expenditures for additions to long-lived assets 72 52 39
Net loan charge-offs $ 133 $ 83 $ 126
Return on average allocated equity 6.92% 10.36% 24.31%
Return on average allocated equity 6.92% 10.36% 24.31%
Average full-time equivalent employees | employee 7,773 8,101 8,043
Operating Segments | Commercial Bank      
Segment Reporting Information [Line Items]      
Net interest income (TE) $ 1,811 $ 1,863 $ 1,650
Noninterest income 1,422 1,600 1,990
Total revenue (TE) 3,233 3,463 3,640
Provision for credit losses 379 317 (279)
Depreciation and amortization expense 99 113 134
Other noninterest expense 1,703 1,620 1,732
Income (loss) from continuing operations before income taxes (TE) 1,052 1,413 2,053
Allocated income taxes (benefit) and TE adjustments 213 269 412
INCOME (LOSS) FROM CONTINUING OPERATIONS 839 1,144 1,641
Income (loss) from discontinued operations, net of taxes 0 0 0
NET INCOME (LOSS) 839 1,144 1,641
Less: Net income (loss) attributable to noncontrolling interests 0 0 0
NET INCOME (LOSS) ATTRIBUTABLE TO KEY 839 1,144 1,641
AVERAGE BALANCES      
Loans and leases 75,143 69,549 60,486
Total assets 84,895 80,068 70,051
Deposits 53,874 54,672 55,598
OTHER FINANCIAL DATA      
Expenditures for additions to long-lived assets 3 4 12
Net loan charge-offs $ 111 $ 84 $ 81
Return on average allocated equity 8.14% 12.57% 19.21%
Return on average allocated equity 8.14% 12.57% 19.21%
Average full-time equivalent employees | employee 2,484 2,466 2,384
Other      
Segment Reporting Information [Line Items]      
Net interest income (TE) $ (144) $ 282 $ 87
Noninterest income 104 123 136
Total revenue (TE) (40) 405 223
Provision for credit losses (1) (8) (21)
Depreciation and amortization expense 27 71 80
Other noninterest expense 122 (125) 78
Income (loss) from continuing operations before income taxes (TE) (188) 467 86
Allocated income taxes (benefit) and TE adjustments (65) 65 (17)
INCOME (LOSS) FROM CONTINUING OPERATIONS (123) 402 103
Income (loss) from discontinued operations, net of taxes 3 6 13
NET INCOME (LOSS) (120) 408 116
Less: Net income (loss) attributable to noncontrolling interests 0 0 0
NET INCOME (LOSS) ATTRIBUTABLE TO KEY (120) 408 116
AVERAGE BALANCES      
Loans and leases 453 438 361
Total assets 61,500 61,404 66,212
Deposits 6,221 2,058 963
OTHER FINANCIAL DATA      
Expenditures for additions to long-lived assets 118 198 63
Net loan charge-offs $ 0 $ (6) $ (23)
Return on average allocated equity 1025.00% 19.12% 1.85%
Return on average allocated equity 1000.00% 19.40% 2.09%
Average full-time equivalent employees | employee 7,435 7,094 6,547
v3.24.0.1
Condensed Financial Information of the Parent Company - Condensed Balance Sheets (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
ASSETS        
Cash and due from banks $ 941 $ 887    
Short-term investments 10,817 2,432    
Securities available for sale 37,185 39,117    
Other investments 1,244 1,308    
Total loans 111,098 118,057    
Goodwill 2,752 2,752 $ 2,693  
Corporate-owned life insurance 4,383 4,369    
Derivative assets 181 1,024    
Accrued income and other assets 8,601 9,223    
Total assets 188,281 189,813    
LIABILITIES        
Accrued expense and other liabilities 5,412 4,994    
Total long-term debt 19,554 19,307    
Total liabilities 173,644 176,359    
EQUITY        
Shareholder's equity 14,637 13,454 $ 17,423 $ 17,981
Total liabilities and equity 188,281 189,813    
Key        
ASSETS        
Cash and due from banks 2,727 3,146    
Short-term investments 17 15    
Securities available for sale 0 0    
Other investments 85 78    
Total loans 250 266    
Total investment in subsidiaries 15,690 13,961    
Goodwill 167 167    
Corporate-owned life insurance 197 209    
Derivative assets 1 111    
Accrued income and other assets 331 248    
Total assets 19,465 18,201    
LIABILITIES        
Accrued expense and other liabilities 511 508    
Total long-term debt 4,317 4,239    
Total liabilities 4,828 4,747    
EQUITY        
Shareholder's equity 14,637 13,454    
Total liabilities and equity 19,465 18,201    
Key | Subsidiaries        
LIABILITIES        
Total long-term debt 447 450    
Key | Unaffiliated companies        
LIABILITIES        
Total long-term debt 3,870 3,789    
Key | Banks        
ASSETS        
Total loans 250 250    
Investment in subsidiaries: 14,789 13,033    
Key | Nonbank subsidiaries        
ASSETS        
Total loans 0 16    
Investment in subsidiaries: $ 901 $ 928    
v3.24.0.1
Condensed Financial Information of the Parent Company - Condensed Statements of Income (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Condensed Financial Statements, Captions [Line Items]      
Other income [1] $ 35 $ 31 $ 120
Total interest income 7,927 5,412 4,367
Interest on long-term debt with subsidiary trusts 1,305 475 221
Income (loss) from continuing operations before income taxes (TE) 1,190 2,360 3,281
Income tax (expense) benefit (196) (422) (642)
NET INCOME (LOSS) 967 1,917 2,625
Less: Net income attributable to noncontrolling interests 0 0 0
NET INCOME (LOSS) ATTRIBUTABLE TO KEY 967 1,917 2,625
Key      
Condensed Financial Statements, Captions [Line Items]      
Interest income from subsidiaries 15 4 1
Other income 24 7 36
Total interest income 714 586 2,012
Interest on long-term debt with subsidiary trusts 33 19 13
Interest on other borrowed funds 273 130 65
Personnel and other expense 111 101 101
Total expense 417 250 179
Income (loss) from continuing operations before income taxes (TE) 297 336 1,833
Income tax (expense) benefit 95 60 38
Income (loss) before equity in net income (loss) less dividends from subsidiaries 392 396 1,871
Equity in net income (loss) less dividends from subsidiaries 575 1,521 754
NET INCOME (LOSS) 967 1,917 2,625
Less: Net income attributable to noncontrolling interests 0 0 0
NET INCOME (LOSS) ATTRIBUTABLE TO KEY 967 1,917 2,625
Key | Banks      
Condensed Financial Statements, Captions [Line Items]      
Dividends from subsidiaries: 675 475 1,925
Key | Nonbank subsidiaries      
Condensed Financial Statements, Captions [Line Items]      
Dividends from subsidiaries: $ 0 $ 100 $ 50
[1] Net securities gains (losses) totaled $(11) million for the year ended December 31, 2023, $9 million for the year ended December 31, 2022, and $7 million for the year ended December 31, 2021.
v3.24.0.1
Condensed Financial Information of the Parent Company - Condensed Statements of Cash Flows (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
OPERATING ACTIVITIES      
Net income (loss) attributable to Key $ 967 $ 1,917 $ 2,625
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Deferred income taxes (benefit) (108) (27) 146
Stock-based compensation expense 121 120 104
Other operating activities, net 1,393 382 (615)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 2,903 4,469 1,153
INVESTING ACTIVITIES      
Net (increase) decrease in securities available for sale and in short-term and other investments (8,385) 8,578 5,184
Proceeds from sales, prepayments and maturities of securities available for sale 3,225 4,545 7,623
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES 1,417 (10,934) (15,068)
FINANCING ACTIVITIES      
Net proceeds from issuance of long-term debt 5,240 16,596 1,203
Payments on long-term debt (5,052) (8,580) (2,566)
Repurchase of Treasury Shares 0 0 (585)
Cash dividends paid (911) (854) (823)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES (4,266) 6,439 13,737
NET INCREASE (DECREASE) IN CASH AND DUE FROM BANKS 54 (26) (178)
CASH AND DUE FROM BANKS AT BEGINNING OF YEAR 887 913 1,091
CASH AND DUE FROM BANKS AT END OF YEAR 941 887 913
Key      
OPERATING ACTIVITIES      
Net income (loss) attributable to Key 967 1,917 2,625
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Deferred income taxes (benefit) (6) 6 (22)
Stock-based compensation expense 9 117 9
Equity in net (income) loss less dividends from subsidiaries (575) (1,521) (754)
Net (increase) decrease in other assets 44 23 13
Net increase (decrease) in other liabilities 3 (24) 48
Other operating activities, net 122 (480) (414)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 564 38 1,505
INVESTING ACTIVITIES      
Net (increase) decrease in securities available for sale and in short-term and other investments (14) (26) (15)
Proceeds from sales, prepayments and maturities of securities available for sale 0 0 0
Net (increase) decrease in loans to subsidiaries 16 (200) 0
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES 2 (226) (15)
FINANCING ACTIVITIES      
Net proceeds from issuance of long-term debt 0 1,350 0
Payments on long-term debt 0 0 (997)
Repurchase of Treasury Shares (73) (44) (1,176)
Net cash from the issuance (redemption) of Common Shares and preferred stock 0 590 0
Cash dividends paid (912) (855) (823)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES (985) 1,041 (2,996)
NET INCREASE (DECREASE) IN CASH AND DUE FROM BANKS (419) 853 (1,506)
CASH AND DUE FROM BANKS AT BEGINNING OF YEAR 3,146 2,293 3,799
CASH AND DUE FROM BANKS AT END OF YEAR $ 2,727 $ 3,146 $ 2,293
v3.24.0.1
Condensed Financial Information of the Parent Company - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Condensed Financial Statements, Captions [Line Items]      
Interest paid $ 3,109 $ 601 $ 363
Key      
Condensed Financial Statements, Captions [Line Items]      
Interest paid $ 171 $ 137 $ 130
v3.24.0.1
Revenue from Contracts with Customers (Details) - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers $ 1,435,000,000 $ 1,594,000,000  
Other noninterest income 931,000,000 1,001,000,000  
Noninterest income 2,470,000,000 2,718,000,000 $ 3,194,000,000
Contract assets 0 0  
Contract liabilities 0 0  
Trust and investment services income      
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers 478,000,000 472,000,000  
Investment banking and debt placement fees      
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers 344,000,000 430,000,000  
Services charges on deposit accounts      
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers 269,000,000 350,000,000  
Cards and payments income      
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers 332,000,000 331,000,000  
Other noninterest income      
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers 12,000,000 11,000,000  
Operating Segments | Consumer Bank      
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers 767,000,000 802,000,000  
Noninterest income 944,000,000 995,000,000 1,068,000,000
Operating Segments | Consumer Bank | Trust and investment services income      
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers 410,000,000 403,000,000  
Operating Segments | Consumer Bank | Investment banking and debt placement fees      
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers 0 0  
Operating Segments | Consumer Bank | Services charges on deposit accounts      
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers 158,000,000 211,000,000  
Operating Segments | Consumer Bank | Cards and payments income      
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers 187,000,000 177,000,000  
Operating Segments | Consumer Bank | Other noninterest income      
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers 12,000,000 11,000,000  
Operating Segments | Commercial Bank      
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers 668,000,000 792,000,000  
Noninterest income 1,422,000,000 1,600,000,000 1,990,000,000
Operating Segments | Commercial Bank | Trust and investment services income      
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers 68,000,000 69,000,000  
Operating Segments | Commercial Bank | Investment banking and debt placement fees      
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers 344,000,000 430,000,000  
Operating Segments | Commercial Bank | Services charges on deposit accounts      
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers 111,000,000 139,000,000  
Operating Segments | Commercial Bank | Cards and payments income      
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers 145,000,000 154,000,000  
Operating Segments | Commercial Bank | Other noninterest income      
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers 0 0  
Other      
Disaggregation of Revenue [Line Items]      
Noninterest income $ 104,000,000 $ 123,000,000 $ 136,000,000
v3.24.0.1
Label Element Value
Commercial Bank [Member]  
Goodwill us-gaap_Goodwill $ 933,000,000
Consumer Bank [Member]  
Goodwill us-gaap_Goodwill $ 1,819,000,000