KEYCORP /NEW/, 10-K filed on 2/21/2025
Annual Report
v3.25.0.1
Cover - USD ($)
 12 Months Ended
Dec. 31, 2024
Feb. 19, 2025
Jun. 28, 2024
Entity Information [Line Items]      
Document Type 10-K    
Document Period End Date Dec. 31, 2024    
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     $ 13,402,865,321
Entity Common Stock, Shares Outstanding   1,105,119,318  
Documents Incorporated by Reference
Certain specifically designated portions of KeyCorp’s definitive Proxy Statement for its 2025 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 2024    
Document Fiscal Period Focus FY    
Amendment Flag false    
Document Annual Report true    
Document Transition Report false    
Common Shares      
Entity Information [Line Items]      
Title of 12(b) Security Common Shares, $1 par value    
Trading Symbol KEY    
Security Exchange Name NYSE    
Series E Preferred Stock      
Entity Information [Line Items]      
Title of 12(b) Security Perpetual Non-Cumulative Preferred Stock, Series E)    
Trading Symbol KEY PrI    
Security Exchange Name NYSE    
Series F Preferred Stock      
Entity Information [Line Items]      
Title of 12(b) Security Cumulative Preferred Stock, Series F)    
Trading Symbol KEY PrJ    
Security Exchange Name NYSE    
Series G Preferred Stock      
Entity Information [Line Items]      
Title of 12(b) Security Cumulative Preferred Stock, Series G)    
Trading Symbol KEY PrK    
Security Exchange Name NYSE    
Series H Preferred Stock      
Entity Information [Line Items]      
Title of 12(b) Security Cumulative Preferred Stock, Series H)    
Trading Symbol KEY PrL    
Security Exchange Name NYSE    
v3.25.0.1
Audit Information
 12 Months Ended
Dec. 31, 2024
Audit Information [Abstract]  
Auditor Name Ernst & Young LLP
Auditor Location Cleveland, Ohio
Auditor Firm ID 42
v3.25.0.1
Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
ASSETS    
Cash and due from banks $ 1,743 $ 941
Short-term investments 17,504 10,817
Trading account assets 1,283 1,142
Securities available for sale 37,707 37,185
Held-to-maturity securities (fair value: $6,837 and $8,056) 7,395 8,575
Other investments 1,041 1,244
Loans, net of unearned income of $311 and $356 104,260 112,606
Allowance for loan and lease losses (1,409) (1,508)
Net loans 102,851 111,098
Loans held for sale [1] 797 483
Premises and equipment 614 661
Goodwill 2,752 2,752
Other intangible assets 27 55
Corporate-owned life insurance 4,394 4,383
Accrued income and other assets 8,797 8,601
Discontinued assets 263 344
Total assets 187,168 188,281
Deposits in domestic offices:    
Interest-bearing deposits 120,132 114,859
Noninterest-bearing deposits 29,628 30,728
Total deposits 149,760 145,587
Federal funds purchased and securities sold under repurchase agreements 14 38
Bank notes and other short-term borrowings 2,130 3,053
Accrued expense and other liabilities 4,983 5,412
Long-term debt 12,105 19,554
Total liabilities 168,992 173,644
EQUITY    
Preferred stock 2,500 2,500
Common Shares, $1 par value; authorized 2,100,000,000 shares; issued 1,256,702,081 shares at December 31, 2024 and 2023 1,257 1,257
Capital surplus 6,038 6,281
Retained earnings 14,584 15,672
Treasury stock, at cost (149,915,630 and 320,138,094 shares) (2,733) (5,844)
Accumulated other comprehensive income (loss) (3,470) (5,229)
Total equity 18,176 14,637
Total liabilities and equity $ 187,168 $ 188,281
[1] Total loans held for sale include Real estate — residential mortgage loans held for sale at fair value of $93 million at December 31, 2024, and $51 million at December 31, 2023
v3.25.0.1
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Held-to-maturity securities fair value $ 6,837 $ 8,056
Financing receivable, unearned income $ 311 $ 356
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) 149,915,630 320,138,094
Residential Mortgage    
Loans held for sale (residential) $ 93 $ 51
v3.25.0.1
Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
INTEREST INCOME      
Loans $ 6,026 $ 6,219 $ 4,241
Loans held for sale 60 61 56
Securities available for sale 1,142 793 752
Held-to-maturity securities 284 312 213
Trading account assets 61 55 31
Short-term investments 792 414 97
Other investments 62 73 22
Total interest income 8,427 7,927 5,412
INTEREST EXPENSE      
Deposits 3,307 2,322 279
Federal funds purchased and securities sold under repurchase agreements 4 79 41
Bank notes and other short-term borrowings 164 308 90
Long-term debt 1,187 1,305 475
Total interest expense 4,662 4,014 885
NET INTEREST INCOME 3,765 3,913 4,527
Provision for credit losses 335 489 502
Net interest income after provision for credit losses 3,430 3,424 4,025
NONINTEREST INCOME      
Trust and investment services income 557 516 526
Investment banking and debt placement fees 688 542 638
Cards and payments income 331 340 341
Service charges on deposit accounts 261 270 350
Corporate services income 275 302 372
Commercial mortgage servicing fees 258 190 167
Corporate-owned life insurance income 138 132 132
Consumer mortgage income 58 51 58
Operating lease income and other leasing gains 76 92 103
Other income 23 46 22
Net securities gains (losses) (1,856) (11) 9
Total noninterest income 809 2,470 2,718
NONINTEREST EXPENSE      
Personnel 2,714 2,660 2,566
Net occupancy 266 267 295
Computer processing 414 368 314
Business services and professional fees 174 168 212
Equipment 80 88 92
Operating lease expense 63 77 101
Marketing 94 109 123
Other expense 740 997 707
Total noninterest expense 4,545 4,734 4,410
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (306) 1,160 2,333
Income taxes (143) 196 422
INCOME (LOSS) FROM CONTINUING OPERATIONS (163) 964 1,911
Income (loss) from discontinued operations 2 3 6
NET INCOME (LOSS) (161) 967 1,917
Income (loss) from continuing operations attributable to Key common shareholders (306) 821 1,793
Net income (loss) attributable to Key common shareholders $ (304) $ 824 $ 1,799
Per Common Share:      
Income (loss) from continuing operations attributable to Key common shareholders (in dollars per share) $ (0.32) $ 0.88 $ 1.94
Income (loss) from discontinued operations, net of taxes (in dollars per share) 0 0 0.01
Net income (loss) attributable to Key common shareholders (in dollars per share) [1] (0.32) 0.89 1.94
Per Common Share — assuming dilution:      
Income (loss) from continuing operations attributable to Key common shareholders (in dollars per share) (0.32) 0.88 1.92
Income (loss) from discontinued operations, net of taxes (in dollars per share) 0 0 0.01
Net income (loss) attributable to Key common shareholders (in dollars per share) [1] $ (0.32) $ 0.88 $ 1.93
Weighted-average Common Shares outstanding (in shares) 949,561 927,217 924,363
Effect of Common Share options and other stock awards (in shares) [2] 0 5,542 8,696
Weighted-average Common Shares and potential Common Shares outstanding (in shares) [3] 949,561 932,759 933,059
[1] EPS may not foot due to rounding.
[2] For periods ended in a loss from continuing operations attributable to Key common shareholders, anti-dilutive instruments have been excluded from the calculation of diluted earnings per share.
[3] Assumes conversion of Common Share options and other stock awards and/or convertible preferred stock, as applicable.
v3.25.0.1
Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Comprehensive Income [Abstract]      
Net income (loss) $ (161) $ 967 $ 1,917
Other comprehensive income (loss), net of tax:      
Net unrealized gains (losses) on securities available for sale, net of income taxes of $(459), $(222), and $1,415 1,456 705 (4,492)
Net unrealized gains (losses) on derivative financial instruments, net of income taxes of $(104), $(114), and $382 329 361 (1,212)
Net pension and postretirement benefit costs, net of income taxes of $8, $0, and $1 (26) 0 (5)
Total other comprehensive income (loss), net of tax 1,759 1,066 (5,709)
Comprehensive income (loss) attributable to Key $ 1,598 $ 2,033 $ (3,792)
v3.25.0.1
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Comprehensive Income [Abstract]      
Net unrealized gains (losses) on securities available for sale, tax $ (459) $ (222) $ 1,415
Net unrealized gains (losses) on derivative instruments, tax (104) (114) 382
Net pension and postretirement benefit costs, tax $ 8 $ 0 $ 1
v3.25.0.1
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, 2021             1,396,000                    
Beginning balance, common shares (in shares) at Dec. 31, 2021               928,850,000                  
Beginning 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)    
Employee equity compensation program Common Share repurchases (in shares)               (1,736,000)                  
Employee equity compensation program Common Share repurchases (44)                             (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                             138  
Ending balance, preferred shares (in shares) at Dec. 31, 2023             1,996,000                    
Ending balance, common shares (in shares) at Dec. 31, 2023               936,564,000                  
Ending balance at Dec. 31, 2023 14,637           $ 2,500 $ 1,257 6,281 15,672           (5,844) (5,229)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                  
Net income (loss) (161)                 (161)              
Other comprehensive income (loss) 1,759                               1,759
Deferred compensation (3)               (3)                
Cash dividends declared                                  
Cash dividends declared on common shares (784)                 (784)              
Cash dividends declared on preferred stock   $ (26) $ (31) $ (24) $ (25) $ (37)         $ (26) $ (31) $ (24) $ (25) $ (37)    
Employee equity compensation program Common Share repurchases (in shares)               (1,991,000)                  
Employee equity compensation program Common Share repurchases (28)                             (28)  
Common shares reissued (returned) for stock options and other employee benefit plans (in shares)               9,342,000                  
Common shares reissued (returned) for stock options and other employee benefit plans 128               (42)             170  
Common Shares reissued under Scotiabank investment agreement, net of issuance costs (in shares)               162,871,000                  
Common Shares reissued under Scotiabank investment agreement, net of issuance costs 2,771               (198)             2,969  
Ending balance, preferred shares (in shares) at Dec. 31, 2024   21,000 500,000 425,000 450,000 600,000 1,996,000                    
Ending balance, common shares (in shares) at Dec. 31, 2024               1,106,786,000                  
Ending balance at Dec. 31, 2024 $ 18,176           $ 2,500 $ 1,257 $ 6,038 $ 14,584           $ (2,733) $ (3,470)
v3.25.0.1
Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash dividends declared on Common Shares (in dollars per share) $ 0.82 $ 0.82 $ 0.79
Series D Preferred Stock      
Cash dividends declared on Preferred Stock (in dollars per share) 50.00 50.00 50.00
Series E Preferred Stock      
Cash dividends declared on Preferred Stock (in dollars per share) 1.531252 1.531252 1.531252
Series F Preferred Stock      
Cash dividends declared on Preferred Stock (in dollars per share) 1.4125 1.4125 1.4125
Series G Preferred Stock      
Cash dividends declared on Preferred Stock (in dollars per share) 1.406252 1.406252 1.406252
Series H Preferred Stock      
Cash dividends declared on Preferred Stock (in dollars per share) $ 1.55 $ 1.55 $ 0.477917
v3.25.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
OPERATING ACTIVITIES      
Net income (loss) $ (161) $ 967 $ 1,917
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Provision for credit losses 335 489 502
Depreciation, amortization, and accretion, net 73 154 164
Increase in cash surrender value of corporate-owned life insurance (118) (110) (113)
Stock-based compensation expense 104 121 120
Deferred income taxes (benefit) (351) (108) (27)
Proceeds from sales of loans held for sale 8,174 8,859 12,496
Originations of loans held for sale, net of repayments (8,490) (8,434) (10,684)
Net losses (gains) from sale of loans held for sale (120) (135) (151)
Net losses (gains) on leased equipment (9) (9) 7
Net securities and other investments losses (gains) 1,856 11 (9)
Net losses (gains) on sales of fixed assets (7) 18 (7)
Net change in:      
Trading account assets (141) (313) (128)
Accrued income and other assets (270) 554 (1,044)
Accrued expense and other liabilities (72) 450 1,409
Other operating activities, net (139) 389 17
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 664 2,903 4,469
INVESTING ACTIVITIES      
Purchases of intangible assets via acquisitions 0 0 (12)
Cash received (used) in acquisitions, net of cash acquired 0 0 (58)
Net decrease (increase) in short-term investments, excluding acquisitions (6,687) (8,385) 8,578
Purchases of securities available for sale (21,078) (2,160) (4,473)
Proceeds from sales of securities available for sale 17,932 1,752 0
Proceeds from prepayments and maturities of securities available for sale 2,758 3,225 4,545
Proceeds from prepayments and maturities of held-to-maturity securities 1,190 1,343 2,291
Purchases of held-to-maturity securities 0 (1,194) (3,670)
Net decrease (increase) in other investments 202 58  
Net decrease (increase) in other investments     (635)
Net decrease (increase) in loans, excluding acquisitions, sales, and transfers 7,920 6,668 (17,649)
Proceeds from sales of portfolio loans 194 151 157
Proceeds from corporate-owned life insurance 107 96 72
Purchases of premises, equipment, and software (65) (142) (96)
Proceeds from sales of premises and equipment 24 5 16
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES 2,497 1,417 (10,934)
FINANCING ACTIVITIES      
Net increase (decrease) in deposits 4,173 2,992 (9,977)
Net increase (decrease) in short-term borrowings (947) (6,372) 8,702
Net proceeds from issuance of long-term debt 1,646 5,240 16,596
Payments on long-term debt (9,057) (5,052) (8,580)
Repurchases of long-term debt 0 (92) 0
Issuance of preferred shares 0 0 590
Open market common share repurchases 0 (38) 0
Employee equity compensation program Common Share repurchases (28) (34) (44)
Net proceeds from reissuance of Common Shares 10 1 6
Net proceeds from Scotiabank investment 2,771 0 0
Cash dividends paid (927) (911) (854)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES (2,359) (4,266) 6,439
NET INCREASE (DECREASE) IN CASH AND DUE FROM BANKS 802 54 (26)
CASH AND DUE FROM BANKS AT BEGINNING OF YEAR 941 887 913
CASH AND DUE FROM BANKS AT END OF YEAR 1,743 941 887
Additional disclosures relative to cash flows:      
Interest paid 4,160 3,109 601
Income taxes paid 68 156 292
Noncash items:      
Reduction of secured borrowing and related collateral 4 6 9
Loans transferred to portfolio from held for sale 124 208 105
Loans transferred to held for sale from portfolio 3 19 0
Loans transferred to other real estate owned 6 7 6
CMBS risk retentions 0 0 12
ABS risk retentions $ 5 $ 7 $ 8
v3.25.0.1
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2024
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, 2024, KeyBank operated 944 full-service retail banking branches and 1,182 ATMs in 15 states, as well as additional offices, online and mobile banking capabilities, and a telephone banking call center. Additional information pertaining to our two reportable business segments, Consumer Bank and Commercial Bank, is included in Note 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 have been reclassified in the Consolidated Statements of Cash Flows from “other operating activities, net” to either the net change in “accrued income and other assets” or “accrued expense and other liabilities” to align with updated presentation. Some previously reported amounts have been reclassified in the Consolidated Statements of Income from “other income” to “net securities gains (losses)”.

The consolidated financial statements also include the accounts of any voting rights entities in which we have a controlling financial interest and certain VIEs. In accordance with the applicable accounting guidance for consolidations, we consolidate a VIE if we have (i) a variable interest in the entity; (ii) the power to direct activities of the VIE that most significantly affect the entity’s economic performance; and (iii) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE (i.e., we are considered to be the primary beneficiary). 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

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

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

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

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

Expected credit losses on net investments in leases, including any unguaranteed residual asset, are included in the ALLL. Net gains or losses on sales of lease residuals are included in “other income” or “other expense” on the income statement. Additional information pertaining to the value of lease residuals is provided in Note 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. Nonperforming loans do not include loans held for sale. Once a loan is designated nonaccrual, the interest accrued but not collected is reversed against interest income, and payments subsequently received are applied to principal until qualifying for return to accrual.
We generally classify commercial loans as nonperforming and stop accruing interest (i.e., designate the loan “nonaccrual”) when the borrower’s principal or interest payment is 90 days past due unless the loan is well-secured and in the process of collection. Commercial loans are also placed on nonaccrual status when payment is not past due but we have serious doubts about the borrower’s ability to comply with existing repayment terms. Once a loan is designated nonaccrual (and as a result assessed for impairment), the interest accrued but not collected is reversed against loan interest income, and payments subsequently received are applied to principal. Commercial loans are typically charged off in full or charged down to the fair value of the underlying collateral when the borrower’s payment is 180 days past due.

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

Commercial and consumer loans may be returned to accrual status if we are reasonably assured that all contractually due principal and interest are collectible and the borrower has demonstrated a sustained period (generally six months) of repayment performance under the contracted terms of the loan and applicable regulation.
Purchased Loans
Purchased performing loans that do not have evidence of deterioration in credit quality at acquisition are recorded at fair value at the acquisition date. Any premium or discount associated with purchased performing loans is recognized in interest income based on the effective yield method of amortization for term loans or the straight-line method of amortization for revolving loans. The methods utilized to estimate the required ALLL for purchased performing loans is similar to originated loans.
Purchased loans that have experienced a more-than-insignificant deterioration in credit quality since origination are deemed PCD loans. PCD loans are initially recorded at fair value along with an allowance for credit losses determined using the same methodology as originated loans. The sum of the loan's purchase price and allowance for credit losses becomes its initial amortized cost basis. The difference between the initial amortized cost basis and the par value of the loan is a noncredit discount or premium, which is amortized into interest income over the life of the loan. Subsequent changes to the allowance for credit losses are recorded through provision for credit losses.
Allowance for Loan and Lease Losses
We estimate the ALLL using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. The ALLL is measured on a collective (pool) basis when similar risk characteristics exist. Our portfolio segments include commercial and consumer. Each of these two segments comprises multiple loan classes. Classes are characterized by similarities in initial measurement, risk attributes, and the manner in which we monitor and assess credit risk. The commercial segment is composed of commercial and industrial, commercial real estate, and commercial lease financing loan classes. The consumer lending segment is composed of residential mortgage, home equity, consumer direct, credit card, student lending and consumer indirect loan classes.

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

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

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

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

Quantitative Component

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

•     The nature and volume of the institution’s financial assets;
•     The existence, growth, and effect of any concentrations of credit;
•     The volume and severity of past due financial assets, the volume of nonaccrual assets, and the volume and     
severity of adversely classified or graded assets;
•     The value of the underlying collateral for loans that are not collateral dependent;
•     The institution’s lending policies and procedures, including changes in underwriting standards and practices
for collections, write-offs, and recoveries;
•     The quality of the institution’s credit review function;
•     The experience, ability, and depth of the institution’s lending, investment, collection, and other relevant
management and staff;
•     The effect of other external factors such as the regulatory, legal and technological environments;
competition; and events such as natural disasters; and
•     Actual and expected changes in international, national, regional, and local economic and business
conditions and developments in which the institution operates that affect the collectability of financial assets.
Liability for Credit Losses on Lending-Related Commitments
The liability for credit losses on lending-related commitments, such as letters of credit and unfunded loan commitments, is included in “accrued expense and other liabilities” on the balance sheet. Expected credit losses are estimated over the contractual period in which we are exposed to credit risk via a contractual obligation unless that obligation is unconditionally cancellable by us. The liability for credit losses on lending-related commitments is adjusted as a provision for credit losses. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated useful life. Consistent with our estimation process on our loan and lease portfolio, we use a non-DCF factor-based approach to estimate expected credit losses that include component PD/LGD/EAD models as well as less complex estimation methods for smaller portfolios.
Allowance for Credit Losses on Other Financial Assets
The allowance for credit losses on other financial assets, such as other receivables and servicing advances, is
determined based on historical loss information and other available indicators. If such information does not indicate
any expected credit losses, Key may estimate the allowance for credit losses on other financial assets to be zero or
close to zero.    
Fair Value Measurements
Fair value is defined as the price to sell an asset or transfer a liability in an orderly transaction between market participants in the principal market. Therefore, fair value represents an exit price at the measurement date. We value our assets and liabilities based on the principal or most advantageous market where each would be sold (in the case of assets) or transferred (in the case of liabilities). In the absence of observable market transactions, we consider liquidity valuation adjustments to reflect the uncertainty in pricing the instruments.
Valuation inputs can be observable or unobservable. Observable inputs are assumptions based on market data obtained from an independent source. Unobservable inputs are assumptions based on our own information or assessment of assumptions used by other market participants in pricing the asset or liability. Our unobservable inputs are based on the best and most current information available on the measurement date.
All inputs, whether observable or unobservable, are ranked in accordance with a prescribed fair value hierarchy that gives the highest ranking to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest ranking to unobservable inputs (Level 3). Fair values for Level 2 assets and liabilities are based on one or a combination of the following factors: (i) quoted market prices for similar assets or liabilities; (ii) observable inputs, such as interest rates or yield curves; or (iii) inputs derived principally from or corroborated by observable market data. The level in the fair value hierarchy ascribed to a fair value measurement in its entirety is based on the lowest level input that is significant to the measurement. Assets and liabilities may transfer between levels based on the observable and unobservable inputs used at the valuation date.
Assets and liabilities are recorded at fair value on a recurring or nonrecurring basis. Nonrecurring fair value adjustments are typically recorded as a result of the application of lower of cost or fair value accounting; or impairment. At a minimum, we conduct our valuations quarterly.
Additional information regarding fair value measurements and disclosures is provided in Note 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 “net securities gains (losses)” on the income statement. Unrealized holding gains are recorded through other comprehensive income. Unrealized losses in fair value below the amortized cost basis are assessed to determine whether the impairment gets recorded through other comprehensive income or through earnings using a valuation allowance.
For available-for-sale securities in an unrealized loss position, we first assess whether we intend to sell, or it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis. If either of these criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value in “net securities gains (losses)” on the income statement. For debt securities that do not meet the aforementioned criteria, we evaluate whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized costs, the nature of the security, the underlying collateral, and the financial condition of the issuers, among other factors. If this assessment indicates a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of the cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for available-for-sale securities is recorded for the credit loss, limited by the amount that the fair value is less than the amortized costs basis. Any impairment that has not been recorded through an allowance for available-for-sale securities is recognized in other comprehensive income.
Changes in the allowance for available-for-sale securities are recorded as provision for (or reversal of) credit loss. Losses are charged against the allowance for available-for-sale securities when management believes the uncollectibility of an available-for-sale security is confirmed or when either criteria regarding intent or requirement to sell is met.
For additional information on our available-for-sale portfolio, refer to Note 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.
A fair value hedge is used to limit exposure to changes in the fair value of existing assets, liabilities, and commitments caused by changes in interest rates or other economic factors. The change in the fair value of an instrument designated as a fair value hedge is recorded in earnings at the same time as a change in fair value of the hedged item attributable to the hedged risk and recorded in the same income statement line as the change in fair value of the hedged item.
A cash flow hedge is used to minimize the variability of future cash flows that is caused by changes in interest rates or other economic factors. The gain or loss on a cash flow hedge is recorded as a component of AOCI on the balance sheet and reclassified to earnings in the same period in which the hedged transaction affects earnings (e.g., when we incur variable-rate interest on debt, earn variable-rate interest on loans, or sell commercial real estate loans) and recorded in the same income statement line as the hedged transaction.
A net investment hedge is used to hedge the exposure of changes in the carrying value of investments as a result of changes in the related foreign exchange rates. The gain or loss on a net investment hedge is recorded as a component of AOCI on the balance sheet when the terms of the derivative match the notional and currency risk being hedged. The amount in AOCI is reclassified into income when the hedged transaction affects earnings (e.g., when we dispose or liquidate a foreign subsidiary).
Hedge “effectiveness” is determined by the extent to which changes in the fair value of a derivative instrument offset changes in the fair value, cash flows, or carrying value attributable to the risk being hedged. If the relationship between the change in the fair value of the derivative instrument and the change in the hedged item falls within a range considered to be the industry norm, the hedge is considered “highly effective” and qualifies for hedge accounting. A hedge is “ineffective” if the relationship between the changes falls outside the acceptable range. In that case, hedge accounting is discontinued on a prospective basis. Hedge effectiveness is tested at least quarterly.
We take into account the impact of bilateral collateral and master netting agreements that allow us to settle all derivative contracts held with a single counterparty on a net basis, and to offset the net derivative position with the related cash collateral when recognizing derivative assets and liabilities. As a result, we could have derivative contracts with negative fair values included in derivative assets on the balance sheet and contracts with positive fair values included in derivative liabilities. Derivative assets and derivative liabilities are recorded within “accrued income and other assets” and “accrued expense and other liabilities,” respectively.
Additional information regarding the accounting for derivatives is provided in Note 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.

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

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 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, 2024The 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.
ASU 2023-07 Segment Reporting (Topic 280)January 1, 2024This guidance requires certain segment disclosures in annual and interim periods. It also clarifies that companies may report on additional measures if the chief operating decision maker uses more than one measure of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources.

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

Key updated its segment disclosures in Note. 25, Business Segment Reporting, to reflect this new guidance.
Accounting Guidance Adopted in 2025

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

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

The guidance should be applied on a prospective or retrospective basis.		The guidance is not expected to have a material impact on Key’s disclosures.
v3.25.0.1
Earnings Per Common Share
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Earnings Per Common Share
2. Earnings Per Common Share

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

Our basic and diluted earnings per Common Share are calculated as follows:
Year ended December 31,   
Dollars in millions, except per share amounts202420232022
EARNINGS
Income (loss) from continuing operations$(163)$964 $1,911 
Less: Dividends on preferred stock143 143 118 
Income (loss) from continuing operations attributable to Key common shareholders(306)821 1,793 
Income (loss) from discontinued operations, net of taxes2 3 6 
Net income (loss) attributable to Key common shareholders$(304)$824 $1,799 
WEIGHTED-AVERAGE COMMON SHARES
Weighted-average Common Shares outstanding (000)949,561 927,217 924,363 
Effect of common share options and other stock awards(a)
— 5,542 8,696 
Weighted-average common shares and potential Common Shares outstanding (000) (b)
949,561 932,759 933,059 
EARNINGS PER COMMON SHARE
Income (loss) from continuing operations attributable to Key common shareholders$(.32)$.88 $1.94 
Income (loss) from discontinued operations, net of taxes— — .01 
Net income (loss) attributable to Key common shareholders (c)
(.32).89 1.94 
Income (loss) from continuing operations attributable to Key common shareholders — assuming dilution(.32).88 1.92 
Income (loss) from discontinued operations, net of taxes — assuming dilution— — .01 
Net income (loss) attributable to Key common shareholders — assuming dilution (c)
(.32).88 1.93 
(a)For periods ended in a loss from continuing operations attributable to Key common shareholders, anti-dilutive instruments have been excluded from the calculation of diluted earnings per share.
(b)Assumes conversion of Common Share options and other stock awards and/or convertible preferred stock, as applicable.
(c)EPS may not foot due to rounding.
v3.25.0.1
Restrictions on Cash, Dividends and Lending Activities
 12 Months Ended
Dec. 31, 2024
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 2024, KeyBank paid $750 million in dividends to KeyCorp. At December 31, 2024, KeyBank had no regulatory capacity to pay dividends to KeyCorp without prior regulatory approval. At December 31, 2024, KeyCorp held $5.2 billion in cash and short-term investments, which can be used to pay dividends to shareholders, service debt, and finance corporate operations.
v3.25.0.1
Loan Portfolio
 12 Months Ended
Dec. 31, 2024
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 millions20242023
Commercial and industrial (b)
$52,909 $55,815 
Commercial real estate:
Commercial mortgage13,310 15,187 
Construction2,936 3,066 
Total commercial real estate loans16,246 18,253 
Commercial lease financing (c)
2,736 3,523 
Total commercial loans71,891 77,591 
Residential — prime loans:
Real estate — residential mortgage19,886 20,958 
Home equity loans6,358 7,139 
Total residential — prime loans26,244 28,097 
Other consumer loans5,167 5,916 
Credit cards958 1,002 
Total consumer loans32,369 35,015 
Total loans (d)
$104,260 $112,606 
(a)Accrued interest of $456 million and $522 million at December 31, 2024, and December 31, 2023, 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 $212 million and $207 million of commercial credit card balances at December 31, 2024, and December 31, 2023, respectively.
(c)Commercial lease financing includes receivables of $3 million and $7 million held as collateral for secured borrowings at December 31, 2024, and December 31, 2023, respectively. Principal reductions are based on the cash payments received from these related receivables. Additional information pertaining to this secured borrowing is included in Note 20 (“Long-Term Debt”).
(d)Total loans exclude loans of $257 million at December 31, 2024, and $339 million at December 31, 2023, related to the discontinued operations of the education lending business.
v3.25.0.1
Asset Quality
 12 Months Ended
Dec. 31, 2024
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, 2024, represents our current estimate of lifetime credit losses inherent in the loan portfolio at that date. The changes in the ALLL by loan category for the periods indicated are as follows:

Twelve Months Ended December 31, 2024:
Dollars in millionsDecember 31, 2023ProvisionCharge-offsRecoveriesDecember 31, 2024
Commercial and Industrial $556 $388 $(363)$58 $639 
Commercial real estate:
Real estate — commercial mortgage419 (61)(40)2 320 
Real estate — construction52 (1)— — 51 
Total commercial real estate loans471 (62)(40)2 371 
Commercial lease financing33 (4)(7)5 27 
Total commercial loans1,060 322 (410)65 1,037 
Real estate — residential mortgage162 (74)(3)5 90 
Home equity loans86 (16)(2)2 70 
Other consumer loans122 70 (64)8 136 
Credit cards78 39 (47)6 76 
Total consumer loans448 19 (116)21 372 
Total ALLL — continuing operations1,508 341 
(a)
(526)86 1,409 
Discontinued operations16 — (4)1 13 
Total ALLL — including discontinued operations$1,524 $341 $(530)$87 $1,422 
(a)Excludes a credit related to reserves on lending-related commitments of $6 million.

Twelve Months Ended December 31, 2023:
Dollars in millionsDecember 31, 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 
Other consumer loans113 52 (51)8 122 
Credit cards66 42 (37)7 78 
Total consumer loans473 44 (91)22 448 
Total ALLL — continuing operations1,337 415 
(a)
(318)74 1,508 
Discontinued operations21 (2)(4)1 16 
Total ALLL — including discontinued operations$1,358 $413 $(322)$75 $1,524 
(a)Excludes a provision related to reserves on lending-related commitments of $74 million.
Twelve Months Ended December 31, 2022
Dollars in millionsDecember 31, 2021Provision Charge-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 
Other consumer loans107 34   (38)10 113 
Credit cards61 29   (30)6 66 
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.

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, unemployment rate, and 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
Other consumerUnemployment rate and U.S. household income
Credit cardsUnemployment rate and U.S. household income
Discontinued operationsUnemployment rate
(a)Variables include all transformations and interactions with other risk drivers. Additionally, variables may have varying impacts at different points in the economic cycle.

In addition to macroeconomic drivers, portfolio attributes such as remaining term, outstanding balance, risk ratings, utilization, FICO, LTV, and delinquency also drive ALLL changes. Our ALLL models were designed to capture the correlation between economic and portfolio changes. As such, evaluating shifts in individual portfolio attributes and macroeconomic variables in isolation may not be indicative of past or future performance.

Economic Outlook

As of December 31, 2024, economic uncertainty remains elevated due to geopolitical tensions and the interest rate environment, as well as the U.S. presidential administration change. The unemployment rate remained at a relatively low level, although job growth remains stable. Inflation has continued to come down and commercial real estate pressures have eased. We utilized the Moody’s November 2024 Consensus forecast as the baseline forecast to estimate our expected credit losses as of December 31, 2024. 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 slowing growth into 2025. U.S. GDP is expected to grow at an annual rate of approximately 2.0% for both 2025 and 2026, compared to 2.7% in 2024. The expected National Unemployment Rate was 4.2% in the fourth quarter of 2024, with the forecast remaining at 4.4% through late-2025. The U.S. Consumer Price Index is forecasted at 2.2% for 2025. The outlook for the National Home Price Index reflects 2% growth in 2025, while the Commercial Real Estate Price Index is forecasted to remain stable.

We did not identify material limitations in the third-party economic forecast that required management qualitative adjustments to the ALLL. As a result of the current economic uncertainty, our future loss estimates may vary considerably from our December 31, 2024 assumptions.

Commercial Loan Portfolio

The commercial ALLL decreased by $23 million, or 2.2%, from December 31, 2023, through December 31, 2024. The overall decrease is driven by changes in portfolio activity and the economic outlook.

The change in the reserve levels is reflective of the strategic and ongoing balance sheet optimization efforts, in addition to improving credit quality and economic conditions for the commercial real estate portfolio. Reserve decreases due to these drivers are partly offset by a reserve build due to credit quality migration in the commercial and industrial portfolio and changes in management qualitative adjustments for commercial real estate price volatility.

Consumer Loan Portfolio

The consumer ALLL decreased $76 million, or 17.0%, from December 31, 2023, through December 31, 2024. The overall decrease in the allowance is primarily driven by changes in portfolio activity.

The reserve decrease is concentrated in the real estate portfolio and is largely attributable to the ongoing loan reductions. The most meaningful change to the economic forecast year-over-year is the improvement in the home price index outlook, which contributed 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 grading or scoring. Loan grades are assigned at the time of origination, verified by credit risk management, and periodically re-evaluated thereafter. This risk rating methodology blends our judgment with quantitative modeling. Commercial loans generally are assigned two internal risk ratings. The first rating reflects the probability that the borrower will default on an obligation; the second rating reflects expected recovery rates on the credit facility. Default probability is determined based on, among other factors, the financial strength of the borrower, an assessment of the borrower’s management, the borrower’s competitive position within its industry sector, and our view of industry risk in the context of the general economic outlook. Types of exposure, transaction structure, and collateral, including credit risk mitigants, affect the expected recovery assessment.
Commercial Credit Exposure
Credit Risk Profile by Creditworthiness Category and Vintage (a)
As of December 31, 2024Term LoansRevolving Loans Amortized Cost BasisRevolving Loans Converted to Term Loans Amortized Cost Basis
Amortized Cost Basis by Origination Year and Internal Risk Rating
Dollars in millions20242023202220212020PriorTotal
Commercial and Industrial
Risk Rating:
Pass$6,345 $3,097 $7,119 $3,934 $1,617 $3,969 $22,709 $115 $48,905 
Criticized (Accruing)172 219 597 419 208 476 1,550 41 3,682 
Criticized (Nonaccruing)23 13 68 30 2 31 153 2 322 
Total commercial and industrial6,540 3,329 7,784 4,383 1,827 4,476 24,412 158 52,909 
Current period gross write-offs1 1265106431144— 363 
Real estate — commercial mortgage
Risk Rating:
Pass1,052 748 2,818 2,202 594 3,194 1,001 41 11,650 
Criticized (Accruing)31 85 571 281 93 316 30 9 1,416 
Criticized (Nonaccruing)— — 123 52 3 66 — — 244 
Total real estate — commercial mortgage
1,083 833 3,512 2,535 690 3,576 1,031 50 13,310 
Current period gross write-offs— 0160321— 40 
Real estate — construction
Risk Rating:
Pass199 846 1,021 340 87 67 42 2 2,604 
Criticized (Accruing)— 17 112 58 68 77 — — 332 
Criticized (Nonaccruing)— — — — — — — — — 
Total real estate — construction199 863 1,133 398 155 144 42 2 2,936 
Current period gross write-offs— — — — — — — — — 
Commercial lease financing
Risk Rating:
Pass301 430 626 368 217 679 — — 2,621 
Criticized (Accruing)2 34 33 9 16 21 — — 115 
Criticized (Nonaccruing)— — — — — — — — — 
Total commercial lease financing303 464 659 377 233 700 — — 2,736 
Current period gross write-offs— — — — — 7 — — 7 
Total commercial loans$8,125 $5,489 $13,088 $7,693 $2,905 $8,896 $25,485 $210 $71,891 
Total commercial loan current period gross write-offs$1 $12 $66 $112 $4 $70 $145 $— $410 
(a)Accrued interest of $322 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, 2024Term LoansRevolving Loans Amortized Cost BasisRevolving Loans Converted to Term Loans Amortized Cost Basis
Amortized Cost Basis by Origination Year and FICO Score
Dollars in millions20242023202220212020PriorTotal
Real estate — residential mortgage
FICO Score:
750 and above$281 $669 $5,720 $7,203 $2,247 $1,510 $— $— $17,630 
660 to 74967 116 597 655 199 280 — — 1,914 
Less than 6604 13 81 63 24 134 — — 319 
No Score3 2 1 — 1 15 1 — 23 
Total real estate — residential mortgage355 800 6,399 7,921 2,471 1,939 1 — 19,886 
Current period gross write-offs1 — 1 — — 1 — — 3 
Home equity loans
FICO Score:
750 and above33 31 139 775 612 731 1,886 251 4,458 
660 to 74917 17 50 181 129 186 772 80 1,432 
Less than 6602 5 15 40 31 82 263 25 463 
No Score— — — — — 1 4 — 5 
Total home equity loans52 53 204 996 772 1,000 2,925 356 6,358 
Current period gross write-offs— — — — — 1 1 — 2 
Other consumer loans
FICO Score:
750 and above107 143 1,149 1,210 527 245 88 — 3,469 
660 to 74970 109 275 268 128 108 184 — 1,142 
Less than 6609 23 59 59 29 24 56 — 259 
No Score35 12 18 17 7 12 196 — 297 
Total consumer direct loans221 287 1,501 1,554 691 389 524 — 5,167 
Current period gross write-offs— 7 17 12 7 6 15 — 64 
Credit cards
FICO Score:
750 and above— — — — — — 476 — 476 
660 to 749— — — — — — 372 — 372 
Less than 660— — — — — — 109 — 109 
No Score— — — — — — 1 — 1 
Total credit cards— — — — — — 958 — 958 
Current period gross write-offs— — — — — — 47 — 47 
Total consumer loans$628 $1,140 $8,104 $10,471 $3,934 $3,328 $4,408 $356 $32,369 
Total consumer loan current period gross write-offs$1 $7 $18 $12 $7 $8 $63 $— $116 
(a)Accrued interest of $134 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, 2024, and December 31, 2023, provides further information regarding Key’s credit exposure.
Aging Analysis of Loan Portfolio
December 31, 2024
Current(b)(c)
30-59
Days Past
Due (b)
60-89
Days Past
Due (b)
90 and
Greater
Days Past
Due (b)
Non-performing
Loans		Total Past
Due and
Non-performing
Loans
Total
Loans (d)
Dollars in millions
LOAN TYPE(a)
Commercial and industrial$52,473 $48 $21 $45 $322 $436 $52,909 
Commercial real estate:
Commercial mortgage13,018 4 29 16 243 292 13,310 
Construction2,932 — — 4 — 4 2,936 
Total commercial real estate loans15,950 4 29 20 243 296 16,246 
Commercial lease financing2,728 1 6 1 — 8 2,736 
Total commercial loans$71,151 $53 $56 $66 $565 $740 $71,891 
Real estate — residential mortgage$19,766 $20 $8 $— $92 $120 $19,886 
Home equity loans6,232 26 8 3 89 126 6,358 
Other consumer loans5,129 15 9 9 5 38 5,167 
Credit cards928 6 5 12 7 30 958 
Total consumer loans$32,055 $67 $30 $24 $193 $314 $32,369 
Total loans$103,206 $120 $86 $90 $758 $1,054 $104,260 
(a)Amounts in table represent amortized cost and exclude loans held for sale.
(b)Accrued interest of $456 million presented in “Accrued income and other assets” on the Consolidated Balance Sheets is excluded from the amortized cost basis disclosed in this table.
(c)Includes balances of $75 million in Commercial mortgage and $7 million in Real estate - residential mortgage associated with loans sold to GNMA where Key has the right but not the obligation to repurchase.
(d)Net of unearned income, net of deferred fees and costs, and unamortized discounts and premiums.

December 31, 2023
Current(b)(c)
30-59
Days Past
Due (b)
60-89
Days Past
Due (b)
90 and
Greater
Days Past
Due (b)
Non-performing
Loans		Total Past Due and Non-performing Loans
Total
Loans (d)
Dollars in millions
LOAN TYPE(a)
Commercial and industrial$55,354 $62 $30 $72 $297 $461 $55,815 
Commercial real estate:
Commercial mortgage15,049 25 3 10 100 138 15,187 
Construction3,065 1 — — — 1 3,066 
Total commercial real estate loans18,114 26 3 10 100 139 18,253 
Commercial lease financing3,520 2 1 — — 3 3,523 
Total commercial loans$76,988 $90 $34 $82 $397 $603 $77,591 
Real estate — residential mortgage$20,863 $17 $7 $— $71 $95 $20,958 
Home equity loans7,001 27 10 4 97 138 7,139 
Other consumer loans5,877 16 10 9 4 39 5,916 
Credit cards974 6 5 12 5 28 1,002 
Total consumer loans$34,715 $66 $32 $25 $177 $300 $35,015 
Total loans$111,703 $156 $66 $107 $574 $903 $112,606 
(a)Amounts in table represent amortized cost and exclude loans held for sale.
(b)Accrued interest of $522 million presented in “Accrued income and other assets” on the Consolidated Balance Sheets is excluded from the amortized cost basis disclosed in this table.
(c)Includes balances of $94 million in Commercial mortgage and $3 million in Real estate - residential mortgage associated with loans sold to GNMA where Key has the right but not the obligation to repurchase.
(d)Net of unearned income, net of deferred fees and costs, and unamortized discounts and premiums.

At December 31, 2024, 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 79% of their original contractual amount owed.

Nonperforming loans reduced expected interest income by $54 million, $37 million, and $17 million for each of the twelve months ended December 31, 2024, December 31, 2023, and December 31, 2022, respectively.

The amortized cost basis of nonperforming loans on nonaccrual status for which there is no related allowance for credit losses was $381 million at December 31, 2024.

As of December 31, 2024, 43% of our nonperforming loans were contractually current versus 51% as of December 31, 2023.
Collateral-dependent Financial Assets

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

At December 31, 2024 and December 31, 2023, the recorded investment of consumer residential mortgage loans in the process of foreclosure was approximately $72 million and $89 million, respectively.

There were no significant changes in the extent to which collateral secures our collateral-dependent financial assets during 2024.

Loan Modifications Made to Borrowers Experiencing Financial Difficulty

As part of our loss mitigation activities, we may agree to modify the contractual terms of a loan to a borrower experiencing financial difficulty. Our loan modifications are handled on a case-by-case basis and are negotiated to achieve mutually agreeable terms that maximize loan collectability and meet the borrower’s financial needs. Such modifications may include an extension of maturity date, interest rate reduction, an other than insignificant payment delay, other modifications, or some combination thereof. Many factors can go into what is considered an other than insignificant payment delay such as the significance of the restricted payment amount relative to the normal loan payment or the relative significance of the delay to the original loan terms. Generally, Key considers any delay in payment of greater than 90 days in the last 12 months to be significant. The ALLL for loans modified for borrowers experiencing financial difficulty is determined based on Key’s ALLL policy as described within Note 1 (“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 within the past 12 months or since the adoption of ASU 2022-02 for the reporting period in 2023. 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, 2024, there were 120 loans totaling $20 million in a trial modification period. 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 $15 million and $61 million at December 31, 2024 and December 31, 2023, respectively.
As of December 31, 2024Interest Rate ReductionTerm ExtensionOther
Combination(a)
Total
Dollars in millionsAmortized Cost BasisAmortized Cost BasisAmortized Cost BasisAmortized Cost BasisAmortized Cost Basis% of Total Loan Type
LOAN TYPE
Commercial and Industrial$— $118 $25 $20 $163 0.31 %
Commercial real estate:
Commercial mortgage28 236 22 21 307 2.31 
Construction— 29 — — 29 0.99 
Total commercial real estate loans28 265 22 21 336 2.07 
Commercial lease financing— — — — — — 
Total commercial loans$28 $383 $47 $41 $499 0.69 %
Real estate — residential mortgage$1 $1 $— $12 $14 0.07 %
Home equity loans3 1 2 7 13 0.20 
Other consumer loans— 2 — 3 5 0.10 
Credit cards— — — 3 3 0.31 
Total consumer loans$4 $4 $2 $25 $35 0.11 %
Total loans$32 $387 $49 $66 $534 0.51 %
(a)Combination modifications consist primarily of loans modified with both an interest rate reduction and a term extension.

As of December 31, 2023Interest Rate ReductionTerm ExtensionOther
Combination(a)
Total
Dollars in millionsAmortized Cost BasisAmortized Cost BasisAmortized Cost BasisAmortized Cost BasisAmortized Cost Basis% of Total Loan Type
LOAN TYPE
Commercial and Industrial$— $180 $49 $34 $263 0.47 %
Commercial real estate:
Commercial mortgage— 4 2 — 6 0.04 
Construction— — — — — — 
Total commercial real estate loans— 4 2 — 6 0.03 
Commercial lease financing— — — — — — 
Total commercial loans$— $184 $51 $34 $269 0.35 %
Real estate — residential mortgage$— $— $1 $9 $10 0.05 %
Home equity loans2 1 1 5 9 0.13 
Other consumer loans— 1 — 2 3 0.05 
Credit cards— — — 4 4 0.40 
Total consumer loans$2 $2 $2 $20 $26 0.07 %
Total loans$2 $186 $53 $54 $295 0.26 %
(a)Combination modifications consist primarily of loans modified with both an interest rate reduction and a term extension.

Financial Effects of Modifications to Borrowers Experiencing Financial Difficulty

The following table summarizes the financial impacts of loan modifications made to specific loans during the twelve months ended December 31, 2024.

Twelve months ended December 31, 2024Weighted-average Interest Rate ChangeWeighted-average Term Extension (in years)
LOAN TYPE
Commercial and Industrial(4.12)%1.75
Commercial mortgage(1.49)%0.66
Construction— %2.87
Real estate — residential mortgage(1.81)%6.15
Home equity loans(4.03)%6.53
Other consumer loans(4.06)%0.77
Credit cards(16.26)%1.00
Twelve months ended December 31, 2023Weighted-average Interest Rate ChangeWeighted-average Term Extension (in years)
LOAN TYPE
Commercial and Industrial(5.69)%0.59
Commercial mortgage— %1.37
Real estate — residential mortgage(1.97)%7.58
Home equity loans(4.02)%6.87
Other consumer loans(3.62)%1.01
Credit cards(14.90)%1.00
Amortized Cost Basis of Modified Loans That Subsequently Defaulted
Twelve months ended December 31, 2024
Dollars in millionsInterest Rate ReductionTerm ExtensionOtherCombinationTotal
LOAN TYPE
Commercial and Industrial$— $22 $— $1 $23 
Commercial real estate
Commercial mortgage11 — — 11 
Construction— — — — — 
Total commercial real estate loans11 — — — 11 
Commercial lease financing— — — — — 
Total commercial loans$11 $22 $— $1 $34 
Real estate — residential mortgage$— $— $— $1 $1 
Home equity loans— — — 2 2 
Other consumer loans— — — — — 
Credit cards— — — — — 
Total consumer loans$— $— $— $3 $3 
Total loans$11 $22 $— $4 $37 

Twelve months ended December 31, 2023
Dollars in millionsInterest Rate ReductionTerm ExtensionOtherCombinationTotal
LOAN TYPE
Commercial and Industrial$— $7 $— $3 $10 
Commercial real estate
Commercial mortgage— — 1 — 1 
Construction— — — — — 
Total commercial real estate loans— 7 1 3 11 
Commercial lease financing— — — — — 
Total commercial loans$— $7 $1 $3 $11 
Real estate — residential mortgage$— $— $— $— $— 
Home equity loans— — — — — 
Other consumer loans— — — — — 
Credit cards— — — — — 
Total consumer loans$— $— $— $— $— 
Total loans$— $7 $1 $3 $11 
Key closely monitors the performance of loans that are modified for borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table depicts the performance of loans that have been modified for borrowers experiencing financial difficulty in the past 12 months as of each respective period.
As of December 31, 2024Current30-89
Days Past
Due		90 and
Greater
Days Past
Due		Total
Dollars in millions
LOAN TYPE
Commercial and Industrial$154 $3 $6 $163 
Commercial real estate
Commercial mortgage260 19 28 307 
Construction29 — — 29 
Total commercial real estate loans289 19 28 336 
Commercial lease financing— — — — 
Total commercial loans$443 $22 $34 $499 
Real estate — residential mortgage$12 $1 $1 $14 
Home equity loans11 1 1 13 
Other consumer loans5 — — 5 
Credit cards3 — — 3 
Total consumer loans$31 $2 $2 $35 
Total loans$474 $24 $36 $534 

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 loans$244 $25 $— $269 
Real estate — residential mortgage$9 $1 $— $10 
Home equity loans8 — 1 9 
Other consumer loans3 — — 3 
Credit cards3 1 — 4 
Total consumer loans$23 $2 $1 $26 
Total loans$267 $27 $1 $295 

Liability for Credit Losses on 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 millions20242023
Balance at beginning of period$296 $225 
Provision (credit) for losses on off balance sheet exposures(6)74 
Other— (3)
Balance at end of period$290 $296 
v3.25.0.1
Fair Value Measurements
 12 Months Ended
Dec. 31, 2024
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, 2024, and December 31, 2023.
December 31, 2024December 31, 2023
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Dollars in millions
ASSETS MEASURED ON A RECURRING BASIS
Trading account assets:
U.S. Treasury, agencies and corporations$— $930 $— $930 $— $685 $— $685 
States and political subdivisions— 127 — 127 — 93 — 93 
Other mortgage-backed securities— 183 — 183 — 340 — 340 
Other securities— 25 — 25 — 21 — 21 
Total trading account securities— 1,265 — 1,265 — 1,139 — 1,139 
Commercial loans— 18 — 18 — 3 — 3 
Total trading account assets— 1,283 — 1,283 — 1,142 — 1,142 
Securities available for sale:
U.S. Treasury, agencies and corporations— 8,904 — 8,904 — 9,026 — 9,026 
States and political subdivisions— — — — — — — — 
Agency residential collateralized mortgage obligations— 9,224 — 9,224 — 15,478 — 15,478 
Agency residential mortgage-backed securities— 15,169 — 15,169 — 3,589 — 3,589 
Agency commercial mortgage-backed securities— 4,410 — 4,410 — 9,092 — 9,092 
Other securities— — — — — — — — 
Total securities available for sale$— $37,707 $— $37,707 $— $37,185 $— $37,185 
Other investments:
Principal investments:
Indirect (measured at NAV) (a)
— — — 14 — — — 17 
Total principal investments— — — 14 — — — 17 
Equity investments:
Direct— — 2 2 — — 2 2 
Direct (measured at NAV) (a)
— — — 54 — — — 40 
Indirect (measured at NAV) (a)
— — — 3 — — — 4 
Total equity investments— — 2 59 — — 2 46 
Total other investments— — 2 73 — — 2 63 
Loans, net of unearned income (residential)— — 10 10 — — 9 9 
Loans held for sale (residential)— 93 — 93 — 51 — 51 
Derivative assets:
Interest rate— 114 (4)110 — 175 (2)173 
Foreign exchange93 31 — 124 74 15 — 89 
Commodity— 363 — 363 — 721 — 721 
Credit— — — — — — — — 
Other— 15 — 15 — 14 2 16 
Derivative assets93 523 (4)612 74 925 — 999 
Netting adjustments (b)
— — — (363)— — — (818)
Total derivative assets93 523 (4)249 74 925 — 181 
Total assets on a recurring basis at fair value$93 $39,606 $8 $39,415 $74 $39,303 $11 $38,631 
LIABILITIES MEASURED ON A RECURRING BASIS
Bank notes and other short-term borrowings:
Short positions$107 $773 $— $880 $30 $774 $— $804 
Derivative liabilities:
Interest rate— 965 — 965 — 985 — 985 
Foreign exchange85 32 — 117 58 15 — 73 
Commodity— 343 — 343 — 698 — 698 
Credit— — — — — 1 — 1 
Other— 14 — 14 — 20 — 20 
Derivative liabilities85 1,354 — 1,439 58 1,719 — 1,777 
Netting adjustments (b)
— — — (411)— — — (473)
Total derivative liabilities85 1,354 — 1,028 58 1,719 — 1,304 
Total liabilities on a recurring basis at fair value$192 $2,127 $— $1,908 $88 $2,493 $— $2,108 
(a)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.
(b)Netting adjustments represent the amounts recorded to convert our derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. The net basis takes into account the impact of bilateral collateral and master netting agreements that allow us to settle all derivative contracts with a single counterparty on a net basis and to offset the net derivative position with the related cash collateral. Total derivative assets and liabilities include these netting adjustments.
Qualitative Disclosures of Valuation Techniques
The following table describes the valuation techniques and significant inputs used to measure the classes of assets and liabilities reported at fair value on a recurring basis, as well as the classification of each within the valuation hierarchy.
Asset/liability classValuation techniqueValuation hierarchy classification(s)
Securities (includes trading account assets, securities available for sale, and U.S. Treasury Bills classified as short-term investments)
Fair value of level 1 securities is determined by:
• Quoted market prices available in an active market for identical securities. This includes exchange-traded equity securities.
Fair value of level 2 securities is determined by:
• Pricing models (either by a third party pricing service or internally). Inputs include: yields, benchmark securities, bids, offers, actual trade data (i.e., spreads, credit ratings, and interest rates) for comparable assets, spread tables, matrices, high-grade scales, and option-adjusted spreads.
• Observable market prices of similar securities.

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

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

We analyze variances and conduct additional research with our third-party pricing service and take appropriate steps based on our findings.
Level 1 and 2 (primarily Level 2)
Commercial loans (trading account assets)
Fair value is based on:
• Observable market price spreads for similar loans. Valuations reflect prices within the bid-ask spread that are most representative of fair value.
Level 2
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 indirect principal investments and related unfunded commitments at December 31, 2024, as well as financial support provided for the years ended December 31, 2024, and December 31, 2023.
  Financial support provided
  Year ended December 31,
 December 31, 202420242023
Dollars in millionsFair Value
Unfunded
Commitments
Funded
Commitments
Funded
Other
Funded
Commitments
Funded
Other
INVESTMENT TYPE
Indirect investments (a)
14 1 — — — — 
Total$14 $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, 2024, no significant liquidation of the underlying investments has been communicated to Key. The purpose of funding our capital commitments to these investments is to allow the funds to make additional follow-on investments and pay fund expenses until the fund dissolves. We, and all other investors in the fund, are obligated to fund the full amount of our respective capital commitments to the fund based on our and their respective ownership percentages, as noted in the applicable Limited Partnership Agreement.

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

• Credit spreads and interest rates

The unobservable internally derived assumptions include:

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

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

Changes in Level 3 Fair Value Measurements

The 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, 2024, and December 31, 2023.
 
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, 2024
Other investments
Equity investments
Direct$2 $— $— 
(c)
$— $— $— $— $— $— $2 $— 
Loans held for investment (residential)9 — 1 — — — (2)— 2 10 — 
Derivative instruments (a)
Interest rate(2)— (8)
(d)
4 — — — 2 
(e) 
— (4)— 
Credit— — — — — — — —   —   — — 
Other (b)
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, 2023
Other investments
Principal investments
Direct$1 $— $(1)
(c) 
$— $— $— $— $—   $—   $— $— 
Equity investments
Direct2 — — — —   —   2 — 
Loans held for investment (residential)9 — — — — — — — — 9 — 
Derivative instruments (a)
Interest rate2 (23)
(d) 
19 1 — (6)
(e) 
5 
(e) 
(2)
Credit(2)— — — 2 — — —   —   — — 
Other (b)
— — — — — — 2 — — 2 — 
(a)Amounts represent Level 3 derivative assets less Level 3 derivative liabilities.
(b)Amounts represent Level 3 interest rate lock commitments.
(c)Realized and unrealized gains and losses on principal 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, 2024, and December 31, 2023.

The following table presents our assets measured at fair value on a nonrecurring basis at December 31, 2024, and December 31, 2023:
 December 31, 2024December 31, 2023
Dollars in millionsLevel 1Level 2Level 3TotalLevel 1Level 2Level 3Total
ASSETS MEASURED ON A NONRECURRING BASIS
Collateral-dependent loans$— $— $152 $152 $— $— $104 $104 
Accrued income and other assets— — 14 14 — — 29 29 
Total assets on a nonrecurring basis at fair value$— $— $166 $166 $— $— $133 $133 
Qualitative Disclosures of Valuation Techniques
The following table describes the valuation techniques and significant inputs used to measure the significant classes of assets and liabilities reported at fair value on a nonrecurring basis, as well as the classification of each within the valuation hierarchy.
Asset/liability classValuation techniqueValuation hierarchy classification(s)
Collateral-dependent loansWhen a loan is collateral-dependent, the fair value of the loan is determined based on the fair value of the underlying collateral less estimated selling costs. Level 3
OREO, other repossessed personal properties, and right-of-use assets(a)
OREO, other repossessed properties, and right-of-use assets are valued based on:

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

Generally, we classify these assets as Level 3, but OREO and other repossessed properties for which we receive binding purchase agreements are classified as Level 2. Returned lease inventory is valued based on market data for similar assets and is classified as Level 2. 
Level 2 and 3
Other equity investments
We have other investments in equity securities that do not have readily determinable fair values and do not qualify for the practical expedient to measure the investment using a net asset value per share. We have elected to measure these securities at cost less impairment plus or minus adjustments due to observable orderly transactions. Impairment is recorded when there is evidence that the expected fair value of the investment has declined to below the recorded cost. At each reporting period, we assess if these investments continue to qualify for this measurement alternative.

At December 31, 2024, and December 31, 2023, the carrying amount of equity investments recorded under this method was $394 million and $339 million, respectively. We recorded $5 million of impairment for the year ended December 31, 2024. We recorded no impairment 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, 2024, and December 31, 2023, along with the valuation techniques used, are shown in the following table:
Level 3 Asset (Liability) Valuation TechniqueSignificant
Unobservable Input
Range
(Weighted-Average) (a), (b)
Dollars in millions
December 31, 2024December 31, 2023December 31, 2024December 31, 2023
Recurring    
Loans, net of unearned income (residential)$10 $9 Market comparable pricingComparability factor
68.00%-95.00% (77.48%)
62.67 - 89.60% (70.83%)
Derivative instruments:
Interest rate(4)2 Discounted cash flowsProbability of default
.02 - 100% (5.00%)
.02 - 100% (5.30%)
Loss given default
0 - 1 (.50)
0 - 1 (.48)
Insignificant level 3 assets, net of liabilities(c)
2 4 
Nonrecurring   
Collateral dependent loans152 104 Fair value of underlying collateralLiquidity discount
0 - 100.00% (33.00%)
0 - 10.00% (5.00%)
Accrued income and other assets:(d)
OREO and other assets14 21 Appraised valueAppraised valueN/MN/M
(a)The weighted average of significant unobservable inputs is calculated using a weighting relative to fair value.
(b)For significant unobservable inputs with no range, a single figure is reported to denote the single quantitative factor used.
(c)Represents the aggregate amount of level 3 assets and liabilities measured at fair value on a recurring basis that are individually and in the aggregate insignificant. The amount includes certain equity investments and certain financial derivative assets and liabilities.
(d)Excludes $8 million pertaining to mortgage servicing assets measured as of December 31, 2023. 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, 2024, and December 31, 2023, are shown in the following table. Assets and liabilities are further arranged by measurement category.
 December 31, 2024
  Fair Value
Dollars in millions
Carrying
Amount
Level 1Level 2Level 3
Measured
at NAV
Netting
Adjustment
 Total
ASSETS (by measurement category)
Fair value - net income
Trading account assets (b)
$1,283 $— $1,283 $— $— $—   $1,283 
Other investments (b)
1,041 — — 969 72 —   1,041 
Loans, net of unearned income (residential) (d)
10 — — 10 — —   10 
Loans held for sale (residential) (b)
93 — 93 — — —   93 
Derivative assets - trading (b)
255 93 527 (4)— (361)
(f) 
255 
Fair value - OCI
Securities available for sale (b)
37,707 — 37,707 — — —   37,707 
Derivative assets - hedging (b) (g)
(6)— (4)— — (2)
(f) 
(6)
Amortized cost
Held-to-maturity securities (c)
7,395 — 6,837 — — —   6,837 
Loans, net of unearned income (d)
102,841 — — 99,105 — —   99,105 
Loans held for sale (b)
704 — — 704 — — 704 
Other
Cash and short-term investments (a)
19,247 19,247 — — — — 19,247 
LIABILITIES (by measurement category)
Fair value - net income
Derivative liabilities - trading (b)
$1,028 $85 $1,351 $— $— $(408)
(f) 
$1,028 
Fair value - OCI
Derivative liabilities - hedging (b) (g)
— — 3 — — (3)
(f) 
— 
Amortized cost
Time deposits (e)
16,952 — 17,068 — — —   17,068 
Short-term borrowings (a)
2,144 107 2,037 — — —   2,144 
Long-term debt (e)
12,105 11,430 477 — — —   11,907 
Other
Deposits with no stated maturity (a)
132,808 — 132,808 — — — 
  
132,808 
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 
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 2024 and 2023, 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 $257 million ($192 million at fair value) at December 31, 2024, and $339 million ($264 million at fair value) at December 31, 2023

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.
v3.25.0.1
Securities
 12 Months Ended
Dec. 31, 2024
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.
 20242023
December 31,
Dollars in millions
Amortized
Cost (a)(b)
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
Amortized
Cost(a)(b)
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
SECURITIES AVAILABLE FOR SALE
U.S. Treasury, agencies, and corporations$8,928 $20 $44 $8,904 $9,300 $6 $280 $9,026 
Agency residential collateralized mortgage obligations
11,409 8 2,193 9,224 18,911 4 3,437 15,478 
Agency residential mortgage-backed securities16,038 3 872 15,169 4,189 — 600 3,589 
Agency commercial mortgage-backed securities 4,927 — 517 4,410 10,295 — 1,203 9,092 
Total securities available for sale$41,302 $31 $3,626 $37,707 $42,695 $10 $5,520 $37,185 
HELD-TO-MATURITY SECURITIES
Agency residential collateralized mortgage obligations
$4,577 $3 $332 $4,248 $5,170 $9 $283 $4,896 
Agency residential mortgage-backed securities151 — 17 134 165 — 13 152 
Agency commercial mortgage-backed securities2,333 — 203 2,130 2,473 1 204 2,270 
Asset-backed securities(c)
308 — 8 300 738 — 29 709 
Other securities26 — 1 25 29 — — 29 
Total held-to-maturity securities$7,395 $3 $561 $6,837 $8,575 $10 $529 $8,056 
(a)Amortized cost amounts exclude accrued interest receivable which is recorded within “other assets” on the balance sheet. At December 31, 2024, accrued interest receivable on available for sale securities and held-to-maturity securities totaled $109 million and $21 million, respectively. At December 31, 2023, accrued interest receivable on available for sale securities and held-to-maturity securities totaled $64 million and $25 million, respectively.
(b)Excluded from the amortized cost of securities available for sale are basis adjustments for securities designated in active fair value hedges. Basis adjustments totaled $(6) million and $140 million as of December 31, 2024 and December 31, 2023, respectively. The securities being hedged are primarily U.S Treasuries, Agency RMBS, and Agency CMBS.
(c)Includes $303 million of securities as of December 31, 2024, and $731 million of securities as of December 31, 2023, related to the purchase of senior notes from a securitization collateralized by sold indirect auto loans.

The following table summarizes securities in an unrealized loss position for which an allowance for credit losses has not been recorded as of December 31, 2024, and December 31, 2023:
 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, 2024
Securities available for sale:
U.S. Treasury, agencies, and corporations$3,647 $8 $508 $36 $4,155 $44 
Agency residential collateralized mortgage obligations91 — 8,108 2,193 8,199 2,193 
Agency residential mortgage-backed securities11,364 254 3,145 618 14,509 872 
Agency commercial mortgage-backed securities 50 1 4,360 516 4,410 517 
Held-to-maturity securities:
Agency residential collateralized mortgage obligations569 18 3,387 314 3,956 332 
Agency residential mortgage-backed securities— — 134 17 134 17 
Agency commercial mortgage-backed securities— — 2,060 203 2,060 203 
Asset-backed securities— — 300 8 300 8 
Other securities7 — 8 1 15 1 
Total securities in an unrealized loss position$15,728 $281 $22,010 $3,906 $37,738 $4,187 
December 31, 2023      
Securities available for sale:
U.S. Treasury, agencies, and corporations$— $— $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 — 12 — 29 — 
Total securities in an unrealized loss position$2,055 $79 $41,416 $5,970 $43,471 $6,049 

Based on our evaluation at December 31, 2024, an allowance for credit losses has not been recorded nor have unrealized losses been recognized into income. The issuers of the securities are of high credit quality and have a history of no credit losses, management does not intend to sell and it is likely that management will not be required to sell the securities prior to their anticipated recovery, and the decline in fair value is largely attributed to changes in interest rates and other market conditions. The issuers continue to make timely principal and interest payments.
The following table presents gross realized gains and losses associated with our securities available for sale portfolio for the noted periods. Realized losses for the year ended December 31, 2024, relate primarily to the strategic repositioning completed in the third and fourth quarters of 2024.
Year ended December 31,
Dollars in millions
202420232022
Securities available for sale
Realized gains$— $4 $— 
Realized (losses)(1,863)(8)— 

At December 31, 2024, securities available-for-sale and held-to-maturity securities totaling $19.1 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, 2024Amortized
Cost
Fair
Value
Amortized
Cost
Fair
Value
Dollars in millions
Due in one year or less$3,184 $3,175 $85 $82 
Due after one through five years11,340 10,895 2,805 2,680 
Due after five through ten years17,352 15,405 2,674 2,463 
Due after ten years9,426 8,232 1,831 1,612 
Total$41,302 $37,707 $7,395 $6,837 
v3.25.0.1
Derivatives and Hedging Activities
 12 Months Ended
Dec. 31, 2024
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, 2024, after taking into account the effects of bilateral collateral and master netting agreements, we had $(6) million of derivative assets in a negative fair value position 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 $255 million and derivative liabilities of $1.0 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 brand. 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, 2024, 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, 2024, and December 31, 2023. The change in the notional amounts of these derivatives by type from December 31, 2023, to December 31, 2024, indicates the volume of our derivative transaction activity during 2024. 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, 2024December 31, 2023
  
Fair Value (a)
 
Fair Value (a)
Dollars in millions
Notional
Amount
Derivative
Assets
Derivative
Liabilities
Notional
Amount
Derivative
Assets
Derivative
Liabilities
Derivatives designated as hedging instruments:
Interest rate$64,701 $(4)$3 $44,621 $39 $12 
Derivatives not designated as hedging instruments:
Interest rate72,215 114 962 78,051 134 973 
Foreign exchange6,516 124 117 6,034 89 73 
Commodity8,778 363 343 11,611 721 698 
Credit60 — — 121 — 1 
Other (b)
3,145 15 14 2,683 16 20 
Total derivatives not designated as hedging instruments:90,714 616 1,436 98,500 960 1,765 
Total155,415 612 1,439 143,121 999 1,777 
Netting adjustments (c)
— (363)(411)— (818)(473)
Net derivatives in the balance sheet155,415 249 1,028 143,121 181 1,304 
Other collateral (d)
— — (1)— (1)(18)
Net derivative amounts$155,415 $249 $1,027 $143,121 $180 $1,286 
(a)We take into account bilateral collateral and master netting agreements that allow us to settle all derivative contracts held with a single counterparty on a net basis, and to offset the net derivative position with the related cash collateral when recognizing derivative assets and liabilities. As a result, we could have derivative contracts with negative fair values included in derivative assets and contracts with positive fair values included in derivative liabilities.
(b)Other derivatives include interest rate lock commitments related to our residential 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, 2024, excess collateral that has not been offset against net derivative instrument positions totaled $168 million of cash collateral and $215 million of securities collateral posted as well as $13 million of cash collateral and $32 million of securities collateral held. 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, 2024, 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, 2024 and December 31, 2023, related to cumulative basis adjustments for fair value hedges.
December 31, 2024
Dollars in millionsBalance sheet line item in which the hedge item is included
Carrying amount of hedged item(a)
Hedge accounting basis adjustment - active hedgesHedge accounting basis adjustment - discontinued hedges
Interest rate contractsLong-term debt$10,249 $(490)$(4)
Interest rate contracts
Securities available for sale(b)
12,097 5 17 
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 - active hedgesHedge accounting basis adjustment - discontinued hedges
Interest rate contractsLong-term debt$9,919 $(432)$(5)
Interest rate contracts
Securities available for sale(b)
8,655 (152)— 
(a)The carrying amount represents the portion of the asset or liability designated as the hedged item.
(b)Certain amounts are designed as fair value hedges under the portfolio layer method. The carrying amount represents the amortized costs basis of the prepayable financial assets used to designate hedging relationships in which the hedged item is the last layer expected to be remaining at the end of the relationship. At December 31, 2024 and December 31, 2023, the amortized cost of the closed portfolios used in these hedging relationships was $5 billion and $13 billion, respectively, of which $4 billion and $7 billion were designated in a portfolio layer hedging relationship. At December 31, 2024 and December 31, 2023, the cumulative basis adjustments associated with these amounts totaled $41 million and $(147) million, which is comprised of $24 million and $(147) million in active hedging relationships and $17 million and no adjustments for discontinued hedging relationships.

Cash flow hedges. During the year ended December 31, 2024, 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, 2024, we expect to reclassify an estimated $231 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 $4 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, 2024. As of December 31, 2024, the maximum length of time over which we hedge forecasted transactions is 3.67 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, 2024, December 31, 2023, and December 31, 2022.
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, 2024
Total amounts presented in the consolidated statement of income$(1,187)$6,026 $1,142 $688 
Net gains (losses) on fair value hedging relationships
Interest contracts
Recognized on hedged items56 — (111)— 
Recognized on derivatives designated as hedging instruments(332)— 239 — 
Net income (expense) recognized on fair value hedges$(276)$— $128 $— 
Net gain (loss) on cash flow hedging relationships
Realized gains (losses) (pre-tax) reclassified from AOCI into net income
Interest contracts$(2)$(733)$— $— 
Net income (expense) recognized on cash flow hedges$(2)$(733)$— $— 
Twelve Months Ended December 31, 2023
Total amounts presented in the consolidated statement of income$(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 

The following table summarizes the pre-tax net gains (losses) on our cash flow hedges for the years ended December 31, 2024, December 31, 2023, and December 31, 2022, 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, 2024
Cash Flow Hedges
Interest rate$(450)Interest income — Loans$(733)
Interest rate2 Interest expense — Long-term debt(2)
Interest rate— Investment banking and debt placement fees— 
Total$(448)$(735)
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)

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, 2024, December 31, 2023, and December 31, 2022, and where they are recorded on the income statement.
 202420232022
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$35 $— $— $35 $41 $— $— $41 $57 $— $6 $63 
Foreign exchange50 — — 50 50 — — 50 52 — — 52 
Commodity12 — — 12 22 — — 22 23 — — 23 
Credit1 — (58)(57)2 — (52)(50)(1)— (39)(40)
Other— 2 5 7 — (1)(6)(7)— 4 (2)2 
Total net gains (losses)$98 $2 $(53)$47 $115 $(1)$(58)$56 $131 $4 $(35)$100 
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 $75 million at December 31, 2024, and $408 million at December 31, 2023. The cash collateral netted against derivative liabilities totaled $124 million at December 31, 2024, and $64 million at December 31, 2023.

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
20242023
Interest rate$58 $123 
Foreign exchange81 42 
Commodity170 409 
Credit— — 
Other15 15 
Derivative assets before collateral324 589 
Plus (Less): Related collateral(75)(408)
Total derivative assets$249 $181 
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, 2024, we had gross exposure of $247 million to broker-dealers and banks. We had net exposure of $42 million after the application of master netting agreements and cash collateral, where such qualifying agreements exist. We held no additional collateral in the form of securities against this net exposure.

We enter into transactions using master netting agreements with clients to accommodate their business needs. In most cases, we mitigate our credit exposure by cross-collateralizing these transactions to the underlying loan collateral. For transactions that are not clearable, we mitigate our market risk by buying and selling U.S. Treasuries and SOFR futures or entering into offsetting positions. Due to the cross-collateralization to the underlying loan, we typically do not exchange cash or marketable securities collateral in connection with these transactions. To address the risk of default associated with these contracts, we have established a CVA reserve (included in “accrued income and other assets”) in the amount of $4 million at December 31, 2024. The CVA is calculated from potential future exposures, expected recovery rates, and market-implied probabilities of default. At December 31, 2024, we had gross exposure of $239 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 $207 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 nominal net liability position as of December 31, 2024, and $1 million as of December 31, 2023.

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, 2024, and December 31, 2023. The notional amount represents the amount that the seller could be required to pay. The payment/performance risk shown in the table represents a weighted average of the default probabilities for all reference entities in the respective portfolios. These default probabilities are implied from observed credit indices in the credit default swap market, which are mapped to reference entities based on Key’s internal risk rating. 
 20242023
December 31,
Dollars in millions
Notional
Amount		Average
Term
(Years)		Payment /
Performance
Risk 		Notional
Amount		Average
Term
(Years)		Payment /
Performance
Risk
Other$2 7.642.03 %$4 10.694.86 %
Total credit derivatives sold$2 — — $4 — — 
Credit Risk Contingent Features

We have entered into certain derivative contracts that require us to post collateral to the counterparties when these contracts are in a net liability position. The amount of collateral to be posted is based on the amount of the net liability and thresholds generally related to our long-term senior unsecured credit ratings with Moody’s and S&P. Collateral requirements also are based on minimum transfer amounts, which are specific to each Credit Support Annex (a component of the ISDA Master Agreement) that we have signed with the counterparties. In a limited number of instances, counterparties have the right to terminate their ISDA Master Agreements with us if our ratings fall below a certain level, usually investment-grade level (i.e., “Baa3” for Moody’s and “BBB-” for S&P). At December 31, 2024, KeyBank’s rating was “Baa1” with Moody’s and “BBB+” with S&P, and KeyCorp’s rating was “Baa2” with Moody’s and “BBB” with S&P. Refer to the table below for the aggregate fair value of all derivative contracts with credit risk contingent features held by KeyBank that were in a net liability position.

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

$(83)$(45)
Collateral posted80 42 
As of December 31, 2024, and December 31, 2023, the fair value of additional collateral that could be required to be posted as a result of the credit risk related contingent features being triggered was immaterial to Key’s consolidated financial statements. At December 31, 2024 and December 31, 2023, only KeyBank held derivative contacts with credit risk contingent features.
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Mortgage Servicing Assets
 12 Months Ended
Dec. 31, 2024
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
20242023
Balance at beginning of period$638 $653 
Servicing retained from loan sales67 87 
Purchases28 21 
Amortization(124)(123)
Temporary recoveries (impairments)— — 
Balance at end of period$609 $638 
Fair value at end of period$819 $911 

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, 2024December 31, 2023
Valuation Technique
Significant
Unobservable Input
RangeWeighted-AverageRangeWeighted-Average
Discounted cash flowExpected defaults1.00 %2.00 %1.01 %1.00 %2.00 %1.01 %
Residual cash flows discount rate7.00 %10.61 %10.31 %7.42 %10.56 %10.17 %
Escrow earn rate4.62 %4.70 %4.69 %5.67 %5.72 %5.67 %
Loan assumption rate— %2.50 %2.00 %— %2.15 %1.97 %
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 $382 million for the year ended December 31, 2024, $314 million for the year ended December 31, 2023, and $292 million for the year ended December 31, 2022. This fee income was partially offset by $124 million of amortization for the year ended December 31, 2024, $123 million for the year ended December 31, 2023, and $125 million for the year ended December 31, 2022. 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 millions20242023
Balance at beginning of period
$108 $106 
Servicing retained from loan sales
13 12 
Purchases
— — 
Amortization(11)(9)
Temporary recoveries (impairments)1 (1)
Balance at end of period$111 $108 
Fair value at end of period
$138 $132 

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, 2024December 31, 2023
Valuation Technique
Significant
Unobservable Input
RangeWeighted-AverageRangeWeighted-Average
Discounted cash flowPrepayment speed5.42 %46.30 %7.69 %6.27 %44.47 %7.70 %
Discount rate6.50 %8.75 %6.61 %6.50 %8.75 %6.59 %
Servicing cost$70.00 $4,332 $75.99 $70.00 $3,582 $75.02 

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, 2024, as shown in the table above, is recorded as a reduction to contractual fee income. The contractual fee income from servicing residential mortgage loans totaled $40 million for the year ended December 31, 2024, $38 million for the year ended December 31, 2023, and $35 million for the year ended December 31, 2022. This fee income was offset by $11 million of amortization for the year ended December 31, 2024, $9 million for the year ended December 31, 2023, and $11 million for the year ended December 31, 2022. 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, 2024
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, 2024December 31, 2023
Operating lease cost$118 $122 
Finance lease cost:
Amortization of right-of-use assets1 1 
Interest on lease liabilities— — 
Variable lease cost21 19 
Total lease cost (a)
$140 $142 
(a)Short-term lease cost was less than $1 million for both the twelve months ended December 31, 2024, and December 31, 2023

Cash flows related to leases are summarized as follows:
Dollars in millionsDecember 31, 2024December 31, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$133 $135 
Financing cash flows from finance leases1 1 
Right-of-use assets obtained in exchange for lease obligations: (a)
Operating leases$70 $65 
(a)There were no right-of-use assets obtained in exchange for finance lease obligations for either the twelve months ended December 31, 2024 or December 31, 2023.

Additional balance sheet information related to leases is summarized as follows:
Dollars in millionsBalance sheet classificationDecember 31, 2024December 31, 2023
Operating lease assetsAccrued income and other assets$453 $479 
Operating lease liabilitiesAccrued expense and other liabilities506 548 
Finance leases:
Property and equipment, grossPremises and equipment$18 $18 
Accumulated depreciationPremises and equipment(16)(15)
Property and equipment, net$2 $3 
Finance lease liabilitiesLong-term debt3 5 

Information pertaining to the lease term and weighted-average discount rate is summarized as follows:
December 31, 2024December 31, 2023
Weighted-average remaining lease term:
Operating leases5.425.69
Finance leases2.523.53
Weighted-average discount rate:
Operating leases3.40 %3.09 %
Finance leases4.54 %4.54 %

Maturities of lease liabilities are summarized as follows:
Dollars in millionsOperating LeasesFinance LeasesTotal
2025$128 $1 $129 
2026117 — 117 
2027100 — 100 
202877 — 77 
202955 — 55 
Thereafter80 3 83 
Total lease payments$557 $4 $561 
Less imputed interest51 1 52 
Total$506 $3 $509 

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, 2024December 31, 2023
Sales-type and direct financing leases
Interest income on lease receivable$69 $78 
 Interest income related to accretion of unguaranteed residual asset9 13 
 Interest income on deferred fees and costs20 4 
Total sales-type and direct financing lease income98 95 
Operating leases
Operating lease income related to lease payments68 84 
Other operating leasing gains and (losses)8 8 
Total operating lease income and other leasing gains76 92 
Total lease income$174 $187 

Equipment leasing receivables relate to sales-type and direct financing leases. The composition of the net investment in sales-type and direct financing leases is as follows:
Dollars in millionsDecember 31, 2024December 31, 2023
Lease receivables$2,345 $2,896 
Unearned income(270)(286)
Unguaranteed residual value421 468 
Deferred fees and costs1 2 
Net investment in sales-type and direct financing leases$2,497 $3,080 
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, 2024, and December 31, 2023, was $238 million and $258 million, respectively.

At December 31, 2024, 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
2025$667 
2026548 
2027374 
2028217 
2029160 
Thereafter376 
Total lease payments$2,342 

At December 31, 2024, minimum future lease payments to be received for operating leases are as follows:
Dollars in millionsOperating lease payments
2025$39 
202630 
202721 
202812 
20296 
Thereafter20 
Total lease payments$128 
The carrying amount of operating lease assets at December 31, 2024 and December 31, 2023, was $224 million and $372 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, 2024December 31, 2023
Operating lease cost$118 $122 
Finance lease cost:
Amortization of right-of-use assets1 1 
Interest on lease liabilities— — 
Variable lease cost21 19 
Total lease cost (a)
$140 $142 
(a)Short-term lease cost was less than $1 million for both the twelve months ended December 31, 2024, and December 31, 2023

Cash flows related to leases are summarized as follows:
Dollars in millionsDecember 31, 2024December 31, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$133 $135 
Financing cash flows from finance leases1 1 
Right-of-use assets obtained in exchange for lease obligations: (a)
Operating leases$70 $65 
(a)There were no right-of-use assets obtained in exchange for finance lease obligations for either the twelve months ended December 31, 2024 or December 31, 2023.

Additional balance sheet information related to leases is summarized as follows:
Dollars in millionsBalance sheet classificationDecember 31, 2024December 31, 2023
Operating lease assetsAccrued income and other assets$453 $479 
Operating lease liabilitiesAccrued expense and other liabilities506 548 
Finance leases:
Property and equipment, grossPremises and equipment$18 $18 
Accumulated depreciationPremises and equipment(16)(15)
Property and equipment, net$2 $3 
Finance lease liabilitiesLong-term debt3 5 

Information pertaining to the lease term and weighted-average discount rate is summarized as follows:
December 31, 2024December 31, 2023
Weighted-average remaining lease term:
Operating leases5.425.69
Finance leases2.523.53
Weighted-average discount rate:
Operating leases3.40 %3.09 %
Finance leases4.54 %4.54 %

Maturities of lease liabilities are summarized as follows:
Dollars in millionsOperating LeasesFinance LeasesTotal
2025$128 $1 $129 
2026117 — 117 
2027100 — 100 
202877 — 77 
202955 — 55 
Thereafter80 3 83 
Total lease payments$557 $4 $561 
Less imputed interest51 1 52 
Total$506 $3 $509 

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, 2024December 31, 2023
Sales-type and direct financing leases
Interest income on lease receivable$69 $78 
 Interest income related to accretion of unguaranteed residual asset9 13 
 Interest income on deferred fees and costs20 4 
Total sales-type and direct financing lease income98 95 
Operating leases
Operating lease income related to lease payments68 84 
Other operating leasing gains and (losses)8 8 
Total operating lease income and other leasing gains76 92 
Total lease income$174 $187 

Equipment leasing receivables relate to sales-type and direct financing leases. The composition of the net investment in sales-type and direct financing leases is as follows:
Dollars in millionsDecember 31, 2024December 31, 2023
Lease receivables$2,345 $2,896 
Unearned income(270)(286)
Unguaranteed residual value421 468 
Deferred fees and costs1 2 
Net investment in sales-type and direct financing leases$2,497 $3,080 
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, 2024, and December 31, 2023, was $238 million and $258 million, respectively.

At December 31, 2024, 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
2025$667 
2026548 
2027374 
2028217 
2029160 
Thereafter376 
Total lease payments$2,342 

At December 31, 2024, minimum future lease payments to be received for operating leases are as follows:
Dollars in millionsOperating lease payments
2025$39 
202630 
202721 
202812 
20296 
Thereafter20 
Total lease payments$128 
The carrying amount of operating lease assets at December 31, 2024 and December 31, 2023, was $224 million and $372 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, 2024December 31, 2023
Operating lease cost$118 $122 
Finance lease cost:
Amortization of right-of-use assets1 1 
Interest on lease liabilities— — 
Variable lease cost21 19 
Total lease cost (a)
$140 $142 
(a)Short-term lease cost was less than $1 million for both the twelve months ended December 31, 2024, and December 31, 2023

Cash flows related to leases are summarized as follows:
Dollars in millionsDecember 31, 2024December 31, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$133 $135 
Financing cash flows from finance leases1 1 
Right-of-use assets obtained in exchange for lease obligations: (a)
Operating leases$70 $65 
(a)There were no right-of-use assets obtained in exchange for finance lease obligations for either the twelve months ended December 31, 2024 or December 31, 2023.

Additional balance sheet information related to leases is summarized as follows:
Dollars in millionsBalance sheet classificationDecember 31, 2024December 31, 2023
Operating lease assetsAccrued income and other assets$453 $479 
Operating lease liabilitiesAccrued expense and other liabilities506 548 
Finance leases:
Property and equipment, grossPremises and equipment$18 $18 
Accumulated depreciationPremises and equipment(16)(15)
Property and equipment, net$2 $3 
Finance lease liabilitiesLong-term debt3 5 

Information pertaining to the lease term and weighted-average discount rate is summarized as follows:
December 31, 2024December 31, 2023
Weighted-average remaining lease term:
Operating leases5.425.69
Finance leases2.523.53
Weighted-average discount rate:
Operating leases3.40 %3.09 %
Finance leases4.54 %4.54 %

Maturities of lease liabilities are summarized as follows:
Dollars in millionsOperating LeasesFinance LeasesTotal
2025$128 $1 $129 
2026117 — 117 
2027100 — 100 
202877 — 77 
202955 — 55 
Thereafter80 3 83 
Total lease payments$557 $4 $561 
Less imputed interest51 1 52 
Total$506 $3 $509 

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, 2024December 31, 2023
Sales-type and direct financing leases
Interest income on lease receivable$69 $78 
 Interest income related to accretion of unguaranteed residual asset9 13 
 Interest income on deferred fees and costs20 4 
Total sales-type and direct financing lease income98 95 
Operating leases
Operating lease income related to lease payments68 84 
Other operating leasing gains and (losses)8 8 
Total operating lease income and other leasing gains76 92 
Total lease income$174 $187 

Equipment leasing receivables relate to sales-type and direct financing leases. The composition of the net investment in sales-type and direct financing leases is as follows:
Dollars in millionsDecember 31, 2024December 31, 2023
Lease receivables$2,345 $2,896 
Unearned income(270)(286)
Unguaranteed residual value421 468 
Deferred fees and costs1 2 
Net investment in sales-type and direct financing leases$2,497 $3,080 
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, 2024, and December 31, 2023, was $238 million and $258 million, respectively.

At December 31, 2024, 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
2025$667 
2026548 
2027374 
2028217 
2029160 
Thereafter376 
Total lease payments$2,342 

At December 31, 2024, minimum future lease payments to be received for operating leases are as follows:
Dollars in millionsOperating lease payments
2025$39 
202630 
202721 
202812 
20296 
Thereafter20 
Total lease payments$128 
The carrying amount of operating lease assets at December 31, 2024 and December 31, 2023, was $224 million and $372 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, 2024December 31, 2023
Operating lease cost$118 $122 
Finance lease cost:
Amortization of right-of-use assets1 1 
Interest on lease liabilities— — 
Variable lease cost21 19 
Total lease cost (a)
$140 $142 
(a)Short-term lease cost was less than $1 million for both the twelve months ended December 31, 2024, and December 31, 2023

Cash flows related to leases are summarized as follows:
Dollars in millionsDecember 31, 2024December 31, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$133 $135 
Financing cash flows from finance leases1 1 
Right-of-use assets obtained in exchange for lease obligations: (a)
Operating leases$70 $65 
(a)There were no right-of-use assets obtained in exchange for finance lease obligations for either the twelve months ended December 31, 2024 or December 31, 2023.

Additional balance sheet information related to leases is summarized as follows:
Dollars in millionsBalance sheet classificationDecember 31, 2024December 31, 2023
Operating lease assetsAccrued income and other assets$453 $479 
Operating lease liabilitiesAccrued expense and other liabilities506 548 
Finance leases:
Property and equipment, grossPremises and equipment$18 $18 
Accumulated depreciationPremises and equipment(16)(15)
Property and equipment, net$2 $3 
Finance lease liabilitiesLong-term debt3 5 

Information pertaining to the lease term and weighted-average discount rate is summarized as follows:
December 31, 2024December 31, 2023
Weighted-average remaining lease term:
Operating leases5.425.69
Finance leases2.523.53
Weighted-average discount rate:
Operating leases3.40 %3.09 %
Finance leases4.54 %4.54 %

Maturities of lease liabilities are summarized as follows:
Dollars in millionsOperating LeasesFinance LeasesTotal
2025$128 $1 $129 
2026117 — 117 
2027100 — 100 
202877 — 77 
202955 — 55 
Thereafter80 3 83 
Total lease payments$557 $4 $561 
Less imputed interest51 1 52 
Total$506 $3 $509 

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, 2024December 31, 2023
Sales-type and direct financing leases
Interest income on lease receivable$69 $78 
 Interest income related to accretion of unguaranteed residual asset9 13 
 Interest income on deferred fees and costs20 4 
Total sales-type and direct financing lease income98 95 
Operating leases
Operating lease income related to lease payments68 84 
Other operating leasing gains and (losses)8 8 
Total operating lease income and other leasing gains76 92 
Total lease income$174 $187 

Equipment leasing receivables relate to sales-type and direct financing leases. The composition of the net investment in sales-type and direct financing leases is as follows:
Dollars in millionsDecember 31, 2024December 31, 2023
Lease receivables$2,345 $2,896 
Unearned income(270)(286)
Unguaranteed residual value421 468 
Deferred fees and costs1 2 
Net investment in sales-type and direct financing leases$2,497 $3,080 
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, 2024, and December 31, 2023, was $238 million and $258 million, respectively.

At December 31, 2024, 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
2025$667 
2026548 
2027374 
2028217 
2029160 
Thereafter376 
Total lease payments$2,342 

At December 31, 2024, minimum future lease payments to be received for operating leases are as follows:
Dollars in millionsOperating lease payments
2025$39 
202630 
202721 
202812 
20296 
Thereafter20 
Total lease payments$128 
The carrying amount of operating lease assets at December 31, 2024 and December 31, 2023, was $224 million and $372 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, 2024December 31, 2023
Operating lease cost$118 $122 
Finance lease cost:
Amortization of right-of-use assets1 1 
Interest on lease liabilities— — 
Variable lease cost21 19 
Total lease cost (a)
$140 $142 
(a)Short-term lease cost was less than $1 million for both the twelve months ended December 31, 2024, and December 31, 2023

Cash flows related to leases are summarized as follows:
Dollars in millionsDecember 31, 2024December 31, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$133 $135 
Financing cash flows from finance leases1 1 
Right-of-use assets obtained in exchange for lease obligations: (a)
Operating leases$70 $65 
(a)There were no right-of-use assets obtained in exchange for finance lease obligations for either the twelve months ended December 31, 2024 or December 31, 2023.

Additional balance sheet information related to leases is summarized as follows:
Dollars in millionsBalance sheet classificationDecember 31, 2024December 31, 2023
Operating lease assetsAccrued income and other assets$453 $479 
Operating lease liabilitiesAccrued expense and other liabilities506 548 
Finance leases:
Property and equipment, grossPremises and equipment$18 $18 
Accumulated depreciationPremises and equipment(16)(15)
Property and equipment, net$2 $3 
Finance lease liabilitiesLong-term debt3 5 

Information pertaining to the lease term and weighted-average discount rate is summarized as follows:
December 31, 2024December 31, 2023
Weighted-average remaining lease term:
Operating leases5.425.69
Finance leases2.523.53
Weighted-average discount rate:
Operating leases3.40 %3.09 %
Finance leases4.54 %4.54 %

Maturities of lease liabilities are summarized as follows:
Dollars in millionsOperating LeasesFinance LeasesTotal
2025$128 $1 $129 
2026117 — 117 
2027100 — 100 
202877 — 77 
202955 — 55 
Thereafter80 3 83 
Total lease payments$557 $4 $561 
Less imputed interest51 1 52 
Total$506 $3 $509 

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, 2024December 31, 2023
Sales-type and direct financing leases
Interest income on lease receivable$69 $78 
 Interest income related to accretion of unguaranteed residual asset9 13 
 Interest income on deferred fees and costs20 4 
Total sales-type and direct financing lease income98 95 
Operating leases
Operating lease income related to lease payments68 84 
Other operating leasing gains and (losses)8 8 
Total operating lease income and other leasing gains76 92 
Total lease income$174 $187 

Equipment leasing receivables relate to sales-type and direct financing leases. The composition of the net investment in sales-type and direct financing leases is as follows:
Dollars in millionsDecember 31, 2024December 31, 2023
Lease receivables$2,345 $2,896 
Unearned income(270)(286)
Unguaranteed residual value421 468 
Deferred fees and costs1 2 
Net investment in sales-type and direct financing leases$2,497 $3,080 
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, 2024, and December 31, 2023, was $238 million and $258 million, respectively.

At December 31, 2024, 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
2025$667 
2026548 
2027374 
2028217 
2029160 
Thereafter376 
Total lease payments$2,342 

At December 31, 2024, minimum future lease payments to be received for operating leases are as follows:
Dollars in millionsOperating lease payments
2025$39 
202630 
202721 
202812 
20296 
Thereafter20 
Total lease payments$128 
The carrying amount of operating lease assets at December 31, 2024 and December 31, 2023, was $224 million and $372 million, respectively.
v3.25.0.1
Premises and Equipment
 12 Months Ended
Dec. 31, 2024
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)
20242023
LandIndefinite$111 $114 
Buildings and improvements
15-40
644 665 
Leasehold improvements
1-15
556 535 
Furniture and equipment
2-15
787 812 
Capitalized building leases
   1-14 (a)
18 18 
Construction in processN/A24 61 
Total premises and equipment2,140 2,205 
Less: Accumulated depreciation and amortization(1,526)(1,544)
Premises and equipment, net$614 $661 
(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, 2024, December 31, 2023, and December 31, 2022 was $91 million, $89 million, and $96 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 $597 million and $520 million and related accumulated amortization of $308 million and $225 million as of December 31, 2024, and December 31, 2023, respectively. This includes in-process software that has not started amortizing. Amortization expense related to internal-use software for the years ended December 31, 2024, December 31, 2023, and December 31, 2022, was $84 million, $78 million, and $77 million, respectively.
v3.25.0.1
Goodwill and Other Intangible Assets
 12 Months Ended
Dec. 31, 2024
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, 2024, the Commercial Bank and Institutional Bank reporting units were allocated goodwill of $218 million and $715 million, respectively. As of December 31, 2023, the Commercial Bank and Institutional Bank reporting units were allocated goodwill of $800 million and $133 million, respectively. The reallocation of goodwill between the Commercial Bank and Institutional Bank reporting units was a result of the realignment of Key’s business described below. Additional information pertaining to our accounting policy for goodwill and other intangible assets is summarized in Note 1 (“Summary of Significant Accounting Policies”) under the heading “Goodwill and Other Intangible Assets.”

During the first quarter, Key realigned its real estate capital business from its Commercial Bank reporting unit to its Institutional Bank reporting unit. The move was done to align product-based teams to the client-facing businesses they serve with the goal of reducing overhead and complexity and creating a better client experience. This reorganization was identified as a triggering event for purposes of goodwill impairment testing. As a result, interim goodwill impairment tests were performed during the first quarter of 2024 reflecting the reporting units both immediately before and immediately after the realignment, neither of which resulted in impairment. The results of the interim impairment test reflecting the realignment indicated the fair value of each of the three reporting units, Consumer Bank, Commercial Bank, and Institutional Bank, exceeded their respective carrying values by more than 10%. We utilized a combination of market and income approaches to calculate the estimated fair values of our reporting units. We determined in our interim quantitative test that the estimated fair value of the Consumer Bank reporting unit was 18% greater than its carrying amount, the estimated fair value of the Commercial Bank reporting unit was 25% greater than its carrying amount, and the estimated fair value of the Institutional Bank reporting unit was 34% greater than its carrying amount. The carrying amounts of the reporting units represent the average equity based on blended capital for goodwill impairment testing and management reporting purposes. Based on the results of the interim quantitative test, there was no goodwill impairment.

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

Additionally, we monitored events and circumstances during the period from October 1, 2024 through December 31, 2024, including an evaluation of macroeconomic and market factors, industry and banking sector events, Key specific performance indicators and updated management forecasts. Based on these considerations, we concluded that it was not more-likely-than-not that the fair value of one or more of the reporting units is below its respective carrying value as of December 31, 2024.
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, 2022$1,819 $933 $2,752 
BALANCE AT DECEMBER 31, 20231,819 933 2,752 
BALANCE AT DECEMBER 31, 2024$1,819 $933 $2,752 
As of December 31, 2024, we expect goodwill in the amount of $293 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, 2024, December 31, 2023, and December 31, 2022.
The following table shows the gross carrying amount and the accumulated amortization of intangible assets subject to amortization:
 20242023
December 31,
Dollars in millions
Gross Carrying
Amount		Accumulated
Amortization
Gross Carrying
Amount
Accumulated
Amortization
Intangible assets subject to amortization:
Core deposit intangibles$356 $342 $356 $326 
PCCR intangibles16 16 16 15 
Other intangible assets154 141 80 56 
Total$526 $499 $452 $397 

The following table presents estimated intangible asset amortization expense for the next five years.
Estimated
Dollars in millions20252026202720282029
Intangible asset amortization expense $19 $7 $1 $— $— 
v3.25.0.1
Variable Interest Entities
 12 Months Ended
Dec. 31, 2024
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 $2.5 billion and $2.3 billion of investments in LIHTC operating partnerships at December 31, 2024, and December 31, 2023, respectively. These investments are recorded in “accrued income and other assets” on our Consolidated Balance Sheets. We do not have any loss reserves recorded related to these investments because we believe the likelihood of any loss is remote. For all legally binding unfunded equity commitments, we increase our recognized investment and recognize a liability. As of December 31, 2024, and December 31, 2023, we had liabilities of $1.4 billion and $1.4 billion, respectively, related to investments in qualified affordable housing projects, which are recorded in “accrued expense and other liabilities” on our Consolidated Balance Sheets. We continue to invest in these LIHTC operating partnerships.

The assets and liabilities presented in the table below convey the size of KCDC’s direct and indirect investments at December 31, 2024, and December 31, 2023. As these investments represent unconsolidated VIEs, the assets and liabilities of the investments themselves are not recorded on our Consolidated Balance Sheets.
 Unconsolidated VIEs
Dollars in millions
Total
Assets
Total
Liabilities
Maximum
Exposure to Loss
December 31, 2024
LIHTC investments$9,901 $4,468 $2,996 
December 31, 2023
LIHTC investments$8,904 $3,848 $2,768 

We had $29 million and $25 million in NMTC investments at December 31, 2024 and December 31, 2023, respectively. These investments are recorded in “accrued income and other assets” on our Consolidated Balance Sheets.

We amortize our LIHTC and NMTC investments over the period that we expect to receive the tax benefits. During the twelve months ended December 31, 2024, we recognized $234 million of amortization, $223 million of tax credits and $56 million of other tax benefits associated with these investments within “income taxes” on our income statement. 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.

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 $14 million and $17 million at December 31, 2024, and December 31, 2023, 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, 2024.
 Unconsolidated VIEs
Dollars in millions
Total
Assets
Total
Liabilities
Maximum
Exposure to Loss
December 31, 2024
Indirect investments$2,352 $3 $15 
December 31, 2023
Indirect investments$2,741 $91 $18 

Through our principal investing entities, we have formed and funded operating entities that provide management and other related services to our investment company funds, which directly invest in portfolio companies. 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, 2024, and December 31, 2023, 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, 2024, and December 31, 2023. These assets are recorded in “accrued income and other assets,” “other investments,” “securities available for sale,” “held-to-maturity securities,” and “loans, net of unearned income” on our Consolidated Balance Sheets. These liabilities are recorded in “accrued expenses and other liabilities” on our Consolidated Balance Sheets. Of the total balance as of December 31, 2024, $303 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, 2024
Other unconsolidated VIEs$733 $1 
December 31, 2023
Other unconsolidated VIEs$1,149 $1 
v3.25.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2024
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
202420232022
Currently payable:
Federal$211 $257 $368 
State(3)48 80 
Total currently payable$208 $305 $448 
Deferred:
Federal$(307)$(84)$(14)
State(44)(25)(12)
Total deferred(351)(109)(26)
Total income tax (benefit) expense (a)
$(143)$196 $422 
(a)There was income tax (benefit) expense on securities transactions of $(445) million in 2024, $(3) million in 2023, and $2 million in 2022. 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 $32 million in 2024, $34 million in 2023, and $33 million in 2022.

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
20242023
Allowance for loan and lease losses$411 $422 
Employee benefits209 166 
Net unrealized securities losses1,045 1,612 
Federal net operating losses and credits303 3 
Non-tax accruals109 142 
Operating lease liabilities(a)
127 136 
State net operating losses and credits20 1 
Partnership investments79 78 
Other149 148 
Gross deferred tax assets2,452 2,708 
Less: Valuation Allowance15 12 
Total deferred tax assets$2,437 $2,696 
Leasing transactions$378 $446 
State taxes76 77 
Operating lease right-of-use assets (a)
114 119 
Goodwill178 157 
Other68 82 
Total deferred tax liabilities814 881 
Net deferred tax assets (liabilities) (b)
$1,623 $1,815 
(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, 2024, we had net capital loss carryforwards of $15 million for which we have recorded $15 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, 2024, we had federal net operating loss carryforwards of $420 million and federal credit carryforwards of $215 million. Federal net operating loss carryforwards of $7 million 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 remaining $413 million of net operating losses generated in 2024 do not expire. The federal credit carryforward consists of general business credits generated in 2012 of $1 million and 2024 of $214 million, which expire in 2027 and 2039, respectively, under the Internal Revenue Code. We currently expect to fully utilize these losses and credits.

We had state net operating loss carryforwards of $271 million, resulting in a net state deferred tax asset of $11 million and state credit carryforwards of $9 million. We currently expect to fully utilize these losses and credits.

The following table shows how our total income tax expense (benefit) and the resulting effective tax rate were derived:
Year ended December 31,
Dollars in millions
202420232022
AmountRateAmountRateAmountRate
Income (loss) before income taxes times 21% statutory federal tax rate$(64)21.0 %$244 21.0 %$490 21.0 %
Amortization of tax-advantaged investments185 (60.6)171 14.8 149 6.4 
Tax-exempt interest income(27)8.7 (35)(3.1)(28)(1.2)
Corporate-owned life insurance income(29)9.5 (28)(2.4)(28)(1.2)
State income tax, net of federal tax benefit(20)6.6 18 1.6 53 2.3 
State income tax rate change, net of federal benefit(17)5.5 — — — — 
Tax credits(211)69.1 (196)(16.9)(204)(8.8)
FDIC Insurance25 (8.3)22 1.9 12 .5 
Other15 (4.9)— — (22)(.9)
Total income tax expense (benefit)$(143)46.6 %$196 16.9 %$422 18.1 %
Liability for Unrecognized Tax Benefits
The change in our liability for unrecognized tax benefits is as follows:
Year ended December 31,
Dollars in millions		20242023
Balance at beginning of year$45 $40 
Increase for other tax positions of prior years— 5 
Decrease for payments and settlements(3)— 
Decrease related to tax positions taken in prior years(3)— 
Balance at end of year$39 $45 

Each quarter, we review the amount of unrecognized tax benefits recorded in accordance with the applicable accounting guidance. Any adjustment to unrecognized tax benefits is recorded in income tax expense. The amount of unrecognized tax benefits that, if recognized, would affect our effective tax rate was $39 million at December 31, 2024, and $45 million at December 31, 2023. 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 less than $1 million, $4 million, and $1.5 million in 2024, 2023, and 2022, respectively. We did not recover any state tax penalties in 2024, 2023, or 2022. At December 31, 2024, we had $1 million accrued interest payable, compared to $0.6 million at December 31, 2023.

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, 2024 and December 31, 2023, 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 2020 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 2016.
Pre-1988 Bank Reserves acquired in a business combination
Retained earnings of KeyBank included approximately $92 million of allocated bad debt deductions for which no income taxes have been recorded. Under current federal law, these reserves are subject to recapture into taxable income if KeyBank, or any successor, fails to maintain its bank status under the Internal Revenue Code or makes non-dividend distributions or distributions greater than its accumulated earnings and profits. No deferred tax liability has been established as these events are not expected to occur in the foreseeable future.
v3.25.0.1
Discontinued Operations
 12 Months Ended
Dec. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations
15. Discontinued Operations

Discontinued operations includes our government-guaranteed and private education lending business.  At December 31, 2024, and December 31, 2023, approximately $257 million and $339 million, respectively, of education loans are included in discontinued assets on our Consolidated Balance Sheets. Net interest income after provision for credit losses for this business is not material and is included in income (loss) from discontinued operations, net of taxes on the consolidated statements of income.
v3.25.0.1
Securities Financing Activities
 12 Months Ended
Dec. 31, 2024
Broker-Dealer [Abstract]  
Securities Financing Activities
16. Securities Financing Activities

The following table summarizes our securities financing agreements at December 31, 2024, and December 31, 2023:
 December 31, 2024December 31, 2023
Dollars in millions
Gross Amount
Presented in
Balance Sheet
Netting
Adjustments (a)
Collateral (b)
Net
Amounts
Gross Amount
Presented in
Balance Sheet
Netting
Adjustments (a)
Collateral (b)
Net
Amounts
Offsetting of financial assets:
Reverse repurchase agreements$2 $(2)$— $— $7 $(7)$— $— 
Securities borrowed— — — — — — — — 
Total$2 $(2)$— $— $7 $(7)$— $— 
Offsetting of financial liabilities:
Repurchase agreements (c)
$14 $(2)$(12)$— $38 $(7)$(31)$— 
Total$14 $(2)$(12)$— $38 $(7)$(31)$— 
(a)Netting adjustments take into account the impact of master netting agreements that allow us to settle with a single counterparty on a net basis.
(b)These adjustments take into account the impact of bilateral collateral agreements that allow us to offset the net positions with the related collateral. The application of collateral cannot reduce the net position below zero. Therefore, excess collateral, if any, is not reflected above.
(c)Repurchase agreements are primarily collateralized by mortgaged-backed agency securities and are contracted on an overnight or continuous basis.

As of December 31, 2024, assets pledged as collateral against repurchase agreements totaled $14 million. Assets pledged as collateral are reported in “available for sale” and “held-to-maturity” securities on the Consolidated Balance Sheets. At December 31, 2024, the liabilities associated with collateral pledged were solely comprised of customer sweep financing activity and had a carrying value of $12 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.
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Stock-Based Compensation
 12 Months Ended
Dec. 31, 2024
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 $104 million for 2024, $121 million for 2023, and $120 million for 2022. The total income tax benefit recognized in the income statement for these plans was $25 million for 2024, $29 million for 2023, and $29 million for 2022.
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, 2024, we had 29,269,060 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 2024, 2023, and 2022 are shown in the following table.
Year ended December 31,202420232022
Average option life7.0 years6.7 years6.5 years
Future dividend yield5.75 %4.28 %3.01 %
Historical share price volatility.422 .347 .341 
Weighted-average risk-free interest rate4.2 %3.9 %2.0 %

The following table summarizes activity, pricing and other information for our stock options for the year ended December 31, 2024:
Number of
Options
Weighted-Average
Exercise Price Per
Option
Weighted-Average
Remaining Life (in years)
Aggregate
Intrinsic
Value(a)
Outstanding at December 31, 20234,859,453 $18.28 4.8$4 
Granted611,508 15.48 
Exercised(819,268)13.54 
Lapsed or canceled(272,920)19.08 
Outstanding at December 31, 20244,378,773 $18.73 4.6$5 
Expected to vest1,212,875 19.74 7.91 
Exercisable at December 31, 20243,120,163 $18.35 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 $3.43 for options granted during 2024, $4.23 for options granted during 2023, and $5.78 for options granted during 2022. Stock option exercises numbered 819,268 in 2024, 134,484 in 2023, and 484,521 in 2022. The aggregate intrinsic value of exercised options was $3 million for 2024, $1 million for 2023, and $5 million for 2022. As of December 31, 2024, 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 2.1 years.
Cash received from options exercised was $10 million, $1 million, and $6 million in 2024, 2023, and 2022, respectively. The actual tax benefit realized for the tax deductions from options exercised was less than $1 million in 2024 and less than $1 million in 2023.
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 2024, 30,323 performance units vested that were payable in stock and 1,556,149 performance units vested that were payable in cash. The total fair value of the performance units that vested in stock and cash during 2024 totaled $1 million and $22 million, respectively. 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.

The following table summarizes activity and pricing information for the nonvested shares in the Program for the year ended December 31, 2024.
 
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, 202312,856,041 $20.97 30,323 $19.07 5,583,290 $14.67 
Granted8,098,908 14.07 1,440,087 — 1,636,720 19.52 
Vested(5,175,689)20.68 (30,323)19.07 (1,556,149)14.24 
Forfeited(783,759)18.47 — — (242,920)15.78 
Outstanding at December 31, 202414,995,501 $17.66 1,440,087 $— 5,420,941 $19.70 
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 $13.06 during 2024, $17.81 during 2023, and $23.39 during 2022. As of December 31, 2024, unrecognized compensation cost related to nonvested shares under the Program totaled $92 million. We expect to recognize this cost over a weighted-average period of 2.4 years. The total fair value of shares vested was $130 million in 2024, $133 million in 2023, and $144 million in 2022.
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, 2024.
Number of
Nonvested
Shares
Weighted-Average
Grant-Date
Fair Value
Outstanding at December 31, 20232,602,867 $17.71 
Granted632,950 15.69 
Vested(910,606)19.79 
Forfeited(28,948)24.74 
Outstanding at December 31, 20242,296,263 $16.28 
The weighted-average grant-date fair value of awards granted was $15.69 during 2024, $12.93 during 2023, and $20.11 during 2022. As of December 31, 2024, unrecognized compensation cost related to nonvested shares granted under our deferred compensation plans and the other restricted stock or unit award programs totaled $10 million. We expect to recognize this cost over a weighted-average period of 2.8 years. The total fair value of shares vested was $18 million in 2024, $20 million in 2023, and $21 million in 2022.
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 459,778 Common Shares at a weighted-average cost to employees of $13.96 during 2024, 720,280 Common Shares at a weighted-average cost to employees of $10.62 during 2023, and 422,844 Common Shares at a weighted-average cost to employees of $17.46 during 2022.

Information pertaining to our method of accounting for stock-based compensation is included in Note 1 (“Summary of Significant Accounting Policies”) under the heading “Stock-Based Compensation.”
v3.25.0.1
Employee Benefits
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Employee Benefits
18. Employee Benefits
Pension Plans and Other Postretirement Benefit Plans
Key maintains a qualified cash balance pension plan and other nonqualified defined benefit plans. These plans are frozen and closed to new employees. We continue to credit participants’ existing account balances for interest until they receive their plan benefits. Plans provide benefits based upon length of service and compensation levels.
We also sponsor a retiree healthcare plan in which all employees age 55 with five years of service (or employees age 50 with 15 years of service who are terminated under conditions that entitle them to a severance benefit) are eligible to participate. Participant contributions are adjusted annually. Key may provide a subsidy toward the cost of coverage for certain employees hired before 2001 with a minimum of 15 years of service at the time of termination. We use a separate VEBA trust to fund the retiree healthcare plan.
Key utilizes its fiscal year-end as the measurement date for its pension and other postretirement employee benefit plans. Actuarial gains and losses are deferred and amortized over the future service periods of active employees. We determine the expected return on plan assets using a calculated market-related value of plan assets. Gain or loss amounts in AOCI are only amortized to the extent that they exceed 10% of the greater of the market-related value or the projected benefit obligation.
During 2024, Key did not recognize a settlement loss. In 2023, and 2022, we recognized a settlement loss for lump sum payments made under certain pension plans. In accordance with the applicable accounting guidance for defined benefit plans, we performed a remeasurement of the affected plans in conjunction with the settlement and recognized the settlement loss reflected in the following table.
Net pension cost is recorded within “other expense.” The components of net pension cost and the amount recognized in OCI for all funded and unfunded pension plans and postretirement benefit plan are as follows:
Year ended December 31,
Dollars in millions
Pension PlansPostretirement Benefit Plan
202420232022202420232022
Interest cost on PBO$41 $45 $27 $2 $2 $2 
Expected return on plan assets(39)(42)(27)(2)(2)(2)
Amortization of losses (gains)9 9 15 (1)(1)(1)
Amortization of prior service credit— — — (1)(1)(1)
Settlement loss— 18 12 — — — 
Net pension cost$11 $30 $27 $(2)$(2)$(2)
Other changes in plan assets and benefit obligations recognized in OCI:
Net (gain) loss$26 $26 $31 $1 $1 $1 
Amortization of (gains)6 (27)(27)— — — 
Amortization of prior service credit— — — 1 1 1 
Total recognized in comprehensive income$32 $(1)$4 $2 $2 $2 
Total recognized in net pension cost and comprehensive income$43 $29 $31 $— $— $— 

The information related to our pension plans and postretirement benefit plan presented in the following tables is based on current actuarial reports using measurement dates of December 31, 2024, and December 31, 2023.

The following table summarizes changes in the PBO and changes in the FVA related to our pension plans and post retirement benefit plan. Actuarial gains in 2024 associated with the pension plans were primarily driven by an increase in discount rates. Actuarial losses in 2024 associated with the postretirement benefit plan are a result of asset performance.
Year ended December 31,
Dollars in millions
Pension PlansPostretirement Benefit Plan
2024202320242023
PBO at beginning of year$923 $965 $40 $40 
Interest cost41 45 2 2 
Actuarial losses (gains)(34)10 6 6 
Plan participants’ contributions— — 1 1 
Benefit payments(84)(97)(8)(9)
PBO at end of year$846 $923 $41 $40 
FVA at beginning of year$827 $886 $40 $40 
Actual return on plan assets49 $25 8 $8 
Employer contributions13 $13 — $— 
Plan participants’ contributions— $— 1 $1 
Benefit payments(84)$(97)(8)$(9)
FVA at end of year$805 $827 $41 $40 

The following table summarizes the funded status of the pension plans, which equals the amounts recognized in the balance sheets at December 31, 2024, and December 31, 2023, as well as the amount of pre-tax AOCI not yet recognized as net pension cost for the pension plans and postretirement benefit plan. The postretirement benefit plan’s PBO equaled its FVA at both December 31, 2024, and December 31, 2023. Therefore, no asset or liability was recognized on our Consolidated Balance Sheets with respect to that plan.
December 31,
Dollars in millions
Pension PlansPostretirement Benefit Plan
2024202320242023
Funded status (a)
$(40)$(95)
Net prepaid pension cost recognized consists of:  
Noncurrent assets$80 $34 
Current liabilities(13)(14)
Noncurrent liabilities(107)(115)
Net prepaid pension cost recognized (b)
$(40)$(95)
Net unrecognized losses (gains)$415 $384 $(8)$(9)
Net unrecognized prior service credit— — (9)(11)
Total unrecognized AOCI$415 $384 $(17)$(20)
(a)The shortage of the FVA under the PBO.
(b)Represents the accrued benefit liability of the pension plans.
At December 31, 2024, 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 2025. We also do not expect to make any significant discretionary contributions during 2025. 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 2025, if any, will be minimal.
At December 31, 2024, we expect to pay the benefits from all funded and unfunded pension plans and postretirement benefit plan as follows:
Dollars in millions
Pension PlansPostretirement Benefit Plan
2025$82 $5 
202679 5 
202778 4 
202877 4 
202974 4 
2030-2034339 17 
The ABO for all of our pension plans was $845 million at December 31, 2024, and $922 million at December 31, 2023. As indicated in the table below, collectively our pension plans had an ABO in excess of plan assets as follows: 
December 31,20242023
Dollars in millionsCash Balance Pension PlanOther Defined Benefit PlansCash Balance Pension PlanOther Defined Benefit Plans
PBO$725 $121 $793 $128 
ABO725 121 793 128 
Fair value of plan assets805 — 827 — 

To determine the actuarial present value of benefit obligations, we assumed the following weighted-average rates.
December 31,20242023
Pension Plans:
Discount rate5.33 %4.68 %
Weighted-average interest crediting rate4.74 %4.09 %
Postretirement Benefit Plan:
Discount rate4.50 %4.50 %
To determine net pension cost, we assumed the following weighted-average rates.
Year ended December 31,
202420232022
Pension Plans:
Discount rate4.68 %4.85 %2.43 %
Expected return on plan assets4.50 %4.50 %2.75 %
Postretirement Benefit Plan:
Discount rate4.50 %4.50 %4.50 %
Expected return on plan assets4.50 %4.50 %4.50 %
We estimate that we will recognize $7 million in net pension cost for 2025 related to our pension plans. We estimate that a 25 basis point increase or decrease in the expected return on plan assets would change our net pension cost for 2025 by approximately $2.1 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 2025 by approximately $1 million.
We expect to recognize a $2 million credit in net postretirement benefit cost for 2025 related to our postretirement benefit plan. The realized net investment income for the postretirement healthcare plan VEBA trust is subject to federal income taxes, which are reflected in the weighted-average expected return on plan assets shown above. Assumed healthcare cost trend rates do not have a material impact on net postretirement benefit cost or obligations since the postretirement plan has cost-sharing provisions and benefit limitations
Pension Plan Assets
The expected return on plan assets for our qualified cash balance pension plan is determined by considering a number of factors, the most significant of which are:
 
•Our expectations for returns on plan assets over the long term, weighted for the investment mix of the assets. These expectations consider, among other factors, historical capital market returns of equity, fixed income, convertible, and other securities, and forecasted returns that are modeled under various economic scenarios.
•Historical returns on our plan assets. Based on an annual reassessment of current and expected future capital market returns, our expected return on plan assets for estimating the year-end pension benefit obligation of our qualified cash balance pension plan was 5.25% for 2024, 4.5% for 2023 and 4.5% for 2022. We deemed a rate of 4.50% to be appropriate in estimating 2024 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, 2024.
Target Allocation  
Asset Class2024
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, 2024, and December 31, 2023.

December 31, 2024    
Dollars in millionsLevel 1Level 2Level 3Total
ASSET CLASS
Mutual funds:
Fixed income — U.S.$— $324 $— $324 
Collective investment funds (measured at NAV) (a)
— — — 459 
Insurance investment contracts and pooled separate accounts (measured at NAV) (a)
— — — 22 
Total net assets at fair value$— $324 $— $805 
(a)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the fair value of plan assets presented elsewhere within this footnote.
December 31, 2023    
Dollars in millionsLevel 1Level 2Level 3Total
ASSET CLASS
Mutual funds:
Fixed income — U.S.$— $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.
Postretirement Benefit Plan Assets
We estimate the expected returns on plan assets for the VEBA trust much the same way we estimate returns on our pension funds. The primary investment objectives of the VEBA trust are to obtain a market rate of return, take into consideration the safety and/or risk of the investment, and to diversify the portfolio in order to satisfy the trust’s anticipated liquidity requirements. The following table shows the asset target allocations prescribed by the trust’s investment policy.
Target Allocation
Asset Class2024
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, 2024, and December 31, 2023.
December 31, 2024    
Dollars in millionsLevel 1Level 2Level 3Total
ASSET CLASS
Mutual funds:
Equity — U.S.$26 $— $— $26 
Equity — International6 — — 6 
Fixed income — U.S.8 — — 8 
Other assets (measured at NAV)(a)
— — — 1 
Total net assets at fair value$40 $— $— $41 
(a)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the fair value of plan assets presented elsewhere within this footnote.
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)— — — 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.
Employee 401(k) Savings Plan
A substantial number of our employees are covered under a savings plan that is qualified under Section 401(k) of the Internal Revenue Code. The plan permits employees to contribute from 1% to 100% of eligible compensation, with up to 7% being eligible for matching contributions in 2024. The plan also permits us to provide a discretionary annual profit sharing contribution to eligible employees who have at least one year of service. We did not accrue profit sharing contributions for 2024, 2023 or 2022. 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 $145 million in 2024, $99 million in 2023, and $82 million in 2022.
v3.25.0.1
Short-Term Borrowings
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Short-Term Borrowings
19. Short-Term Borrowings
Selected financial information pertaining to the components of our short-term borrowings is as follows:
December 31,   
Dollars in millions202420232022
FEDERAL FUNDS PURCHASED
Balance at year end$— $— $4,006 
Average during the year67 1,098 1,490 
Maximum month-end balance— 3,020 5,872 
Weighted-average rate during the year 5.29 %4.83 %2.04 %
Weighted-average rate at December 31 — — 4.18 
SECURITIES SOLD UNDER REPURCHASE AGREEMENTS
Balance at year end$14 $38 $71 
Average during the year36 549 617 
Maximum month-end balance44 1,954 1,090 
Weighted-average rate during the year 2.61 %4.77 %1.66 %
Weighted-average rate at December 313.15 1.63 3.74 
OTHER SHORT-TERM BORROWINGS
Balance at year end$2,130 $3,053 $5,386 
Average during the year2,984 5,890 2,963 
Maximum month-end balance6,794 1,061 11,372 
Weighted-average rate during the year 5.49 %5.24 %1.82 %
Weighted-average rate at December 314.95 5.58 .50 
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 $17.4 billion at December 31, 2024, 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, 2024, our unused secured borrowing capacity was $36.7 billion at the Federal Reserve Bank of Cleveland and $18.9 billion at the FHLB.
v3.25.0.1
Long-Term Debt
 12 Months Ended
Dec. 31, 2024
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 millions20242023
Senior medium-term notes due through 2035 (a)
$4,251 $3,870 
2.075% Subordinated notes due 2028 (b)
162 162 
6.875% Subordinated notes due 2029 (b)
89 91 
7.75% Subordinated notes due 2029 (b)
114 117 
Other variable rate notes due 2025 599 — 
Other subordinated notes (b)(c)
79 77 
Total parent company5,294 4,317 
Senior medium-term notes due through 2039 (d)
4,308 5,519 
4.39% Senior remarketable notes due 2027 (e)
232 214 
3.40% Subordinated notes due 2026 (f)
580 569 
6.95% Subordinated notes due 2028 (f)
285 286 
3.90% Subordinated notes due 2029 (f)
329 333 
4.90% Subordinated notes due 2032 (f)
675 695 
Secured borrowings due through 2032 (g)
88 11 
Federal Home Loan Bank advances due through 2041 (h)
79 7,586 
Investment Fund Financing due through 2055 (i)
24 24 
Revolving loans due through 2027211 — 
Total subsidiaries6,811 15,237 
Total long-term debt$12,105 $19,554 
(a)Senior medium-term notes had a weighted-average interest rate of 1.57% at December 31, 2024, and 2.31% at December 31, 2023. These notes had fixed interest rates at December 31, 2024, and December 31, 2023. Certain of these notes may 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 6.22% at December 31, 2024, and 7.14% at December 31, 2023. These notes may be redeemed prior to their maturity dates.
(d)Senior medium-term notes had weighted-average interest rates of 4.64% at December 31, 2024, and 4.88% at December 31, 2023. 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, 2024 and December 31, 2023. These notes had fixed interest rates at December 31, 2024, and December 31, 2023. 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 $3 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 $3 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 3.12% at December 31, 2024, and 5.76% at December 31, 2023. These advances, which had fixed interest rates, were secured by real estate loans and securities totaling $79 million at December 31, 2024, and $7.6 billion at December 31, 2023.
(i)Investment Fund Financing with maturity dates of September 1, 2048 and April 29, 2055, respectively.
At December 31, 2024, scheduled principal payments on long-term debt were as follows:
Dollars in millionsParentSubsidiariesTotal
2025$1,094 $1,928 $3,022 
2026— 1,215 1,215 
2027738 1,303 2,041 
2028882 296 1,178 
2029842 340 1,182 
All subsequent years1,738 1,729 3,467 

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

Global bank note program. On December 13, 2024, 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 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.
There were no bank note issuances during the year ended December 31, 2024.
As of December 31, 2024, $20.0 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 February 28, 2024, KeyCorp issued notes under the MTN program consisting of $1.0 billion of Fixed-to-Floating Senior Notes due March 6, 2035.
At December 31, 2024, KeyCorp had authorized and available for issuance up to $14 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.
v3.25.0.1
Trust Preferred Securities Issued by Unconsolidated Subsidiaries
 12 Months Ended
Dec. 31, 2024
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)
Common
Stock
Principal
Amount of
Debentures,
Net of Discount (a)(b)
Interest Rate
of Trust Preferred
Securities and
Debentures (c)
Maturity
of Trust Preferred
Securities and
Debentures
December 31, 2024
KeyCorp Capital I$156 $6 $162 5.595 %2028
KeyCorp Capital II85 4 89 6.875 2029
KeyCorp Capital III110 4 114 7.750 2029
HNC Statutory Trust III21 1 22 6.182 2035
HNC Statutory Trust IV21 1 22 5.930 2037
Willow Grove Statutory Trust I18 1 19 6.131 2036
Westbank Capital Trust II8 — 8 6.806 2034
Westbank Capital Trust III8 — 8 6.806 2034
Total$427 $17 $444 6.519 %— 
December 31, 2023$431 $17 $448 6.981 %— 
(a)The trust preferred securities must be redeemed when the related debentures mature, or earlier if provided in the governing indenture. Each issue of trust preferred securities carries an interest rate identical to that of the related debenture. The principal amount of certain debentures include debt issuance costs and basis adjustments related to fair value hedges totaling $14 million at December 31, 2024, and $15 million at December 31, 2023. 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.
v3.25.0.1
Commitments, Contingent Liabilities, and Guarantees
 12 Months Ended
Dec. 31, 2024
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, 2024, and December 31, 2023, 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
20242023
Loan commitments:
Commercial and other$57,010 $55,603 
Commercial real estate and construction2,855 3,440 
Home equity8,360 8,984 
Credit cards6,784 7,058 
Total loan commitments75,009 75,085 
Commercial letters of credit63 65 
Purchase card commitments1,048 995 
Principal investing commitments1 1 
Tax credit investment commitments1,362 1,361 
Total loan and other commitments$77,483 $77,507 

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, as well as arbitrations and mass arbitrations. Investigations may involve both formal and informal proceedings, by both government agencies and self-regulatory bodies. These matters may involve claims for substantial monetary 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.
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, 2024. Information pertaining to the basis for determining the liabilities recorded in connection with these guarantees is included in Note 1 (“Summary of Significant Accounting Policies”) under the heading “Contingencies and Guarantees.”
December 31, 2024Maximum Potential Undiscounted Future PaymentsLiability Recorded
Dollars in millions
Financial guarantees:
Standby letters of credit$4,441 $75 
Recourse agreement with FNMA7,770 60 
Residential mortgage reserve3,396 9 
Written put options (a)
2,117 79 
Total$17,724 $223 
(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, 2024, 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, 2024, our standby letters of credit had a remaining weighted-average life of 1.4 years, with remaining actual lives ranging from less than 1 year to 9.9 years.

Recourse agreement with FNMA. At December 31, 2024, the outstanding commercial mortgage loans in this program had a weighted-average remaining term of 6.3 years, and the unpaid principal balance outstanding of loans sold by us as a participant was $24.7 billion. The maximum potential amount of undiscounted future payments that we could be required to make under this program, as shown in the preceding table, is equal to approximately 32% of the principal balance of loans outstanding at December 31, 2024. FNMA delegates responsibility for originating, underwriting, and servicing mortgages, and we assume a limited portion of the risk of loss during the remaining term on each commercial mortgage loan that we sell to FNMA. We maintain a reserve for such potential losses of $60 million that we believe approximates the fair value of our liability 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, 2024, the unpaid principal balance outstanding of loans sold by us was $11.3 billion. The maximum potential amount of undiscounted future payments that we could be required to make under this program, as shown in the preceding table, is equal to approximately 30% of the principal balance of loans outstanding at December 31, 2024. 
Our liability for estimated repurchase obligations on loans sold, which is included in “accrued expenses and other liabilities” on our Consolidated Balance Sheets, was $9 million at December 31, 2024.

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, 2024, our written put options had an average life of 1.3 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.
v3.25.0.1
Accumulated Other Comprehensive Income
 12 Months Ended
Dec. 31, 2024
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, 2022$(4,895)$(1,124)$(276)$(6,295)
Other comprehensive income before reclassification, net of income taxes
702 (364)(18)320 
Amounts reclassified from accumulated other comprehensive income, net of income taxes (a)
3 725 18 746 
Net current-period other comprehensive income, net of income taxes705 361 — 1,066 
Balance at December 31, 2023$(4,190)$(763)$(276)$(5,229)
Other comprehensive income before reclassification, net of income taxes
38 (230)(30)(222)
Amounts reclassified from accumulated other comprehensive income, net of income taxes (a)
1,418 559 4 1,981 
Net current-period other comprehensive income, net of income taxes1,456 329 (26)1,759 
Balance at December 31, 2024$(2,734)$(434)$(302)$(3,470)
(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 millions20242023
Unrealized gains (losses) on available for sale securities
Realized losses$(1,863)$(4)Other income
(1,863)(4)
Income (loss) from continuing operations before income taxes
(445)(1)Income taxes
$(1,418)$(3)Income (loss) from continuing operations
Unrealized gains (losses) on derivative financial instruments
Interest rate$(733)$(956)Interest income — Loans
Interest rate(2)(2)Interest expense — Long-term debt
Interest rate— 5 Investment banking and debt placement fees
(735)(953)
Income (loss) from continuing operations before income taxes
(176)(228)Income taxes
$(559)$(725)Income (loss) from continuing operations
Net pension and postretirement benefit costs
Amortization of losses$(8)$(8)Other expense
Settlement loss— (18)Other expense
Amortization of prior service credit1 1 Other expense
(7)(25)
Income (loss) from continuing operations before income taxes
(3)(7)Income taxes
$(4)$(18)Income (loss) from continuing operations
v3.25.0.1
Shareholders' Equity
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Shareholders' Equity
24. Shareholders' Equity
Comprehensive Capital Plan

During 2024, Key did not complete any open market share repurchases. We repurchased $28 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 2024. These quarterly dividend payments brought our annual dividend to $.82 per common share for 2024.

Scotiabank Investment
On August 12, 2024, we entered into an Investment Agreement with Scotiabank pursuant to which Scotiabank agreed to make a strategic minority investment in KeyCorp of approximately $2.8 billion, representing approximately 14.9% pro forma common stock ownership of KeyCorp, for a fixed price of $17.17 per share. On August 30, 2024, Scotiabank completed the initial purchase of 47,829,359 of KeyCorp’s Common Shares with an investment of approximately $821 million in gross proceeds. With this investment, Scotiabank owned approximately 4.9% of KeyCorp’s Common Shares. In connection with the completion of the initial purchase of the Scotiabank investment, we incurred $10 million in issuance costs, which are classified in shareholders’ equity and recorded against the gross proceeds received.

On December 13, 2024, we announced that all necessary bank regulatory approvals had been received for completion of Scotiabank’s strategic minority investment in KeyCorp. On December 27, 2024, Scotiabank completed the final purchase of 115,042,316 of the KeyCorp’s Common Shares, contemplated under the Investment Agreement with an investment of approximately $2.0 billion. Following the Second Closing, Scotiabank owns approximately 14.9% of our Common Shares. In connection with the completion of the Second Closing of the Scotiabank investment, we incurred $16 million in issuance costs, which are classified in shareholders’ equity and recorded against the gross proceeds received.
Preferred Stock

The following table summarizes our preferred stock at December 31, 2024:
Preferred stock seriesAmount outstanding (in millions)Book value (net of capital surplus)Shares authorized and outstandingPar valueLiquidation preferenceOwnership interest per depositary shareLiquidation preference per depositary share2024 dividends paid per depositary share
5.000% Fixed-to-Floating Rate Perpetual Noncumulative Series D
$525 $519 21,000 $1 $25,000 1/25th$1,000 $12.50 
6.125% Fixed-to-Floating Rate Perpetual Noncumulative Series E
500 490 500,000 1 1,000 1/40th25 .382813 
5.650% Fixed Rate Perpetual Noncumulative Series F
425 412 425,000 1 1,000 1/40th25 .353125 
5.625% Fixed Rate Perpetual Non-Cumulative Series G
450 435 450,000 1 1,000 1/40th25 .351563 
6.200% Fixed Rate Reset Perpetual Non-Cumulative Series H
600 590 600,000 1 1,000 1/40th25 .387500 

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, 2024, KeyCorp and KeyBank (consolidated) met all regulatory capital requirements.
KeyBank (consolidated) qualified for the “well capitalized” prompt corrective action capital category at December 31, 2024, 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, 2024, 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. Additionally, KeyCorp
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, 2024, Key and KeyBank (consolidated) had regulatory capital in excess of all current minimum risk-based capital (including all adjustments for market risk) and leverage ratio requirements as shown in the following table.
 ActualRegulatory MinimumRegulatory Minimum with Stress Capital BufferWell Capitalized
Dollars in millionsAmountRatioRatioRatioRatio
December 31, 2024
Total risk-based capital
Key$22,336 16.15 %8.00 %11.10 %N/A
KeyBank (consolidated)20,518 15.12 8.00 11.10 10.00 %
Common equity Tier 1 risk-based capital
Key$16,489 11.92 %4.50 %7.60 %N/A
KeyBank (consolidated)17,560 12.94 4.50 7.60 6.50 %
Tier 1 risk-based capital
Key$18,934 13.69 %6.00 %9.10 %N/A
KeyBank (consolidated)17,560 12.94 6.00 9.10 8.00 %
Leverage
Key$18,934 10.03 %4.00 %4.00 %N/A
KeyBank (consolidated)17,560 9.42 4.00 4.00 5.00 %
December 31, 2023
Total risk-based capital
Key$21,028 14.15 %8.00 %10.50 %N/A
KeyBank (consolidated)20,726 14.16 8.00 10.50 10.00 %
Common equity Tier 1 risk-based capital
Key$14,894 10.02 %4.50 %7.00 %N/A
KeyBank (consolidated)17,487 12.15 4.50 7.00 6.50 
Tier 1 risk-based capital
Key$17,340 11.67 %6.00 %8.50 %N/A
KeyBank (consolidated)17,487 11.94 6.00 8.50 8.00 %
Leverage
Key$17,340 9.03 %4.00 %4.00 %N/A
KeyBank (consolidated)17,487 9.22 4.00 4.00 5.00 %
v3.25.0.1
Business Segment Reporting
 12 Months Ended
Dec. 31, 2024
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, 2024.

Consumer Bank

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

Commercial Bank

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

Other

Other includes various corporate treasury activities such as management of our investment securities portfolio, long-term debt, short-term liquidity and funding activities, and balance sheet risk management, our principal investing unit, and various exit portfolios as well as reconciling items, which primarily represent the unallocated portion of nonearning assets of corporate support functions. Charges related to the funding of these assets are part of net interest income and are allocated to the business segments through noninterest expense. Reconciling items also include intercompany eliminations and certain items that are not allocated to the business segments because they do not reflect their normal operations.

The table on the following page shows selected financial data for our reportable business segments for the years ended December 31, 2024, 2023, and 2022. The information was derived from the internal financial reporting system that we use to monitor and manage our financial performance. GAAP guides financial accounting, but there is no authoritative guidance for “management accounting” — the way we use our judgment and experience to make reporting decisions. Consequently, the line of business results we report may not be comparable to line of business results presented by other companies. The information from our internal financial reporting system is utilized by Key’s Chief Operating Decision Maker (“CODM”) in assessing performance of the business segments. Key’s CODM is composed of its Chief Executive Officer and Chief Financial Officer.

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

 
Developing and applying the methodologies that we use to allocate items among our lines of business is a dynamic process. Accordingly, financial results may be revised periodically to reflect enhanced alignment of expense base allocation drivers, changes in the risk profile of a particular business, or changes in our organizational structure. The table below reflects our adoption of ASU 2023-07 as described in Note 1 (“Summary of Significant Accounting Policies”).

Year ended December 31,
Consumer BankCommercial Bank
Dollars in millions202420232022202420232022
SUMMARY OF OPERATIONS
Net interest income (TE)
$2,288 $2,221 $2,409 $1,805 $1,866 $1,863 
Noninterest income
924 936 995 1,629 1,431 1,600 
Total revenue (TE) (a)
3,212 3,157 3,404 3,434 3,297 3,463 
Provision for credit losses
126 111 193 227 379 317 
Personnel expense850 833 851 729 697 706 
Other direct noninterest expense595 691 559 347 436 343 
Support and overhead1,268 1,256 1,321 758 673 684 
Allocated income taxes (benefit) and TE adjustments
90 64 115 282 227 269 
Income (loss) from continuing operations
283 202 365 1,091 885 1,144 
Income (loss) from discontinued operations, net of taxes
— — — — — — 
Net income (loss)
$283 $202 $365 $1,091 $885 $1,144 
AVERAGE BALANCES (b)
     
Loans and leases
$38,744 $41,777 $41,315 $68,498 $75,782 $69,549 
Total assets (a)
41,613 44,593 44,414 77,782 85,542 80,068 
Deposits
85,851 82,793 90,132 58,025 55,045 54,672 
OTHER FINANCIAL DATA
Expenditures for additions to long-lived assets (a), (b)
$75 $72 $52 $— $3 $4 
Year ended December 31,OtherKey
Dollars in millions202420232022202420232022
SUMMARY OF OPERATIONS
Net interest income (TE)$(283)$(144)$282 $3,810 $3,943 $4,554 
Noninterest income(1,744)103 123 809 2,470 2,718 
Total revenue (TE) (a)
(2,027)(41)405 4,619 6,413 7,272 
Provision for credit losses(18)(1)(8)335 489 502 
Personnel expense1,135 1,130 1,009 2,714 2,660 2,566 
Other direct noninterest expense889 947 942 1,831 2,074 1,844 
Support and overhead(2,026)(1,929)(2,005)— — — 
Allocated income taxes (benefit) and TE adjustments(470)(65)65 (98)226 449 
Income (loss) from continuing operations(1,537)(123)402 (163)964 1,911 
Income (loss) from discontinued operations, net of taxes2 3 6 2 3 6 
Net income (loss)$(1,535)$(120)$408 $(161)$967 $1,917 
AVERAGE BALANCES (b)
Loans and leases$482 $445 $438 $107,724 $118,004 $111,302 
Total assets (a)
67,420 61,492 61,404 186,815 191,627 185,886 
Deposits2,279 6,221 2,058 146,155 144,059 146,862 
OTHER FINANCIAL DATA
Expenditures for additions to long-lived assets (a), (b)
$115 $118 $198 $190 $193 $254 
(a)Substantially all revenue generated by our reportable business segments is derived from clients that reside in the United States. Substantially all long-lived assets, including premises and equipment, capitalized software, and goodwill held by our reportable business segments, are located in the United States.
(b)From continuing operations.
v3.25.0.1
Condensed Financial Information of the Parent Company
 12 Months Ended
Dec. 31, 2024
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
20242023
ASSETS
Cash and due from banks$5,149 $2,727 
Short-term investments26 17 
Securities available for sale— — 
Other investments96 85 
Loans to:
Banks300 250 
Nonbank subsidiaries— — 
Total loans300 250 
Investment in subsidiaries:
Banks16,770 14,789 
Nonbank subsidiaries888 901 
Total investment in subsidiaries17,658 15,690 
Goodwill167 167 
Corporate-owned life insurance188 197 
Derivative assets— 1 
Accrued income and other assets422 331 
Total assets$24,006 $19,465 
LIABILITIES
Accrued expense and other liabilities$536 $511 
Long-term debt due to:
Subsidiaries444 447 
Unaffiliated companies (a)
4,850 3,870 
Total long-term debt5,294 4,317 
Total liabilities5,830 4,828 
SHAREHOLDERS’ EQUITY (b)
18,176 14,637 
Total liabilities and shareholders’ equity$24,006 $19,465 
(a)See Note 20 (“Long-Term Debt”) for information regarding contractual rates and maturity dates of debt that is held by the parent company.
(b)See Key’s Consolidated Statements of Changes in Equity.

CONDENSED STATEMENTS OF INCOME
Year ended December 31,
Dollars in millions202420232022
INCOME
Dividends from subsidiaries:
Bank subsidiaries$750 $675 $475 
Nonbank subsidiaries— — 100 
Interest income from subsidiaries20 15 4 
Other income14 24 7 
Total income784 714 586 
EXPENSE
Interest on long-term debt with subsidiary trusts33 33 19 
Interest on other borrowed funds341 273 130 
Personnel and other expense77 111 101 
Total expense451 417 250 
Income (loss) before income taxes and equity in net income (loss) less dividends from subsidiaries333 297 336 
Income tax (expense) benefit94 95 60 
Income (loss) before equity in net income (loss) less dividends from subsidiaries427 392 396 
Equity in net income (loss) less dividends from subsidiaries(588)575 1,521 
NET INCOME (LOSS)$(161)$967 $1,917 
Total other comprehensive income (loss), net of tax (a)
1,759 1,066 (5,709)
Comprehensive income (loss)$1,598 $2,033 $(3,792)
(a) See Key’s Consolidated Statements of Comprehensive Income.
CONDENSED STATEMENTS OF CASH FLOWS
Year ended December 31,
Dollars in millions202420232022
OPERATING ACTIVITIES
Net income (loss) attributable to Key$(161)$967 $1,917 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Deferred income taxes (benefit)10 (6)6 
Stock-based compensation expense10 9 117 
Equity in net (income) loss less dividends from subsidiaries588 (575)(1,521)
Net (increase) decrease in accrued income and other assets(91)44 23 
Net increase (decrease) in accrued expenses and other liabilities25 3 (24)
Other operating activities, net(706)122 (480)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES(325)564 38 
INVESTING ACTIVITIES
Net (increase) decrease in securities available for sale and in short-term and other investments(19)(14)(26)
Cash used in acquisitions— — — 
Advances to subsidiaries(250)— — 
Sale or repayments of advances to subsidiaries200 16 (200)
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES(69)2 (226)
FINANCING ACTIVITIES
Net proceeds from issuance of long-term debt1,000 — 1,350 
Payments on long-term debt— — — 
Repurchase of Treasury Shares(28)(73)(44)
Net cash from the issuance (redemption) of Common Shares and preferred stock— — 590 
Net proceeds from Scotiabank investment2,771 — — 
Cash dividends paid(927)(912)(855)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES2,816 (985)1,041 
NET INCREASE (DECREASE) IN CASH AND DUE FROM BANKS2,422 (419)853 
CASH AND DUE FROM BANKS AT BEGINNING OF YEAR2,727 3,146 2,293 
CASH AND DUE FROM BANKS AT END OF YEAR$5,149 $2,727 $3,146 
KeyCorp paid interest on borrowed funds totaling $215 million in 2024, $171 million in 2023, and $137 million in 2022.
v3.25.0.1
Revenue from Contracts with Customers
 12 Months Ended
Dec. 31, 2024
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. Additional details of our revenue recognition policies and components of our noninterest income line items is provided within Note 1 (“Summary of Significant Accounting Policies”) under the heading “Revenue Recognition.”

Year ended December 31,2024
Dollars in millionsConsumer BankCommercial BankTotal Contract Revenue
NONINTEREST INCOME
Trust and investment services income$449 $69 $518 
Investment banking and debt placement fees— 521 521 
Services charges on deposit accounts135 126 261 
Cards and payments income178 153 331 
Other noninterest income12 — 12 
Total revenue from contracts with customers$774 $869 $1,643 
Other noninterest income (a)
$910 
Noninterest income from other segments (b)
(1,744)
Total noninterest income$809 
Year ended December 31,2023
Dollars in millionsConsumer BankCommercial BankTotal Contract Revenue
NONINTEREST INCOME
Trust and investment services income$410 $68 $478 
Investment banking and debt placement fees— 344 344 
Services charges on deposit accounts158 111 269 
Cards and payments income187 145 332 
Other noninterest income12 — 12 
Total revenue from contracts with customers$767 $668 $1,435 
Other noninterest income (a)
$932 
Noninterest income from other segments (b)
103 
Total noninterest income$2,470 
Year ended December 31,2022
Dollars in millionsConsumer BankCommercial BankTotal Contract Revenue
NONINTEREST INCOME
Trust and investment services income$403 $69 $472 
Investment banking and debt placement fees— 430 430 
Services charges on deposit accounts211 139 350 
Cards and payments income177 154 331 
Other noninterest income11 — 11 
Total revenue from contracts with customers$802 $792 $1,594 
Other noninterest income (a)
$1,001 
Noninterest income from other segments (b)
123 
Total noninterest income$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. Corporate treasury includes realized gains and loss from transaction associated with Key’s investment securities portfolio. Reconciling items also includes intercompany eliminations and certain items that are not allocated to the business segments because they do not reflect their normal operations. Refer to Note 25 (“Business Segment Reporting”) for more information.

We had no material contract assets or contract liabilities for the twelve months ended December 31, 2024, and December 31, 2023.
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pay vs Performance Disclosure      
Net income (loss) attributable to Key $ (161) $ 967 $ 1,917
v3.25.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.0.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.0.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
As a financial services institution, Key faces heightened risk of cybersecurity incidents. Risks and exposures related
to cybersecurity incidents are expected to remain high for the foreseeable future due to the rapidly evolving nature
and sophistication of cybersecurity threats and geopolitical events, as well as due to the expanding use of Internet and mobile banking and other technology-based products and services utilized by us and our clients, including products and services that utilize the cloud and artificial intelligence (AI), among other emerging technologies. To date, Key has not experienced material disruption to our operations, or material harm to our client base, from cyberattacks. However, we have incurred, and may again incur, expenses related to the investigation of cybersecurity incidents involving third-party providers or related to the protection of our clients from identity theft as a result of such incidents. We have also incurred, and may continue to incur, expenses to enhance our systems or processes to protect against cyber or other security incidents. For more information, see “Risk Factors—We and third parties on which we rely (including their downstream service providers) may experience a cyberattack, technology failure, information system or security breach or interruption” in Item 1A. Risk Factors of this report.

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

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

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

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

As part of its cybersecurity risk management strategy, Key regularly reviews its security and privacy controls in the context of industry standard practices, frameworks, evolving laws, and changing client expectations. Key engages external providers periodically to perform a maturity assessment of the IS Program against industry cybersecurity frameworks. Key also engages external advisors periodically to perform security posture assessments of our environment to proactively identify weakness within our security policy and/or configurations. Summary level results from these assessments are shared to internal stakeholders through Key’s Risk Governance committee structure. Key is also subject to cybersecurity and privacy regulatory exams, as required by law for financial institutions.

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

With respect to third party service providers, Key maintains a third party management program that is designed to
identify, review, monitor, escalate, and, if necessary, remediate third party information security risks. Key’s third
party onboarding process includes risk-based due diligence and security-relevant contract language. Risk-based
due diligence can also include an assessment of the strength of certain control areas, including, but not limited to,
information security management, physical security, network security, platform security, application security, cloud
security, encryption management, business resiliency, and privacy. Once a business relationship is established with a service provider, Key performs risk-based periodic reviews of the third party service provider's security programs. In addition to an established governance approval process for new engagements, Key has established a Third Party Management Committee to oversee compliance with Key’s Third Party Management Policy and Program.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]
Key maintains an Information Security Program (the “IS Program”) to support the management of information security risk, including cybersecurity risk, across the organization. The IS Program is designed to protect Key’s
clients, employees, third parties, and assets from threats by managing the confidentiality, availability, and integrity of
Key’s information assets.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
As described in more detail in “Risk Management — Overview” in Item 7 of this report, the Board serves in an
oversight capacity to ensure that Key’s risks, including risk from cybersecurity threats, are managed in a manner that is effective and balanced and adds value for our shareholders. The Board’s Risk Committee exercises primary oversight over enterprise-wide risk at Key, including operational risk, which includes cybersecurity risk, and provides oversight of management’s activities related to cybersecurity risk. The Board’s Audit Committee monitors and exercises oversight over cybersecurity risk as part of its joint oversight of operational risk with the Risk Committee. The Board’s Technology Committee provides additional oversight of management’s activities related to Key’s technology strategic investment plan, cybersecurity investments, and major technology vendor relationships and is expected to escalate to the Risk Committee on certain risk management issues.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] The Board’s Risk Committee exercises primary oversight over enterprise-wide risk at Key, including operational risk, which includes cybersecurity risk, and provides oversight of management’s activities related to cybersecurity risk. The Board’s Audit Committee monitors and exercises oversight over cybersecurity risk as part of its joint oversight of operational risk with the Risk Committee. The Board’s Technology Committee provides additional oversight of management’s activities related to Key’s technology strategic investment plan, cybersecurity investments, and major technology vendor relationships and is expected to escalate to the Risk Committee on certain risk management issues.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] The Board’s Risk Committee exercises primary oversight over enterprise-wide risk at Key, including operational risk, which includes cybersecurity risk, and provides oversight of management’s activities related to cybersecurity risk. The Board’s Audit Committee monitors and exercises oversight over cybersecurity risk as part of its joint oversight of operational risk with the Risk Committee. The Board’s Technology Committee provides additional oversight of management’s activities related to Key’s technology strategic investment plan, cybersecurity investments, and major technology vendor relationships and is expected to escalate to the Risk Committee on certain risk management issues.
Cybersecurity Risk Role of Management [Text Block]
The CISO is responsible for reporting on information security matters, including cybersecurity risk, to the Board. The CISO provides updates to the Audit Committee on cybersecurity matters at each regularly scheduled Committee meeting (six times in 2024). The CISO’s update to the Committee generally address the cybersecurity threat landscape, information security trends, strategic initiatives related to information security, and cybersecurity program reviews. The CISO also updates the Risk Committee on cybersecurity matters and on Key’s compliance with the Gramm-Leach-Bliley Act on an annual basis and presents the Information Security Policy for approval. The CISO, along with Key’s Deputy CISO, also report annually to the Technology Committee to obtain approval on Key’s Cyber Strategy and Investment Plan. The CISO provides updates to the Board as needs arise and from time to time.
Key’s Deputy CISO leads the Corporate Information Security function, including the Cyber Defense Center, Identity
& Access Management Operations, Information Security Governance and Data Protection, and Security Architecture, Engineering and Platform Operations. The Deputy CISO has over 17 years of cybersecurity and technology risk management experience across financial services and retail, previously served as the Head of Information Security Governance within KeyCorp’s Corporate Information Security group, as well as the Head of Cybersecurity and Technology Risk Oversight within KeyCorp’s Risk Management group. He holds a bachelor’s degree in Finance and Management Information Systems and an MBA.

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

At the management level, our Enterprise Risk Management (ERM) Committee, chaired by the Chief Executive
Officer and comprising other senior level executives, including the Chief Information Officer, reports to the Board’s
Risk Committee and is responsible for managing risk, including cybersecurity risk. The ERM Committee serves as a
senior level forum for review and discussion of material operational risk issues, including cybersecurity risk, and
receives regular updates from the CISO regarding cybersecurity risk. The ERM Committee directly oversees the
Operational Risk Committee, which provides governance, direction, oversight, and high-level management of
operational risk, including cybersecurity risk, and includes senior management representation from the LOB and
support areas. The CISO is a voting member of the Operational Risk Committee.

The Operational Risk Committee also includes subcommittees which, among other things, address security issues
and concerns, pursue security-related program enhancements, address fraud trends, provide input on fraud
strategy, weigh the impacts of fraud risk on customers, business clients, and the LOB, and cascades awareness of
fraud risks across Key.

Key also has a Privacy Team led by a Chief Privacy Officer (CPO) who has over ten years of experience in legal,
compliance, and risk roles at financial institutions, focusing primarily on data protection and privacy. Our CPO holds
an undergraduate degree in finance, a master’s degree in business administration, and a juris doctorate. He is
licensed to practice law in the state of Ohio and has obtained the CIPP/US certification through the International
Association of Privacy Professionals. The CPO and Privacy team have the authority to escalate privacy risks to the
Board. The Privacy and Information Security teams work together to implement controls around how personally
identifiable information is managed and protected and to comply with applicable laws and regulations.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] Our Chief Information Security Officer (“CISO”), who is also the Enterprise Security
Executive, oversees the IS Program and its related policy and has overall responsibility for managing the appropriate identification and ownership of cybersecurity risks. Key’s Corporate Information Security Team, under the oversight of the CISO, is responsible for maintaining the IS Program, assessing program-level risks and threats to our information assets, and overseeing the proper level of investment in security resources.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]
Key’s CISO oversees the IS Program and its related policies and is responsible for determining whether relevant security risk information is properly integrated into strategic and business decisions, overseeing the appropriate identification and ownership of security risks, monitoring critical risks, and maintaining the appropriate oversight and governance of information security through associated programs and/or standards. Our CISO has served in various roles in information technology and information security at Key for over 30 years, including serving as Enterprise Security Executive. The CISO holds a B.S.B.A in Management Information Systems.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]
The CISO is responsible for reporting on information security matters, including cybersecurity risk, to the Board. The CISO provides updates to the Audit Committee on cybersecurity matters at each regularly scheduled Committee meeting (six times in 2024). The CISO’s update to the Committee generally address the cybersecurity threat landscape, information security trends, strategic initiatives related to information security, and cybersecurity program reviews. The CISO also updates the Risk Committee on cybersecurity matters and on Key’s compliance with the Gramm-Leach-Bliley Act on an annual basis and presents the Information Security Policy for approval. The CISO, along with Key’s Deputy CISO, also report annually to the Technology Committee to obtain approval on Key’s Cyber Strategy and Investment Plan. The CISO provides updates to the Board as needs arise and from time to time.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.0.1
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2024
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 have been reclassified in the Consolidated Statements of Cash Flows from “other operating activities, net” to either the net change in “accrued income and other assets” or “accrued expense and other liabilities” to align with updated presentation. Some previously reported amounts have been reclassified in the Consolidated Statements of Income from “other income” to “net securities gains (losses)”.
VIE Consolidation The consolidated financial statements also include the accounts of any voting rights entities in which we have a controlling financial interest and certain VIEs. In accordance with the applicable accounting guidance for consolidations, we consolidate a VIE if we have (i) a variable interest in the entity; (ii) the power to direct activities of the VIE that most significantly affect the entity’s economic performance; and (iii) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE (i.e., we are considered to be the primary beneficiary).
Equity Method Investments
We use the equity method to account for unconsolidated investments in voting rights entities or VIEs if we have significant influence over the entity’s operating and financing decisions (usually defined as a voting or economic interest of 20% to 50%, but not controlling). Unconsolidated investments in voting rights entities or VIEs in which we have a voting or economic interest of less than 20% generally are carried at fair value or a cost measurement alternative. Investments held by our registered broker-dealer and investment company subsidiaries (principal investing entities and Real Estate Capital line of business) are carried at fair value.

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

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

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

Sales-type leases are carried at the aggregate of the lease receivable, estimated unguaranteed residual values, and deferred initial direct fees and costs if certain criteria are met. Direct financing leases are carried at the aggregate of the lease receivable, estimated unguaranteed residual values, and deferred initial direct fees and costs, less unearned income. Unearned income on direct financing leases is amortized over the lease terms using a method approximating the interest method that produces a constant rate of return. Deferred initial direct fees and costs for both sales-type and direct financing leases are amortized over the lease terms as an adjustment to the yield.
Expected credit losses on net investments in leases, including any unguaranteed residual asset, are included in the ALLL. Net gains or losses on sales of lease residuals are included in “other income” or “other expense” on the income statement.
Loans Held for Sale
Loans held for sale generally include certain residential and commercial mortgage loans, other commercial loans, and student loans. Loans are initially classified as held for sale when they are individually identified as being available for immediate sale and a formal plan exists to sell them. Loans held for sale are recorded at either fair value, if elected, or the lower of cost or fair value. Fair value is determined based on available market data for similar assets. When a loan is originated as held-for-sale, origination fees and costs are deferred but not amortized. Upon sale of the loans, deferred origination fees and costs are recognized as part of the calculated gain or loss on sale. Our commercial loans (including commercial mortgage and non-mortgage loans) and student loans, which we originated and intend to sell, are carried at the lower of aggregate cost or fair value. Subsequent declines in fair value for loans held for sale are recognized as a charge to “other income” on the income statement. Consumer real estate - residential mortgages loans have been elected to be carried at fair value. Subsequent increases and decreases in fair value for loans elected to be measured at fair value are recorded to “consumer mortgage income” on the income statement. Additional information regarding fair value measurements associated with our loans held for sale is provided in Note 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. Nonperforming loans do not include loans held for sale. Once a loan is designated nonaccrual, the interest accrued but not collected is reversed against interest income, and payments subsequently received are applied to principal until qualifying for return to accrual.
We generally classify commercial loans as nonperforming and stop accruing interest (i.e., designate the loan “nonaccrual”) when the borrower’s principal or interest payment is 90 days past due unless the loan is well-secured and in the process of collection. Commercial loans are also placed on nonaccrual status when payment is not past due but we have serious doubts about the borrower’s ability to comply with existing repayment terms. Once a loan is designated nonaccrual (and as a result assessed for impairment), the interest accrued but not collected is reversed against loan interest income, and payments subsequently received are applied to principal. Commercial loans are typically charged off in full or charged down to the fair value of the underlying collateral when the borrower’s payment is 180 days past due.

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

Commercial and consumer loans may be returned to accrual status if we are reasonably assured that all contractually due principal and interest are collectible and the borrower has demonstrated a sustained period (generally six months) of repayment performance under the contracted terms of the loan and applicable regulation.
Purchased Loans
Purchased performing loans that do not have evidence of deterioration in credit quality at acquisition are recorded at fair value at the acquisition date. Any premium or discount associated with purchased performing loans is recognized in interest income based on the effective yield method of amortization for term loans or the straight-line method of amortization for revolving loans. The methods utilized to estimate the required ALLL for purchased performing loans is similar to originated loans.
Purchased loans that have experienced a more-than-insignificant deterioration in credit quality since origination are deemed PCD loans. PCD loans are initially recorded at fair value along with an allowance for credit losses determined using the same methodology as originated loans. The sum of the loan's purchase price and allowance for credit losses becomes its initial amortized cost basis. The difference between the initial amortized cost basis and the par value of the loan is a noncredit discount or premium, which is amortized into interest income over the life of the loan. Subsequent changes to the allowance for credit losses are recorded through provision for credit losses.
Allowance for Loan and Lease Losses
We estimate the ALLL using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. The ALLL is measured on a collective (pool) basis when similar risk characteristics exist. Our portfolio segments include commercial and consumer. Each of these two segments comprises multiple loan classes. Classes are characterized by similarities in initial measurement, risk attributes, and the manner in which we monitor and assess credit risk. The commercial segment is composed of commercial and industrial, commercial real estate, and commercial lease financing loan classes. The consumer lending segment is composed of residential mortgage, home equity, consumer direct, credit card, student lending and consumer indirect loan classes.

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

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

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

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

Quantitative Component

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

•     The nature and volume of the institution’s financial assets;
•     The existence, growth, and effect of any concentrations of credit;
•     The volume and severity of past due financial assets, the volume of nonaccrual assets, and the volume and     
severity of adversely classified or graded assets;
•     The value of the underlying collateral for loans that are not collateral dependent;
•     The institution’s lending policies and procedures, including changes in underwriting standards and practices
for collections, write-offs, and recoveries;
•     The quality of the institution’s credit review function;
•     The experience, ability, and depth of the institution’s lending, investment, collection, and other relevant
management and staff;
•     The effect of other external factors such as the regulatory, legal and technological environments;
competition; and events such as natural disasters; and
•     Actual and expected changes in international, national, regional, and local economic and business
conditions and developments in which the institution operates that affect the collectability of financial assets.
Liability for Credit Losses on Lending-Related Commitments
The liability for credit losses on lending-related commitments, such as letters of credit and unfunded loan commitments, is included in “accrued expense and other liabilities” on the balance sheet. Expected credit losses are estimated over the contractual period in which we are exposed to credit risk via a contractual obligation unless that obligation is unconditionally cancellable by us. The liability for credit losses on lending-related commitments is adjusted as a provision for credit losses. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated useful life. Consistent with our estimation process on our loan and lease portfolio, we use a non-DCF factor-based approach to estimate expected credit losses that include component PD/LGD/EAD models as well as less complex estimation methods for smaller portfolios.
Allowance for Credit Losses on Other Financial Assets
The allowance for credit losses on other financial assets, such as other receivables and servicing advances, is
determined based on historical loss information and other available indicators. If such information does not indicate
any expected credit losses, Key may estimate the allowance for credit losses on other financial assets to be zero or
close to zero.
Fair Value Measurements
Fair value is defined as the price to sell an asset or transfer a liability in an orderly transaction between market participants in the principal market. Therefore, fair value represents an exit price at the measurement date. We value our assets and liabilities based on the principal or most advantageous market where each would be sold (in the case of assets) or transferred (in the case of liabilities). In the absence of observable market transactions, we consider liquidity valuation adjustments to reflect the uncertainty in pricing the instruments.
Valuation inputs can be observable or unobservable. Observable inputs are assumptions based on market data obtained from an independent source. Unobservable inputs are assumptions based on our own information or assessment of assumptions used by other market participants in pricing the asset or liability. Our unobservable inputs are based on the best and most current information available on the measurement date.
All inputs, whether observable or unobservable, are ranked in accordance with a prescribed fair value hierarchy that gives the highest ranking to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest ranking to unobservable inputs (Level 3). Fair values for Level 2 assets and liabilities are based on one or a combination of the following factors: (i) quoted market prices for similar assets or liabilities; (ii) observable inputs, such as interest rates or yield curves; or (iii) inputs derived principally from or corroborated by observable market data. The level in the fair value hierarchy ascribed to a fair value measurement in its entirety is based on the lowest level input that is significant to the measurement. Assets and liabilities may transfer between levels based on the observable and unobservable inputs used at the valuation date.
Assets and liabilities are recorded at fair value on a recurring or nonrecurring basis. Nonrecurring fair value adjustments are typically recorded as a result of the application of lower of cost or fair value accounting; or impairment. At a minimum, we conduct our valuations quarterly.
Short-Term Investments
Short-term investments consist of segregated, interest-bearing deposits due from banks, the Federal Reserve, and certain non-U.S. banks as well as reverse repurchase agreements and United States Treasury Bills with an original maturity of three months or less.
Trading Account Assets
Trading account assets are debt and equity securities, as well as commercial loans, that we purchase and hold but intend to sell in the near term. These assets are reported at fair value. Realized and unrealized gains and losses on trading account assets are reported in “other income” on the income statement.
Securities and Other Investments
Securities available for sale. Debt securities that we intend to hold for an indefinite period of time but that may be sold in response to changes in interest rates, prepayment risk, liquidity needs, or other factors are classified as available-for-sale and reported at fair value. Realized gains and losses resulting from sales of securities using the specific identification method, are included in “net securities gains (losses)” on the income statement. Unrealized holding gains are recorded through other comprehensive income. Unrealized losses in fair value below the amortized cost basis are assessed to determine whether the impairment gets recorded through other comprehensive income or through earnings using a valuation allowance.
For available-for-sale securities in an unrealized loss position, we first assess whether we intend to sell, or it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis. If either of these criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value in “net securities gains (losses)” on the income statement. For debt securities that do not meet the aforementioned criteria, we evaluate whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized costs, the nature of the security, the underlying collateral, and the financial condition of the issuers, among other factors. If this assessment indicates a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of the cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for available-for-sale securities is recorded for the credit loss, limited by the amount that the fair value is less than the amortized costs basis. Any impairment that has not been recorded through an allowance for available-for-sale securities is recognized in other comprehensive income.
Changes in the allowance for available-for-sale securities are recorded as provision for (or reversal of) credit loss. Losses are charged against the allowance for available-for-sale securities when management believes the uncollectibility of an available-for-sale security is confirmed or when either criteria regarding intent or requirement to sell is met.
For additional information on our available-for-sale portfolio, refer to Note 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.
A fair value hedge is used to limit exposure to changes in the fair value of existing assets, liabilities, and commitments caused by changes in interest rates or other economic factors. The change in the fair value of an instrument designated as a fair value hedge is recorded in earnings at the same time as a change in fair value of the hedged item attributable to the hedged risk and recorded in the same income statement line as the change in fair value of the hedged item.
A cash flow hedge is used to minimize the variability of future cash flows that is caused by changes in interest rates or other economic factors. The gain or loss on a cash flow hedge is recorded as a component of AOCI on the balance sheet and reclassified to earnings in the same period in which the hedged transaction affects earnings (e.g., when we incur variable-rate interest on debt, earn variable-rate interest on loans, or sell commercial real estate loans) and recorded in the same income statement line as the hedged transaction.
A net investment hedge is used to hedge the exposure of changes in the carrying value of investments as a result of changes in the related foreign exchange rates. The gain or loss on a net investment hedge is recorded as a component of AOCI on the balance sheet when the terms of the derivative match the notional and currency risk being hedged. The amount in AOCI is reclassified into income when the hedged transaction affects earnings (e.g., when we dispose or liquidate a foreign subsidiary).
Hedge “effectiveness” is determined by the extent to which changes in the fair value of a derivative instrument offset changes in the fair value, cash flows, or carrying value attributable to the risk being hedged. If the relationship between the change in the fair value of the derivative instrument and the change in the hedged item falls within a range considered to be the industry norm, the hedge is considered “highly effective” and qualifies for hedge accounting. A hedge is “ineffective” if the relationship between the changes falls outside the acceptable range. In that case, hedge accounting is discontinued on a prospective basis. Hedge effectiveness is tested at least quarterly.
Offsetting Derivative Positions
We take into account the impact of bilateral collateral and master netting agreements that allow us to settle all derivative contracts held with a single counterparty on a net basis, and to offset the net derivative position with the related cash collateral when recognizing derivative assets and liabilities. As a result, we could have derivative contracts with negative fair values included in derivative assets on the balance sheet and contracts with positive fair values included in derivative liabilities. Derivative assets and derivative liabilities are recorded within “accrued income and other assets” and “accrued expense and other liabilities,” respectively.
Loan Sales And Securitizations We sell and at times may securitize loans and other financial assets. We recognize the sale and securitization of loans or other financial assets when the transferred assets are legally isolated from our creditors and the appropriate accounting criteria are met. When we securitize loans or other financial assets, we may retain a portion of the securities issued, including senior interests, subordinated interests, interest-only strips, servicing rights, and other interests, all of which are considered retained interests in the transferred assets. The interests are initially measured at fair value which is based on independent third party market prices or market prices for similar assets. If market prices are not available, fair value is estimated based on the present value of expected future cash flows using assumptions as to discount rates, interest rates, prepayment speeds, and credit losses. Loans sold or securitized are removed from the balance sheet and a net gain or loss is recorded depending on the fair value of the loans sold and the retained interests at the date of sale. The net gain or loss is recognized in “other income,” “consumer mortgage income,” or “investment banking and debt placement fees” at the time of sale.
Servicing Assets
We service commercial real estate and residential mortgage loans. Servicing assets and liabilities purchased or retained are initially measured at fair value and are recorded as a component of “accrued income and other assets” on the balance sheet. When no ready market value (such as quoted market prices, or prices based on sales or purchases of similar assets) is available to determine the fair value of servicing assets, fair value is determined by calculating the present value of future cash flows associated with servicing the loans. This calculation is based on a number of assumptions, including the market cost of servicing, the discount rate, the prepayment rate, and the default rate.
We account for our servicing assets using the amortization method. The amortization of servicing assets is determined in proportion to, and over the period of, the estimated net servicing income and recorded in either “consumer mortgage income” or “commercial mortgage servicing fees” on the income statement.
Servicing assets are evaluated quarterly for possible impairment. This process involves stratifying the assets based upon one or more predominant risk characteristics and determining the fair value of each class. The characteristics may include financial asset type, size, interest rate, date of origination, term and geographic location. If the evaluation indicates that the carrying amount of the servicing assets exceeds their fair value, the carrying amount is reduced by recording a charge to income in the amount of such excess and establishing a valuation reserve allowance. If impairment is determined to be other-than-temporary, a direct write-off of the carrying amount would be recorded.
Leases For leases where Key is the lessee that have initial terms greater than one year, right-of-use assets and corresponding lease liabilities are reported on the balance sheet. Leases with an initial term of less than one year are not recorded on the balance sheet. Our leases where Key is the lessee are primarily classified as operating leases. Operating lease expense is recognized in "net occupancy" and "equipment" on a straight-line basis over the lease term.
Premises and Equipment Premises and equipment, including leasehold improvements, are stated at cost less accumulated depreciation and amortization. We determine depreciation of premises and equipment using the straight-line method over the estimated useful lives of the particular assets. Leasehold improvements are amortized using the straight-line method over the shorter of their useful lives or terms of the leases. Premises and equipment are evaluated for impairment whenever events or circumstances indicate that the carrying value of the asset may not be recoverable.
Goodwill and Other Intangible Assets
Goodwill represents the amount by which the cost of net assets acquired in a business combination exceeds their fair value. Goodwill is assigned to reporting units as of the acquisition date based on the expected benefit to such reporting unit from the synergies of the business combination. Goodwill is not amortized. Goodwill is tested at the reporting unit level for impairment, at least annually as of October 1, or when indicators of impairment exist.
We may elect to perform a qualitative analysis to determine whether or not it is more-likely-than-not that the fair value of a reporting unit is less than its carrying amount. When conducting a qualitative analysis, we evaluate both internal and external factors, including recent performance, updated projections, stock prices and economic conditions. If we elect to bypass this qualitative analysis, or conclude via qualitative analysis that it is more-likely-than-not that the fair value of a reporting unit is less than its carrying value, a quantitative goodwill impairment test is performed. If the fair value is less than the carrying value, an impairment charge is recorded for the difference, to the extent that the loss recognized does not exceed the amount of the goodwill allocated to that reporting unit.

The amount of capital being allocated to our reporting units as a proxy for the carrying value is based on a combination of regulatory and economic equity. Fair values are estimated using a combination of market and income approaches. The market approach incorporates comparable public company multiples along with data related to recent merger and acquisition activity. The income approach consists of discounted cash flow modeling that utilizes internal forecasts and various other inputs and assumptions. A multi-year internal forecast is prepared
for each reporting unit and a terminal growth rate is estimated for each one based on market expectations of inflation and economic conditions in the financial services industry. Earnings projections for reporting units are adjusted for after tax cost savings expected to be realized by a market participant. The discount rate applied to our cash flows is derived from the CAPM. The buildup to the discount rate includes a risk-free rate, 5-year adjusted beta based on peer companies, a market equity risk premium, a size premium and a company specific risk premium. The discount rates differ between our reporting units as they have different levels of risk. A sensitivity analysis is typically performed on key assumptions, such as the discount rates, net interest margin and cost savings estimates.
Other intangible assets with finite lives are amortized on either an accelerated or straight-line basis. We monitor for impairment indicators for goodwill and other intangible assets on a quarterly basis.
Business Combinations We account for our business combinations using the acquisition method of accounting. Under this accounting method, the acquired company’s assets and liabilities are recorded at fair value at the date of acquisition, except as provided for by the applicable accounting guidance, and the results of operations of the acquired company are combined with Key’s results from the date of acquisition forward. Acquisition costs are expensed when incurred. The difference between the purchase price and the fair value of the net assets acquired (including identifiable intangible assets) is recorded as goodwill.
Securities Financing Activities
We enter into repurchase agreements to finance overnight customer sweep deposits. We also enter into repurchase and reverse repurchase agreements to settle other securities obligations. We account for these securities financing agreements as collateralized financing transactions. Repurchase and reverse repurchase agreements are recorded on the balance sheet at the amounts that the securities will be subsequently sold or repurchased. Securities borrowed transactions are recorded on the balance sheet at the amounts of cash collateral advanced. While our securities financing agreements incorporate a right of set off, the assets and liabilities are reported on a gross basis. Reverse repurchase agreements and securities borrowed transactions are included in “short-term investments” on the balance sheet; repurchase agreements are included in “federal funds purchased and securities sold under repurchase agreements.” Fees received in connection with these transactions are recorded in interest income; fees paid are recorded in interest expense.
Contingencies and Guarantees
We recognize liabilities for the fair value of our obligations under certain guarantees issued. These liabilities are included in “accrued expense and other liabilities” on the balance sheet. If we receive a fee for a guarantee requiring liability recognition, the amount of the fee represents the initial fair value of the “stand ready” obligation. If there is no fee, the fair value of the stand ready obligation is determined using expected present value measurement techniques, unless observable transactions for comparable guarantees are available. The subsequent accounting for these stand ready obligations depends on the nature of the underlying guarantees. We account for our release from risk under a particular guarantee when the guarantee expires or is settled, or by a systematic and rational amortization method, depending on the risk profile of the guarantee. Contingent aspects of certain guarantees are assessed a reserve under CECL if required.
Contingent liabilities may result from litigation, claims and assessments, loss or damage to Key. We recognize liabilities from contingencies when a loss is probable and can be reasonably estimated.
Revenue Recognition
We recognize revenues as they are earned based on contractual terms, as transactions occur, or as services are provided and collectability is reasonably assured. Our principal source of revenue is interest income from loans and investments. We also earn noninterest income from various banking and financial services offered through both the Commercial and Consumer banks.
Interest Income. The largest source of revenue for us is interest income. Interest income is primarily recognized on an accrual basis according to nondiscretionary formulas in written contracts, such as loan agreements or securities contracts.
Noninterest Income. We earn noninterest income through a variety of financial and transaction services provided to commercial and consumer clients. Revenue is recorded for noninterest income based on the contractual terms for the service or transaction performed. In certain circumstances, noninterest income is reported net of associated expenses.
Trust and Investment Services Income. Trust and investment services revenues include brokerage commissions trust and asset management commissions.
Revenue from trade execution and brokerage services is earned through commissions from trade execution on behalf of clients. Revenue from these transactions is recognized at the trade date. Any ongoing service fees are recognized on a monthly basis as services are performed.
Trust and asset management services include asset custody and investment management services provided to individual and institutional customers. Revenue is recognized monthly based on a minimum annual fee, and the market value of assets in custody. Additional fees are recognized for transactional activity at a point in time.
Investment Banking and Debt Placement Fees. Investment banking and debt placement fees consist of syndication fees, debt and equity underwriting fees, financial advisor fees, gains on sales of commercial mortgages, and agency origination fees. Revenues for these services are recorded at a point in time, upon completion of a contractually identified transaction, or when an advisory opinion is provided. Investment banking and debt placement costs are reported on a gross basis within other expense on the income statement.
Service Charges on Deposit Accounts. Revenue from service charges on deposit accounts is earned through cash management, wire transfer, and other deposit-related services as well as overdraft, non-sufficient funds, account management and other deposit-related fees. Revenue is recognized for these services either over time, corresponding with deposit accounts’ monthly cycle, or at a point in time for transactional related services and fees. Certain reward costs are netted within revenues from service charges on deposits.
Corporate Services Income. Corporate services income includes various ancillary service revenue including letter of credit fees, loan fees, non-hedging derivatives gains and losses, and certain capital market fees. Revenue from these fees is recorded in a manner that reflects the timing of when transactions occur, and as services are provided.
Cards and Payments Income. Cards and payments income consists of debit card, consumer and commercial credit card, and merchant services income. Revenue sources include interchange fees from credit and debit cards processed through card association networks, merchant services, and other card related services. Interchange rates are generally set by the credit card associations and based on purchase volumes and other factors. Interchange fees are recognized as transactions occur. Certain card network costs and reward costs are netted within interchange revenues. Merchant services income represents account management fees and transaction fees charged to merchants for the processing of card association network transactions. Merchant services revenue is recognized as transactions occur, or as services are performed.
Corporate-Owned Life Insurance Income. Income from corporate-owned life insurance primarily represents changes in the cash surrender value of life insurance policies held on certain key employees. Revenue is recognized in each period based on the change in the cash surrender value during the period.
Stock-Based Compensation
Stock-based compensation is measured using the fair value method of accounting on the grant date. The measured cost is recognized over the period during which the recipient is required to provide service in exchange for the award. We estimate expected forfeitures when stock-based awards are granted and record compensation expense only for awards that are expected to vest. Compensation expense related to awards granted to employees is recorded in “personnel expense” on the Consolidated Statements of Income while compensation expense related to awards granted to directors is recorded in “other expense.”
We recognize compensation expense for stock-based, mandatory deferred incentive compensation awards using the accelerated method of amortization over a period of approximately 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 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, 2024The 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.
ASU 2023-07 Segment Reporting (Topic 280)January 1, 2024This guidance requires certain segment disclosures in annual and interim periods. It also clarifies that companies may report on additional measures if the chief operating decision maker uses more than one measure of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources.

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

Key updated its segment disclosures in Note. 25, Business Segment Reporting, to reflect this new guidance.
Accounting Guidance Adopted in 2025

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

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

The guidance should be applied on a prospective or retrospective basis.		The guidance is not expected to have a material impact on Key’s disclosures.
v3.25.0.1
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Schedule of New Accounting Pronouncements and Changes in Accounting Principles
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, 2024The 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.
ASU 2023-07 Segment Reporting (Topic 280)January 1, 2024This guidance requires certain segment disclosures in annual and interim periods. It also clarifies that companies may report on additional measures if the chief operating decision maker uses more than one measure of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources.

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

Key updated its segment disclosures in Note. 25, Business Segment Reporting, to reflect this new guidance.
Accounting Guidance Adopted in 2025

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

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

The guidance should be applied on a prospective or retrospective basis.		The guidance is not expected to have a material impact on Key’s disclosures.
v3.25.0.1
Earnings Per Common Share (Tables)
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Schedule of Basic and Diluted Earnings Per Common Share
Our basic and diluted earnings per Common Share are calculated as follows:
Year ended December 31,   
Dollars in millions, except per share amounts202420232022
EARNINGS
Income (loss) from continuing operations$(163)$964 $1,911 
Less: Dividends on preferred stock143 143 118 
Income (loss) from continuing operations attributable to Key common shareholders(306)821 1,793 
Income (loss) from discontinued operations, net of taxes2 3 6 
Net income (loss) attributable to Key common shareholders$(304)$824 $1,799 
WEIGHTED-AVERAGE COMMON SHARES
Weighted-average Common Shares outstanding (000)949,561 927,217 924,363 
Effect of common share options and other stock awards(a)
— 5,542 8,696 
Weighted-average common shares and potential Common Shares outstanding (000) (b)
949,561 932,759 933,059 
EARNINGS PER COMMON SHARE
Income (loss) from continuing operations attributable to Key common shareholders$(.32)$.88 $1.94 
Income (loss) from discontinued operations, net of taxes— — .01 
Net income (loss) attributable to Key common shareholders (c)
(.32).89 1.94 
Income (loss) from continuing operations attributable to Key common shareholders — assuming dilution(.32).88 1.92 
Income (loss) from discontinued operations, net of taxes — assuming dilution— — .01 
Net income (loss) attributable to Key common shareholders — assuming dilution (c)
(.32).88 1.93 
(a)For periods ended in a loss from continuing operations attributable to Key common shareholders, anti-dilutive instruments have been excluded from the calculation of diluted earnings per share.
(b)Assumes conversion of Common Share options and other stock awards and/or convertible preferred stock, as applicable.
(c)EPS may not foot due to rounding.
v3.25.0.1
Loan Portfolio (Tables)
 12 Months Ended
Dec. 31, 2024
Financing Receivable, before Allowance for Credit Loss [Abstract]  
Schedule of Loans by Category
Loan Portfolio by Portfolio Segment and Class of Financing Receivable (a)
December 31,  
Dollars in millions20242023
Commercial and industrial (b)
$52,909 $55,815 
Commercial real estate:
Commercial mortgage13,310 15,187 
Construction2,936 3,066 
Total commercial real estate loans16,246 18,253 
Commercial lease financing (c)
2,736 3,523 
Total commercial loans71,891 77,591 
Residential — prime loans:
Real estate — residential mortgage19,886 20,958 
Home equity loans6,358 7,139 
Total residential — prime loans26,244 28,097 
Other consumer loans5,167 5,916 
Credit cards958 1,002 
Total consumer loans32,369 35,015 
Total loans (d)
$104,260 $112,606 
(a)Accrued interest of $456 million and $522 million at December 31, 2024, and December 31, 2023, 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 $212 million and $207 million of commercial credit card balances at December 31, 2024, and December 31, 2023, respectively.
(c)Commercial lease financing includes receivables of $3 million and $7 million held as collateral for secured borrowings at December 31, 2024, and December 31, 2023, respectively. Principal reductions are based on the cash payments received from these related receivables. Additional information pertaining to this secured borrowing is included in Note 20 (“Long-Term Debt”).
(d)Total loans exclude loans of $257 million at December 31, 2024, and $339 million at December 31, 2023, related to the discontinued operations of the education lending business.
v3.25.0.1
Asset Quality (Tables)
 12 Months Ended
Dec. 31, 2024
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, 2024:
Dollars in millionsDecember 31, 2023ProvisionCharge-offsRecoveriesDecember 31, 2024
Commercial and Industrial $556 $388 $(363)$58 $639 
Commercial real estate:
Real estate — commercial mortgage419 (61)(40)2 320 
Real estate — construction52 (1)— — 51 
Total commercial real estate loans471 (62)(40)2 371 
Commercial lease financing33 (4)(7)5 27 
Total commercial loans1,060 322 (410)65 1,037 
Real estate — residential mortgage162 (74)(3)5 90 
Home equity loans86 (16)(2)2 70 
Other consumer loans122 70 (64)8 136 
Credit cards78 39 (47)6 76 
Total consumer loans448 19 (116)21 372 
Total ALLL — continuing operations1,508 341 
(a)
(526)86 1,409 
Discontinued operations16 — (4)1 13 
Total ALLL — including discontinued operations$1,524 $341 $(530)$87 $1,422 
(a)Excludes a credit related to reserves on lending-related commitments of $6 million.

Twelve Months Ended December 31, 2023:
Dollars in millionsDecember 31, 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 
Other consumer loans113 52 (51)8 122 
Credit cards66 42 (37)7 78 
Total consumer loans473 44 (91)22 448 
Total ALLL — continuing operations1,337 415 
(a)
(318)74 1,508 
Discontinued operations21 (2)(4)1 16 
Total ALLL — including discontinued operations$1,358 $413 $(322)$75 $1,524 
(a)Excludes a provision related to reserves on lending-related commitments of $74 million.
Twelve Months Ended December 31, 2022
Dollars in millionsDecember 31, 2021Provision Charge-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 
Other consumer loans107 34   (38)10 113 
Credit cards61 29   (30)6 66 
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.
Schedule of Significant Macroeconomic Variables of Loan Portfolios The following table discloses key macroeconomic variables for each loan portfolio.
SegmentPortfolio
Key Macroeconomic Variables (a)
CommercialCommercial and industrialBBB corporate bond rate (spread), fixed investment, business bankruptcies, GDP, industrial production, unemployment rate, and Producer Price Index
Commercial real estateProperty & real estate price indices, unemployment rate, business bankruptcies, GDP, SOFR
Commercial lease financingBBB corporate bond rate (spread), GDP, and unemployment rate
ConsumerReal estate — residential mortgageGDP, home price index, unemployment rate, and 30 year mortgage rate
Home equityHome price index, unemployment rate, and 30 year mortgage rate
Other consumerUnemployment rate and U.S. household income
Credit cardsUnemployment rate and U.S. household income
Discontinued operationsUnemployment rate
(a)Variables include all transformations and interactions with other risk drivers. Additionally, variables may have varying impacts at different points in the economic cycle.
Schedule of Commercial and Consumer Credit Exposure
Credit Risk Profile by Creditworthiness Category and Vintage (a)
As of December 31, 2024Term LoansRevolving Loans Amortized Cost BasisRevolving Loans Converted to Term Loans Amortized Cost Basis
Amortized Cost Basis by Origination Year and Internal Risk Rating
Dollars in millions20242023202220212020PriorTotal
Commercial and Industrial
Risk Rating:
Pass$6,345 $3,097 $7,119 $3,934 $1,617 $3,969 $22,709 $115 $48,905 
Criticized (Accruing)172 219 597 419 208 476 1,550 41 3,682 
Criticized (Nonaccruing)23 13 68 30 2 31 153 2 322 
Total commercial and industrial6,540 3,329 7,784 4,383 1,827 4,476 24,412 158 52,909 
Current period gross write-offs1 1265106431144— 363 
Real estate — commercial mortgage
Risk Rating:
Pass1,052 748 2,818 2,202 594 3,194 1,001 41 11,650 
Criticized (Accruing)31 85 571 281 93 316 30 9 1,416 
Criticized (Nonaccruing)— — 123 52 3 66 — — 244 
Total real estate — commercial mortgage
1,083 833 3,512 2,535 690 3,576 1,031 50 13,310 
Current period gross write-offs— 0160321— 40 
Real estate — construction
Risk Rating:
Pass199 846 1,021 340 87 67 42 2 2,604 
Criticized (Accruing)— 17 112 58 68 77 — — 332 
Criticized (Nonaccruing)— — — — — — — — — 
Total real estate — construction199 863 1,133 398 155 144 42 2 2,936 
Current period gross write-offs— — — — — — — — — 
Commercial lease financing
Risk Rating:
Pass301 430 626 368 217 679 — — 2,621 
Criticized (Accruing)2 34 33 9 16 21 — — 115 
Criticized (Nonaccruing)— — — — — — — — — 
Total commercial lease financing303 464 659 377 233 700 — — 2,736 
Current period gross write-offs— — — — — 7 — — 7 
Total commercial loans$8,125 $5,489 $13,088 $7,693 $2,905 $8,896 $25,485 $210 $71,891 
Total commercial loan current period gross write-offs$1 $12 $66 $112 $4 $70 $145 $— $410 
(a)Accrued interest of $322 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, 2024Term LoansRevolving Loans Amortized Cost BasisRevolving Loans Converted to Term Loans Amortized Cost Basis
Amortized Cost Basis by Origination Year and FICO Score
Dollars in millions20242023202220212020PriorTotal
Real estate — residential mortgage
FICO Score:
750 and above$281 $669 $5,720 $7,203 $2,247 $1,510 $— $— $17,630 
660 to 74967 116 597 655 199 280 — — 1,914 
Less than 6604 13 81 63 24 134 — — 319 
No Score3 2 1 — 1 15 1 — 23 
Total real estate — residential mortgage355 800 6,399 7,921 2,471 1,939 1 — 19,886 
Current period gross write-offs1 — 1 — — 1 — — 3 
Home equity loans
FICO Score:
750 and above33 31 139 775 612 731 1,886 251 4,458 
660 to 74917 17 50 181 129 186 772 80 1,432 
Less than 6602 5 15 40 31 82 263 25 463 
No Score— — — — — 1 4 — 5 
Total home equity loans52 53 204 996 772 1,000 2,925 356 6,358 
Current period gross write-offs— — — — — 1 1 — 2 
Other consumer loans
FICO Score:
750 and above107 143 1,149 1,210 527 245 88 — 3,469 
660 to 74970 109 275 268 128 108 184 — 1,142 
Less than 6609 23 59 59 29 24 56 — 259 
No Score35 12 18 17 7 12 196 — 297 
Total consumer direct loans221 287 1,501 1,554 691 389 524 — 5,167 
Current period gross write-offs— 7 17 12 7 6 15 — 64 
Credit cards
FICO Score:
750 and above— — — — — — 476 — 476 
660 to 749— — — — — — 372 — 372 
Less than 660— — — — — — 109 — 109 
No Score— — — — — — 1 — 1 
Total credit cards— — — — — — 958 — 958 
Current period gross write-offs— — — — — — 47 — 47 
Total consumer loans$628 $1,140 $8,104 $10,471 $3,934 $3,328 $4,408 $356 $32,369 
Total consumer loan current period gross write-offs$1 $7 $18 $12 $7 $8 $63 $— $116 
(a)Accrued interest of $134 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, 2024, and December 31, 2023, provides further information regarding Key’s credit exposure.
Aging Analysis of Loan Portfolio
December 31, 2024
Current(b)(c)
30-59
Days Past
Due (b)
60-89
Days Past
Due (b)
90 and
Greater
Days Past
Due (b)
Non-performing
Loans		Total Past
Due and
Non-performing
Loans
Total
Loans (d)
Dollars in millions
LOAN TYPE(a)
Commercial and industrial$52,473 $48 $21 $45 $322 $436 $52,909 
Commercial real estate:
Commercial mortgage13,018 4 29 16 243 292 13,310 
Construction2,932 — — 4 — 4 2,936 
Total commercial real estate loans15,950 4 29 20 243 296 16,246 
Commercial lease financing2,728 1 6 1 — 8 2,736 
Total commercial loans$71,151 $53 $56 $66 $565 $740 $71,891 
Real estate — residential mortgage$19,766 $20 $8 $— $92 $120 $19,886 
Home equity loans6,232 26 8 3 89 126 6,358 
Other consumer loans5,129 15 9 9 5 38 5,167 
Credit cards928 6 5 12 7 30 958 
Total consumer loans$32,055 $67 $30 $24 $193 $314 $32,369 
Total loans$103,206 $120 $86 $90 $758 $1,054 $104,260 
(a)Amounts in table represent amortized cost and exclude loans held for sale.
(b)Accrued interest of $456 million presented in “Accrued income and other assets” on the Consolidated Balance Sheets is excluded from the amortized cost basis disclosed in this table.
(c)Includes balances of $75 million in Commercial mortgage and $7 million in Real estate - residential mortgage associated with loans sold to GNMA where Key has the right but not the obligation to repurchase.
(d)Net of unearned income, net of deferred fees and costs, and unamortized discounts and premiums.

December 31, 2023
Current(b)(c)
30-59
Days Past
Due (b)
60-89
Days Past
Due (b)
90 and
Greater
Days Past
Due (b)
Non-performing
Loans		Total Past Due and Non-performing Loans
Total
Loans (d)
Dollars in millions
LOAN TYPE(a)
Commercial and industrial$55,354 $62 $30 $72 $297 $461 $55,815 
Commercial real estate:
Commercial mortgage15,049 25 3 10 100 138 15,187 
Construction3,065 1 — — — 1 3,066 
Total commercial real estate loans18,114 26 3 10 100 139 18,253 
Commercial lease financing3,520 2 1 — — 3 3,523 
Total commercial loans$76,988 $90 $34 $82 $397 $603 $77,591 
Real estate — residential mortgage$20,863 $17 $7 $— $71 $95 $20,958 
Home equity loans7,001 27 10 4 97 138 7,139 
Other consumer loans5,877 16 10 9 4 39 5,916 
Credit cards974 6 5 12 5 28 1,002 
Total consumer loans$34,715 $66 $32 $25 $177 $300 $35,015 
Total loans$111,703 $156 $66 $107 $574 $903 $112,606 
(a)Amounts in table represent amortized cost and exclude loans held for sale.
(b)Accrued interest of $522 million presented in “Accrued income and other assets” on the Consolidated Balance Sheets is excluded from the amortized cost basis disclosed in this table.
(c)Includes balances of $94 million in Commercial mortgage and $3 million in Real estate - residential mortgage associated with loans sold to GNMA where Key has the right but not the obligation to repurchase.
(d)Net of unearned income, net of deferred fees and costs, and unamortized discounts and premiums.
Schedule of Modified Financing Receivables
The following table shows the amortized cost basis at the end of the reporting period of the loans modified to borrowers experiencing financial difficulty within the past 12 months or since the adoption of ASU 2022-02 for the reporting period in 2023. The 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, 2024, there were 120 loans totaling $20 million in a trial modification period. 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 $15 million and $61 million at December 31, 2024 and December 31, 2023, respectively.
As of December 31, 2024Interest Rate ReductionTerm ExtensionOther
Combination(a)
Total
Dollars in millionsAmortized Cost BasisAmortized Cost BasisAmortized Cost BasisAmortized Cost BasisAmortized Cost Basis% of Total Loan Type
LOAN TYPE
Commercial and Industrial$— $118 $25 $20 $163 0.31 %
Commercial real estate:
Commercial mortgage28 236 22 21 307 2.31 
Construction— 29 — — 29 0.99 
Total commercial real estate loans28 265 22 21 336 2.07 
Commercial lease financing— — — — — — 
Total commercial loans$28 $383 $47 $41 $499 0.69 %
Real estate — residential mortgage$1 $1 $— $12 $14 0.07 %
Home equity loans3 1 2 7 13 0.20 
Other consumer loans— 2 — 3 5 0.10 
Credit cards— — — 3 3 0.31 
Total consumer loans$4 $4 $2 $25 $35 0.11 %
Total loans$32 $387 $49 $66 $534 0.51 %
(a)Combination modifications consist primarily of loans modified with both an interest rate reduction and a term extension.

As of December 31, 2023Interest Rate ReductionTerm ExtensionOther
Combination(a)
Total
Dollars in millionsAmortized Cost BasisAmortized Cost BasisAmortized Cost BasisAmortized Cost BasisAmortized Cost Basis% of Total Loan Type
LOAN TYPE
Commercial and Industrial$— $180 $49 $34 $263 0.47 %
Commercial real estate:
Commercial mortgage— 4 2 — 6 0.04 
Construction— — — — — — 
Total commercial real estate loans— 4 2 — 6 0.03 
Commercial lease financing— — — — — — 
Total commercial loans$— $184 $51 $34 $269 0.35 %
Real estate — residential mortgage$— $— $1 $9 $10 0.05 %
Home equity loans2 1 1 5 9 0.13 
Other consumer loans— 1 — 2 3 0.05 
Credit cards— — — 4 4 0.40 
Total consumer loans$2 $2 $2 $20 $26 0.07 %
Total loans$2 $186 $53 $54 $295 0.26 %
(a)Combination modifications consist primarily of loans modified with both an interest rate reduction and a term extension.
The following table summarizes the financial impacts of loan modifications made to specific loans during the twelve months ended December 31, 2024.

Twelve months ended December 31, 2024Weighted-average Interest Rate ChangeWeighted-average Term Extension (in years)
LOAN TYPE
Commercial and Industrial(4.12)%1.75
Commercial mortgage(1.49)%0.66
Construction— %2.87
Real estate — residential mortgage(1.81)%6.15
Home equity loans(4.03)%6.53
Other consumer loans(4.06)%0.77
Credit cards(16.26)%1.00
Twelve months ended December 31, 2023Weighted-average Interest Rate ChangeWeighted-average Term Extension (in years)
LOAN TYPE
Commercial and Industrial(5.69)%0.59
Commercial mortgage— %1.37
Real estate — residential mortgage(1.97)%7.58
Home equity loans(4.02)%6.87
Other consumer loans(3.62)%1.01
Credit cards(14.90)%1.00
Twelve months ended December 31, 2024
Dollars in millionsInterest Rate ReductionTerm ExtensionOtherCombinationTotal
LOAN TYPE
Commercial and Industrial$— $22 $— $1 $23 
Commercial real estate
Commercial mortgage11 — — 11 
Construction— — — — — 
Total commercial real estate loans11 — — — 11 
Commercial lease financing— — — — — 
Total commercial loans$11 $22 $— $1 $34 
Real estate — residential mortgage$— $— $— $1 $1 
Home equity loans— — — 2 2 
Other consumer loans— — — — — 
Credit cards— — — — — 
Total consumer loans$— $— $— $3 $3 
Total loans$11 $22 $— $4 $37 

Twelve months ended December 31, 2023
Dollars in millionsInterest Rate ReductionTerm ExtensionOtherCombinationTotal
LOAN TYPE
Commercial and Industrial$— $7 $— $3 $10 
Commercial real estate
Commercial mortgage— — 1 — 1 
Construction— — — — — 
Total commercial real estate loans— 7 1 3 11 
Commercial lease financing— — — — — 
Total commercial loans$— $7 $1 $3 $11 
Real estate — residential mortgage$— $— $— $— $— 
Home equity loans— — — — — 
Other consumer loans— — — — — 
Credit cards— — — — — 
Total consumer loans$— $— $— $— $— 
Total loans$— $7 $1 $3 $11 
The following table depicts the performance of loans that have been modified for borrowers experiencing financial difficulty in the past 12 months as of each respective period.
As of December 31, 2024Current30-89
Days Past
Due		90 and
Greater
Days Past
Due		Total
Dollars in millions
LOAN TYPE
Commercial and Industrial$154 $3 $6 $163 
Commercial real estate
Commercial mortgage260 19 28 307 
Construction29 — — 29 
Total commercial real estate loans289 19 28 336 
Commercial lease financing— — — — 
Total commercial loans$443 $22 $34 $499 
Real estate — residential mortgage$12 $1 $1 $14 
Home equity loans11 1 1 13 
Other consumer loans5 — — 5 
Credit cards3 — — 3 
Total consumer loans$31 $2 $2 $35 
Total loans$474 $24 $36 $534 

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 loans$244 $25 $— $269 
Real estate — residential mortgage$9 $1 $— $10 
Home equity loans8 — 1 9 
Other consumer loans3 — — 3 
Credit cards3 1 — 4 
Total consumer loans$23 $2 $1 $26 
Total loans$267 $27 $1 $295 
Schedule of Changes in Liability for Credit Losses on Off-Balance Sheet Exposures
Changes in the liability for credit losses for off balance sheet exposures are summarized as follows:
 Twelve months ended December 31,
Dollars in millions20242023
Balance at beginning of period$296 $225 
Provision (credit) for losses on off balance sheet exposures(6)74 
Other— (3)
Balance at end of period$290 $296 
v3.25.0.1
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of Fair Value of Assets and Liabilities Measured on Recurring Basis The following tables present assets and liabilities measured at fair value on a recurring basis at December 31, 2024, and December 31, 2023.
December 31, 2024December 31, 2023
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Dollars in millions
ASSETS MEASURED ON A RECURRING BASIS
Trading account assets:
U.S. Treasury, agencies and corporations$— $930 $— $930 $— $685 $— $685 
States and political subdivisions— 127 — 127 — 93 — 93 
Other mortgage-backed securities— 183 — 183 — 340 — 340 
Other securities— 25 — 25 — 21 — 21 
Total trading account securities— 1,265 — 1,265 — 1,139 — 1,139 
Commercial loans— 18 — 18 — 3 — 3 
Total trading account assets— 1,283 — 1,283 — 1,142 — 1,142 
Securities available for sale:
U.S. Treasury, agencies and corporations— 8,904 — 8,904 — 9,026 — 9,026 
States and political subdivisions— — — — — — — — 
Agency residential collateralized mortgage obligations— 9,224 — 9,224 — 15,478 — 15,478 
Agency residential mortgage-backed securities— 15,169 — 15,169 — 3,589 — 3,589 
Agency commercial mortgage-backed securities— 4,410 — 4,410 — 9,092 — 9,092 
Other securities— — — — — — — — 
Total securities available for sale$— $37,707 $— $37,707 $— $37,185 $— $37,185 
Other investments:
Principal investments:
Indirect (measured at NAV) (a)
— — — 14 — — — 17 
Total principal investments— — — 14 — — — 17 
Equity investments:
Direct— — 2 2 — — 2 2 
Direct (measured at NAV) (a)
— — — 54 — — — 40 
Indirect (measured at NAV) (a)
— — — 3 — — — 4 
Total equity investments— — 2 59 — — 2 46 
Total other investments— — 2 73 — — 2 63 
Loans, net of unearned income (residential)— — 10 10 — — 9 9 
Loans held for sale (residential)— 93 — 93 — 51 — 51 
Derivative assets:
Interest rate— 114 (4)110 — 175 (2)173 
Foreign exchange93 31 — 124 74 15 — 89 
Commodity— 363 — 363 — 721 — 721 
Credit— — — — — — — — 
Other— 15 — 15 — 14 2 16 
Derivative assets93 523 (4)612 74 925 — 999 
Netting adjustments (b)
— — — (363)— — — (818)
Total derivative assets93 523 (4)249 74 925 — 181 
Total assets on a recurring basis at fair value$93 $39,606 $8 $39,415 $74 $39,303 $11 $38,631 
LIABILITIES MEASURED ON A RECURRING BASIS
Bank notes and other short-term borrowings:
Short positions$107 $773 $— $880 $30 $774 $— $804 
Derivative liabilities:
Interest rate— 965 — 965 — 985 — 985 
Foreign exchange85 32 — 117 58 15 — 73 
Commodity— 343 — 343 — 698 — 698 
Credit— — — — — 1 — 1 
Other— 14 — 14 — 20 — 20 
Derivative liabilities85 1,354 — 1,439 58 1,719 — 1,777 
Netting adjustments (b)
— — — (411)— — — (473)
Total derivative liabilities85 1,354 — 1,028 58 1,719 — 1,304 
Total liabilities on a recurring basis at fair value$192 $2,127 $— $1,908 $88 $2,493 $— $2,108 
(a)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.
(b)Netting adjustments represent the amounts recorded to convert our derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. The net basis takes into account the impact of bilateral collateral and master netting agreements that allow us to settle all derivative contracts with a single counterparty on a net basis and to offset the net derivative position with the related cash collateral. Total derivative assets and liabilities include these netting adjustments.
Schedule of Qualitative Disclosures of Valuation Techniques
The following table describes the valuation techniques and significant inputs used to measure the classes of assets and liabilities reported at fair value on a recurring basis, as well as the classification of each within the valuation hierarchy.
Asset/liability classValuation techniqueValuation hierarchy classification(s)
Securities (includes trading account assets, securities available for sale, and U.S. Treasury Bills classified as short-term investments)
Fair value of level 1 securities is determined by:
• Quoted market prices available in an active market for identical securities. This includes exchange-traded equity securities.
Fair value of level 2 securities is determined by:
• Pricing models (either by a third party pricing service or internally). Inputs include: yields, benchmark securities, bids, offers, actual trade data (i.e., spreads, credit ratings, and interest rates) for comparable assets, spread tables, matrices, high-grade scales, and option-adjusted spreads.
• Observable market prices of similar securities.

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

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

We analyze variances and conduct additional research with our third-party pricing service and take appropriate steps based on our findings.
Level 1 and 2 (primarily Level 2)
Commercial loans (trading account assets)
Fair value is based on:
• Observable market price spreads for similar loans. Valuations reflect prices within the bid-ask spread that are most representative of fair value.
Level 2
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 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, commodity swaps, certain options, floors, cross currency swaps, credit default swaps, and forward mortgage loan sale commitments. Significant inputs used in the valuation models include:
• SOFR and Overnight Index Swap (OIS) curves, index pricing curves, foreign currency curves
• Volatility surfaces (a three-dimensional graph of implied volatility against strike price and maturity)
We have customized derivative instruments and risk participations that are classified as Level 3 instruments. These derivative positions are valued using internally developed models, with inputs consisting of available market data, including:

• Credit spreads and interest rates

The unobservable internally derived assumptions include:

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

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

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

Generally, we classify these assets as Level 3, but OREO and other repossessed properties for which we receive binding purchase agreements are classified as Level 2. Returned lease inventory is valued based on market data for similar assets and is classified as Level 2. 
Level 2 and 3
Other equity investments
We have other investments in equity securities that do not have readily determinable fair values and do not qualify for the practical expedient to measure the investment using a net asset value per share. We have elected to measure these securities at cost less impairment plus or minus adjustments due to observable orderly transactions. Impairment is recorded when there is evidence that the expected fair value of the investment has declined to below the recorded cost. At each reporting period, we assess if these investments continue to qualify for this measurement alternative.

At December 31, 2024, and December 31, 2023, the carrying amount of equity investments recorded under this method was $394 million and $339 million, respectively. We recorded $5 million of impairment for the year ended December 31, 2024. We recorded no impairment 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, 2024, and December 31, 2023, along with the valuation techniques used, are shown in the following table:
Level 3 Asset (Liability) Valuation TechniqueSignificant
Unobservable Input
Range
(Weighted-Average) (a), (b)
Dollars in millions
December 31, 2024December 31, 2023December 31, 2024December 31, 2023
Recurring    
Loans, net of unearned income (residential)$10 $9 Market comparable pricingComparability factor
68.00%-95.00% (77.48%)
62.67 - 89.60% (70.83%)
Derivative instruments:
Interest rate(4)2 Discounted cash flowsProbability of default
.02 - 100% (5.00%)
.02 - 100% (5.30%)
Loss given default
0 - 1 (.50)
0 - 1 (.48)
Insignificant level 3 assets, net of liabilities(c)
2 4 
Nonrecurring   
Collateral dependent loans152 104 Fair value of underlying collateralLiquidity discount
0 - 100.00% (33.00%)
0 - 10.00% (5.00%)
Accrued income and other assets:(d)
OREO and other assets14 21 Appraised valueAppraised valueN/MN/M
(a)The weighted average of significant unobservable inputs is calculated using a weighting relative to fair value.
(b)For significant unobservable inputs with no range, a single figure is reported to denote the single quantitative factor used.
(c)Represents the aggregate amount of level 3 assets and liabilities measured at fair value on a recurring basis that are individually and in the aggregate insignificant. The amount includes certain equity investments and certain financial derivative assets and liabilities.
(d)Excludes $8 million pertaining to mortgage servicing assets measured as of December 31, 2023. 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 indirect principal investments and related unfunded commitments at December 31, 2024, as well as financial support provided for the years ended December 31, 2024, and December 31, 2023.
  Financial support provided
  Year ended December 31,
 December 31, 202420242023
Dollars in millionsFair Value
Unfunded
Commitments
Funded
Commitments
Funded
Other
Funded
Commitments
Funded
Other
INVESTMENT TYPE
Indirect investments (a)
14 1 — — — — 
Total$14 $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, 2024, no significant liquidation of the underlying investments has been communicated to Key. The purpose of funding our capital commitments to these investments is to allow the funds to make additional follow-on investments and pay fund expenses until the fund dissolves. We, and all other investors in the fund, are obligated to fund the full amount of our respective capital commitments to the fund based on our and their respective ownership percentages, as noted in the applicable Limited Partnership Agreement.
Schedule of Change in Fair Values of Level 3 Financial Instruments
The following table shows the 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, 2024, and December 31, 2023.
 
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, 2024
Other investments
Equity investments
Direct$2 $— $— 
(c)
$— $— $— $— $— $— $2 $— 
Loans held for investment (residential)9 — 1 — — — (2)— 2 10 — 
Derivative instruments (a)
Interest rate(2)— (8)
(d)
4 — — — 2 
(e) 
— (4)— 
Credit— — — — — — — —   —   — — 
Other (b)
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, 2023
Other investments
Principal investments
Direct$1 $— $(1)
(c) 
$— $— $— $— $—   $—   $— $— 
Equity investments
Direct2 — — — —   —   2 — 
Loans held for investment (residential)9 — — — — — — — — 9 — 
Derivative instruments (a)
Interest rate2 (23)
(d) 
19 1 — (6)
(e) 
5 
(e) 
(2)
Credit(2)— — — 2 — — —   —   — — 
Other (b)
— — — — — — 2 — — 2 — 
(a)Amounts represent Level 3 derivative assets less Level 3 derivative liabilities.
(b)Amounts represent Level 3 interest rate lock commitments.
(c)Realized and unrealized gains and losses on principal investments are reported in “other income” on the income statement.
(d)Realized and unrealized gains and losses on derivative instruments are reported in “corporate services income” and “other income” on the income statement.
(e)Certain derivatives previously classified as Level 2 were transferred to Level 3 because Level 3 unobservable inputs became significant. Certain derivatives previously classified as Level 3 were transferred to Level 2 because Level 3 unobservable inputs became less significant.
Schedule of Assets and Liabilities Measured at Fair Value on Nonrecurring Basis
The following table presents our assets measured at fair value on a nonrecurring basis at December 31, 2024, and December 31, 2023:
 December 31, 2024December 31, 2023
Dollars in millionsLevel 1Level 2Level 3TotalLevel 1Level 2Level 3Total
ASSETS MEASURED ON A NONRECURRING BASIS
Collateral-dependent loans$— $— $152 $152 $— $— $104 $104 
Accrued income and other assets— — 14 14 — — 29 29 
Total assets on a nonrecurring basis at fair value$— $— $166 $166 $— $— $133 $133 
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, 2024, and December 31, 2023, are shown in the following table. Assets and liabilities are further arranged by measurement category.
 December 31, 2024
  Fair Value
Dollars in millions
Carrying
Amount
Level 1Level 2Level 3
Measured
at NAV
Netting
Adjustment
 Total
ASSETS (by measurement category)
Fair value - net income
Trading account assets (b)
$1,283 $— $1,283 $— $— $—   $1,283 
Other investments (b)
1,041 — — 969 72 —   1,041 
Loans, net of unearned income (residential) (d)
10 — — 10 — —   10 
Loans held for sale (residential) (b)
93 — 93 — — —   93 
Derivative assets - trading (b)
255 93 527 (4)— (361)
(f) 
255 
Fair value - OCI
Securities available for sale (b)
37,707 — 37,707 — — —   37,707 
Derivative assets - hedging (b) (g)
(6)— (4)— — (2)
(f) 
(6)
Amortized cost
Held-to-maturity securities (c)
7,395 — 6,837 — — —   6,837 
Loans, net of unearned income (d)
102,841 — — 99,105 — —   99,105 
Loans held for sale (b)
704 — — 704 — — 704 
Other
Cash and short-term investments (a)
19,247 19,247 — — — — 19,247 
LIABILITIES (by measurement category)
Fair value - net income
Derivative liabilities - trading (b)
$1,028 $85 $1,351 $— $— $(408)
(f) 
$1,028 
Fair value - OCI
Derivative liabilities - hedging (b) (g)
— — 3 — — (3)
(f) 
— 
Amortized cost
Time deposits (e)
16,952 — 17,068 — — —   17,068 
Short-term borrowings (a)
2,144 107 2,037 — — —   2,144 
Long-term debt (e)
12,105 11,430 477 — — —   11,907 
Other
Deposits with no stated maturity (a)
132,808 — 132,808 — — — 
  
132,808 
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 
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.”
v3.25.0.1
Securities (Tables)
 12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Schedule of Details of Securities
The amortized cost, unrealized gains and losses, and approximate fair value of our securities available for sale and held-to-maturity securities are presented in the following tables. Gross unrealized gains and losses represent the difference between the amortized cost and the fair value of securities on the balance sheet as of the dates indicated. Accordingly, the amount of these gains and losses may change in the future as market conditions change.
 20242023
December 31,
Dollars in millions
Amortized
Cost (a)(b)
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
Amortized
Cost(a)(b)
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
SECURITIES AVAILABLE FOR SALE
U.S. Treasury, agencies, and corporations$8,928 $20 $44 $8,904 $9,300 $6 $280 $9,026 
Agency residential collateralized mortgage obligations
11,409 8 2,193 9,224 18,911 4 3,437 15,478 
Agency residential mortgage-backed securities16,038 3 872 15,169 4,189 — 600 3,589 
Agency commercial mortgage-backed securities 4,927 — 517 4,410 10,295 — 1,203 9,092 
Total securities available for sale$41,302 $31 $3,626 $37,707 $42,695 $10 $5,520 $37,185 
HELD-TO-MATURITY SECURITIES
Agency residential collateralized mortgage obligations
$4,577 $3 $332 $4,248 $5,170 $9 $283 $4,896 
Agency residential mortgage-backed securities151 — 17 134 165 — 13 152 
Agency commercial mortgage-backed securities2,333 — 203 2,130 2,473 1 204 2,270 
Asset-backed securities(c)
308 — 8 300 738 — 29 709 
Other securities26 — 1 25 29 — — 29 
Total held-to-maturity securities$7,395 $3 $561 $6,837 $8,575 $10 $529 $8,056 
(a)Amortized cost amounts exclude accrued interest receivable which is recorded within “other assets” on the balance sheet. At December 31, 2024, accrued interest receivable on available for sale securities and held-to-maturity securities totaled $109 million and $21 million, respectively. At December 31, 2023, accrued interest receivable on available for sale securities and held-to-maturity securities totaled $64 million and $25 million, respectively.
(b)Excluded from the amortized cost of securities available for sale are basis adjustments for securities designated in active fair value hedges. Basis adjustments totaled $(6) million and $140 million as of December 31, 2024 and December 31, 2023, respectively. The securities being hedged are primarily U.S Treasuries, Agency RMBS, and Agency CMBS.
(c)Includes $303 million of securities as of December 31, 2024, and $731 million of securities as of December 31, 2023, related to the purchase of senior notes from a securitization collateralized by sold indirect auto loans.
Schedule of Securities in an Unrealized Loss Position
The following table summarizes securities in an unrealized loss position for which an allowance for credit losses has not been recorded as of December 31, 2024, and December 31, 2023:
 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, 2024
Securities available for sale:
U.S. Treasury, agencies, and corporations$3,647 $8 $508 $36 $4,155 $44 
Agency residential collateralized mortgage obligations91 — 8,108 2,193 8,199 2,193 
Agency residential mortgage-backed securities11,364 254 3,145 618 14,509 872 
Agency commercial mortgage-backed securities 50 1 4,360 516 4,410 517 
Held-to-maturity securities:
Agency residential collateralized mortgage obligations569 18 3,387 314 3,956 332 
Agency residential mortgage-backed securities— — 134 17 134 17 
Agency commercial mortgage-backed securities— — 2,060 203 2,060 203 
Asset-backed securities— — 300 8 300 8 
Other securities7 — 8 1 15 1 
Total securities in an unrealized loss position$15,728 $281 $22,010 $3,906 $37,738 $4,187 
December 31, 2023      
Securities available for sale:
U.S. Treasury, agencies, and corporations$— $— $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 — 12 — 29 — 
Total securities in an unrealized loss position$2,055 $79 $41,416 $5,970 $43,471 $6,049 
Schedule of Realized Gain (Loss)
The following table presents gross realized gains and losses associated with our securities available for sale portfolio for the noted periods. Realized losses for the year ended December 31, 2024, relate primarily to the strategic repositioning completed in the third and fourth quarters of 2024.
Year ended December 31,
Dollars in millions
202420232022
Securities available for sale
Realized gains$— $4 $— 
Realized (losses)(1,863)(8)— 
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, 2024Amortized
Cost
Fair
Value
Amortized
Cost
Fair
Value
Dollars in millions
Due in one year or less$3,184 $3,175 $85 $82 
Due after one through five years11,340 10,895 2,805 2,680 
Due after five through ten years17,352 15,405 2,674 2,463 
Due after ten years9,426 8,232 1,831 1,612 
Total$41,302 $37,707 $7,395 $6,837 
v3.25.0.1
Derivatives and Hedging Activities (Tables)
 12 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Fair Values, Volume of Activity and Gain (Loss) Information Related to Derivative Instruments
The following table summarizes the fair values of our derivative instruments on a gross and net basis as of December 31, 2024, and December 31, 2023. The change in the notional amounts of these derivatives by type from December 31, 2023, to December 31, 2024, indicates the volume of our derivative transaction activity during 2024. 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, 2024December 31, 2023
  
Fair Value (a)
 
Fair Value (a)
Dollars in millions
Notional
Amount
Derivative
Assets
Derivative
Liabilities
Notional
Amount
Derivative
Assets
Derivative
Liabilities
Derivatives designated as hedging instruments:
Interest rate$64,701 $(4)$3 $44,621 $39 $12 
Derivatives not designated as hedging instruments:
Interest rate72,215 114 962 78,051 134 973 
Foreign exchange6,516 124 117 6,034 89 73 
Commodity8,778 363 343 11,611 721 698 
Credit60 — — 121 — 1 
Other (b)
3,145 15 14 2,683 16 20 
Total derivatives not designated as hedging instruments:90,714 616 1,436 98,500 960 1,765 
Total155,415 612 1,439 143,121 999 1,777 
Netting adjustments (c)
— (363)(411)— (818)(473)
Net derivatives in the balance sheet155,415 249 1,028 143,121 181 1,304 
Other collateral (d)
— — (1)— (1)(18)
Net derivative amounts$155,415 $249 $1,027 $143,121 $180 $1,286 
(a)We take into account bilateral collateral and master netting agreements that allow us to settle all derivative contracts held with a single counterparty on a net basis, and to offset the net derivative position with the related cash collateral when recognizing derivative assets and liabilities. As a result, we could have derivative contracts with negative fair values included in derivative assets and contracts with positive fair values included in derivative liabilities.
(b)Other derivatives include interest rate lock commitments related to our residential 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, 2024, excess collateral that has not been offset against net derivative instrument positions totaled $168 million of cash collateral and $215 million of securities collateral posted as well as $13 million of cash collateral and $32 million of securities collateral held. 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, 2024 and December 31, 2023, related to cumulative basis adjustments for fair value hedges.
December 31, 2024
Dollars in millionsBalance sheet line item in which the hedge item is included
Carrying amount of hedged item(a)
Hedge accounting basis adjustment - active hedgesHedge accounting basis adjustment - discontinued hedges
Interest rate contractsLong-term debt$10,249 $(490)$(4)
Interest rate contracts
Securities available for sale(b)
12,097 5 17 
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 - active hedgesHedge accounting basis adjustment - discontinued hedges
Interest rate contractsLong-term debt$9,919 $(432)$(5)
Interest rate contracts
Securities available for sale(b)
8,655 (152)— 
(a)The carrying amount represents the portion of the asset or liability designated as the hedged item.
(b)Certain amounts are designed as fair value hedges under the portfolio layer method. The carrying amount represents the amortized costs basis of the prepayable financial assets used to designate hedging relationships in which the hedged item is the last layer expected to be remaining at the end of the relationship. At December 31, 2024 and December 31, 2023, the amortized cost of the closed portfolios used in these hedging relationships was $5 billion and $13 billion, respectively, of which $4 billion and $7 billion were designated in a portfolio layer hedging relationship. At December 31, 2024 and December 31, 2023, the cumulative basis adjustments associated with these amounts totaled $41 million and $(147) million, which is comprised of $24 million and $(147) million in active hedging relationships and $17 million and no adjustments for discontinued hedging relationships.
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location
The following tables summarize the effect of fair value and cash flow hedge accounting on the income statement for the years ended December 31, 2024, December 31, 2023, and December 31, 2022.
Location and amount of net gains (losses) recognized in income on fair value and cash flow hedging relationships
Dollars in millionsInterest expense – long-term debtInterest income – loansInterest Income - securitiesInvestment banking and debt placement fees
Twelve Months Ended December 31, 2024
Total amounts presented in the consolidated statement of income$(1,187)$6,026 $1,142 $688 
Net gains (losses) on fair value hedging relationships
Interest contracts
Recognized on hedged items56 — (111)— 
Recognized on derivatives designated as hedging instruments(332)— 239 — 
Net income (expense) recognized on fair value hedges$(276)$— $128 $— 
Net gain (loss) on cash flow hedging relationships
Realized gains (losses) (pre-tax) reclassified from AOCI into net income
Interest contracts$(2)$(733)$— $— 
Net income (expense) recognized on cash flow hedges$(2)$(733)$— $— 
Twelve Months Ended December 31, 2023
Total amounts presented in the consolidated statement of income$(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)$(146)$— $9 
Schedule of Derivative Instrument Cash Flow Hedge Earning Recognized by Income Statement Location
The following table summarizes the pre-tax net gains (losses) on our cash flow hedges for the years ended December 31, 2024, December 31, 2023, and December 31, 2022, and where they are recorded on the income statement. The table includes net gains (losses) recognized in OCI during the period and net gains (losses) reclassified from AOCI into income during the current period.
Dollars in millionsNet Gains (Losses)
Recognized in OCI		Income Statement Location of Net Gains (Losses)
Reclassified From OCI Into Income		Net Gains
(Losses) Reclassified
From OCI Into Income
Twelve Months Ended December 31, 2024
Cash Flow Hedges
Interest rate$(450)Interest income — Loans$(733)
Interest rate2 Interest expense — Long-term debt(2)
Interest rate— Investment banking and debt placement fees— 
Total$(448)$(735)
Twelve Months Ended December 31, 2023
Cash Flow Hedges
Interest rate$(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)
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, 2024, December 31, 2023, and December 31, 2022, and where they are recorded on the income statement.
 202420232022
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$35 $— $— $35 $41 $— $— $41 $57 $— $6 $63 
Foreign exchange50 — — 50 50 — — 50 52 — — 52 
Commodity12 — — 12 22 — — 22 23 — — 23 
Credit1 — (58)(57)2 — (52)(50)(1)— (39)(40)
Other— 2 5 7 — (1)(6)(7)— 4 (2)2 
Total net gains (losses)$98 $2 $(53)$47 $115 $(1)$(58)$56 $131 $4 $(35)$100 
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
20242023
Interest rate$58 $123 
Foreign exchange81 42 
Commodity170 409 
Credit— — 
Other15 15 
Derivative assets before collateral324 589 
Plus (Less): Related collateral(75)(408)
Total derivative assets$249 $181 
Schedule of Credit Derivatives Sold and Held
The following table provides information on the types of credit derivatives sold by us and held on the balance sheet at December 31, 2024, and December 31, 2023. The notional amount represents the amount that the seller could be required to pay. The payment/performance risk shown in the table represents a weighted average of the default probabilities for all reference entities in the respective portfolios. These default probabilities are implied from observed credit indices in the credit default swap market, which are mapped to reference entities based on Key’s internal risk rating. 
 20242023
December 31,
Dollars in millions
Notional
Amount		Average
Term
(Years)		Payment /
Performance
Risk 		Notional
Amount		Average
Term
(Years)		Payment /
Performance
Risk
Other$2 7.642.03 %$4 10.694.86 %
Total credit derivatives sold$2 — — $4 — — 
Schedule of Credit Risk Contingent Feature Refer to the table below for the aggregate fair value of all derivative contracts with credit risk contingent features held by KeyBank that were in a net liability position.
Dollars in millionsDecember 31, 2024December 31, 2023
Net derivative liabilities with credit-risk contingent features

$(83)$(45)
Collateral posted80 42 
v3.25.0.1
Mortgage Servicing Assets (Tables)
 12 Months Ended
Dec. 31, 2024
Servicing Asset [Abstract]  
Schedule of Changes in Carrying Amount of Mortgage Servicing Assets
Changes in the carrying amount of commercial mortgage servicing assets are summarized as follows:
Year ended December 31,
Dollars in millions
20242023
Balance at beginning of period$638 $653 
Servicing retained from loan sales67 87 
Purchases28 21 
Amortization(124)(123)
Temporary recoveries (impairments)— — 
Balance at end of period$609 $638 
Fair value at end of period$819 $911 
Changes in the carrying amount of residential mortgage servicing assets are summarized as follows:
Dollars in millions20242023
Balance at beginning of period
$108 $106 
Servicing retained from loan sales
13 12 
Purchases
— — 
Amortization(11)(9)
Temporary recoveries (impairments)1 (1)
Balance at end of period$111 $108 
Fair value at end of period
$138 $132 
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, 2024December 31, 2023
Valuation Technique
Significant
Unobservable Input
RangeWeighted-AverageRangeWeighted-Average
Discounted cash flowExpected defaults1.00 %2.00 %1.01 %1.00 %2.00 %1.01 %
Residual cash flows discount rate7.00 %10.61 %10.31 %7.42 %10.56 %10.17 %
Escrow earn rate4.62 %4.70 %4.69 %5.67 %5.72 %5.67 %
Loan assumption rate— %2.50 %2.00 %— %2.15 %1.97 %
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, 2024December 31, 2023
Valuation Technique
Significant
Unobservable Input
RangeWeighted-AverageRangeWeighted-Average
Discounted cash flowPrepayment speed5.42 %46.30 %7.69 %6.27 %44.47 %7.70 %
Discount rate6.50 %8.75 %6.61 %6.50 %8.75 %6.59 %
Servicing cost$70.00 $4,332 $75.99 $70.00 $3,582 $75.02 
v3.25.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Schedule of Components of Lease Expense The components of lease expense are summarized as follows:
Dollars in millionsDecember 31, 2024December 31, 2023
Operating lease cost$118 $122 
Finance lease cost:
Amortization of right-of-use assets1 1 
Interest on lease liabilities— — 
Variable lease cost21 19 
Total lease cost (a)
$140 $142 
(a)Short-term lease cost was less than $1 million for both the twelve months ended December 31, 2024, and December 31, 2023
Information pertaining to the lease term and weighted-average discount rate is summarized as follows:
December 31, 2024December 31, 2023
Weighted-average remaining lease term:
Operating leases5.425.69
Finance leases2.523.53
Weighted-average discount rate:
Operating leases3.40 %3.09 %
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, 2024December 31, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$133 $135 
Financing cash flows from finance leases1 1 
Right-of-use assets obtained in exchange for lease obligations: (a)
Operating leases$70 $65 
(a)There were no right-of-use assets obtained in exchange for finance lease obligations for either the twelve months ended December 31, 2024 or December 31, 2023.
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, 2024December 31, 2023
Operating lease assetsAccrued income and other assets$453 $479 
Operating lease liabilitiesAccrued expense and other liabilities506 548 
Finance leases:
Property and equipment, grossPremises and equipment$18 $18 
Accumulated depreciationPremises and equipment(16)(15)
Property and equipment, net$2 $3 
Finance lease liabilitiesLong-term debt3 5 
Schedule of Finance Lease, Maturities of Lease Liabilities
Maturities of lease liabilities are summarized as follows:
Dollars in millionsOperating LeasesFinance LeasesTotal
2025$128 $1 $129 
2026117 — 117 
2027100 — 100 
202877 — 77 
202955 — 55 
Thereafter80 3 83 
Total lease payments$557 $4 $561 
Less imputed interest51 1 52 
Total$506 $3 $509 
Schedule of Lessee, Operating Lease, Maturities of Lease Liabilities
Maturities of lease liabilities are summarized as follows:
Dollars in millionsOperating LeasesFinance LeasesTotal
2025$128 $1 $129 
2026117 — 117 
2027100 — 100 
202877 — 77 
202955 — 55 
Thereafter80 3 83 
Total lease payments$557 $4 $561 
Less imputed interest51 1 52 
Total$506 $3 $509 
Schedule of Lease Income, Operating Lease The components of equipment leasing income are summarized in the table below:
Dollars in millionsDecember 31, 2024December 31, 2023
Sales-type and direct financing leases
Interest income on lease receivable$69 $78 
 Interest income related to accretion of unguaranteed residual asset9 13 
 Interest income on deferred fees and costs20 4 
Total sales-type and direct financing lease income98 95 
Operating leases
Operating lease income related to lease payments68 84 
Other operating leasing gains and (losses)8 8 
Total operating lease income and other leasing gains76 92 
Total lease income$174 $187 
Schedule of Lease Income, Sales-type Lease The components of equipment leasing income are summarized in the table below:
Dollars in millionsDecember 31, 2024December 31, 2023
Sales-type and direct financing leases
Interest income on lease receivable$69 $78 
 Interest income related to accretion of unguaranteed residual asset9 13 
 Interest income on deferred fees and costs20 4 
Total sales-type and direct financing lease income98 95 
Operating leases
Operating lease income related to lease payments68 84 
Other operating leasing gains and (losses)8 8 
Total operating lease income and other leasing gains76 92 
Total lease income$174 $187 
Schedule of Lease Income, Direct Financing Lease The components of equipment leasing income are summarized in the table below:
Dollars in millionsDecember 31, 2024December 31, 2023
Sales-type and direct financing leases
Interest income on lease receivable$69 $78 
 Interest income related to accretion of unguaranteed residual asset9 13 
 Interest income on deferred fees and costs20 4 
Total sales-type and direct financing lease income98 95 
Operating leases
Operating lease income related to lease payments68 84 
Other operating leasing gains and (losses)8 8 
Total operating lease income and other leasing gains76 92 
Total lease income$174 $187 
Schedule of Composition of Net Investment in Sales-Type and Direct Financing Leases The composition of the net investment in sales-type and direct financing leases is as follows:
Dollars in millionsDecember 31, 2024December 31, 2023
Lease receivables$2,345 $2,896 
Unearned income(270)(286)
Unguaranteed residual value421 468 
Deferred fees and costs1 2 
Net investment in sales-type and direct financing leases$2,497 $3,080 
Schedule of Minimum Future Lease Payments to be Received for Sales-Type and Direct Financing Leases
At December 31, 2024, 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
2025$667 
2026548 
2027374 
2028217 
2029160 
Thereafter376 
Total lease payments$2,342 
Schedule of Minimum Future Lease Payments to be Received for Operating Leases
At December 31, 2024, minimum future lease payments to be received for operating leases are as follows:
Dollars in millionsOperating lease payments
2025$39 
202630 
202721 
202812 
20296 
Thereafter20 
Total lease payments$128 
v3.25.0.1
Premises and Equipment (Tables)
 12 Months Ended
Dec. 31, 2024
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)
20242023
LandIndefinite$111 $114 
Buildings and improvements
15-40
644 665 
Leasehold improvements
1-15
556 535 
Furniture and equipment
2-15
787 812 
Capitalized building leases
   1-14 (a)
18 18 
Construction in processN/A24 61 
Total premises and equipment2,140 2,205 
Less: Accumulated depreciation and amortization(1,526)(1,544)
Premises and equipment, net$614 $661 
(a)Capitalized building and equipment leases are amortized over the lesser of the useful life of asset or lease term.
v3.25.0.1
Goodwill and Other Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2024
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, 2022$1,819 $933 $2,752 
BALANCE AT DECEMBER 31, 20231,819 933 2,752 
BALANCE AT DECEMBER 31, 2024$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:
 20242023
December 31,
Dollars in millions
Gross Carrying
Amount		Accumulated
Amortization
Gross Carrying
Amount
Accumulated
Amortization
Intangible assets subject to amortization:
Core deposit intangibles$356 $342 $356 $326 
PCCR intangibles16 16 16 15 
Other intangible assets154 141 80 56 
Total$526 $499 $452 $397 
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 millions20252026202720282029
Intangible asset amortization expense $19 $7 $1 $— $— 
v3.25.0.1
Variable Interest Entities (Tables)
 12 Months Ended
Dec. 31, 2024
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, 2024, and December 31, 2023. As these investments represent unconsolidated VIEs, the assets and liabilities of the investments themselves are not recorded on our Consolidated Balance Sheets.
 Unconsolidated VIEs
Dollars in millions
Total
Assets
Total
Liabilities
Maximum
Exposure to Loss
December 31, 2024
LIHTC investments$9,901 $4,468 $2,996 
December 31, 2023
LIHTC investments$8,904 $3,848 $2,768 
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, 2024.
 Unconsolidated VIEs
Dollars in millions
Total
Assets
Total
Liabilities
Maximum
Exposure to Loss
December 31, 2024
Indirect investments$2,352 $3 $15 
December 31, 2023
Indirect investments$2,741 $91 $18 
The table below shows our assets and liabilities associated with these unconsolidated VIEs at December 31, 2024, and December 31, 2023. These assets are recorded in “accrued income and other assets,” “other investments,” “securities available for sale,” “held-to-maturity securities,” and “loans, net of unearned income” on our Consolidated Balance Sheets. These liabilities are recorded in “accrued expenses and other liabilities” on our Consolidated Balance Sheets. Of the total balance as of December 31, 2024, $303 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, 2024
Other unconsolidated VIEs$733 $1 
December 31, 2023
Other unconsolidated VIEs$1,149 $1 
v3.25.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
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
202420232022
Currently payable:
Federal$211 $257 $368 
State(3)48 80 
Total currently payable$208 $305 $448 
Deferred:
Federal$(307)$(84)$(14)
State(44)(25)(12)
Total deferred(351)(109)(26)
Total income tax (benefit) expense (a)
$(143)$196 $422 
(a)There was income tax (benefit) expense on securities transactions of $(445) million in 2024, $(3) million in 2023, and $2 million in 2022. 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 $32 million in 2024, $34 million in 2023, and $33 million in 2022.
Schedule of Significant Components of Deferred Tax Assets and Liabilities Included in Accrued Income and Other Assets
Significant components of our deferred tax assets and liabilities included in “accrued income and other assets” on our Consolidated Balance Sheets, are as follows:
December 31,
Dollars in millions
20242023
Allowance for loan and lease losses$411 $422 
Employee benefits209 166 
Net unrealized securities losses1,045 1,612 
Federal net operating losses and credits303 3 
Non-tax accruals109 142 
Operating lease liabilities(a)
127 136 
State net operating losses and credits20 1 
Partnership investments79 78 
Other149 148 
Gross deferred tax assets2,452 2,708 
Less: Valuation Allowance15 12 
Total deferred tax assets$2,437 $2,696 
Leasing transactions$378 $446 
State taxes76 77 
Operating lease right-of-use assets (a)
114 119 
Goodwill178 157 
Other68 82 
Total deferred tax liabilities814 881 
Net deferred tax assets (liabilities) (b)
$1,623 $1,815 
(a)A separate deferred tax asset and liability is recognized for each operating lease item resulting from the adoption of ASC 842 in 2019.
(b)From continuing operations.
Schedule of Total Income Tax Expense (Benefit) and Resulting Effective Tax Rate
The following table shows how our total income tax expense (benefit) and the resulting effective tax rate were derived:
Year ended December 31,
Dollars in millions
202420232022
AmountRateAmountRateAmountRate
Income (loss) before income taxes times 21% statutory federal tax rate$(64)21.0 %$244 21.0 %$490 21.0 %
Amortization of tax-advantaged investments185 (60.6)171 14.8 149 6.4 
Tax-exempt interest income(27)8.7 (35)(3.1)(28)(1.2)
Corporate-owned life insurance income(29)9.5 (28)(2.4)(28)(1.2)
State income tax, net of federal tax benefit(20)6.6 18 1.6 53 2.3 
State income tax rate change, net of federal benefit(17)5.5 — — — — 
Tax credits(211)69.1 (196)(16.9)(204)(8.8)
FDIC Insurance25 (8.3)22 1.9 12 .5 
Other15 (4.9)— — (22)(.9)
Total income tax expense (benefit)$(143)46.6 %$196 16.9 %$422 18.1 %
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		20242023
Balance at beginning of year$45 $40 
Increase for other tax positions of prior years— 5 
Decrease for payments and settlements(3)— 
Decrease related to tax positions taken in prior years(3)— 
Balance at end of year$39 $45 
v3.25.0.1
Securities Financing Activities (Tables)
 12 Months Ended
Dec. 31, 2024
Broker-Dealer [Abstract]  
Schedule of Summarized Securities Financing Agreements
The following table summarizes our securities financing agreements at December 31, 2024, and December 31, 2023:
 December 31, 2024December 31, 2023
Dollars in millions
Gross Amount
Presented in
Balance Sheet
Netting
Adjustments (a)
Collateral (b)
Net
Amounts
Gross Amount
Presented in
Balance Sheet
Netting
Adjustments (a)
Collateral (b)
Net
Amounts
Offsetting of financial assets:
Reverse repurchase agreements$2 $(2)$— $— $7 $(7)$— $— 
Securities borrowed— — — — — — — — 
Total$2 $(2)$— $— $7 $(7)$— $— 
Offsetting of financial liabilities:
Repurchase agreements (c)
$14 $(2)$(12)$— $38 $(7)$(31)$— 
Total$14 $(2)$(12)$— $38 $(7)$(31)$— 
(a)Netting adjustments take into account the impact of master netting agreements that allow us to settle with a single counterparty on a net basis.
(b)These adjustments take into account the impact of bilateral collateral agreements that allow us to offset the net positions with the related collateral. The application of collateral cannot reduce the net position below zero. Therefore, excess collateral, if any, is not reflected above.
(c)Repurchase agreements are primarily collateralized by mortgaged-backed agency securities and are contracted on an overnight or continuous basis.
v3.25.0.1
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Assumptions Used in Options Pricing Model The assumptions pertaining to options issued during 2024, 2023, and 2022 are shown in the following table.
Year ended December 31,202420232022
Average option life7.0 years6.7 years6.5 years
Future dividend yield5.75 %4.28 %3.01 %
Historical share price volatility.422 .347 .341 
Weighted-average risk-free interest rate4.2 %3.9 %2.0 %
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, 2024:
Number of
Options
Weighted-Average
Exercise Price Per
Option
Weighted-Average
Remaining Life (in years)
Aggregate
Intrinsic
Value(a)
Outstanding at December 31, 20234,859,453 $18.28 4.8$4 
Granted611,508 15.48 
Exercised(819,268)13.54 
Lapsed or canceled(272,920)19.08 
Outstanding at December 31, 20244,378,773 $18.73 4.6$5 
Expected to vest1,212,875 19.74 7.91 
Exercisable at December 31, 20243,120,163 $18.35 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, 2024.
 
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, 202312,856,041 $20.97 30,323 $19.07 5,583,290 $14.67 
Granted8,098,908 14.07 1,440,087 — 1,636,720 19.52 
Vested(5,175,689)20.68 (30,323)19.07 (1,556,149)14.24 
Forfeited(783,759)18.47 — — (242,920)15.78 
Outstanding at December 31, 202414,995,501 $17.66 1,440,087 $— 5,420,941 $19.70 
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, 2024.
Number of
Nonvested
Shares
Weighted-Average
Grant-Date
Fair Value
Outstanding at December 31, 20232,602,867 $17.71 
Granted632,950 15.69 
Vested(910,606)19.79 
Forfeited(28,948)24.74 
Outstanding at December 31, 20242,296,263 $16.28 
v3.25.0.1
Employee Benefits (Tables)
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Schedule of Net Pension Cost and Amount Recognized in OCI for All Funded and Unfunded Plans The components of net pension cost and the amount recognized in OCI for all funded and unfunded pension plans and postretirement benefit plan are as follows:
Year ended December 31,
Dollars in millions
Pension PlansPostretirement Benefit Plan
202420232022202420232022
Interest cost on PBO$41 $45 $27 $2 $2 $2 
Expected return on plan assets(39)(42)(27)(2)(2)(2)
Amortization of losses (gains)9 9 15 (1)(1)(1)
Amortization of prior service credit— — — (1)(1)(1)
Settlement loss— 18 12 — — — 
Net pension cost$11 $30 $27 $(2)$(2)$(2)
Other changes in plan assets and benefit obligations recognized in OCI:
Net (gain) loss$26 $26 $31 $1 $1 $1 
Amortization of (gains)6 (27)(27)— — — 
Amortization of prior service credit— — — 1 1 1 
Total recognized in comprehensive income$32 $(1)$4 $2 $2 $2 
Total recognized in net pension cost and comprehensive income$43 $29 $31 $— $— $— 
Schedule of Changes in Projected Benefit Obligations
The following table summarizes changes in the PBO and changes in the FVA related to our pension plans and post retirement benefit plan. Actuarial gains in 2024 associated with the pension plans were primarily driven by an increase in discount rates. Actuarial losses in 2024 associated with the postretirement benefit plan are a result of asset performance.
Year ended December 31,
Dollars in millions
Pension PlansPostretirement Benefit Plan
2024202320242023
PBO at beginning of year$923 $965 $40 $40 
Interest cost41 45 2 2 
Actuarial losses (gains)(34)10 6 6 
Plan participants’ contributions— — 1 1 
Benefit payments(84)(97)(8)(9)
PBO at end of year$846 $923 $41 $40 
FVA at beginning of year$827 $886 $40 $40 
Actual return on plan assets49 $25 8 $8 
Employer contributions13 $13 — $— 
Plan participants’ contributions— $— 1 $1 
Benefit payments(84)$(97)(8)$(9)
FVA at end of year$805 $827 $41 $40 
Schedule of Changes in Fair Value of Plan Assets
The following table summarizes changes in the PBO and changes in the FVA related to our pension plans and post retirement benefit plan. Actuarial gains in 2024 associated with the pension plans were primarily driven by an increase in discount rates. Actuarial losses in 2024 associated with the postretirement benefit plan are a result of asset performance.
Year ended December 31,
Dollars in millions
Pension PlansPostretirement Benefit Plan
2024202320242023
PBO at beginning of year$923 $965 $40 $40 
Interest cost41 45 2 2 
Actuarial losses (gains)(34)10 6 6 
Plan participants’ contributions— — 1 1 
Benefit payments(84)(97)(8)(9)
PBO at end of year$846 $923 $41 $40 
FVA at beginning of year$827 $886 $40 $40 
Actual return on plan assets49 $25 8 $8 
Employer contributions13 $13 — $— 
Plan participants’ contributions— $— 1 $1 
Benefit payments(84)$(97)(8)$(9)
FVA at end of year$805 $827 $41 $40 
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, 2024, and December 31, 2023, as well as the amount of pre-tax AOCI not yet recognized as net pension cost for the pension plans and postretirement benefit plan. The postretirement benefit plan’s PBO equaled its FVA at both December 31, 2024, and December 31, 2023. Therefore, no asset or liability was recognized on our Consolidated Balance Sheets with respect to that plan.
December 31,
Dollars in millions
Pension PlansPostretirement Benefit Plan
2024202320242023
Funded status (a)
$(40)$(95)
Net prepaid pension cost recognized consists of:  
Noncurrent assets$80 $34 
Current liabilities(13)(14)
Noncurrent liabilities(107)(115)
Net prepaid pension cost recognized (b)
$(40)$(95)
Net unrecognized losses (gains)$415 $384 $(8)$(9)
Net unrecognized prior service credit— — (9)(11)
Total unrecognized AOCI$415 $384 $(17)$(20)
(a)The shortage of the FVA under the PBO.
(b)Represents the accrued benefit liability of the pension plans.
Schedule of Funded and Unfunded Pension Plans and Postretirement Benefit Plan
At December 31, 2024, we expect to pay the benefits from all funded and unfunded pension plans and postretirement benefit plan as follows:
Dollars in millions
Pension PlansPostretirement Benefit Plan
2025$82 $5 
202679 5 
202778 4 
202877 4 
202974 4 
2030-2034339 17 
Schedule of Plans ABO in Excess of Plan Assets As indicated in the table below, collectively our pension plans had an ABO in excess of plan assets as follows: 
December 31,20242023
Dollars in millionsCash Balance Pension PlanOther Defined Benefit PlansCash Balance Pension PlanOther Defined Benefit Plans
PBO$725 $121 $793 $128 
ABO725 121 793 128 
Fair value of plan assets805 — 827 — 
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 31,20242023
Pension Plans:
Discount rate5.33 %4.68 %
Weighted-average interest crediting rate4.74 %4.09 %
Postretirement Benefit Plan:
Discount rate4.50 %4.50 %
Schedule of Weighted-Average Rates to Determine Net Pension Cost
To determine net pension cost, we assumed the following weighted-average rates.
Year ended December 31,
202420232022
Pension Plans:
Discount rate4.68 %4.85 %2.43 %
Expected return on plan assets4.50 %4.50 %2.75 %
Postretirement Benefit Plan:
Discount rate4.50 %4.50 %4.50 %
Expected return on plan assets4.50 %4.50 %4.50 %
Schedule of Asset Target Allocations Prescribed by Pension Funds' Investment Policies The following table shows the asset target allocations prescribed by the pension fund’s investment policies based on the plan’s funded status at December 31, 2024.
Target Allocation  
Asset Class2024
Global equity 16 %
Fixed income84 
Total100 %
  
Schedule of Allocation of Plan Assets
The following tables show the fair values of our pension plan assets by asset class at December 31, 2024, and December 31, 2023.

December 31, 2024    
Dollars in millionsLevel 1Level 2Level 3Total
ASSET CLASS
Mutual funds:
Fixed income — U.S.$— $324 $— $324 
Collective investment funds (measured at NAV) (a)
— — — 459 
Insurance investment contracts and pooled separate accounts (measured at NAV) (a)
— — — 22 
Total net assets at fair value$— $324 $— $805 
(a)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the fair value of plan assets presented elsewhere within this footnote.
December 31, 2023    
Dollars in millionsLevel 1Level 2Level 3Total
ASSET CLASS
Mutual funds:
Fixed income — U.S.$— $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.
The following table shows the asset target allocations prescribed by the trust’s investment policy.
Target Allocation
Asset Class2024
U.S. equity securities64 %
International equity securities16 
Fixed income securities20 
Total100 %
  
Schedule of Fair Values of Pension Plan Assets by Asset Category
The following tables show the fair values of our postretirement plan assets by asset class at December 31, 2024, and December 31, 2023.
December 31, 2024    
Dollars in millionsLevel 1Level 2Level 3Total
ASSET CLASS
Mutual funds:
Equity — U.S.$26 $— $— $26 
Equity — International6 — — 6 
Fixed income — U.S.8 — — 8 
Other assets (measured at NAV)(a)
— — — 1 
Total net assets at fair value$40 $— $— $41 
(a)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the fair value of plan assets presented elsewhere within this footnote.
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)— — — 1 
Total net assets at fair value$39 $— $— $40 
(a)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the fair value of plan assets presented elsewhere within this footnote.
v3.25.0.1
Short-Term Borrowings (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Components of Short-Term Borrowings
Selected financial information pertaining to the components of our short-term borrowings is as follows:
December 31,   
Dollars in millions202420232022
FEDERAL FUNDS PURCHASED
Balance at year end$— $— $4,006 
Average during the year67 1,098 1,490 
Maximum month-end balance— 3,020 5,872 
Weighted-average rate during the year 5.29 %4.83 %2.04 %
Weighted-average rate at December 31 — — 4.18 
SECURITIES SOLD UNDER REPURCHASE AGREEMENTS
Balance at year end$14 $38 $71 
Average during the year36 549 617 
Maximum month-end balance44 1,954 1,090 
Weighted-average rate during the year 2.61 %4.77 %1.66 %
Weighted-average rate at December 313.15 1.63 3.74 
OTHER SHORT-TERM BORROWINGS
Balance at year end$2,130 $3,053 $5,386 
Average during the year2,984 5,890 2,963 
Maximum month-end balance6,794 1,061 11,372 
Weighted-average rate during the year 5.49 %5.24 %1.82 %
Weighted-average rate at December 314.95 5.58 .50 
v3.25.0.1
Long-Term Debt (Tables)
 12 Months Ended
Dec. 31, 2024
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 millions20242023
Senior medium-term notes due through 2035 (a)
$4,251 $3,870 
2.075% Subordinated notes due 2028 (b)
162 162 
6.875% Subordinated notes due 2029 (b)
89 91 
7.75% Subordinated notes due 2029 (b)
114 117 
Other variable rate notes due 2025 599 — 
Other subordinated notes (b)(c)
79 77 
Total parent company5,294 4,317 
Senior medium-term notes due through 2039 (d)
4,308 5,519 
4.39% Senior remarketable notes due 2027 (e)
232 214 
3.40% Subordinated notes due 2026 (f)
580 569 
6.95% Subordinated notes due 2028 (f)
285 286 
3.90% Subordinated notes due 2029 (f)
329 333 
4.90% Subordinated notes due 2032 (f)
675 695 
Secured borrowings due through 2032 (g)
88 11 
Federal Home Loan Bank advances due through 2041 (h)
79 7,586 
Investment Fund Financing due through 2055 (i)
24 24 
Revolving loans due through 2027211 — 
Total subsidiaries6,811 15,237 
Total long-term debt$12,105 $19,554 
(a)Senior medium-term notes had a weighted-average interest rate of 1.57% at December 31, 2024, and 2.31% at December 31, 2023. These notes had fixed interest rates at December 31, 2024, and December 31, 2023. Certain of these notes may 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 6.22% at December 31, 2024, and 7.14% at December 31, 2023. These notes may be redeemed prior to their maturity dates.
(d)Senior medium-term notes had weighted-average interest rates of 4.64% at December 31, 2024, and 4.88% at December 31, 2023. 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, 2024 and December 31, 2023. These notes had fixed interest rates at December 31, 2024, and December 31, 2023. 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 $3 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 $3 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 3.12% at December 31, 2024, and 5.76% at December 31, 2023. These advances, which had fixed interest rates, were secured by real estate loans and securities totaling $79 million at December 31, 2024, and $7.6 billion at December 31, 2023.
(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, 2024, scheduled principal payments on long-term debt were as follows:
Dollars in millionsParentSubsidiariesTotal
2025$1,094 $1,928 $3,022 
2026— 1,215 1,215 
2027738 1,303 2,041 
2028882 296 1,178 
2029842 340 1,182 
All subsequent years1,738 1,729 3,467 
v3.25.0.1
Trust Preferred Securities Issued by Unconsolidated Subsidiaries (Tables)
 12 Months Ended
Dec. 31, 2024
Banking and Thrift, Other Disclosure [Abstract]  
Schedule of Trust Preferred Securities, Common Stock, and related Debentures
The trust preferred securities, common stock, and related debentures are summarized as follows:
Dollars in millions
Trust Preferred
Securities,
Net of Discount (a)
Common
Stock
Principal
Amount of
Debentures,
Net of Discount (a)(b)
Interest Rate
of Trust Preferred
Securities and
Debentures (c)
Maturity
of Trust Preferred
Securities and
Debentures
December 31, 2024
KeyCorp Capital I$156 $6 $162 5.595 %2028
KeyCorp Capital II85 4 89 6.875 2029
KeyCorp Capital III110 4 114 7.750 2029
HNC Statutory Trust III21 1 22 6.182 2035
HNC Statutory Trust IV21 1 22 5.930 2037
Willow Grove Statutory Trust I18 1 19 6.131 2036
Westbank Capital Trust II8 — 8 6.806 2034
Westbank Capital Trust III8 — 8 6.806 2034
Total$427 $17 $444 6.519 %— 
December 31, 2023$431 $17 $448 6.981 %— 
(a)The trust preferred securities must be redeemed when the related debentures mature, or earlier if provided in the governing indenture. Each issue of trust preferred securities carries an interest rate identical to that of the related debenture. The principal amount of certain debentures include debt issuance costs and basis adjustments related to fair value hedges totaling $14 million at December 31, 2024, and $15 million at December 31, 2023. 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.
v3.25.0.1
Commitments, Contingent Liabilities, and Guarantees (Tables)
 12 Months Ended
Dec. 31, 2024
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
20242023
Loan commitments:
Commercial and other$57,010 $55,603 
Commercial real estate and construction2,855 3,440 
Home equity8,360 8,984 
Credit cards6,784 7,058 
Total loan commitments75,009 75,085 
Commercial letters of credit63 65 
Purchase card commitments1,048 995 
Principal investing commitments1 1 
Tax credit investment commitments1,362 1,361 
Total loan and other commitments$77,483 $77,507 
Schedule of Guarantees The following table shows the types of guarantees that we had outstanding at December 31, 2024. Information pertaining to the basis for determining the liabilities recorded in connection with these guarantees is included in Note 1 (“Summary of Significant Accounting Policies”) under the heading “Contingencies and Guarantees.”
December 31, 2024Maximum Potential Undiscounted Future PaymentsLiability Recorded
Dollars in millions
Financial guarantees:
Standby letters of credit$4,441 $75 
Recourse agreement with FNMA7,770 60 
Residential mortgage reserve3,396 9 
Written put options (a)
2,117 79 
Total$17,724 $223 
(a)The maximum potential undiscounted future payments represent notional amounts of derivatives qualifying as guarantees.
v3.25.0.1
Accumulated Other Comprehensive Income (Tables)
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Schedule of Changes in AOCI
The following table summarizes our changes in AOCI:
Dollars in millions
Unrealized gains
(losses) on securities
available for sale
Unrealized gains
(losses) on derivative
financial instruments
Net pension and
postretirement
benefit costs
Total
Balance at December 31, 2022$(4,895)$(1,124)$(276)$(6,295)
Other comprehensive income before reclassification, net of income taxes
702 (364)(18)320 
Amounts reclassified from accumulated other comprehensive income, net of income taxes (a)
3 725 18 746 
Net current-period other comprehensive income, net of income taxes705 361 — 1,066 
Balance at December 31, 2023$(4,190)$(763)$(276)$(5,229)
Other comprehensive income before reclassification, net of income taxes
38 (230)(30)(222)
Amounts reclassified from accumulated other comprehensive income, net of income taxes (a)
1,418 559 4 1,981 
Net current-period other comprehensive income, net of income taxes1,456 329 (26)1,759 
Balance at December 31, 2024$(2,734)$(434)$(302)$(3,470)
(a)See table below for details about these reclassifications.
Schedule of Reclassifications Out of AOCI
Our reclassifications out of AOCI, are as follows:
Twelve Months Ended December 31,Affected Line Item in the Consolidated Statement of Income
Dollars in millions20242023
Unrealized gains (losses) on available for sale securities
Realized losses$(1,863)$(4)Other income
(1,863)(4)
Income (loss) from continuing operations before income taxes
(445)(1)Income taxes
$(1,418)$(3)Income (loss) from continuing operations
Unrealized gains (losses) on derivative financial instruments
Interest rate$(733)$(956)Interest income — Loans
Interest rate(2)(2)Interest expense — Long-term debt
Interest rate— 5 Investment banking and debt placement fees
(735)(953)
Income (loss) from continuing operations before income taxes
(176)(228)Income taxes
$(559)$(725)Income (loss) from continuing operations
Net pension and postretirement benefit costs
Amortization of losses$(8)$(8)Other expense
Settlement loss— (18)Other expense
Amortization of prior service credit1 1 Other expense
(7)(25)
Income (loss) from continuing operations before income taxes
(3)(7)Income taxes
$(4)$(18)Income (loss) from continuing operations
v3.25.0.1
Shareholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Schedule of Stockholders Equity
The following table summarizes our preferred stock at December 31, 2024:
Preferred stock seriesAmount outstanding (in millions)Book value (net of capital surplus)Shares authorized and outstandingPar valueLiquidation preferenceOwnership interest per depositary shareLiquidation preference per depositary share2024 dividends paid per depositary share
5.000% Fixed-to-Floating Rate Perpetual Noncumulative Series D
$525 $519 21,000 $1 $25,000 1/25th$1,000 $12.50 
6.125% Fixed-to-Floating Rate Perpetual Noncumulative Series E
500 490 500,000 1 1,000 1/40th25 .382813 
5.650% Fixed Rate Perpetual Noncumulative Series F
425 412 425,000 1 1,000 1/40th25 .353125 
5.625% Fixed Rate Perpetual Non-Cumulative Series G
450 435 450,000 1 1,000 1/40th25 .351563 
6.200% Fixed Rate Reset Perpetual Non-Cumulative Series H
600 590 600,000 1 1,000 1/40th25 .387500 
Schedule of Key's and KeyBank's Actual Capital Amounts and Ratios, Minimum Capital Amounts and Ratios
At December 31, 2024, Key and KeyBank (consolidated) had regulatory capital in excess of all current minimum risk-based capital (including all adjustments for market risk) and leverage ratio requirements as shown in the following table.
 ActualRegulatory MinimumRegulatory Minimum with Stress Capital BufferWell Capitalized
Dollars in millionsAmountRatioRatioRatioRatio
December 31, 2024
Total risk-based capital
Key$22,336 16.15 %8.00 %11.10 %N/A
KeyBank (consolidated)20,518 15.12 8.00 11.10 10.00 %
Common equity Tier 1 risk-based capital
Key$16,489 11.92 %4.50 %7.60 %N/A
KeyBank (consolidated)17,560 12.94 4.50 7.60 6.50 %
Tier 1 risk-based capital
Key$18,934 13.69 %6.00 %9.10 %N/A
KeyBank (consolidated)17,560 12.94 6.00 9.10 8.00 %
Leverage
Key$18,934 10.03 %4.00 %4.00 %N/A
KeyBank (consolidated)17,560 9.42 4.00 4.00 5.00 %
December 31, 2023
Total risk-based capital
Key$21,028 14.15 %8.00 %10.50 %N/A
KeyBank (consolidated)20,726 14.16 8.00 10.50 10.00 %
Common equity Tier 1 risk-based capital
Key$14,894 10.02 %4.50 %7.00 %N/A
KeyBank (consolidated)17,487 12.15 4.50 7.00 6.50 
Tier 1 risk-based capital
Key$17,340 11.67 %6.00 %8.50 %N/A
KeyBank (consolidated)17,487 11.94 6.00 8.50 8.00 %
Leverage
Key$17,340 9.03 %4.00 %4.00 %N/A
KeyBank (consolidated)17,487 9.22 4.00 4.00 5.00 %
v3.25.0.1
Business Segment Reporting (Tables)
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Schedule of Selected Financial Data for Our Business Segments
Year ended December 31,
Consumer BankCommercial Bank
Dollars in millions202420232022202420232022
SUMMARY OF OPERATIONS
Net interest income (TE)
$2,288 $2,221 $2,409 $1,805 $1,866 $1,863 
Noninterest income
924 936 995 1,629 1,431 1,600 
Total revenue (TE) (a)
3,212 3,157 3,404 3,434 3,297 3,463 
Provision for credit losses
126 111 193 227 379 317 
Personnel expense850 833 851 729 697 706 
Other direct noninterest expense595 691 559 347 436 343 
Support and overhead1,268 1,256 1,321 758 673 684 
Allocated income taxes (benefit) and TE adjustments
90 64 115 282 227 269 
Income (loss) from continuing operations
283 202 365 1,091 885 1,144 
Income (loss) from discontinued operations, net of taxes
— — — — — — 
Net income (loss)
$283 $202 $365 $1,091 $885 $1,144 
AVERAGE BALANCES (b)
     
Loans and leases
$38,744 $41,777 $41,315 $68,498 $75,782 $69,549 
Total assets (a)
41,613 44,593 44,414 77,782 85,542 80,068 
Deposits
85,851 82,793 90,132 58,025 55,045 54,672 
OTHER FINANCIAL DATA
Expenditures for additions to long-lived assets (a), (b)
$75 $72 $52 $— $3 $4 
Year ended December 31,OtherKey
Dollars in millions202420232022202420232022
SUMMARY OF OPERATIONS
Net interest income (TE)$(283)$(144)$282 $3,810 $3,943 $4,554 
Noninterest income(1,744)103 123 809 2,470 2,718 
Total revenue (TE) (a)
(2,027)(41)405 4,619 6,413 7,272 
Provision for credit losses(18)(1)(8)335 489 502 
Personnel expense1,135 1,130 1,009 2,714 2,660 2,566 
Other direct noninterest expense889 947 942 1,831 2,074 1,844 
Support and overhead(2,026)(1,929)(2,005)— — — 
Allocated income taxes (benefit) and TE adjustments(470)(65)65 (98)226 449 
Income (loss) from continuing operations(1,537)(123)402 (163)964 1,911 
Income (loss) from discontinued operations, net of taxes2 3 6 2 3 6 
Net income (loss)$(1,535)$(120)$408 $(161)$967 $1,917 
AVERAGE BALANCES (b)
Loans and leases$482 $445 $438 $107,724 $118,004 $111,302 
Total assets (a)
67,420 61,492 61,404 186,815 191,627 185,886 
Deposits2,279 6,221 2,058 146,155 144,059 146,862 
OTHER FINANCIAL DATA
Expenditures for additions to long-lived assets (a), (b)
$115 $118 $198 $190 $193 $254 
(a)Substantially all revenue generated by our reportable business segments is derived from clients that reside in the United States. Substantially all long-lived assets, including premises and equipment, capitalized software, and goodwill held by our reportable business segments, are located in the United States.
(b)From continuing operations.
v3.25.0.1
Condensed Financial Information of the Parent Company (Tables)
 12 Months Ended
Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract]  
Schedule of Condensed Balance Sheets
CONDENSED BALANCE SHEETS
December 31,
Dollars in millions
20242023
ASSETS
Cash and due from banks$5,149 $2,727 
Short-term investments26 17 
Securities available for sale— — 
Other investments96 85 
Loans to:
Banks300 250 
Nonbank subsidiaries— — 
Total loans300 250 
Investment in subsidiaries:
Banks16,770 14,789 
Nonbank subsidiaries888 901 
Total investment in subsidiaries17,658 15,690 
Goodwill167 167 
Corporate-owned life insurance188 197 
Derivative assets— 1 
Accrued income and other assets422 331 
Total assets$24,006 $19,465 
LIABILITIES
Accrued expense and other liabilities$536 $511 
Long-term debt due to:
Subsidiaries444 447 
Unaffiliated companies (a)
4,850 3,870 
Total long-term debt5,294 4,317 
Total liabilities5,830 4,828 
SHAREHOLDERS’ EQUITY (b)
18,176 14,637 
Total liabilities and shareholders’ equity$24,006 $19,465 
(a)See Note 20 (“Long-Term Debt”) for information regarding contractual rates and maturity dates of debt that is held by the parent company.
(b)See Key’s Consolidated Statements of Changes in Equity.
Schedule of Condensed Statements of Income
CONDENSED STATEMENTS OF INCOME
Year ended December 31,
Dollars in millions202420232022
INCOME
Dividends from subsidiaries:
Bank subsidiaries$750 $675 $475 
Nonbank subsidiaries— — 100 
Interest income from subsidiaries20 15 4 
Other income14 24 7 
Total income784 714 586 
EXPENSE
Interest on long-term debt with subsidiary trusts33 33 19 
Interest on other borrowed funds341 273 130 
Personnel and other expense77 111 101 
Total expense451 417 250 
Income (loss) before income taxes and equity in net income (loss) less dividends from subsidiaries333 297 336 
Income tax (expense) benefit94 95 60 
Income (loss) before equity in net income (loss) less dividends from subsidiaries427 392 396 
Equity in net income (loss) less dividends from subsidiaries(588)575 1,521 
NET INCOME (LOSS)$(161)$967 $1,917 
Total other comprehensive income (loss), net of tax (a)
1,759 1,066 (5,709)
Comprehensive income (loss)$1,598 $2,033 $(3,792)
(a) See Key’s Consolidated Statements of Comprehensive Income.
Schedule of Condensed Statements of Cash Flows
CONDENSED STATEMENTS OF CASH FLOWS
Year ended December 31,
Dollars in millions202420232022
OPERATING ACTIVITIES
Net income (loss) attributable to Key$(161)$967 $1,917 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Deferred income taxes (benefit)10 (6)6 
Stock-based compensation expense10 9 117 
Equity in net (income) loss less dividends from subsidiaries588 (575)(1,521)
Net (increase) decrease in accrued income and other assets(91)44 23 
Net increase (decrease) in accrued expenses and other liabilities25 3 (24)
Other operating activities, net(706)122 (480)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES(325)564 38 
INVESTING ACTIVITIES
Net (increase) decrease in securities available for sale and in short-term and other investments(19)(14)(26)
Cash used in acquisitions— — — 
Advances to subsidiaries(250)— — 
Sale or repayments of advances to subsidiaries200 16 (200)
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES(69)2 (226)
FINANCING ACTIVITIES
Net proceeds from issuance of long-term debt1,000 — 1,350 
Payments on long-term debt— — — 
Repurchase of Treasury Shares(28)(73)(44)
Net cash from the issuance (redemption) of Common Shares and preferred stock— — 590 
Net proceeds from Scotiabank investment2,771 — — 
Cash dividends paid(927)(912)(855)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES2,816 (985)1,041 
NET INCREASE (DECREASE) IN CASH AND DUE FROM BANKS2,422 (419)853 
CASH AND DUE FROM BANKS AT BEGINNING OF YEAR2,727 3,146 2,293 
CASH AND DUE FROM BANKS AT END OF YEAR$5,149 $2,727 $3,146 
v3.25.0.1
Revenue from Contracts with Customers (Tables)
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue
The following table represents a disaggregation of revenue from contracts with customers, by line of business. Additional details of our revenue recognition policies and components of our noninterest income line items is provided within Note 1 (“Summary of Significant Accounting Policies”) under the heading “Revenue Recognition.”

Year ended December 31,2024
Dollars in millionsConsumer BankCommercial BankTotal Contract Revenue
NONINTEREST INCOME
Trust and investment services income$449 $69 $518 
Investment banking and debt placement fees— 521 521 
Services charges on deposit accounts135 126 261 
Cards and payments income178 153 331 
Other noninterest income12 — 12 
Total revenue from contracts with customers$774 $869 $1,643 
Other noninterest income (a)
$910 
Noninterest income from other segments (b)
(1,744)
Total noninterest income$809 
Year ended December 31,2023
Dollars in millionsConsumer BankCommercial BankTotal Contract Revenue
NONINTEREST INCOME
Trust and investment services income$410 $68 $478 
Investment banking and debt placement fees— 344 344 
Services charges on deposit accounts158 111 269 
Cards and payments income187 145 332 
Other noninterest income12 — 12 
Total revenue from contracts with customers$767 $668 $1,435 
Other noninterest income (a)
$932 
Noninterest income from other segments (b)
103 
Total noninterest income$2,470 
Year ended December 31,2022
Dollars in millionsConsumer BankCommercial BankTotal Contract Revenue
NONINTEREST INCOME
Trust and investment services income$403 $69 $472 
Investment banking and debt placement fees— 430 430 
Services charges on deposit accounts211 139 350 
Cards and payments income177 154 331 
Other noninterest income11 — 11 
Total revenue from contracts with customers$802 $792 $1,594 
Other noninterest income (a)
$1,001 
Noninterest income from other segments (b)
123 
Total noninterest income$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. Corporate treasury includes realized gains and loss from transaction associated with Key’s investment securities portfolio. Reconciling items also includes intercompany eliminations and certain items that are not allocated to the business segments because they do not reflect their normal operations. Refer to Note 25 (“Business Segment Reporting”) for more information.
v3.25.0.1
Summary of Significant Accounting Policies (Details)
 12 Months Ended
Dec. 31, 2024
state
segment
branch
machine
Dec. 31, 2023
Accounting Policies [Line Items]    
Number of retail branches | branch 944  
Number of ATMs | machine 1,182  
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%  
v3.25.0.1
Earnings Per Common Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
EARNINGS      
Income (loss) from continuing operations $ (163) $ 964 $ 1,911
Less: Dividends on preferred stock 143 143 118
Income (loss) from continuing operations attributable to Key common shareholders (306) 821 1,793
Income (loss) from discontinued operations, net of taxes 2 3 6
Net income (loss) attributable to Key common shareholders $ (304) $ 824 $ 1,799
WEIGHTED-AVERAGE COMMON SHARES      
Weighted-average Common Shares outstanding (in shares) 949,561 927,217 924,363
Effect of common share options and other stock awards (in shares) [1] 0 5,542 8,696
Weighted-average Common Shares and potential Common Shares outstanding (in shares) [2] 949,561 932,759 933,059
EARNINGS PER COMMON SHARE      
Income (loss) from continuing operations attributable to Key common shareholders (in dollars per share) $ (0.32) $ 0.88 $ 1.94
Income (loss) from discontinued operations, net of taxes (in dollars per share) 0 0 0.01
Net income (loss) attributable to Key common shareholders (in dollars per share) [3] (0.32) 0.89 1.94
Income (loss) from continuing operations attributable to Key common shareholders - assuming dilution (in dollars per share) (0.32) 0.88 1.92
Income (loss) from discontinued operations, net of taxes — assuming dilution (in dollars per share) 0 0 0.01
Net income (loss) attributable to Key common shareholders (in dollars per share) [3] $ (0.32) $ 0.88 $ 1.93
[1] For periods ended in a loss from continuing operations attributable to Key common shareholders, anti-dilutive instruments have been excluded from the calculation of diluted earnings per share.
[2] Assumes conversion of Common Share options and other stock awards and/or convertible preferred stock, as applicable.
[3] EPS may not foot due to rounding.
v3.25.0.1
Restrictions on Cash, Dividends and Lending Activities (Details)
 12 Months Ended
Dec. 31, 2024
USD ($)
Restricted Cash and Cash Equivalents Items [Line Items]  
Short-term investments held for discharge of obligations $ 5,200,000,000
KeyBank (consolidated)  
Restricted Cash and Cash Equivalents Items [Line Items]  
Dividends paid by non banking subsidiaries 750,000,000
Capacity to pay dividends $ 0
v3.25.0.1
Loan Portfolio (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans $ 104,260 $ 112,606
Accrued interest 456 522
Discontinued operations | Education Lending    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 257 339
Total commercial loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 71,891 77,591
Accrued interest 322  
Total commercial loans | Commercial and Industrial    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 52,909 55,815
Total commercial loans | Real estate — commercial mortgage    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 13,310 15,187
Total commercial loans | Real estate — construction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 2,936 3,066
Total commercial loans | Total commercial real estate loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 16,246 18,253
Total commercial loans | Commercial lease financing    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 2,736 3,523
Total commercial loans | Commercial credit card    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 212 207
Total commercial loans | Collateral pledged    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 3 7
Total consumer loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 32,369 35,015
Accrued interest 134  
Total consumer loans | Real estate — residential mortgage    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 19,886 20,958
Total consumer loans | Home equity loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 6,358 7,139
Total consumer loans | Total residential — prime loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 26,244 28,097
Total consumer loans | Other consumer loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 5,167 5,916
Total consumer loans | Credit cards    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 958 1,002
Total consumer loans | Commercial credit card    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans $ 958 $ 1,002
v3.25.0.1
Asset Quality - Changes in Allowance for Loan and Lease Losses by Loan Category (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance $ 1,508 $ 1,337 $ 1,061
Provision 341 415 437
Charge-offs (526) (318) (245)
Recoveries 86 74 84
Ending balance 1,409 1,508 1,337
Total ALLL, including discontinued operations, beginning balance 1,524 1,358 1,089
Total provision, including discontinued operations 341 413 434
Total charge-offs, including discontinued operations (530) (322) (251)
Total recoveries, including discontinued operations 87 75 86
Total ALLL, including discontinued operations, ending balance 1,422 1,524 1,358
Provision (credit) for losses on lending-related commitments (6) 74 65
Total commercial loans      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance 1,060 864 688
Provision 322 371 294
Charge-offs (410) (227) (178)
Recoveries 65 52 60
Ending balance 1,037 1,060 864
Total consumer loans      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance 448 473 373
Provision 19 44 143
Charge-offs (116) (91) (67)
Recoveries 21 22 24
Ending balance 372 448 473
Commercial and Industrial | Total commercial loans      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance 556 601 445
Provision 388 99 259
Charge-offs (363) (188) (153)
Recoveries 58 44 50
Ending balance 639 556 601
Total commercial real estate loans | Total commercial loans      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance 471 231 211
Provision (62) 276 37
Charge-offs (40) (39) (23)
Recoveries 2 3 6
Ending balance 371 471 231
Real estate — commercial mortgage | Total commercial loans      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance 419 203 182
Provision (61) 253 39
Charge-offs (40) (39) (23)
Recoveries 2 2 5
Ending balance 320 419 203
Real estate — construction | Total commercial loans      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance 52 28 29
Provision (1) 23 (2)
Charge-offs 0 0 0
Recoveries 0 1 1
Ending balance 51 52 28
Commercial lease financing | Total commercial loans      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance 33 32 32
Provision (4) (4) (2)
Charge-offs (7) 0 (2)
Recoveries 5 5 4
Ending balance 27 33 32
Real estate — residential mortgage | Total consumer loans      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance 162 196  
Provision (74) (37)  
Charge-offs (3) (1)  
Recoveries 5 4  
Ending balance 90 162 196
Real estate — residential mortgage | Total consumer loans      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance   196 95
Provision     94
Charge-offs     2
Recoveries     5
Ending balance     196
Home equity loans | Total consumer loans      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance 86 98 110
Provision (16) (13) (14)
Charge-offs (2) (2) (1)
Recoveries 2 3 3
Ending balance 70 86 98
Other consumer loans | Total consumer loans      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance 122 113 107
Provision 70 52 34
Charge-offs (64) (51) (38)
Recoveries 8 8 10
Ending balance 136 122 113
Credit cards | Total consumer loans      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance 78 66 61
Provision 39 42 29
Charge-offs (47) (37) (30)
Recoveries 6 7 6
Ending balance 76 78 66
Discontinued operations      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance 16 21 28
Provision 0 (2) (3)
Charge-offs (4) (4) (6)
Recoveries 1 1 2
Ending balance $ 13 $ 16 $ 21
v3.25.0.1
Asset Quality - Additional Information (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
loan
Dec. 31, 2023
USD ($)
loan
Dec. 31, 2022
USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Percentage of carrying amount of our commercial nonperforming loans outstanding 72.00%    
Percentage of nonperforming loans outstanding face value 77.00%    
Percentage of loans held for sale and other nonperforming assets 79.00%    
Net reduction to interest income $ 54 $ 37 $ 17
Contractually current percentage of nonperforming loans 43.00% 51.00%  
Mortgage loans in process of foreclosure $ 72 $ 89  
Loan restructuring trial modifications amount 534 295  
Commitments outstanding to lend additional funds $ 15 $ 61  
Trial Modification Plans      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Number of loans | loan 120 121  
Loan restructuring trial modifications amount $ 20 $ 15  
Total commercial loans      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Loan restructuring trial modifications amount 499 269  
Total consumer loans      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Loan restructuring trial modifications amount 35 26  
Continuing Operations | Total commercial loans      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Decrease in ALLL $ 23    
Percentage decrease in ALLL 2.20%    
Continuing Operations | Total consumer loans      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Decrease in ALLL $ 76    
Percentage decrease in ALLL 17.00%    
Commercial and Industrial | Total commercial loans      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Loan restructuring trial modifications amount $ 163 263  
Real estate — commercial mortgage | Total commercial loans      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Loan restructuring trial modifications amount 307 $ 6  
Non-performing Loans      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Nonperforming loans on nonaccrual status with no allowance $ 381    
v3.25.0.1
Asset Quality - Schedule of Commercial Credit Exposure (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Financing Receivable, Credit Quality Indicator [Line Items]    
Total loans $ 104,260 $ 112,606
Accrued interest 456 522
Total commercial loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 8,125  
Current period gross write-offs, 2024 1  
2023 5,489  
Current period gross write-offs, 2023 12  
2022 13,088  
Current period gross write-offs, 2022 66  
2021 7,693  
Current period gross write-offs, 2021 112  
2020 2,905  
Current period gross write-offs, 2020 4  
Prior 8,896  
Current period gross write-offs, prior 70  
Revolving Loans Amortized Cost Basis 25,485  
Current period gross write-offs, Revolving Loans Amortized Cost Basis 145  
Revolving Loans Converted to Term Loans Amortized Cost Basis 210  
Current period gross write-offs, Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 71,891 77,591
Current period gross write-offs, total 410  
Accrued interest 322  
Total commercial loans | Commercial and Industrial    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 6,540  
Current period gross write-offs, 2024 1  
2023 3,329  
Current period gross write-offs, 2023 12  
2022 7,784  
Current period gross write-offs, 2022 65  
2021 4,383  
Current period gross write-offs, 2021 106  
2020 1,827  
Current period gross write-offs, 2020 4  
Prior 4,476  
Current period gross write-offs, prior 31  
Revolving Loans Amortized Cost Basis 24,412  
Current period gross write-offs, Revolving Loans Amortized Cost Basis 144  
Revolving Loans Converted to Term Loans Amortized Cost Basis 158  
Current period gross write-offs, Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 52,909 55,815
Current period gross write-offs, total 363  
Total commercial loans | Commercial and Industrial | Pass    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 6,345  
2023 3,097  
2022 7,119  
2021 3,934  
2020 1,617  
Prior 3,969  
Revolving Loans Amortized Cost Basis 22,709  
Revolving Loans Converted to Term Loans Amortized Cost Basis 115  
Total loans 48,905  
Total commercial loans | Commercial and Industrial | Criticized (Accruing)    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 172  
2023 219  
2022 597  
2021 419  
2020 208  
Prior 476  
Revolving Loans Amortized Cost Basis 1,550  
Revolving Loans Converted to Term Loans Amortized Cost Basis 41  
Total loans 3,682  
Total commercial loans | Commercial and Industrial | Criticized (Nonaccruing)    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 23  
2023 13  
2022 68  
2021 30  
2020 2  
Prior 31  
Revolving Loans Amortized Cost Basis 153  
Revolving Loans Converted to Term Loans Amortized Cost Basis 2  
Total loans 322  
Total commercial loans | Real estate — commercial mortgage    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 1,083  
Current period gross write-offs, 2024 0  
2023 833  
Current period gross write-offs, 2023 0  
2022 3,512  
Current period gross write-offs, 2022 1  
2021 2,535  
Current period gross write-offs, 2021 6  
2020 690  
Current period gross write-offs, 2020 0  
Prior 3,576  
Current period gross write-offs, prior 32  
Revolving Loans Amortized Cost Basis 1,031  
Current period gross write-offs, Revolving Loans Amortized Cost Basis 1  
Revolving Loans Converted to Term Loans Amortized Cost Basis 50  
Current period gross write-offs, Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 13,310 15,187
Current period gross write-offs, total 40  
Total commercial loans | Real estate — commercial mortgage | Pass    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 1,052  
2023 748  
2022 2,818  
2021 2,202  
2020 594  
Prior 3,194  
Revolving Loans Amortized Cost Basis 1,001  
Revolving Loans Converted to Term Loans Amortized Cost Basis 41  
Total loans 11,650  
Total commercial loans | Real estate — commercial mortgage | Criticized (Accruing)    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 31  
2023 85  
2022 571  
2021 281  
2020 93  
Prior 316  
Revolving Loans Amortized Cost Basis 30  
Revolving Loans Converted to Term Loans Amortized Cost Basis 9  
Total loans 1,416  
Total commercial loans | Real estate — commercial mortgage | Criticized (Nonaccruing)    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 0  
2023 0  
2022 123  
2021 52  
2020 3  
Prior 66  
Revolving Loans Amortized Cost Basis 0  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 244  
Total commercial loans | Real estate — construction    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 199  
Current period gross write-offs, 2024 0  
2023 863  
Current period gross write-offs, 2023 0  
2022 1,133  
Current period gross write-offs, 2022 0  
2021 398  
Current period gross write-offs, 2021 0  
2020 155  
Current period gross write-offs, 2020 0  
Prior 144  
Current period gross write-offs, prior 0  
Revolving Loans Amortized Cost Basis 42  
Current period gross write-offs, Revolving Loans Amortized Cost Basis 0  
Revolving Loans Converted to Term Loans Amortized Cost Basis 2  
Current period gross write-offs, Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 2,936 3,066
Current period gross write-offs, total 0  
Total commercial loans | Real estate — construction | Pass    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 199  
2023 846  
2022 1,021  
2021 340  
2020 87  
Prior 67  
Revolving Loans Amortized Cost Basis 42  
Revolving Loans Converted to Term Loans Amortized Cost Basis 2  
Total loans 2,604  
Total commercial loans | Real estate — construction | Criticized (Accruing)    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 0  
2023 17  
2022 112  
2021 58  
2020 68  
Prior 77  
Revolving Loans Amortized Cost Basis 0  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 332  
Total commercial loans | Real estate — construction | Criticized (Nonaccruing)    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 0  
2023 0  
2022 0  
2021 0  
2020 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]    
2024 303  
Current period gross write-offs, 2024 0  
2023 464  
Current period gross write-offs, 2023 0  
2022 659  
Current period gross write-offs, 2022 0  
2021 377  
Current period gross write-offs, 2021 0  
2020 233  
Current period gross write-offs, 2020 0  
Prior 700  
Current period gross write-offs, prior 7  
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 2,736 $ 3,523
Current period gross write-offs, total 7  
Total commercial loans | Commercial lease financing | Pass    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 301  
2023 430  
2022 626  
2021 368  
2020 217  
Prior 679  
Revolving Loans Amortized Cost Basis 0  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 2,621  
Total commercial loans | Commercial lease financing | Criticized (Accruing)    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 2  
2023 34  
2022 33  
2021 9  
2020 16  
Prior 21  
Revolving Loans Amortized Cost Basis 0  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 115  
Total commercial loans | Commercial lease financing | Criticized (Nonaccruing)    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 0  
2023 0  
2022 0  
2021 0  
2020 0  
Prior 0  
Revolving Loans Amortized Cost Basis 0  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans $ 0  
v3.25.0.1
Asset Quality - Schedule of Consumer Credit Exposure (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Financing Receivable, Credit Quality Indicator [Line Items]    
Total loans $ 104,260 $ 112,606
Accrued interest 456 522
Total consumer loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 628  
Current period gross write-offs, 2024 1  
2023 1,140  
Current period gross write-offs, 2023 7  
2022 8,104  
Current period gross write-offs, 2022 18  
2021 10,471  
Current period gross write-offs, 2021 12  
2020 3,934  
Current period gross write-offs, 2020 7  
Prior 3,328  
Current period gross write-offs, prior 8  
Revolving Loans Amortized Cost Basis 4,408  
Current period gross write-offs, Revolving Loans Amortized Cost Basis 63  
Revolving Loans Converted to Term Loans Amortized Cost Basis 356  
Current period gross write-offs, Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 32,369 35,015
Current period gross write-offs, total 116  
Accrued interest 134  
Total consumer loans | Real estate — residential mortgage    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 355  
Current period gross write-offs, 2024 1  
2023 800  
Current period gross write-offs, 2023 0  
2022 6,399  
Current period gross write-offs, 2022 1  
2021 7,921  
Current period gross write-offs, 2021 0  
2020 2,471  
Current period gross write-offs, 2020 0  
Prior 1,939  
Current period gross write-offs, prior 1  
Revolving Loans Amortized Cost Basis 1  
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 19,886 20,958
Current period gross write-offs, total 3  
Total consumer loans | Real estate — residential mortgage | 750 and above    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 281  
2023 669  
2022 5,720  
2021 7,203  
2020 2,247  
Prior 1,510  
Revolving Loans Amortized Cost Basis 0  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 17,630  
Total consumer loans | Real estate — residential mortgage | 660 to 749    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 67  
2023 116  
2022 597  
2021 655  
2020 199  
Prior 280  
Revolving Loans Amortized Cost Basis 0  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 1,914  
Total consumer loans | Real estate — residential mortgage | Less than 660    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 4  
2023 13  
2022 81  
2021 63  
2020 24  
Prior 134  
Revolving Loans Amortized Cost Basis 0  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 319  
Total consumer loans | Real estate — residential mortgage | No Score    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 3  
2023 2  
2022 1  
2021 0  
2020 1  
Prior 15  
Revolving Loans Amortized Cost Basis 1  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 23  
Total consumer loans | Home equity loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 52  
2023 53  
2022 204  
2021 996  
2020 772  
Prior 1,000  
Revolving Loans Amortized Cost Basis 2,925  
Revolving Loans Converted to Term Loans Amortized Cost Basis 356  
Total loans 6,358 7,139
Total consumer loans | Home equity loans | 750 and above    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 33  
2023 31  
2022 139  
2021 775  
2020 612  
Prior 731  
Revolving Loans Amortized Cost Basis 1,886  
Revolving Loans Converted to Term Loans Amortized Cost Basis 251  
Total loans 4,458  
Total consumer loans | Home equity loans | 660 to 749    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 17  
2023 17  
2022 50  
2021 181  
2020 129  
Prior 186  
Revolving Loans Amortized Cost Basis 772  
Revolving Loans Converted to Term Loans Amortized Cost Basis 80  
Total loans 1,432  
Total consumer loans | Home equity loans | Less than 660    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 2  
2023 5  
2022 15  
2021 40  
2020 31  
Prior 82  
Revolving Loans Amortized Cost Basis 263  
Revolving Loans Converted to Term Loans Amortized Cost Basis 25  
Total loans 463  
Total consumer loans | Home equity loans | No Score    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 0  
2023 0  
2022 0  
2021 0  
2020 0  
Prior 1  
Revolving Loans Amortized Cost Basis 4  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 5  
Total consumer loans | Home equity loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current period gross write-offs, 2024 0  
Current period gross write-offs, 2023 0  
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, prior 1  
Current period gross write-offs, Revolving Loans Amortized Cost Basis 1  
Current period gross write-offs, Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Current period gross write-offs, total 2  
Total consumer loans | Other consumer loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 221  
Current period gross write-offs, 2024 0  
2023 287  
Current period gross write-offs, 2023 7  
2022 1,501  
Current period gross write-offs, 2022 17  
2021 1,554  
Current period gross write-offs, 2021 12  
2020 691  
Current period gross write-offs, 2020 7  
Prior 389  
Current period gross write-offs, prior 6  
Revolving Loans Amortized Cost Basis 524  
Current period gross write-offs, Revolving Loans Amortized Cost Basis 15  
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 5,167 5,916
Current period gross write-offs, total 64  
Total consumer loans | Other consumer loans | 750 and above    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 107  
2023 143  
2022 1,149  
2021 1,210  
2020 527  
Prior 245  
Revolving Loans Amortized Cost Basis 88  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 3,469  
Total consumer loans | Other consumer loans | 660 to 749    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 70  
2023 109  
2022 275  
2021 268  
2020 128  
Prior 108  
Revolving Loans Amortized Cost Basis 184  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 1,142  
Total consumer loans | Other consumer loans | Less than 660    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 9  
2023 23  
2022 59  
2021 59  
2020 29  
Prior 24  
Revolving Loans Amortized Cost Basis 56  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 259  
Total consumer loans | Other consumer loans | No Score    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 35  
2023 12  
2022 18  
2021 17  
2020 7  
Prior 12  
Revolving Loans Amortized Cost Basis 196  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 297  
Total consumer loans | Commercial credit card    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 0  
Current period gross write-offs, 2024 0  
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  
Prior 0  
Current period gross write-offs, prior 0  
Revolving Loans Amortized Cost Basis 958  
Current period gross write-offs, Revolving Loans Amortized Cost Basis 47  
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 958 $ 1,002
Current period gross write-offs, total 47  
Total consumer loans | Commercial credit card | 750 and above    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 0  
2023 0  
2022 0  
2021 0  
2020 0  
Prior 0  
Revolving Loans Amortized Cost Basis 476  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 476  
Total consumer loans | Commercial credit card | 660 to 749    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 0  
2023 0  
2022 0  
2021 0  
2020 0  
Prior 0  
Revolving Loans Amortized Cost Basis 372  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 372  
Total consumer loans | Commercial credit card | Less than 660    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 0  
2023 0  
2022 0  
2021 0  
2020 0  
Prior 0  
Revolving Loans Amortized Cost Basis 109  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 109  
Total consumer loans | Commercial credit card | No Score    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 0  
2023 0  
2022 0  
2021 0  
2020 0  
Prior 0  
Revolving Loans Amortized Cost Basis 1  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans $ 1  
v3.25.0.1
Asset Quality - Aging Analysis of Past Due and Current Loans (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Financing Receivable, Past Due [Line Items]    
Total loans $ 104,260 $ 112,606
Accrued interest 456 522
Non-performing Loans    
Financing Receivable, Past Due [Line Items]    
Total loans 758 574
Current    
Financing Receivable, Past Due [Line Items]    
Total loans 103,206 111,703
30-59 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total loans 120 156
60-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total loans 86 66
90 and Greater Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total loans 90 107
Total Past Due and Non-performing Loans    
Financing Receivable, Past Due [Line Items]    
Total loans 1,054 903
Total commercial loans    
Financing Receivable, Past Due [Line Items]    
Total loans 71,891 77,591
Accrued interest 322  
Total commercial loans | Non-performing Loans    
Financing Receivable, Past Due [Line Items]    
Total loans 565 397
Total commercial loans | Commercial and Industrial    
Financing Receivable, Past Due [Line Items]    
Total loans 52,909 55,815
Total commercial loans | Commercial and Industrial | Non-performing Loans    
Financing Receivable, Past Due [Line Items]    
Total loans 322 297
Total commercial loans | Total commercial real estate loans    
Financing Receivable, Past Due [Line Items]    
Total loans 16,246 18,253
Total commercial loans | Total commercial real estate loans | Non-performing Loans    
Financing Receivable, Past Due [Line Items]    
Total loans 243 100
Total commercial loans | Real estate — commercial mortgage    
Financing Receivable, Past Due [Line Items]    
Total loans 13,310 15,187
Total commercial loans | Real estate — commercial mortgage | Non-performing Loans    
Financing Receivable, Past Due [Line Items]    
Total loans 243 100
Total commercial loans | Real estate — construction    
Financing Receivable, Past Due [Line Items]    
Total loans 2,936 3,066
Total commercial loans | Real estate — construction | Non-performing Loans    
Financing Receivable, Past Due [Line Items]    
Total loans 0 0
Total commercial loans | Commercial lease financing    
Financing Receivable, Past Due [Line Items]    
Total loans 2,736 3,523
Total commercial loans | Commercial lease financing | Non-performing Loans    
Financing Receivable, Past Due [Line Items]    
Total loans 0 0
Total commercial loans | Credit cards    
Financing Receivable, Past Due [Line Items]    
Total loans 212 207
Total commercial loans | Current    
Financing Receivable, Past Due [Line Items]    
Total loans 71,151 76,988
Total commercial loans | Current | Commercial and Industrial    
Financing Receivable, Past Due [Line Items]    
Total loans 52,473 55,354
Total commercial loans | Current | Total commercial real estate loans    
Financing Receivable, Past Due [Line Items]    
Total loans 15,950 18,114
Total commercial loans | Current | Real estate — commercial mortgage    
Financing Receivable, Past Due [Line Items]    
Total loans 13,018 15,049
Total commercial loans | Current | Real estate — commercial mortgage | Government National Mortgage Association (GNMA)    
Financing Receivable, Past Due [Line Items]    
Total loans 75 94
Total commercial loans | Current | Real estate — construction    
Financing Receivable, Past Due [Line Items]    
Total loans 2,932 3,065
Total commercial loans | Current | Commercial lease financing    
Financing Receivable, Past Due [Line Items]    
Total loans 2,728 3,520
Total commercial loans | Current | Real estate — residential mortgage | Government National Mortgage Association (GNMA)    
Financing Receivable, Past Due [Line Items]    
Total loans 7 3
Total commercial loans | 30-59 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total loans 53 90
Total commercial loans | 30-59 Days Past Due | Commercial and Industrial    
Financing Receivable, Past Due [Line Items]    
Total loans 48 62
Total commercial loans | 30-59 Days Past Due | Total commercial real estate loans    
Financing Receivable, Past Due [Line Items]    
Total loans 4 26
Total commercial loans | 30-59 Days Past Due | Real estate — commercial mortgage    
Financing Receivable, Past Due [Line Items]    
Total loans 4 25
Total commercial loans | 30-59 Days Past Due | Real estate — construction    
Financing Receivable, Past Due [Line Items]    
Total loans 0 1
Total commercial loans | 30-59 Days Past Due | Commercial lease financing    
Financing Receivable, Past Due [Line Items]    
Total loans 1 2
Total commercial loans | 60-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total loans 56 34
Total commercial loans | 60-89 Days Past Due | Commercial and Industrial    
Financing Receivable, Past Due [Line Items]    
Total loans 21 30
Total commercial loans | 60-89 Days Past Due | Total commercial real estate loans    
Financing Receivable, Past Due [Line Items]    
Total loans 29 3
Total commercial loans | 60-89 Days Past Due | Real estate — commercial mortgage    
Financing Receivable, Past Due [Line Items]    
Total loans 29 3
Total commercial loans | 60-89 Days Past Due | Real estate — construction    
Financing Receivable, Past Due [Line Items]    
Total loans 0 0
Total commercial loans | 60-89 Days Past Due | Commercial lease financing    
Financing Receivable, Past Due [Line Items]    
Total loans 6 1
Total commercial loans | 90 and Greater Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total loans 66 82
Total commercial loans | 90 and Greater Days Past Due | Commercial and Industrial    
Financing Receivable, Past Due [Line Items]    
Total loans 45 72
Total commercial loans | 90 and Greater Days Past Due | Total commercial real estate loans    
Financing Receivable, Past Due [Line Items]    
Total loans 20 10
Total commercial loans | 90 and Greater Days Past Due | Real estate — commercial mortgage    
Financing Receivable, Past Due [Line Items]    
Total loans 16 10
Total commercial loans | 90 and Greater Days Past Due | Real estate — construction    
Financing Receivable, Past Due [Line Items]    
Total loans 4 0
Total commercial loans | 90 and Greater Days Past Due | Commercial lease financing    
Financing Receivable, Past Due [Line Items]    
Total loans 1 0
Total commercial loans | Total Past Due and Non-performing Loans    
Financing Receivable, Past Due [Line Items]    
Total loans 740 603
Total commercial loans | Total Past Due and Non-performing Loans | Commercial and Industrial    
Financing Receivable, Past Due [Line Items]    
Total loans 436 461
Total commercial loans | Total Past Due and Non-performing Loans | Total commercial real estate loans    
Financing Receivable, Past Due [Line Items]    
Total loans 296 139
Total commercial loans | Total Past Due and Non-performing Loans | Real estate — commercial mortgage    
Financing Receivable, Past Due [Line Items]    
Total loans 292 138
Total commercial loans | Total Past Due and Non-performing Loans | Real estate — construction    
Financing Receivable, Past Due [Line Items]    
Total loans 4 1
Total commercial loans | Total Past Due and Non-performing Loans | Commercial lease financing    
Financing Receivable, Past Due [Line Items]    
Total loans 8 3
Total consumer loans    
Financing Receivable, Past Due [Line Items]    
Total loans 32,369 35,015
Accrued interest 134  
Total consumer loans | Non-performing Loans    
Financing Receivable, Past Due [Line Items]    
Total loans 193 177
Total consumer loans | Real estate — residential mortgage    
Financing Receivable, Past Due [Line Items]    
Total loans 19,886 20,958
Total consumer loans | Real estate — residential mortgage | Non-performing Loans    
Financing Receivable, Past Due [Line Items]    
Total loans 92 71
Total consumer loans | Home equity loans    
Financing Receivable, Past Due [Line Items]    
Total loans 6,358 7,139
Total consumer loans | Home equity loans | Non-performing Loans    
Financing Receivable, Past Due [Line Items]    
Total loans 89 97
Total consumer loans | Other consumer loans    
Financing Receivable, Past Due [Line Items]    
Total loans 5,167 5,916
Total consumer loans | Other consumer loans | Non-performing Loans    
Financing Receivable, Past Due [Line Items]    
Total loans 5 4
Total consumer loans | Credit cards    
Financing Receivable, Past Due [Line Items]    
Total loans 958 1,002
Total consumer loans | Credit cards | Non-performing Loans    
Financing Receivable, Past Due [Line Items]    
Total loans 7 5
Total consumer loans | Current    
Financing Receivable, Past Due [Line Items]    
Total loans 32,055 34,715
Total consumer loans | Current | Real estate — residential mortgage    
Financing Receivable, Past Due [Line Items]    
Total loans 19,766 20,863
Total consumer loans | Current | Home equity loans    
Financing Receivable, Past Due [Line Items]    
Total loans 6,232 7,001
Total consumer loans | Current | Other consumer loans    
Financing Receivable, Past Due [Line Items]    
Total loans 5,129 5,877
Total consumer loans | Current | Credit cards    
Financing Receivable, Past Due [Line Items]    
Total loans 928 974
Total consumer loans | 30-59 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total loans 67 66
Total consumer loans | 30-59 Days Past Due | Real estate — residential mortgage    
Financing Receivable, Past Due [Line Items]    
Total loans 20 17
Total consumer loans | 30-59 Days Past Due | Home equity loans    
Financing Receivable, Past Due [Line Items]    
Total loans 26 27
Total consumer loans | 30-59 Days Past Due | Other consumer loans    
Financing Receivable, Past Due [Line Items]    
Total loans 15 16
Total consumer loans | 30-59 Days Past Due | Credit cards    
Financing Receivable, Past Due [Line Items]    
Total loans 6 6
Total consumer loans | 60-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total loans 30 32
Total consumer loans | 60-89 Days Past Due | Real estate — residential mortgage    
Financing Receivable, Past Due [Line Items]    
Total loans 8 7
Total consumer loans | 60-89 Days Past Due | Home equity loans    
Financing Receivable, Past Due [Line Items]    
Total loans 8 10
Total consumer loans | 60-89 Days Past Due | Other consumer loans    
Financing Receivable, Past Due [Line Items]    
Total loans 9 10
Total consumer loans | 60-89 Days Past Due | Credit cards    
Financing Receivable, Past Due [Line Items]    
Total loans 5 5
Total consumer loans | 90 and Greater Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total loans 24 25
Total consumer loans | 90 and Greater Days Past Due | Real estate — residential mortgage    
Financing Receivable, Past Due [Line Items]    
Total loans 0 0
Total consumer loans | 90 and Greater Days Past Due | Home equity loans    
Financing Receivable, Past Due [Line Items]    
Total loans 3 4
Total consumer loans | 90 and Greater Days Past Due | Other consumer loans    
Financing Receivable, Past Due [Line Items]    
Total loans 9 9
Total consumer loans | 90 and Greater Days Past Due | Credit cards    
Financing Receivable, Past Due [Line Items]    
Total loans 12 12
Total consumer loans | Total Past Due and Non-performing Loans    
Financing Receivable, Past Due [Line Items]    
Total loans 314 300
Total consumer loans | Total Past Due and Non-performing Loans | Real estate — residential mortgage    
Financing Receivable, Past Due [Line Items]    
Total loans 120 95
Total consumer loans | Total Past Due and Non-performing Loans | Home equity loans    
Financing Receivable, Past Due [Line Items]    
Total loans 126 138
Total consumer loans | Total Past Due and Non-performing Loans | Other consumer loans    
Financing Receivable, Past Due [Line Items]    
Total loans 38 39
Total consumer loans | Total Past Due and Non-performing Loans | Credit cards    
Financing Receivable, Past Due [Line Items]    
Total loans $ 30 $ 28
v3.25.0.1
Asset Quality - Schedule of Modifications for Borrowers Experiencing Financial Difficulty (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized Cost Basis $ 534 $ 295
Percentage of Amortized Cost Basis 0.51% 0.26%
Interest Rate Reduction    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized Cost Basis $ 32 $ 2
Term Extension    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized Cost Basis 387 186
Other    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized Cost Basis 49 53
Combination    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized Cost Basis 66 54
Total commercial loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized Cost Basis $ 499 $ 269
Percentage of Amortized Cost Basis 0.69% 0.35%
Total commercial loans | Interest Rate Reduction    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized Cost Basis $ 28 $ 0
Total commercial loans | Term Extension    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized Cost Basis 383 184
Total commercial loans | Other    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized Cost Basis 47 51
Total commercial loans | Combination    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized Cost Basis 41 34
Total commercial loans | Commercial and Industrial    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized Cost Basis $ 163 $ 263
Percentage of Amortized Cost Basis 0.31% 0.47%
Total commercial loans | Commercial and Industrial | Interest Rate Reduction    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized Cost Basis $ 0 $ 0
Total commercial loans | Commercial and Industrial | Term Extension    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized Cost Basis 118 180
Total commercial loans | Commercial and Industrial | Other    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized Cost Basis 25 49
Total commercial loans | Commercial and Industrial | Combination    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized Cost Basis 20 34
Total commercial loans | Total commercial real estate loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized Cost Basis $ 336 $ 6
Percentage of Amortized Cost Basis 2.07% 0.03%
Total commercial loans | Total commercial real estate loans | Interest Rate Reduction    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized Cost Basis $ 28 $ 0
Total commercial loans | Total commercial real estate loans | Term Extension    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized Cost Basis 265 4
Total commercial loans | Total commercial real estate loans | Other    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized Cost Basis 22 2
Total commercial loans | Total commercial real estate loans | Combination    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized Cost Basis 21 0
Total commercial loans | Real estate — commercial mortgage    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized Cost Basis $ 307 $ 6
Percentage of Amortized Cost Basis 2.31% 0.04%
Total commercial loans | Real estate — commercial mortgage | Interest Rate Reduction    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized Cost Basis $ 28 $ 0
Total commercial loans | Real estate — commercial mortgage | Term Extension    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized Cost Basis 236 4
Total commercial loans | Real estate — commercial mortgage | Other    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized Cost Basis 22 2
Total commercial loans | Real estate — commercial mortgage | Combination    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized Cost Basis 21 0
Total commercial loans | Real estate — construction    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized Cost Basis $ 29 $ 0
Percentage of Amortized Cost Basis 0.99% 0.00%
Total commercial loans | Real estate — construction | Interest Rate Reduction    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized Cost Basis $ 0 $ 0
Total commercial loans | Real estate — construction | Term Extension    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized Cost Basis 29 0
Total commercial loans | Real estate — construction | Other    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized Cost Basis 0 0
Total commercial loans | Real estate — construction | Combination    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized Cost Basis 0 0
Total commercial loans | Commercial lease financing    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized Cost Basis $ 0 $ 0
Percentage of Amortized Cost Basis 0.00% 0.00%
Total commercial loans | Commercial lease financing | Interest Rate Reduction    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized Cost Basis $ 0 $ 0
Total commercial loans | Commercial lease financing | Term Extension    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized Cost Basis 0 0
Total commercial loans | Commercial lease financing | Other    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized Cost Basis 0 0
Total commercial loans | Commercial lease financing | Combination    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized Cost Basis 0 0
Total consumer loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized Cost Basis $ 35 $ 26
Percentage of Amortized Cost Basis 0.11% 0.07%
Total consumer loans | Interest Rate Reduction    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized Cost Basis $ 4 $ 2
Total consumer loans | Term Extension    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized Cost Basis 4 2
Total consumer loans | Other    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized Cost Basis 2 2
Total consumer loans | Combination    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized Cost Basis 25 20
Total consumer loans | Real estate — residential mortgage    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized Cost Basis $ 14 $ 10
Percentage of Amortized Cost Basis 0.07% 0.05%
Total consumer loans | Real estate — residential mortgage | Interest Rate Reduction    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized Cost Basis $ 1 $ 0
Total consumer loans | Real estate — residential mortgage | Term Extension    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized Cost Basis 1 0
Total consumer loans | Real estate — residential mortgage | Other    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized Cost Basis 0 1
Total consumer loans | Real estate — residential mortgage | Combination    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized Cost Basis 12 9
Total consumer loans | Home equity loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized Cost Basis $ 13 $ 9
Percentage of Amortized Cost Basis 0.20% 0.13%
Total consumer loans | Home equity loans | Interest Rate Reduction    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized Cost Basis $ 3 $ 2
Total consumer loans | Home equity loans | Term Extension    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized Cost Basis 1 1
Total consumer loans | Home equity loans | Other    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized Cost Basis 2 1
Total consumer loans | Home equity loans | Combination    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized Cost Basis 7 5
Total consumer loans | Other consumer loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized Cost Basis $ 5 $ 3
Percentage of Amortized Cost Basis 0.10% 0.05%
Total consumer loans | Other consumer loans | Interest Rate Reduction    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized Cost Basis $ 0 $ 0
Total consumer loans | Other consumer loans | Term Extension    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized Cost Basis 2 1
Total consumer loans | Other consumer loans | Other    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized Cost Basis 0 0
Total consumer loans | Other consumer loans | Combination    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized Cost Basis 3 2
Total consumer loans | Commercial credit card    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized Cost Basis $ 3 $ 4
Percentage of Amortized Cost Basis 0.31% 0.40%
Total consumer loans | Commercial credit card | Interest Rate Reduction    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized Cost Basis $ 0 $ 0
Total consumer loans | Commercial credit card | Term Extension    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized Cost Basis 0 0
Total consumer loans | Commercial credit card | Other    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized Cost Basis 0 0
Total consumer loans | Commercial credit card | Combination    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized Cost Basis $ 3 $ 4
v3.25.0.1
Asset Quality - Schedule of Financial Effects of Modifications to Borrowers Experiencing Financial Difficulty (Details)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Total commercial loans | Commercial and Industrial    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Weighted-average Interest Rate Change (4.12%) (5.69%)
Weighted-average Term Extension (in years) 1 year 9 months 7 months 2 days
Total commercial loans | Real estate — commercial mortgage    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Weighted-average Interest Rate Change (1.49%) 0.00%
Weighted-average Term Extension (in years) 7 months 28 days 1 year 4 months 13 days
Total commercial loans | Real estate — construction    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Weighted-average Interest Rate Change 0.00%  
Weighted-average Term Extension (in years) 2 years 10 months 13 days  
Total consumer loans | Real estate — residential mortgage    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Weighted-average Interest Rate Change (1.81%) (1.97%)
Weighted-average Term Extension (in years) 6 years 1 month 24 days 7 years 6 months 29 days
Total consumer loans | Home equity loans    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Weighted-average Interest Rate Change (4.03%) (4.02%)
Weighted-average Term Extension (in years) 6 years 6 months 10 days 6 years 10 months 13 days
Total consumer loans | Other consumer loans    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Weighted-average Interest Rate Change (4.06%) (3.62%)
Weighted-average Term Extension (in years) 9 months 7 days 1 year 3 days
Total consumer loans | Credit cards    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Weighted-average Interest Rate Change (16.26%) (14.90%)
Weighted-average Term Extension (in years) 1 year 1 year
v3.25.0.1
Asset Quality - Schedule of Amortized Cost Basis of Modified Loans That Subsequently Defaulted (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Financing Receivable, Allowance for Credit Loss [Line Items]    
Financial receivable, modifications, subsequent default, recorded investment $ 37 $ 11
Interest Rate Reduction    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Financial receivable, modifications, subsequent default, recorded investment 11 0
Term Extension    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Financial receivable, modifications, subsequent default, recorded investment 22 7
Other    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Financial receivable, modifications, subsequent default, recorded investment 0 1
Combination    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Financial receivable, modifications, subsequent default, recorded investment 4 3
Total commercial loans    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Financial receivable, modifications, subsequent default, recorded investment 34 11
Total commercial loans | Interest Rate Reduction    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Financial receivable, modifications, subsequent default, recorded investment 11 0
Total commercial loans | Term Extension    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Financial receivable, modifications, subsequent default, recorded investment 22 7
Total commercial loans | Other    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Financial receivable, modifications, subsequent default, recorded investment 0 1
Total commercial loans | Combination    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Financial receivable, modifications, subsequent default, recorded investment 1 3
Total commercial loans | Commercial and Industrial    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Financial receivable, modifications, subsequent default, recorded investment 23 10
Total commercial loans | Commercial and Industrial | Interest Rate Reduction    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Financial receivable, modifications, subsequent default, recorded investment 0 0
Total commercial loans | Commercial and Industrial | Term Extension    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Financial receivable, modifications, subsequent default, recorded investment 22 7
Total commercial loans | Commercial and Industrial | Other    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Financial receivable, modifications, subsequent default, recorded investment 0 0
Total commercial loans | Commercial and Industrial | Combination    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Financial receivable, modifications, subsequent default, recorded investment 1 3
Total commercial loans | Real estate — commercial mortgage    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Financial receivable, modifications, subsequent default, recorded investment 11 1
Total commercial loans | Real estate — commercial mortgage | Interest Rate Reduction    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Financial receivable, modifications, subsequent default, recorded investment 11 0
Total commercial loans | Real estate — commercial mortgage | Term Extension    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Financial receivable, modifications, subsequent default, recorded investment 0 0
Total commercial loans | Real estate — commercial mortgage | Other    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Financial receivable, modifications, subsequent default, recorded investment 1
Total commercial loans | Real estate — commercial mortgage | Combination    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Financial receivable, modifications, subsequent default, recorded investment 0 0
Total commercial loans | Real estate — construction    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Financial receivable, modifications, subsequent default, recorded investment 0 0
Total commercial loans | Real estate — construction | Interest Rate Reduction    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Financial receivable, modifications, subsequent default, recorded investment 0 0
Total commercial loans | Real estate — construction | Term Extension    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Financial receivable, modifications, subsequent default, recorded investment 0 0
Total commercial loans | Real estate — construction | Other    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Financial receivable, modifications, subsequent default, recorded investment 0 0
Total commercial loans | Real estate — construction | Combination    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Financial receivable, modifications, subsequent default, recorded investment 0 0
Total commercial loans | Commercial real estate loans    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Financial receivable, modifications, subsequent default, recorded investment 11 11
Total commercial loans | Commercial real estate loans | Interest Rate Reduction    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Financial receivable, modifications, subsequent default, recorded investment 11 0
Total commercial loans | Commercial real estate loans | Term Extension    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Financial receivable, modifications, subsequent default, recorded investment 0 7
Total commercial loans | Commercial real estate loans | Other    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Financial receivable, modifications, subsequent default, recorded investment 0 1
Total commercial loans | Commercial real estate loans | Combination    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Financial receivable, modifications, subsequent default, recorded investment 0 3
Total commercial loans | Commercial lease financing    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Financial receivable, modifications, subsequent default, recorded investment 0 0
Total commercial loans | Commercial lease financing | Interest Rate Reduction    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Financial receivable, modifications, subsequent default, recorded investment 0 0
Total commercial loans | Commercial lease financing | Term Extension    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Financial receivable, modifications, subsequent default, recorded investment 0 0
Total commercial loans | Commercial lease financing | Other    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Financial receivable, modifications, subsequent default, recorded investment 0 0
Total commercial loans | Commercial lease financing | Combination    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Financial receivable, modifications, subsequent default, recorded investment 0 0
Total consumer loans    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Financial receivable, modifications, subsequent default, recorded investment 3 0
Total consumer loans | Interest Rate Reduction    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Financial receivable, modifications, subsequent default, recorded investment 0 0
Total consumer loans | Term Extension    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Financial receivable, modifications, subsequent default, recorded investment 0 0
Total consumer loans | Other    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Financial receivable, modifications, subsequent default, recorded investment 0 0
Total consumer loans | Combination    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Financial receivable, modifications, subsequent default, recorded investment 3 0
Total consumer loans | Real estate — residential mortgage    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Financial receivable, modifications, subsequent default, recorded investment 1 0
Total consumer loans | Real estate — residential mortgage | Interest Rate Reduction    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Financial receivable, modifications, subsequent default, recorded investment 0 0
Total consumer loans | Real estate — residential mortgage | Term Extension    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Financial receivable, modifications, subsequent default, recorded investment 0 0
Total consumer loans | Real estate — residential mortgage | Other    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Financial receivable, modifications, subsequent default, recorded investment 0 0
Total consumer loans | Real estate — residential mortgage | Combination    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Financial receivable, modifications, subsequent default, recorded investment 1 0
Total consumer loans | Home equity loans    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Financial receivable, modifications, subsequent default, recorded investment 2 0
Total consumer loans | Home equity loans | Interest Rate Reduction    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Financial receivable, modifications, subsequent default, recorded investment 0 0
Total consumer loans | Home equity loans | Term Extension    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Financial receivable, modifications, subsequent default, recorded investment 0 0
Total consumer loans | Home equity loans | Other    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Financial receivable, modifications, subsequent default, recorded investment 0 0
Total consumer loans | Home equity loans | Combination    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Financial receivable, modifications, subsequent default, recorded investment 2 0
Total consumer loans | Other consumer loans    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Financial receivable, modifications, subsequent default, recorded investment 0 0
Total consumer loans | Other consumer loans | Interest Rate Reduction    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Financial receivable, modifications, subsequent default, recorded investment 0 0
Total consumer loans | Other consumer loans | Term Extension    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Financial receivable, modifications, subsequent default, recorded investment 0 0
Total consumer loans | Other consumer loans | Other    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Financial receivable, modifications, subsequent default, recorded investment 0 0
Total consumer loans | Other consumer loans | Combination    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Financial receivable, modifications, subsequent default, recorded investment 0 0
Total consumer loans | Commercial credit card    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Financial receivable, modifications, subsequent default, recorded investment 0 0
Total consumer loans | Commercial credit card | Interest Rate Reduction    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Financial receivable, modifications, subsequent default, recorded investment 0 0
Total consumer loans | Commercial credit card | Term Extension    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Financial receivable, modifications, subsequent default, recorded investment 0 0
Total consumer loans | Commercial credit card | Other    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Financial receivable, modifications, subsequent default, recorded investment 0 0
Total consumer loans | Commercial credit card | Combination    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Financial receivable, modifications, subsequent default, recorded investment $ 0 $ 0
v3.25.0.1
Asset Quality - Schedule of Performance of Loans That Have Been Modified in the Last 12 Months (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Financing Receivable, Past Due [Line Items]    
Total loans modified in last 12 months $ 534 $ 295
Current    
Financing Receivable, Past Due [Line Items]    
Total loans modified in last 12 months 474 267
30-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total loans modified in last 12 months 24 27
90 and Greater Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total loans modified in last 12 months 36 1
Total commercial loans    
Financing Receivable, Past Due [Line Items]    
Total loans modified in last 12 months 499 269
Total commercial loans | Current    
Financing Receivable, Past Due [Line Items]    
Total loans modified in last 12 months 443 244
Total commercial loans | 30-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total loans modified in last 12 months 22 25
Total commercial loans | 90 and Greater Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total loans modified in last 12 months 34 0
Total commercial loans | Commercial and Industrial    
Financing Receivable, Past Due [Line Items]    
Total loans modified in last 12 months 163 263
Total commercial loans | Commercial and Industrial | Current    
Financing Receivable, Past Due [Line Items]    
Total loans modified in last 12 months 154 238
Total commercial loans | Commercial and Industrial | 30-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total loans modified in last 12 months 3 25
Total commercial loans | Commercial and Industrial | 90 and Greater Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total loans modified in last 12 months 6 0
Total commercial loans | Total commercial real estate loans    
Financing Receivable, Past Due [Line Items]    
Total loans modified in last 12 months 336 269
Total commercial loans | Total commercial real estate loans | Current    
Financing Receivable, Past Due [Line Items]    
Total loans modified in last 12 months 289 244
Total commercial loans | Total commercial real estate loans | 30-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total loans modified in last 12 months 19 25
Total commercial loans | Total commercial real estate loans | 90 and Greater Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total loans modified in last 12 months 28 0
Total commercial loans | Real estate — commercial mortgage    
Financing Receivable, Past Due [Line Items]    
Total loans modified in last 12 months 307 6
Total commercial loans | Real estate — commercial mortgage | Current    
Financing Receivable, Past Due [Line Items]    
Total loans modified in last 12 months 260 6
Total commercial loans | Real estate — commercial mortgage | 30-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total loans modified in last 12 months 19 0
Total commercial loans | Real estate — commercial mortgage | 90 and Greater Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total loans modified in last 12 months 28 0
Total commercial loans | Real estate — construction    
Financing Receivable, Past Due [Line Items]    
Total loans modified in last 12 months 29 0
Total commercial loans | Real estate — construction | Current    
Financing Receivable, Past Due [Line Items]    
Total loans modified in last 12 months 29 0
Total commercial loans | Real estate — construction | 30-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total loans modified in last 12 months 0 0
Total commercial loans | Real estate — construction | 90 and Greater Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total loans modified in last 12 months 0 0
Total commercial loans | Commercial lease financing    
Financing Receivable, Past Due [Line Items]    
Total loans modified in last 12 months 0 0
Total commercial loans | Commercial lease financing | Current    
Financing Receivable, Past Due [Line Items]    
Total loans modified in last 12 months 0 0
Total commercial loans | Commercial lease financing | 30-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total loans modified in last 12 months 0 0
Total commercial loans | Commercial lease financing | 90 and Greater Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total loans modified in last 12 months 0 0
Total consumer loans    
Financing Receivable, Past Due [Line Items]    
Total loans modified in last 12 months 35 26
Total consumer loans | Current    
Financing Receivable, Past Due [Line Items]    
Total loans modified in last 12 months 31 23
Total consumer loans | 30-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total loans modified in last 12 months 2 2
Total consumer loans | 90 and Greater Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total loans modified in last 12 months 2 1
Total consumer loans | Real estate — residential mortgage    
Financing Receivable, Past Due [Line Items]    
Total loans modified in last 12 months 14 10
Total consumer loans | Real estate — residential mortgage | Current    
Financing Receivable, Past Due [Line Items]    
Total loans modified in last 12 months 12 9
Total consumer loans | Real estate — residential mortgage | 30-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total loans modified in last 12 months 1 1
Total consumer loans | Real estate — residential mortgage | 90 and Greater Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total loans modified in last 12 months 1 0
Total consumer loans | Home equity loans    
Financing Receivable, Past Due [Line Items]    
Total loans modified in last 12 months 13 9
Total consumer loans | Home equity loans | Current    
Financing Receivable, Past Due [Line Items]    
Total loans modified in last 12 months 11 8
Total consumer loans | Home equity loans | 30-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total loans modified in last 12 months 1 0
Total consumer loans | Home equity loans | 90 and Greater Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total loans modified in last 12 months 1 1
Total consumer loans | Other consumer loans    
Financing Receivable, Past Due [Line Items]    
Total loans modified in last 12 months 5 3
Total consumer loans | Other consumer loans | Current    
Financing Receivable, Past Due [Line Items]    
Total loans modified in last 12 months 5 3
Total consumer loans | Other consumer loans | 30-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total loans modified in last 12 months 0 0
Total consumer loans | Other consumer loans | 90 and Greater Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total loans modified in last 12 months 0 0
Total consumer loans | Credit cards    
Financing Receivable, Past Due [Line Items]    
Total loans modified in last 12 months 3 4
Total consumer loans | Credit cards | Current    
Financing Receivable, Past Due [Line Items]    
Total loans modified in last 12 months 3 3
Total consumer loans | Credit cards | 30-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total loans modified in last 12 months 0 1
Total consumer loans | Credit cards | 90 and Greater Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total loans modified in last 12 months $ 0 $ 0
v3.25.0.1
Asset Quality - Changes in Liability for Credit Losses on Lending Related Commitments (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Off-Balance-Sheet, Credit Loss, Liability [Roll Forward]      
Balance at beginning of period $ 296 $ 225  
Provision (credit) for losses on off balance sheet exposures (6) 74 $ 65
Other 0 (3)  
Balance at end of period $ 290 $ 296 $ 225
v3.25.0.1
Fair Value Measurements - Fair Value of Assets and Liabilities Measured on Recurring Basis (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
ASSETS MEASURED ON A RECURRING BASIS    
Total trading account securities $ 1,283 $ 1,142
Securities available for sale 37,707 37,185
Loans, net of unearned income (residential) 104,260 112,606
Derivative assets 612 999
Netting adjustments (363) (818)
Total derivative assets 249 181
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 1,439 1,777
Netting adjustments (411) (473)
U.S. Treasury, agencies and corporations    
ASSETS MEASURED ON A RECURRING BASIS    
Securities available for sale 8,904 9,026
Agency residential mortgage-backed securities    
ASSETS MEASURED ON A RECURRING BASIS    
Securities available for sale 15,169 3,589
Agency commercial mortgage-backed securities    
ASSETS MEASURED ON A RECURRING BASIS    
Securities available for sale 4,410 9,092
Fair Value, Recurring    
ASSETS MEASURED ON A RECURRING BASIS    
Total trading account securities 1,265 1,139
Commercial loans 18 3
Total trading account assets 1,283 1,142
Securities available for sale 37,707 37,185
Total other investments 73 63
Loans, net of unearned income (residential) 10 9
Loans held for sale (residential) 93 51
Derivative assets 612 999
Netting adjustments (363) (818)
Total derivative assets 249 181
Total assets on a recurring basis at fair value 39,415 38,631
LIABILITIES MEASURED ON A RECURRING BASIS    
Total liabilities on a recurring basis at fair value 1,908 2,108
Fair Value, Recurring | Agency residential collateralized mortgage obligations    
ASSETS MEASURED ON A RECURRING BASIS    
Securities available for sale 9,224 15,478
Fair Value, Recurring | U.S. Treasury, agencies and corporations    
ASSETS MEASURED ON A RECURRING BASIS    
Total trading account securities 930 685
Securities available for sale 8,904 9,026
Fair Value, Recurring | States and political subdivisions    
ASSETS MEASURED ON A RECURRING BASIS    
Total trading account securities 127 93
Securities available for sale 0 0
Fair Value, Recurring | Other securities    
ASSETS MEASURED ON A RECURRING BASIS    
Total trading account securities 25 21
Securities available for sale 0 0
Fair Value, Recurring | Agency commercial mortgage-backed securities    
ASSETS MEASURED ON A RECURRING BASIS    
Securities available for sale 4,410 9,092
Fair Value, Recurring | Principal Investments    
ASSETS MEASURED ON A RECURRING BASIS    
Total other investments 14 17
Fair Value, Recurring | Equity Investments    
ASSETS MEASURED ON A RECURRING BASIS    
Total other investments 59 46
Fair Value, Recurring | Equity Investments, Direct    
ASSETS MEASURED ON A RECURRING BASIS    
Total other investments 2 2
Fair Value, Recurring | Other mortgage-backed securities    
ASSETS MEASURED ON A RECURRING BASIS    
Total trading account securities 183 340
Fair Value, Recurring | Other mortgage-backed securities | Agency residential mortgage-backed securities    
ASSETS MEASURED ON A RECURRING BASIS    
Securities available for sale 15,169 3,589
Fair Value, Recurring | Short positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Short positions 880 804
Fair Value, Recurring | Long positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 1,439 1,777
Netting adjustments (411) (473)
Total derivative liabilities 1,028 1,304
Fair Value, Recurring | Interest rate    
ASSETS MEASURED ON A RECURRING BASIS    
Derivative assets 110 173
Fair Value, Recurring | Interest rate | Long positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 965 985
Fair Value, Recurring | Foreign exchange    
ASSETS MEASURED ON A RECURRING BASIS    
Derivative assets 124 89
Fair Value, Recurring | Foreign exchange | Long positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 117 73
Fair Value, Recurring | Commodity    
ASSETS MEASURED ON A RECURRING BASIS    
Derivative assets 363 721
Fair Value, Recurring | Commodity | Long positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 343 698
Fair Value, Recurring | Credit    
ASSETS MEASURED ON A RECURRING BASIS    
Derivative assets 0 0
Fair Value, Recurring | Credit | Long positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 0 1
Fair Value, Recurring | Other    
ASSETS MEASURED ON A RECURRING BASIS    
Derivative assets 15 16
Fair Value, Recurring | Other | Long positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 14 20
Level 1 | Fair Value, Recurring    
ASSETS MEASURED ON A RECURRING BASIS    
Total trading account securities 0 0
Commercial loans 0 0
Total trading account assets 0 0
Securities available for sale 0 0
Total other investments 0 0
Loans, net of unearned income (residential) 0 0
Loans held for sale (residential) 0 0
Derivative assets 93 74
Netting adjustments 0 0
Total derivative assets 93 74
Total assets on a recurring basis at fair value 93 74
LIABILITIES MEASURED ON A RECURRING BASIS    
Total liabilities on a recurring basis at fair value 192 88
Level 1 | Fair Value, Recurring | Agency residential collateralized mortgage obligations    
ASSETS MEASURED ON A RECURRING BASIS    
Securities available for sale 0 0
Level 1 | Fair Value, Recurring | U.S. Treasury, agencies and corporations    
ASSETS MEASURED ON A RECURRING BASIS    
Total trading account securities 0 0
Securities available for sale 0 0
Level 1 | Fair Value, Recurring | States and political subdivisions    
ASSETS MEASURED ON A RECURRING BASIS    
Total trading account securities 0 0
Securities available for sale 0 0
Level 1 | Fair Value, Recurring | Other securities    
ASSETS MEASURED ON A RECURRING BASIS    
Total trading account securities 0 0
Securities available for sale 0 0
Level 1 | Fair Value, Recurring | Agency commercial mortgage-backed securities    
ASSETS MEASURED ON A RECURRING BASIS    
Securities available for sale 0 0
Level 1 | Fair Value, Recurring | Principal Investments    
ASSETS MEASURED ON A RECURRING BASIS    
Total other investments 0 0
Level 1 | Fair Value, Recurring | Equity Investments    
ASSETS MEASURED ON A RECURRING BASIS    
Total other investments 0 0
Level 1 | Fair Value, Recurring | Equity Investments, Direct    
ASSETS MEASURED ON A RECURRING BASIS    
Total other investments 0 0
Level 1 | Fair Value, Recurring | Other mortgage-backed securities    
ASSETS MEASURED ON A RECURRING BASIS    
Total trading account securities 0 0
Level 1 | Fair Value, Recurring | Other mortgage-backed securities | Agency residential mortgage-backed securities    
ASSETS MEASURED ON A RECURRING BASIS    
Securities available for sale 0 0
Level 1 | Fair Value, Recurring | Short positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Short positions 107 30
Level 1 | Fair Value, Recurring | Long positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 85 58
Netting adjustments 0 0
Total derivative liabilities 85 58
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 93 74
Level 1 | Fair Value, Recurring | Foreign exchange | Long positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 85 58
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 1,265 1,139
Commercial loans 18 3
Total trading account assets 1,283 1,142
Securities available for sale 37,707 37,185
Total other investments 0 0
Loans, net of unearned income (residential) 0 0
Loans held for sale (residential) 93 51
Derivative assets 523 925
Netting adjustments 0 0
Total derivative assets 523 925
Total assets on a recurring basis at fair value 39,606 39,303
LIABILITIES MEASURED ON A RECURRING BASIS    
Total liabilities on a recurring basis at fair value 2,127 2,493
Level 2 | Fair Value, Recurring | Agency residential collateralized mortgage obligations    
ASSETS MEASURED ON A RECURRING BASIS    
Securities available for sale 9,224 15,478
Level 2 | Fair Value, Recurring | U.S. Treasury, agencies and corporations    
ASSETS MEASURED ON A RECURRING BASIS    
Total trading account securities 930 685
Securities available for sale 8,904 9,026
Level 2 | Fair Value, Recurring | States and political subdivisions    
ASSETS MEASURED ON A RECURRING BASIS    
Total trading account securities 127 93
Securities available for sale 0 0
Level 2 | Fair Value, Recurring | Other securities    
ASSETS MEASURED ON A RECURRING BASIS    
Total trading account securities 25 21
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 4,410 9,092
Level 2 | Fair Value, Recurring | Principal Investments    
ASSETS MEASURED ON A RECURRING BASIS    
Total other investments 0 0
Level 2 | Fair Value, Recurring | Equity Investments    
ASSETS MEASURED ON A RECURRING BASIS    
Total other investments 0 0
Level 2 | Fair Value, Recurring | Equity Investments, Direct    
ASSETS MEASURED ON A RECURRING BASIS    
Total other investments 0 0
Level 2 | Fair Value, Recurring | Other mortgage-backed securities    
ASSETS MEASURED ON A RECURRING BASIS    
Total trading account securities 183 340
Level 2 | Fair Value, Recurring | Other mortgage-backed securities | Agency residential mortgage-backed securities    
ASSETS MEASURED ON A RECURRING BASIS    
Securities available for sale 15,169 3,589
Level 2 | Fair Value, Recurring | Short positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Short positions 773 774
Level 2 | Fair Value, Recurring | Long positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 1,354 1,719
Netting adjustments 0 0
Total derivative liabilities 1,354 1,719
Level 2 | Fair Value, Recurring | Interest rate    
ASSETS MEASURED ON A RECURRING BASIS    
Derivative assets 114 175
Level 2 | Fair Value, Recurring | Interest rate | Long positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 965 985
Level 2 | Fair Value, Recurring | Foreign exchange    
ASSETS MEASURED ON A RECURRING BASIS    
Derivative assets 31 15
Level 2 | Fair Value, Recurring | Foreign exchange | Long positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 32 15
Level 2 | Fair Value, Recurring | Commodity    
ASSETS MEASURED ON A RECURRING BASIS    
Derivative assets 363 721
Level 2 | Fair Value, Recurring | Commodity | Long positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 343 698
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 0 1
Level 2 | Fair Value, Recurring | Other    
ASSETS MEASURED ON A RECURRING BASIS    
Derivative assets 15 14
Level 2 | Fair Value, Recurring | Other | Long positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 14 20
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 2
Loans, net of unearned income (residential) 10 9
Loans held for sale (residential) 0 0
Derivative assets (4) 0
Netting adjustments 0 0
Total derivative assets (4) 0
Total assets on a recurring basis at fair value 8 11
LIABILITIES MEASURED ON A RECURRING BASIS    
Total liabilities on a recurring basis at fair value 0 0
Level 3 | Fair Value, Recurring | Agency residential collateralized mortgage obligations    
ASSETS MEASURED ON A RECURRING BASIS    
Securities available for sale 0 0
Level 3 | Fair Value, Recurring | U.S. Treasury, agencies and corporations    
ASSETS MEASURED ON A RECURRING BASIS    
Total trading account securities 0 0
Securities available for sale 0 0
Level 3 | Fair Value, Recurring | States and political subdivisions    
ASSETS MEASURED ON A RECURRING BASIS    
Total trading account securities 0 0
Securities available for sale 0 0
Level 3 | Fair Value, Recurring | Other securities    
ASSETS MEASURED ON A RECURRING BASIS    
Total trading account securities 0 0
Securities available for sale 0 0
Level 3 | Fair Value, Recurring | Agency commercial mortgage-backed securities    
ASSETS MEASURED ON A RECURRING BASIS    
Securities available for sale 0 0
Level 3 | Fair Value, Recurring | Principal Investments    
ASSETS MEASURED ON A RECURRING BASIS    
Total other investments 0 0
Level 3 | Fair Value, Recurring | Equity Investments    
ASSETS MEASURED ON A RECURRING BASIS    
Total other investments 2 2
Level 3 | Fair Value, Recurring | Equity Investments, Direct    
ASSETS MEASURED ON A RECURRING BASIS    
Total other investments 2 2
Level 3 | Fair Value, Recurring | Other mortgage-backed securities    
ASSETS MEASURED ON A RECURRING BASIS    
Total trading account securities 0 0
Level 3 | Fair Value, Recurring | Other mortgage-backed securities | Agency residential mortgage-backed securities    
ASSETS MEASURED ON A RECURRING BASIS    
Securities available for sale 0 0
Level 3 | Fair Value, Recurring | Short positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Short positions 0 0
Level 3 | Fair Value, Recurring | Long positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 0 0
Netting adjustments 0 0
Total derivative liabilities 0 0
Level 3 | Fair Value, Recurring | Interest rate    
ASSETS MEASURED ON A RECURRING BASIS    
Derivative assets (4) (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 0
Level 3 | Fair Value, Recurring | Credit | Long positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 0 0
Level 3 | Fair Value, Recurring | Other    
ASSETS MEASURED ON A RECURRING BASIS    
Derivative assets 0 2
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 14 17
Measured at NAV | Fair Value, Recurring | Equity Investments, Direct, NAV    
ASSETS MEASURED ON A RECURRING BASIS    
Total other investments 54 40
Measured at NAV | Fair Value, Recurring | Equity Investments, Indirect, NAV    
ASSETS MEASURED ON A RECURRING BASIS    
Total other investments $ 3 $ 4
v3.25.0.1
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, 2024
Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value $ 14  
Unfunded Commitments 1  
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 14  
Unfunded Commitments 1  
Funded Commitments 0 0
Funded Other $ 0 $ 0
v3.25.0.1
Fair Value Measurements - Change in Fair Values of Level 3 Financial Instruments (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning of Period Balance $ 2 $ 2
Gains (Losses) included in comprehensive income 0
Gains (Losses) Included in Earnings 0 0
Purchases 0
Sales 0 0
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 0
Principal investments: Direct    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning of Period Balance 0 1
Gains (Losses) included in comprehensive income   0
Gains (Losses) Included in Earnings   (1)
Purchases   0
Sales   0
Settlements   0
Transfers Other   0
Transfers into Level 3   0
Transfers out of Level 3   0
End of Period Balance   0
Unrealized Gains (Losses) Included in Earnings   0
Interest rate    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning of Period Balance (2) 2
Gains (Losses) included in comprehensive income 0
Gains (Losses) Included in Earnings (8) (23)
Purchases 4 19
Sales 0 1
Settlements 0
Transfers Other 0 0
Transfers into Level 3 2 (6)
Transfers out of Level 3 0 5
End of Period Balance (4) (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 0 (2)
Gains (Losses) included in comprehensive income 0 0
Gains (Losses) Included in Earnings 0 0
Purchases 0 0
Sales 0 2
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    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning of Period Balance 2 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 (2) 2
Transfers into Level 3 0 0
Transfers out of Level 3 0 0
End of Period Balance 0 2
Unrealized Gains (Losses) Included in Earnings 0 0
Loans held for investment (residential)    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning of Period Balance 9 9
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 (2) 0
Transfers into Level 3 0 0
Transfers out of Level 3 2 0
End of Period Balance 10 9
Unrealized Gains (Losses) Included in Earnings $ 0 $ 0
v3.25.0.1
Fair Value Measurements - Additional Information (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Equity securities without readily determinable fair value $ 394,000,000 $ 339,000,000
Impairment on equity securities without readily determinable fair value 5,000,000 0
Loans, net of unearned income (residential) 104,260,000,000 112,606,000,000
Discontinued operations | Education Lending    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Loans, net of unearned income (residential) 257,000,000 339,000,000
Carrying Amount    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Loans, net of unearned income (residential) 102,841,000,000 111,089,000,000
Carrying Amount | Discontinued operations | Education Lending    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Loans, net of unearned income (residential) 257,000,000 339,000,000
Estimate of Fair Value Measurement    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Loans, net of unearned income (residential) 99,105,000,000 105,950,000,000
Estimate of Fair Value Measurement | Discontinued operations | Education Lending    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Loans, net of unearned income (residential) 192,000,000 264,000,000
Fair Value, Nonrecurring | Estimate of Fair Value Measurement    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Liabilities measured at fair value on non recurring basis $ 0 $ 0
v3.25.0.1
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Nonrecurring Basis (Details) - Fair Value, Nonrecurring - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
ASSETS MEASURED ON A NONRECURRING BASIS    
Collateral-dependent loans $ 152 $ 104
Accrued income and other assets 14 29
Total assets on a recurring basis at fair value 166 133
Level 1    
ASSETS MEASURED ON A NONRECURRING BASIS    
Collateral-dependent loans 0 0
Accrued income and other assets 0 0
Total assets on a recurring basis at fair value 0 0
Level 2    
ASSETS MEASURED ON A NONRECURRING BASIS    
Collateral-dependent loans 0 0
Accrued income and other assets 0 0
Total assets on a recurring basis at fair value 0 0
Level 3    
ASSETS MEASURED ON A NONRECURRING BASIS    
Collateral-dependent loans 152 104
Accrued income and other assets 14 29
Total assets on a recurring basis at fair value $ 166 $ 133
v3.25.0.1
Fair Value Measurements - Quantitative Information about Level 3 Fair Value Measurements (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Fair Value, Option, Quantitative Disclosures [Line Items]    
Derivative assets $ 249 $ 181
Mortgage servicing assets excluded from OREO   8
Fair Value, Recurring    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Derivative assets 249 181
Fair Value, Nonrecurring    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Collateral dependent loans 152 104
Level 3 | Fair Value, Recurring    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Derivative assets (4) 0
Insignificant level 3 assets, net of liabilities 2 4
Level 3 | Fair Value, Nonrecurring    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Collateral dependent loans 152 104
Market comparable pricing | Level 3 | Fair Value, Recurring    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Loans, net of unearned income (residential) 10 9
Fair value of underlying collateral | Level 3 | Fair Value, Nonrecurring    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Collateral dependent loans 152 104
Appraised value | Level 3 | Fair Value, Nonrecurring    
Fair Value, Option, Quantitative Disclosures [Line Items]    
OREO and other assets 14 21
Interest rate | Discounted cash flows | Level 3 | Fair Value, Recurring    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Derivative assets $ (4) $ 2
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 0.6800 0.6267
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 0.9500 0.8960
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 0.7748 0.7083
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 0.0500 0.0530
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 0.50 0.48
Liquidity discount | Fair value of underlying collateral | Level 3 | Fair Value, Nonrecurring | Minimum    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Collateral dependent loans, measurement input 0 0
Liquidity discount | Fair value of underlying collateral | Level 3 | Fair Value, Nonrecurring | Maximum    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Collateral dependent loans, measurement input 1.0000 0.1000
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 0.3300 0.0500
v3.25.0.1
Fair Value Measurements - Fair Value Disclosures of Financial Instruments (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
ASSETS    
Trading account assets $ 1,283 $ 1,142
Derivative assets 249 181
Securities available for sale 37,707 37,185
Held-to-maturity securities 7,395 8,575
Loans, net of unearned income (residential) 104,260 112,606
Loans held for sale [1] 797 483
LIABILITIES    
Long-term debt, carrying amount 12,105 19,554
Carrying Amount    
ASSETS    
Trading account assets 1,283 1,142
Other investments 1,041 1,244
Loans, net of unearned income (residential) 10 9
Loans held for sale (residential) 93 51
Securities available for sale 37,707 37,185
Held-to-maturity securities 7,395 8,575
Loans, net of unearned income (residential) 102,841 111,089
Loans held for sale 704 432
Cash and short-term investments 19,247 11,758
LIABILITIES    
Time deposits, carrying amount 16,952 14,776
Short-term borrowings, carrying amount 2,144 3,091
Long-term debt, carrying amount 12,105 19,554
Deposits with no stated maturity 132,808 130,811
Carrying Amount | Not Designated as Hedging Instrument    
ASSETS    
Derivative assets 255 168
LIABILITIES    
Derivative liabilities 1,028 1,304
Carrying Amount | Designated as Hedging Instrument    
ASSETS    
Derivative assets (6) 13
LIABILITIES    
Derivative liabilities 0 0
Estimate of Fair Value Measurement    
ASSETS    
Trading account assets 1,283 1,142
Other investments 1,041 1,244
Loans, net of unearned income (residential) 10 9
Loans held for sale (residential) 93 51
Securities available for sale 37,707 37,185
Held-to-maturity securities 6,837 8,056
Loans, net of unearned income (residential) 99,105 105,950
Loans held for sale 704 432
Cash and short-term investments 19,247 11,758
LIABILITIES    
Time deposits 17,068 14,911
Short-term borrowings 2,144 3,091
Long-term debt 11,907 19,008
Deposits with no stated maturity 132,808 130,811
Estimate of Fair Value Measurement | Level 1    
ASSETS    
Trading account assets 0 0
Other investments 0 0
Loans, net of unearned income (residential) 0 0
Loans held for sale (residential) 0 0
Securities available for sale 0 0
Held-to-maturity securities 0 0
Loans, net of unearned income (residential) 0 0
Loans held for sale 0 0
Cash and short-term investments 19,247 11,758
LIABILITIES    
Time deposits 0 0
Short-term borrowings 107 30
Long-term debt 11,430 11,288
Deposits with no stated maturity 0 0
Estimate of Fair Value Measurement | Level 2    
ASSETS    
Trading account assets 1,283 1,142
Other investments 0 0
Loans, net of unearned income (residential) 0 0
Loans held for sale (residential) 93 51
Securities available for sale 37,707 37,185
Held-to-maturity securities 6,837 8,056
Loans, net of unearned income (residential) 0 0
Loans held for sale 0 0
Cash and short-term investments 0 0
LIABILITIES    
Time deposits 17,068 14,911
Short-term borrowings 2,037 3,061
Long-term debt 477 7,720
Deposits with no stated maturity 132,808 130,811
Estimate of Fair Value Measurement | Level 3    
ASSETS    
Trading account assets 0 0
Other investments 969 1,183
Loans, net of unearned income (residential) 10 9
Loans held for sale (residential) 0 0
Securities available for sale 0 0
Held-to-maturity securities 0 0
Loans, net of unearned income (residential) 99,105 105,950
Loans held for sale 704 432
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 72 61
Estimate of Fair Value Measurement | Not Designated as Hedging Instrument    
ASSETS    
Derivative assets 255 168
Derivative assets, netting adjustment (361) (792)
LIABILITIES    
Derivative liabilities 1,028 1,304
Derivative liabilities, netting adjustment (408) (461)
Estimate of Fair Value Measurement | Not Designated as Hedging Instrument | Level 1    
ASSETS    
Derivative assets 93 74
LIABILITIES    
Derivative liabilities 85 58
Estimate of Fair Value Measurement | Not Designated as Hedging Instrument | Level 2    
ASSETS    
Derivative assets 527 886
LIABILITIES    
Derivative liabilities 1,351 1,707
Estimate of Fair Value Measurement | Not Designated as Hedging Instrument | Level 3    
ASSETS    
Derivative assets (4) 0
LIABILITIES    
Derivative liabilities 0 0
Estimate of Fair Value Measurement | Designated as Hedging Instrument    
ASSETS    
Derivative assets (6) 13
Derivative assets, netting adjustment (2) (26)
LIABILITIES    
Derivative liabilities 0 0
Derivative liabilities, netting adjustment (3) (12)
Estimate of Fair Value Measurement | Designated as Hedging Instrument | Level 1    
ASSETS    
Derivative assets 0 0
LIABILITIES    
Derivative liabilities 0 0
Estimate of Fair Value Measurement | Designated as Hedging Instrument | Level 2    
ASSETS    
Derivative assets (4) 39
LIABILITIES    
Derivative liabilities 3 12
Estimate of Fair Value Measurement | Designated as Hedging Instrument | 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 $93 million at December 31, 2024, and $51 million at December 31, 2023
v3.25.0.1
Securities - Details of Securities (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
SECURITIES AVAILABLE FOR SALE    
Amortized Cost $ 41,302 $ 42,695
Gross Unrealized Gains 31 10
Gross Unrealized Losses 3,626 5,520
Fair Value 37,707 37,185
HELD-TO-MATURITY SECURITIES    
Amortized Cost 7,395 8,575
Gross Unrealized Gains 3 10
Gross Unrealized Losses 561 529
Fair Value $ 6,837 $ 8,056
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 $ 109 $ 64
Held-to-maturity securities, accrued interest 21 25
Basis adjustments for securities (6) 140
U.S. Treasury, agencies, and corporations    
SECURITIES AVAILABLE FOR SALE    
Amortized Cost 8,928 9,300
Gross Unrealized Gains 20 6
Gross Unrealized Losses 44 280
Fair Value 8,904 9,026
Agency residential collateralized mortgage obligations    
SECURITIES AVAILABLE FOR SALE    
Amortized Cost 11,409 18,911
Gross Unrealized Gains 8 4
Gross Unrealized Losses 2,193 3,437
Fair Value 9,224 15,478
HELD-TO-MATURITY SECURITIES    
Amortized Cost 4,577 5,170
Gross Unrealized Gains 3 9
Gross Unrealized Losses 332 283
Fair Value 4,248 4,896
Agency residential mortgage-backed securities    
SECURITIES AVAILABLE FOR SALE    
Amortized Cost 16,038 4,189
Gross Unrealized Gains 3 0
Gross Unrealized Losses 872 600
Fair Value 15,169 3,589
HELD-TO-MATURITY SECURITIES    
Amortized Cost 151 165
Gross Unrealized Gains 0 0
Gross Unrealized Losses 17 13
Fair Value 134 152
Agency commercial mortgage-backed securities    
SECURITIES AVAILABLE FOR SALE    
Amortized Cost 4,927 10,295
Gross Unrealized Gains 0 0
Gross Unrealized Losses 517 1,203
Fair Value 4,410 9,092
HELD-TO-MATURITY SECURITIES    
Amortized Cost 2,333 2,473
Gross Unrealized Gains 0 1
Gross Unrealized Losses 203 204
Fair Value 2,130 2,270
Asset-backed securities    
HELD-TO-MATURITY SECURITIES    
Amortized Cost 308 738
Gross Unrealized Gains 0 0
Gross Unrealized Losses 8 29
Fair Value 300 709
Securities related to purchase of senior notes 303 731
Other securities    
HELD-TO-MATURITY SECURITIES    
Amortized Cost 26 29
Gross Unrealized Gains 0 0
Gross Unrealized Losses 1 0
Fair Value $ 25 $ 29
v3.25.0.1
Securities - Schedule of Available for Sale Securities in an Unrealized Loss Position (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Held-to-maturity securities:    
Temporarily impaired securities, fair value, less than 12 months $ 15,728 $ 2,055
Temporarily impaired securities, gross unrealized losses, less than 12 months 281 79
Temporarily impaired securities, fair value, 12 months or longer 22,010 41,416
Temporarily impaired securities, gross unrealized losses, 12 months or longer 3,906 5,970
Temporarily impaired securities, fair value 37,738 43,471
Temporarily impaired securities, gross unrealized losses 4,187 6,049
U.S. Treasury, agencies and corporations    
Securities available for sale:    
Fair value, less than 12 months 3,647 0
Gross unrealized losses, less than 12 months 8 0
Fair value, 12 months or longer 508 8,532
Gross unrealized losses, 12 months or longer 36 280
Fair value, total 4,155 8,532
Gross unrealized losses, total 44 280
Agency residential collateralized mortgage obligations    
Securities available for sale:    
Fair value, less than 12 months 91 0
Gross unrealized losses, less than 12 months 0 0
Fair value, 12 months or longer 8,108 14,979
Gross unrealized losses, 12 months or longer 2,193 3,437
Fair value, total 8,199 14,979
Gross unrealized losses, total 2,193 3,437
Held-to-maturity securities:    
Fair value, less than 12 months 569 1,123
Gross unrealized losses, less than 12 months 18 30
Fair value, 12 months or longer 3,387 3,070
Gross unrealized losses, 12 months or longer 314 253
Fair value, total 3,956 4,193
Gross unrealized losses, total 332 283
Agency residential mortgage-backed securities    
Securities available for sale:    
Fair value, less than 12 months 11,364 24
Gross unrealized losses, less than 12 months 254 0
Fair value, 12 months or longer 3,145 3,562
Gross unrealized losses, 12 months or longer 618 600
Fair value, total 14,509 3,586
Gross unrealized losses, total 872 600
Held-to-maturity securities:    
Fair value, less than 12 months 0 0
Gross unrealized losses, less than 12 months 0 0
Fair value, 12 months or longer 134 152
Gross unrealized losses, 12 months or longer 17 13
Fair value, total 134 152
Gross unrealized losses, total 17 13
Agency commercial mortgage-backed securities    
Securities available for sale:    
Fair value, less than 12 months 50 891
Gross unrealized losses, less than 12 months 1 49
Fair value, 12 months or longer 4,360 8,201
Gross unrealized losses, 12 months or longer 516 1,154
Fair value, total 4,410 9,092
Gross unrealized losses, total 517 1,203
Held-to-maturity securities:    
Fair value, less than 12 months 0 0
Gross unrealized losses, less than 12 months 0 0
Fair value, 12 months or longer 2,060 2,199
Gross unrealized losses, 12 months or longer 203 204
Fair value, total 2,060 2,199
Gross unrealized losses, total 203 204
Asset-backed securities    
Held-to-maturity securities:    
Fair value, less than 12 months 0 0
Gross unrealized losses, less than 12 months 0 0
Fair value, 12 months or longer 300 709
Gross unrealized losses, 12 months or longer 8 29
Fair value, total 300 709
Gross unrealized losses, total 8 29
Other securities    
Held-to-maturity securities:    
Fair value, less than 12 months 7 17
Gross unrealized losses, less than 12 months 0 0
Fair value, 12 months or longer 8 12
Gross unrealized losses, 12 months or longer 1 0
Fair value, total 15 29
Gross unrealized losses, total $ 1 $ 0
v3.25.0.1
Securities - Schedule of Realized Gain (Loss) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]      
Realized gains $ 0 $ 4 $ 0
Realized (losses) $ (1,863) $ (8) $ 0
v3.25.0.1
Securities - Additional Information (Details)
$ in Billions
Dec. 31, 2024
USD ($)
Investments, Debt and Equity Securities [Abstract]  
Securities pledged to secure securities sold under repurchase agreements $ 19.1
v3.25.0.1
Securities - Securities by Maturity (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Securities Available for Sale, Amortized Cost    
Due in one year or less $ 3,184  
Due after one through five years 11,340  
Due after five through ten years 17,352  
Due after ten years 9,426  
Amortized Cost 41,302 $ 42,695
Securities Available for Sale, Fair Value    
Due in one year or less 3,175  
Due after one through five years 10,895  
Due after five through ten years 15,405  
Due after ten years 8,232  
Total 37,707 37,185
Held-to-Maturity Securities, Amortized Cost    
Due in one year or less 85  
Due after one through five years 2,805  
Due after five through ten years 2,674  
Due after ten years 1,831  
Amortized Cost 7,395 8,575
Held-to-Maturity Securities, Fair Value    
Due in one year or less 82  
Due after one through five years 2,680  
Due after five through ten years 2,463  
Due after ten years 1,612  
Total $ 6,837 $ 8,056
v3.25.0.1
Derivatives and Hedging Activities - Additional Information (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]    
Derivative assets after effects of bilateral collateral and master netting agreements $ (6,000,000)  
Derivative liabilities after effects of bilateral collateral and master netting agreements 1,000,000  
Derivative assets not designated as hedging instruments after effects of bilateral collateral and master netting agreements, and a reserve for potential future losses 255,000,000  
Derivative liabilities not designated as hedging instruments after effects of bilateral collateral and master netting agreements, and a reserve for potential future losses 1,000,000,000.0  
Reclassify of after-tax net losses on derivative instruments from AOCI 231,000,000  
Reclassification of net losses related to terminated cash flow hedges from AOCI to income $ 4,000,000  
Maximum length of time over which forecasted transactions are hedged, years 3 years 8 months 1 day  
Cash collateral netted against derivative assets $ 75,000,000 $ 408,000,000
Collateral netted against derivative liabilities 124,000,000 64,000,000
Gross exposure on derivatives, after taking into account the effects of bilateral collateral and master netting agreements 247,000,000  
Net exposure on derivatives, after taking into account, the effects of bilateral collateral and master netting agreements 42,000,000  
Additional collateral aggregate fair value 0  
Default reserve associated with uncollateralized contracts 4,000,000  
Gross exposure on derivatives after taking into account effects of master netting agreements 239,000,000  
Net exposure on derivatives with clients after application of master netting agreements collateral and related reserve 207,000,000  
Net liability position $ 0 $ 1,000,000
v3.25.0.1
Derivatives and Hedging Activities - Fair Values, Volume of Activity and Gain (Loss) Information Related to Derivative Instruments (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Derivatives, Fair Value [Line Items]    
Notional Amount $ 155,415 $ 143,121
Derivative assets, fair value 612 999
Derivative assets, netting adjustments (363) (818)
Derivative assets, fair value, net 249 180
Derivative liabilities, fair value 1,439 1,777
Derivative liabilities, netting adjustments (411) (473)
Derivative liabilities, fair value, net 1,027 1,286
Amount of offset in excess of collateral posted 168 161
Amount of offset in excess of securities collateral posted 215 269
Amount of offset in excess of cash collateral held 13 16
Amount of offset in excess of securities collateral held 32 212
Not Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Notional Amount 90,714 98,500
Derivative assets, fair value 616 960
Derivative liabilities, fair value 1,436 1,765
Interest rate | Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Notional Amount 64,701 44,621
Derivative assets, fair value (4) 39
Derivative liabilities, fair value 3 12
Interest rate | Not Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Notional Amount 72,215 78,051
Derivative assets, fair value 114 134
Derivative liabilities, fair value 962 973
Foreign exchange | Not Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Notional Amount 6,516 6,034
Derivative assets, fair value 124 89
Derivative liabilities, fair value 117 73
Commodity | Not Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Notional Amount 8,778 11,611
Derivative assets, fair value 363 721
Derivative liabilities, fair value 343 698
Credit | Not Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Notional Amount 60 121
Derivative assets, fair value 0 0
Derivative liabilities, fair value 0 1
Other | Not Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Notional Amount 3,145 2,683
Derivative assets, fair value 15 16
Derivative liabilities, fair value 14 20
Net derivatives in the balance sheet    
Derivatives, Fair Value [Line Items]    
Notional Amount 155,415 143,121
Derivative assets, fair value, net 249 181
Derivative liabilities, fair value, net 1,028 1,304
Other collateral    
Derivatives, Fair Value [Line Items]    
Derivative assets, fair value, net 0 (1)
Derivative liabilities, fair value, net $ (1) $ (18)
v3.25.0.1
Derivatives and Hedging Activities - Cumulative Basis Adjustments on Fair Value Hedges (Details) - USD ($)
Dec. 31, 2024
Dec. 31, 2023
Derivatives, Fair Value [Line Items]    
Securities available for sale $ 37,707,000,000 $ 37,185,000,000
Long-term debt | Interest rate    
Derivatives, Fair Value [Line Items]    
Carrying amount of hedged item 10,249,000,000 9,919,000,000
Securities available for sale | Interest rate    
Derivatives, Fair Value [Line Items]    
Carrying amount of hedged item 12,097,000,000 8,655,000,000
Securities available for sale 5,000,000,000 13,000,000,000
Hedged layer amount 4,000,000,000 7,000,000,000
Hedged asset portfolio layer method cumulative basis adjustments 41,000,000 (147,000,000)
Designated as Hedging Instrument | Long-term debt | Interest rate    
Derivatives, Fair Value [Line Items]    
Hedge accounting basis adjustment - active hedges (490,000,000) (432,000,000)
Designated as Hedging Instrument | Securities available for sale | Interest rate    
Derivatives, Fair Value [Line Items]    
Hedge accounting basis adjustment - active hedges 5,000,000 (152,000,000)
Hedged asset portfolio layer method cumulative basis adjustments 24,000,000 (147,000,000)
Not Designated as Hedging Instrument | Long-term debt | Interest rate    
Derivatives, Fair Value [Line Items]    
Hedge accounting basis adjustment - active hedges (4,000,000) (5,000,000)
Not Designated as Hedging Instrument | Securities available for sale | Interest rate    
Derivatives, Fair Value [Line Items]    
Hedge accounting basis adjustment - active hedges 17,000,000 0
Hedged asset portfolio layer method cumulative basis adjustments $ 17,000,000 $ 0
v3.25.0.1
Derivatives and Hedging Activities - Effect of Fair Value and Cash Flow Hedges on Income (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]      
Interest expense — Long-term debt $ (1,187) $ (1,305) $ (475)
Interest income — Loans 6,026 6,219 4,241
Interest Income - securities 1,142 793 752
Investment banking and debt placement fees 688 542 638
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 0    
Interest rate | Interest expense – long-term debt | Fair Value Hedging      
Gain (Loss) on Fair Value Hedges Recognized in Earnings [Abstract]      
Recognized on hedged items 56 (119) 690
Recognized on derivatives designated as hedging instruments (332) (135) (697)
Net income (expense) recognized on fair value hedges (276) (254) (7)
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) (2) (3)
Net income (expense) recognized on cash flow hedges (2) (2) (3)
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 (733) (956) (146)
Net income (expense) recognized on cash flow hedges (733) (956) (146)
Interest rate | Interest Income - securities | Fair Value Hedging      
Gain (Loss) on Fair Value Hedges Recognized in Earnings [Abstract]      
Recognized on hedged items (111) 181 (339)
Recognized on derivatives designated as hedging instruments 239 (132) 350
Net income (expense) recognized on fair value hedges 128 49 11
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 $ 0 5 9
Net income (expense) recognized on cash flow hedges   $ 5 $ 9
v3.25.0.1
Derivatives and Hedging Activities - Derivative Instrument Cash Flow Hedge Earning Recognized by Income Statement Location (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Derivatives, Fair Value [Line Items]      
Net Gains (Losses) Recognized in OCI $ (448) $ (289) $ (1,642)
Net Gains (Losses) Reclassified From OCI Into Income (735) (953) (140)
Interest income — Loans | Interest rate | Cash Flow Hedges      
Derivatives, Fair Value [Line Items]      
Net Gains (Losses) Recognized in OCI (450) (294) (1,660)
Net Gains (Losses) Reclassified From OCI Into Income (733) (956) (146)
Interest expense — Long-term debt | Interest rate | Cash Flow Hedges      
Derivatives, Fair Value [Line Items]      
Net Gains (Losses) Recognized in OCI 2 0 7
Net Gains (Losses) Reclassified From OCI Into Income (2) (2) (3)
Investment banking and debt placement fees | Interest rate | Cash Flow Hedges      
Derivatives, Fair Value [Line Items]      
Net Gains (Losses) Recognized in OCI 0 5 11
Net Gains (Losses) Reclassified From OCI Into Income $ 0 $ 5 $ 9
v3.25.0.1
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, 2024
Dec. 31, 2023
Dec. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]      
Total net gains (losses) $ 47 $ 56 $ 100
Interest rate      
Derivative Instruments, Gain (Loss) [Line Items]      
Total net gains (losses) 35 41 63
Foreign exchange      
Derivative Instruments, Gain (Loss) [Line Items]      
Total net gains (losses) 50 50 52
Commodity      
Derivative Instruments, Gain (Loss) [Line Items]      
Total net gains (losses) 12 22 23
Credit      
Derivative Instruments, Gain (Loss) [Line Items]      
Total net gains (losses) (57) (50) (40)
Other      
Derivative Instruments, Gain (Loss) [Line Items]      
Total net gains (losses) 7 (7) 2
Corporate services income      
Derivative Instruments, Gain (Loss) [Line Items]      
Total net gains (losses) 98 115 131
Corporate services income | Interest rate      
Derivative Instruments, Gain (Loss) [Line Items]      
Total net gains (losses) 35 41 57
Corporate services income | Foreign exchange      
Derivative Instruments, Gain (Loss) [Line Items]      
Total net gains (losses) 50 50 52
Corporate services income | Commodity      
Derivative Instruments, Gain (Loss) [Line Items]      
Total net gains (losses) 12 22 23
Corporate services income | Credit      
Derivative Instruments, Gain (Loss) [Line Items]      
Total net gains (losses) 1 2 (1)
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) 2 (1) 4
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) 2 (1) 4
Other income      
Derivative Instruments, Gain (Loss) [Line Items]      
Total net gains (losses) (53) (58) (35)
Other income | Interest rate      
Derivative Instruments, Gain (Loss) [Line Items]      
Total net gains (losses) 0 0 6
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) (58) (52) (39)
Other income | Other      
Derivative Instruments, Gain (Loss) [Line Items]      
Total net gains (losses) $ 5 $ (6) $ (2)
v3.25.0.1
Derivatives and Hedging Activities - Fair Value of Derivative Assets by Type (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Credit Derivatives [Line Items]    
Derivative assets before collateral $ 324 $ 589
Plus (Less): Related collateral (75) (408)
Derivative assets 249 181
Interest rate    
Credit Derivatives [Line Items]    
Derivative assets before collateral 58 123
Foreign exchange    
Credit Derivatives [Line Items]    
Derivative assets before collateral 81 42
Commodity    
Credit Derivatives [Line Items]    
Derivative assets before collateral 170 409
Credit    
Credit Derivatives [Line Items]    
Derivative assets before collateral 0 0
Other    
Credit Derivatives [Line Items]    
Derivative assets before collateral $ 15 $ 15
v3.25.0.1
Derivatives and Hedging Activities - Credit Derivatives Sold and Held (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Credit Derivatives [Line Items]    
Notional Amount $ 2 $ 4
Payment / Performance Risk 0.00% 0.00%
Other    
Credit Derivatives [Line Items]    
Notional Amount $ 2 $ 4
Average Term (Years) 7 years 7 months 20 days 10 years 8 months 8 days
Payment / Performance Risk 2.03% 4.86%
v3.25.0.1
Derivatives and Hedging Activities - Schedule of Credit Risk Contingent Feature (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]    
Net derivative liabilities with credit-risk contingent features $ (83) $ (45)
Collateral posted $ 80 $ 42
v3.25.0.1
Mortgage Servicing Assets - Changes in Carrying Amount of Mortgage Servicing Assets (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Agency commercial mortgage-backed securities    
Servicing Asset at Amortized Cost, Balance [Roll Forward]    
Balance at beginning of period $ 638 $ 653
Servicing retained from loan sales 67 87
Purchases 28 21
Amortization (124) (123)
Temporary recoveries (impairments) 0 0
Balance at end of period 609 638
Fair value at end of period 819 911
Agency residential mortgage-backed securities    
Servicing Asset at Amortized Cost, Balance [Roll Forward]    
Balance at beginning of period 108 106
Servicing retained from loan sales 13 12
Purchases 0 0
Amortization (11) (9)
Temporary recoveries (impairments) 1 (1)
Balance at end of period 111 108
Fair value at end of period $ 138 $ 132
v3.25.0.1
Mortgage Servicing Assets - Schedule of Range and Weighted-Average of Significant Unobservable Inputs (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Agency commercial mortgage-backed securities | Minimum    
Servicing Assets at Fair Value [Line Items]    
Expected defaults 1.00% 1.00%
Residual cash flows discount rate 7.00% 7.42%
Escrow earn rate 4.62% 5.67%
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 10.61% 10.56%
Escrow earn rate 4.70% 5.72%
Loan assumption rate 2.50% 2.15%
Agency commercial mortgage-backed securities | Weighted-Average    
Servicing Assets at Fair Value [Line Items]    
Expected defaults 1.01% 1.01%
Residual cash flows discount rate 10.31% 10.17%
Escrow earn rate 4.69% 5.67%
Loan assumption rate 2.00% 1.97%
Agency residential mortgage-backed securities | Minimum    
Servicing Assets at Fair Value [Line Items]    
Residual cash flows discount rate 6.50% 6.50%
Prepayment speed 5.42% 6.27%
Servicing cost $ 70.00 $ 70.00
Agency residential mortgage-backed securities | Maximum    
Servicing Assets at Fair Value [Line Items]    
Residual cash flows discount rate 8.75% 8.75%
Prepayment speed 46.30% 44.47%
Servicing cost $ 4,332 $ 3,582
Agency residential mortgage-backed securities | Weighted-Average    
Servicing Assets at Fair Value [Line Items]    
Residual cash flows discount rate 6.61% 6.59%
Prepayment speed 7.69% 7.70%
Servicing cost $ 75.99 $ 75.02
v3.25.0.1
Mortgage Servicing Assets - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Agency commercial mortgage-backed securities      
Servicing Assets at Fair Value [Line Items]      
Contractual fee income $ 382 $ 314 $ 292
Amortization of mortgage servicing rights 124 123 125
Agency residential mortgage-backed securities      
Servicing Assets at Fair Value [Line Items]      
Contractual fee income 40 38 35
Amortization of mortgage servicing rights $ 11 $ 9 $ 11
v3.25.0.1
Leases - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Lessee, Lease, Description [Line Items]    
Lease renewal term 5 years  
Carrying amount of residual assets covered by residual value guarantees $ 238 $ 258
Carrying amount of operating lease assets $ 224 $ 372
Leases, Excluding Ground Leases | Minimum    
Lessee, Lease, Description [Line Items]    
Lessee, lease term of operating or financing leases 1 year  
Leases, Excluding Ground Leases | Maximum    
Lessee, Lease, Description [Line Items]    
Lessee, lease term of operating or financing leases 20 years  
Ground Leases    
Lessee, Lease, Description [Line Items]    
Lessee, lease term of operating or financing leases 30 years  
v3.25.0.1
Leases - Components of Lease Expense and Income (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]    
Operating lease cost $ 118 $ 122
Finance lease cost:    
Amortization of right-of-use assets 1 1
Interest on lease liabilities 0 0
Variable lease cost 21 19
Total lease cost 140 142
Short-term lease cost (less than $1 million) $ 1 $ 1
v3.25.0.1
Leases - Schedule of Cash Flows Related to Leases (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Cash paid for amounts included in the measurement of lease liabilities:    
Operating cash flows from operating leases $ 133,000,000 $ 135,000,000
Financing cash flows from finance leases 1,000,000 1,000,000
Right-of-use assets obtained in exchange for lease obligations:    
Operating leases 70,000,000 65,000,000
Finance leases $ 0 $ 0
v3.25.0.1
Leases - Schedule of Additional Balance Sheet Information (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
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 $ 453 $ 479
Operating lease, liability, statement of financial position [Extensible List] Accrued expense and other liabilities Accrued expense and other liabilities
Operating lease liabilities $ 506 $ 548
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 (16) (15)
Property and equipment, net $ 2 $ 3
Finance lease, liability, statement of financial position [Extensible Enumeration] Long-term debt Long-term debt
Finance lease liabilities $ 3 $ 5
v3.25.0.1
Leases - Schedule of Information Pertaining to Lease Term and Weighted-Average Discount Rate (Details)
Dec. 31, 2024
Dec. 31, 2023
Weighted-average remaining lease term:    
Operating leases 5 years 5 months 1 day 5 years 8 months 8 days
Finance leases 2 years 6 months 7 days 3 years 6 months 10 days
Weighted-average discount rate:    
Operating leases 3.40% 3.09%
Finance leases 4.54% 4.54%
v3.25.0.1
Leases - Schedule of Maturities of Lease Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Operating Leases    
2025 $ 128  
2026 117  
2027 100  
2028 77  
2029 55  
Thereafter 80  
Total lease payments 557  
Less imputed interest 51  
Total 506 $ 548
Finance Leases    
2025 1  
2026 0  
2027 0  
2028 0  
2029 0  
Thereafter 3  
Total lease payments 4  
Less imputed interest 1  
Total 3 $ 5
Total    
2025 129  
2026 117  
2027 100  
2028 77  
2029 55  
Thereafter 83  
Total lease payments 561  
Less imputed interest 52  
Total $ 509  
v3.25.0.1
Leases - Components of Equipment Leasing Income (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Sales-type and direct financing leases      
Interest income on lease receivable $ 69 $ 78  
Interest income related to accretion of unguaranteed residual asset 9 13  
Interest income on deferred fees and costs 20 4  
Total sales-type and direct financing lease income 98 95  
Operating leases      
Operating lease income related to lease payments 68 84  
Other operating leasing gains and (losses) 8 8  
Total operating lease income and other leasing gains 76 92 $ 103
Total lease income $ 174 $ 187  
v3.25.0.1
Leases - Composition of Net Investment in Sales-Type and Direct Financing Leases (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]    
Lease receivables $ 2,345 $ 2,896
Unearned income (270) (286)
Unguaranteed residual value 421 468
Deferred fees and costs 1 2
Net investment in sales-type and direct financing leases $ 2,497 $ 3,080
v3.25.0.1
Leases - Minimum Future Lease Payments to be Received for Sales-Type and Direct Financing Leases (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Sales-type and direct financing lease payments  
2025 $ 667
2026 548
2027 374
2028 217
2029 160
Thereafter 376
Total lease payments $ 2,342
v3.25.0.1
Leases - Minimum Future Lease Payments to be Received for Operating Leases (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Leases [Abstract]  
2025 $ 39
2026 30
2027 21
2028 12
2029 6
Thereafter 20
Total lease payments $ 128
v3.25.0.1
Premises and Equipment - Schedule of Premises and Equipment (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Line Items]    
Capitalized building leases $ 18 $ 18
Total premises and equipment 2,140 2,205
Less: Accumulated depreciation and amortization (1,526) (1,544)
Premises and equipment, net 614 661
Land    
Property, Plant and Equipment [Line Items]    
Premises and equipment 111 114
Buildings and improvements    
Property, Plant and Equipment [Line Items]    
Premises and equipment $ 644 665
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 $ 556 535
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 $ 787 812
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 $ 24 $ 61
v3.25.0.1
Premises and Equipment - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Property, Plant and Equipment [Abstract]      
Depreciation and amortization expense $ 91 $ 89 $ 96
Capitalized computer software 597 520  
Capitalized computer software, accumulated amortization 308 225  
In-process software amortization expense $ 84 $ 78 $ 77
v3.25.0.1
Goodwill and Other Intangible Assets - Additional Information (Details)
 3 Months Ended
Mar. 31, 2024
USD ($)
reporting_unit
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Goodwill [Line Items]        
Goodwill   $ 2,752,000,000 $ 2,752,000,000 $ 2,752,000,000
Number of reporting units | reporting_unit 3      
Goodwill impairment charges $ 0      
Expected deductible goodwill for tax purpose   293,000,000    
Accumulated impairment loss   0 0 $ 0
Commercial Bank        
Goodwill [Line Items]        
Goodwill   218,000,000 800,000,000  
Percentage of estimated fair value in excess of carrying amount 25.00%      
Institutional Bank        
Goodwill [Line Items]        
Goodwill   $ 715,000,000 $ 133,000,000  
Percentage of estimated fair value in excess of carrying amount 34.00%      
Consumer Bank        
Goodwill [Line Items]        
Percentage of estimated fair value in excess of carrying amount 18.00%      
v3.25.0.1
Goodwill and Other Intangible Assets - Changes in Carrying Amount of Goodwill (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Goodwill [Roll Forward]    
Beginning balance $ 2,752 $ 2,752
Ending balance 2,752 2,752
Consumer Bank    
Goodwill [Roll Forward]    
Beginning balance 1,819 1,819
Ending balance 1,819 1,819
Commercial Bank    
Goodwill [Roll Forward]    
Beginning balance 933 933
Ending balance $ 933 $ 933
v3.25.0.1
Goodwill and Other Intangible Assets - Gross Carrying Amount and Accumulated Amortization of Intangible Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Goodwill [Line Items]    
Gross Carrying Amount $ 526 $ 452
Accumulated Amortization 499 397
Core deposit intangibles    
Goodwill [Line Items]    
Gross Carrying Amount 356 356
Accumulated Amortization 342 326
PCCR intangibles    
Goodwill [Line Items]    
Gross Carrying Amount 16 16
Accumulated Amortization 16 15
Other intangible assets    
Goodwill [Line Items]    
Gross Carrying Amount 154 80
Accumulated Amortization $ 141 $ 56
v3.25.0.1
Goodwill and Other Intangible Assets - Future Amortization Expense of Finite-Lived Intangible Assets (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
2025 $ 19
2026 7
2027 1
2028 0
2029 $ 0
v3.25.0.1
Variable Interest Entities - Additional Information (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Variable Interest Entity [Line Items]    
Accrued income and other assets $ 8,797,000,000 $ 8,601,000,000
Accrued expense and other liabilities 4,983,000,000 5,412,000,000
VIE, assets that can only be used to settle obligations 187,168,000,000 188,281,000,000
VIE, liabilities 168,992,000,000 173,644,000,000
Fair Value, Recurring    
Variable Interest Entity [Line Items]    
Other investments 73,000,000 63,000,000
Variable Interest Entity, Not Primary Beneficiary    
Variable Interest Entity [Line Items]    
Accrued income and other assets 2,500,000,000 2,300,000,000
Accrued expense and other liabilities 1,400,000,000 1,400,000,000
VIE, assets that can only be used to settle obligations 733,000,000 1,149,000,000
Tax credit of investment   204,000,000
VIE, liabilities 1,000,000 1,000,000
Variable Interest Entity, Not Primary Beneficiary | Other Unconsolidated Variable Interest Entities    
Variable Interest Entity [Line Items]    
Other investments 303,000,000  
Variable Interest Entity, Not Primary Beneficiary | NMTC    
Variable Interest Entity [Line Items]    
VIE, assets that can only be used to settle obligations 29,000,000 25,000,000
Variable Interest Entity, Not Primary Beneficiary | Investments    
Variable Interest Entity [Line Items]    
Amortization of investment 234,000,000 217,000,000
Tax credit of investment 223,000,000  
Other tax benefits 56,000,000 52,000,000
Variable Interest Entity, Primary Beneficiary | Investments    
Variable Interest Entity [Line Items]    
VIE, liabilities 0 0
Measured at NAV | Variable Interest Entity, Not Primary Beneficiary | Fair Value, Recurring | Indirect investments    
Variable Interest Entity [Line Items]    
Other investments $ 14,000,000 $ 17,000,000
v3.25.0.1
Variable Interest Entities - Variable Interest Entities Information (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Variable Interest Entity [Line Items]    
Total Assets $ 187,168 $ 188,281
Total Liabilities 168,992 173,644
Variable Interest Entity, Not Primary Beneficiary    
Variable Interest Entity [Line Items]    
Total Assets 733 1,149
Total Liabilities 1 1
Variable Interest Entity, Not Primary Beneficiary | LIHTC investments    
Variable Interest Entity [Line Items]    
Total Assets 9,901 8,904
Total Liabilities 4,468 3,848
Maximum Exposure to Loss 2,996 2,768
Variable Interest Entity, Not Primary Beneficiary | Indirect investments    
Variable Interest Entity [Line Items]    
Total Assets 2,352 2,741
Total Liabilities 3 91
Maximum Exposure to Loss $ 15 $ 18
v3.25.0.1
Income Taxes - Income Taxes Included in Income Statement (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Currently payable:      
Federal $ 211 $ 257 $ 368
State (3) 48 80
Total currently payable 208 305 448
Deferred:      
Federal (307) (84) (14)
State (44) (25) (12)
Total deferred (351) (109) (26)
Total income tax expense (benefit) (143) 196 422
Income tax (benefit) expense on securities transactions (445) (3) 2
Equity and gross receipts based taxes assessed in lieu of income tax recorded in noninterest expense $ 32 $ 34 $ 33
v3.25.0.1
Income Taxes - Significant Components of Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]    
Allowance for loan and lease losses $ 411 $ 422
Employee benefits 209 166
Net unrealized securities losses 1,045 1,612
Federal net operating losses and credits 303 3
Non-tax accruals 109 142
Operating lease liabilities 127 136
State net operating losses and credits 20 1
Partnership investments 79 78
Other 149 148
Gross deferred tax assets 2,452 2,708
Less: Valuation Allowance 15 12
Total deferred tax assets 2,437 2,696
Leasing transactions 378 446
State taxes 76 77
Operating lease right-of-use assets 114 119
Goodwill 178 157
Other 68 82
Total deferred tax liabilities 814 881
Net deferred tax assets (liabilities) $ 1,623 $ 1,815
v3.25.0.1
Income Taxes - Additional Information (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Taxes [Line Items]      
Net capital loss carryforwards $ 15,000,000    
Valuation allowances 15,000,000 $ 12,000,000  
Operating loss carryforwards 413,000,000    
Deferred tax asset 2,437,000,000 2,696,000,000  
Unrecognized tax benefits 39,000,000 45,000,000 $ 40,000,000
Net interest expense (benefit) (1,000,000) (4,000,000) (1,500,000)
Recovery of penalties related to unrecognized tax benefits in income tax expense 0 0 $ 0
Accrued interest payable 1,000,000 600,000  
Reduction in federal tax credit carryforward 0 $ 0  
Tax Year 2012      
Income Taxes [Line Items]      
Credit carryforward 1,000,000    
Tax Year 2024      
Income Taxes [Line Items]      
Credit carryforward 214,000,000    
First Niagara Bank, N.A.      
Income Taxes [Line Items]      
Allocated bad debt deductions for which no income taxes have been recorded 92,000,000    
Federal      
Income Taxes [Line Items]      
Operating loss carryforwards 420,000,000    
Credit carryforward 215,000,000    
Federal | First Niagara Bank, N.A.      
Income Taxes [Line Items]      
Operating loss carryforwards 7,000,000    
State      
Income Taxes [Line Items]      
Operating loss carryforwards 271,000,000    
Credit carryforward 9,000,000    
Deferred tax asset $ 11,000,000    
v3.25.0.1
Income Taxes - Total Income Tax Expense (Benefit) and Resulting Effective Tax Rate (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Amount      
Income (loss) before income taxes times 21% statutory federal tax rate $ (64) $ 244 $ 490
Amortization of tax-advantaged investments 185 171 149
Tax-exempt interest income (27) (35) (28)
Corporate-owned life insurance income (29) (28) (28)
State income tax, net of federal tax benefit (20) 18 53
State income tax rate change, net of federal benefit (17) 0 0
Tax credits (211) (196) (204)
FDIC Insurance 25 22 12
Other 15 0 (22)
Total income tax expense (benefit) $ (143) $ 196 $ 422
Rate      
Income (loss) before income taxes times 21% statutory federal tax rate 21.00% 21.00% 21.00%
Amortization of tax-advantaged investments (60.60%) 14.80% 6.40%
Tax-exempt interest income 8.70% (3.10%) (1.20%)
Corporate-owned life insurance income 9.50% (2.40%) (1.20%)
State income tax, net of federal tax benefit 6.60% 1.60% 2.30%
State income tax rate change, net of federal benefit 5.50% 0.00% 0.00%
Tax credits 69.10% (16.90%) (8.80%)
FDIC Insurance (8.30%) 1.90% 0.50%
Other (4.90%) 0.00% (0.90%)
Total income tax expense (benefit) 46.60% 16.90% 18.10%
v3.25.0.1
Income Taxes - Change in Liability for Unrecognized Tax Benefits (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Unrecognized Tax Benefits [Roll Forward]    
Balance at beginning of year $ 45 $ 40
Increase for other tax positions of prior years 0 5
Decrease for payments and settlements (3) 0
Decrease related to tax positions taken in prior years (3) 0
Balance at end of year $ 39 $ 45
v3.25.0.1
Discontinued Operations (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Discontinued operations | Government Guaranteed Loans | Government-guaranteed and Private Education Lending Business    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Loans included in divestiture $ 257 $ 339
v3.25.0.1
Securities Financing Activities (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Securities Financing Transaction [Line Items]    
Reverse repurchase agreements $ 0 $ 0
Securities borrowed 0 0
Total 0 0
Repurchase agreements 0 0
Total 0 0
Collateral    
Securities Financing Transaction [Line Items]    
Reverse repurchase agreements 0 0
Securities borrowed 0 0
Total 0 0
Repurchase agreements (12) (31)
Total (12) (31)
Federal Agency CMOs    
Securities Financing Transaction [Line Items]    
Assets pledged as collateral 14  
Liabilities associated with collateral pledged 12  
Gross Amount Presented in Balance Sheet    
Securities Financing Transaction [Line Items]    
Reverse repurchase agreements 2 7
Securities borrowed 0 0
Total 2 7
Repurchase agreements 14 38
Total 14 38
Netting Adjustments    
Securities Financing Transaction [Line Items]    
Reverse repurchase agreements (2) (7)
Securities borrowed 0 0
Total (2) (7)
Repurchase agreements (2) (7)
Total $ (2) $ (7)
v3.25.0.1
Stock-Based Compensation - Additional Information (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Total compensation expense for stock-based compensation plans $ 104,000,000 $ 121,000,000 $ 120,000,000  
Total income tax benefit recognized for stock-based compensation plans $ 25,000,000 $ 29,000,000 $ 29,000,000  
Authorized number of shares that may be issued as equity awards (in shares)   111,600,000   71,600,000
Increase in number of shares that may be issued as equity awards (in shares)   40,000,000    
Common shares, shares issued (in shares) 1,256,702,081 1,256,702,081    
Common shares available for future grant under compensation plans (in shares) 29,269,060      
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) $ 3.43 $ 4.23 $ 5.78  
Number of options, exercised (in shares) 819,268      
Total intrinsic value of exercised options $ 3,000,000 $ 1,000,000 $ 5,000,000  
Cash received from options exercised 10,000,000 1,000,000 $ 6,000,000  
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) 819,268 134,484 484,521  
Unrecognized compensation cost related to nonvested options expected to vest $ 1,000,000      
Weighted-average period 2 years 1 month 6 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) $ 15.69 $ 12.93 $ 20.11  
Deferred Compensation Plans        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Unrecognized compensation cost related to nonvested options expected to vest $ 10,000,000      
Weighted-average period 2 years 9 months 18 days      
Fair value of units/shares vested $ 18,000,000 $ 20,000,000 $ 21,000,000  
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 $ 92,000,000      
Weighted-average period 2 years 4 months 24 days      
Fair value of units/shares vested $ 130,000,000 $ 133,000,000 $ 144,000,000  
Weighted-average grant-date fair value granted (in dollars per share) $ 13.06 $ 17.81 $ 23.39  
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) 459,778 720,280 422,844  
Weighted-average cost of common shares issued under the plan (in dollars per share) $ 13.96 $ 10.62 $ 17.46  
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) 30,323 28,008    
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) 1,556,149      
Weighted-average grant-date fair value granted (in dollars per share) $ 19.52      
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    
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 $ 22,000,000 $ 32,000,000    
v3.25.0.1
Stock-Based Compensation - Assumptions Used in Options Pricing Model (Details)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]      
Average option life 7 years 6 years 8 months 12 days 6 years 6 months
Future dividend yield 5.75% 4.28% 3.01%
Historical share price volatility 0.422% 0.347% 0.341%
Weighted-average risk-free interest rate 4.20% 3.90% 2.00%
v3.25.0.1
Stock-Based Compensation - Activity, Pricing and Other Information for Stock Options (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Number of Options    
Outstanding, beginning balance (in shares) 4,859,453  
Granted (in shares) 611,508  
Exercised (in shares) (819,268)  
Lapsed or canceled (in shares) (272,920)  
Outstanding, ending balance (in shares) 4,378,773 4,859,453
Expected to vest (in shares) 1,212,875  
Exercisable, ending balance (in shares) 3,120,163  
Weighted-Average Exercise Price Per Option    
Outstanding, beginning balance (in dollars per share) $ 18.28  
Granted (in dollars per share) 15.48  
Exercised (in dollars per share) 13.54  
Lapsed or canceled (in dollars per share) 19.08  
Outstanding, ending balance (in dollars per share) 18.73 $ 18.28
Expected to vest (in dollars per share) 19.74  
Weighted-average exercise price per option exercisable, ending balance (in dollars per share) $ 18.35  
Weighted-average remaining life, outstanding 4 years 7 months 6 days 4 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 $ 5 $ 4
Expected to vest, aggregate intrinsic value 1  
Aggregate intrinsic value exercisable $ 4  
v3.25.0.1
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, 2024
$ / shares
shares
Vesting Contingent on Service Conditions  
Number of Nonvested Shares  
Outstanding, beginning balance (in shares) | shares 12,856,041
Granted (in shares) | shares 8,098,908
Vested (in shares) | shares (5,175,689)
Forfeited (in shares) | shares (783,759)
Outstanding, ending balance (in shares) | shares 14,995,501
Weighted-Average Grant-Date Fair Value  
Outstanding, beginning balance (in dollars per share) | $ / shares $ 20.97
Granted (in dollars per share) | $ / shares 14.07
Vested (in dollars per share) | $ / shares 20.68
Forfeited (in dollars per share) | $ / shares 18.47
Outstanding, ending balance (in dollars per share) | $ / shares $ 17.66
Vesting Contingent on Performance and Service Conditions - Payable in Stock  
Number of Nonvested Shares  
Outstanding, beginning balance (in shares) | shares 30,323
Granted (in shares) | shares 1,440,087
Vested (in shares) | shares (30,323)
Forfeited (in shares) | shares 0
Outstanding, ending balance (in shares) | shares 1,440,087
Weighted-Average Grant-Date Fair Value  
Outstanding, beginning balance (in dollars per share) | $ / shares $ 19.07
Granted (in dollars per share) | $ / shares 0
Vested (in dollars per share) | $ / shares 19.07
Forfeited (in dollars per share) | $ / shares 0
Outstanding, ending balance (in dollars per share) | $ / shares $ 0
Vesting Contingent on Performance and Service Conditions - Payable in Cash  
Number of Nonvested Shares  
Outstanding, beginning balance (in shares) | shares 5,583,290
Granted (in shares) | shares 1,636,720
Vested (in shares) | shares (1,556,149)
Forfeited (in shares) | shares (242,920)
Outstanding, ending balance (in shares) | shares 5,420,941
Weighted-Average Grant-Date Fair Value  
Outstanding, beginning balance (in dollars per share) | $ / shares $ 14.67
Granted (in dollars per share) | $ / shares 19.52
Vested (in dollars per share) | $ / shares 14.24
Forfeited (in dollars per share) | $ / shares 15.78
Outstanding, ending balance (in dollars per share) | $ / shares $ 19.70
v3.25.0.1
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, 2024
Dec. 31, 2023
Dec. 31, 2022
Number of Nonvested Shares      
Outstanding, beginning balance (in shares) 2,602,867    
Granted (in shares) 632,950    
Vested (in shares) (910,606)    
Forfeited (in shares) (28,948)    
Outstanding, ending balance (in shares) 2,296,263 2,602,867  
Weighted-Average Grant-Date Fair Value      
Outstanding, beginning balance (in dollars per share) $ 17.71    
Granted (in dollars per share) 15.69 $ 12.93 $ 20.11
Vested (in dollars per share) 19.79    
Forfeited (in dollars per share) 24.74    
Outstanding, ending balance (in dollars per share) $ 16.28 $ 17.71  
v3.25.0.1
Employee Benefits - Additional Information (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]        
Age of employees under condition one   55 years    
Period of service under condition one   5 years    
Age of employees under condition two   50 years    
Period of service under condition two   15 years    
Minimum period of service at the time of termination hired before 2001   15 years    
Settlement loss   $ 0    
Percentage increase or decrease in expected return on plan assets   0.25%    
Estimated increase or decrease in net pension cost   $ 2,100,000    
Percentage increase or decrease in assumed discount rate   0.25%    
Estimated change in net pension cost due to discount rate   $ 1,000,000    
Expected return on plan assets on estimating 2024 pension cost   4.50%    
Employer contribution to saving plan   7.00%    
Employer discretionary contribution, required service period   1 year    
Total expenses associated with saving plan   $ 145,000,000 $ 99,000,000 $ 82,000,000
Minimum        
Defined Benefit Plan Disclosure [Line Items]        
Employees contribution to saving plan   1.00%    
Maximum        
Defined Benefit Plan Disclosure [Line Items]        
Employees contribution to saving plan   100.00%    
Postretirement Benefit Plan        
Defined Benefit Plan Disclosure [Line Items]        
Net periodic benefit cost (credit)   $ (2,000,000) $ (2,000,000) $ (2,000,000)
Expected return on plan assets   4.50% 4.50% 4.50%
Postretirement Benefit Plan | Forecast        
Defined Benefit Plan Disclosure [Line Items]        
Net periodic benefit cost (credit) $ (2,000,000)      
Pension Plans        
Defined Benefit Plan Disclosure [Line Items]        
Net periodic benefit cost (credit)   $ 11,000,000 $ 30,000,000 $ 27,000,000
Expected return on plan assets   5.25% 4.50% 4.50%
Expected return on plan assets   4.50% 4.50% 2.75%
Pension Plans | Forecast        
Defined Benefit Plan Disclosure [Line Items]        
Net periodic benefit cost (credit) $ 7,000,000      
v3.25.0.1
Employee Benefits - Net Pension Cost and Amount Recognized in OCI for All Funded and Unfunded Plans (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pension Plans      
Defined Benefit Plan Disclosure [Line Items]      
Interest cost on PBO $ 41 $ 45 $ 27
Expected return on plan assets (39) (42) (27)
Amortization of losses (gains) 9 9 15
Amortization of prior service credit 0 0 0
Settlement loss 0 18 12
Net pension cost 11 30 27
Other changes in plan assets and benefit obligations recognized in OCI:      
Net (gain) loss 26 26 31
Amortization of (gains) 6 (27) (27)
Amortization of prior service credit 0 0 0
Total recognized in comprehensive income 32 (1) 4
Total recognized in net pension cost and comprehensive income 43 29 31
Postretirement Benefit Plan      
Defined Benefit Plan Disclosure [Line Items]      
Interest cost on PBO 2 2 2
Expected return on plan assets (2) (2) (2)
Amortization of losses (gains) (1) (1) (1)
Amortization of prior service credit (1) (1) (1)
Settlement loss 0 0 0
Net pension cost (2) (2) (2)
Other changes in plan assets and benefit obligations recognized in OCI:      
Net (gain) loss 1 1 1
Amortization of (gains) 0 0 0
Amortization of prior service credit 1 1 1
Total recognized in comprehensive income 2 2 2
Total recognized in net pension cost and comprehensive income $ 0 $ 0 $ 0
v3.25.0.1
Employee Benefits - Changes in PBO and Changes in FVA (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pension Plans      
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]      
Beginning of year $ 923 $ 965  
Interest cost 41 45 $ 27
Actuarial losses (gains) (34) 10  
Plan participants’ contributions 0 0  
Benefit payments (84) (97)  
End of year 846 923 965
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]      
FVA at beginning of year 827 886  
Actual return on plan assets 49 25  
Employer contributions 13 13  
Plan participants’ contributions 0 0  
Benefit payments (84) (97)  
FVA at end of year 805 827 886
Postretirement Benefit Plan      
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]      
Beginning of year 40 40  
Interest cost 2 2 2
Actuarial losses (gains) 6 6  
Plan participants’ contributions 1 1  
Benefit payments (8) (9)  
End of year 41 40 40
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]      
FVA at beginning of year 40 40  
Actual return on plan assets 8 8  
Employer contributions 0 0  
Plan participants’ contributions 1 1  
Benefit payments (8) (9)  
FVA at end of year $ 41 $ 40 $ 40
v3.25.0.1
Employee Benefits - Funded Status of Pension Plans Recognized in Balance Sheets (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Pension Plans    
Defined Benefit Plan Disclosure [Line Items]    
Funded status $ (40) $ (95)
Net prepaid pension cost recognized consists of:    
Noncurrent assets 80 34
Current liabilities (13) (14)
Noncurrent liabilities (107) (115)
Net prepaid pension cost recognized (40) (95)
Net unrecognized losses (gains) 415 384
Net unrecognized prior service credit 0 0
Total unrecognized AOCI 415 384
Postretirement Benefit Plan    
Net prepaid pension cost recognized consists of:    
Net unrecognized losses (gains) (8) (9)
Net unrecognized prior service credit (9) (11)
Total unrecognized AOCI $ (17) $ (20)
v3.25.0.1
Employee Benefits - Funded and Unfunded Pension Plans and Postretirement Benefit Plan (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Pension Plans  
Defined Benefit Plan Disclosure [Line Items]  
2025 $ 82
2026 79
2027 78
2028 77
2029 74
2030-2034 339
Postretirement Benefit Plan  
Defined Benefit Plan Disclosure [Line Items]  
2025 5
2026 5
2027 4
2028 4
2029 4
2030-2034 $ 17
v3.25.0.1
Employee Benefits - Plans ABO in Excess of Plan Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]    
ABO $ 845 $ 922
Cash Balance Pension Plan    
Defined Benefit Plan Disclosure [Line Items]    
PBO 725 793
ABO 725 793
Fair value of plan assets 805 827
Other Defined Benefit Plans    
Defined Benefit Plan Disclosure [Line Items]    
PBO 121 128
ABO 121 128
Fair value of plan assets $ 0 $ 0
v3.25.0.1
Employee Benefits - Weighted-Average Rates to Determine Actuarial Present Value of Benefit Obligations (Details)
Dec. 31, 2024
Dec. 31, 2023
Pension Plans    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Discount rate 5.33% 4.68%
Weighted-average interest crediting rate 4.74% 4.09%
Postretirement Benefit Plan    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Discount rate 4.50% 4.50%
v3.25.0.1
Employee Benefits - Weighted-Average Rates to Determine Net Pension Cost (Details)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pension Plans      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Discount rate 4.68% 4.85% 2.43%
Expected return on plan assets 4.50% 4.50% 2.75%
Postretirement Benefit Plan      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Discount rate 4.50% 4.50% 4.50%
Expected return on plan assets 4.50% 4.50% 4.50%
v3.25.0.1
Employee Benefits - Asset Target Allocations Prescribed by Pension Funds' Investment Policies (Details)
Dec. 31, 2024
Defined Benefit Plan Disclosure [Line Items]  
Total 100.00%
Global equity  
Defined Benefit Plan Disclosure [Line Items]  
Total 16.00%
Fixed income  
Defined Benefit Plan Disclosure [Line Items]  
Total 84.00%
v3.25.0.1
Employee Benefits - Fair Values of Pension Plan Assets by Asset Category (Details) - Pension Plans - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]      
Plan assets $ 805 $ 827 $ 886
Fair Value, Inputs, Level 1, 2 and 3 | Fixed income — U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 324 342  
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 324 342  
Level 2 | Fixed income — U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 324 342  
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 459 465  
Measured at NAV | Insurance investment contracts and pooled separate accounts (measured at NAV)      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets $ 22 $ 20  
v3.25.0.1
Employee Benefits - Asset Target Allocations Prescribed by Trusts' Investment Policies (Details)
Dec. 31, 2024
Defined Benefit Plan Disclosure [Line Items]  
Target allocation 100.00%
Postretirement Benefit Plan  
Defined Benefit Plan Disclosure [Line Items]  
Target allocation 100.00%
U.S. equity securities | Postretirement Benefit Plan  
Defined Benefit Plan Disclosure [Line Items]  
Target allocation 64.00%
International equity securities | Postretirement Benefit Plan  
Defined Benefit Plan Disclosure [Line Items]  
Target allocation 16.00%
Fixed income securities  
Defined Benefit Plan Disclosure [Line Items]  
Target allocation 84.00%
Fixed income securities | Postretirement Benefit Plan  
Defined Benefit Plan Disclosure [Line Items]  
Target allocation 20.00%
v3.25.0.1
Employee Benefits - Fair Values of Postretirement Plan Assets by Asset Category (Details) - Postretirement Benefit Plan - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]      
Plan assets $ 41 $ 40 $ 40
Fair Value, Inputs, Level 1, 2 and 3 | Equity — U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 26 24  
Fair Value, Inputs, Level 1, 2 and 3 | Equity — International      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 6 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 40 39  
Level 1 | Equity — U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 26 24  
Level 1 | Equity — International      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 6 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  
v3.25.0.1
Short-Term Borrowings - Components of Short-Term Borrowings (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
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 0 $ 4,006
Average during the year 67 1,098 1,490
Maximum month-end balance $ 0 $ 3,020 $ 5,872
Weighted-average rate during the year 5.29% 4.83% 2.04%
Weighted-average rate at year end 0.00% 0.00% 4.18%
SECURITIES SOLD UNDER REPURCHASE AGREEMENTS      
Short-term Debt [Line Items]      
Average during the year $ 36 $ 549 $ 617
Maximum month-end balance $ 44 $ 1,954 $ 1,090
Weighted-average rate during the year 2.61% 4.77% 1.66%
Weighted-average rate at year end 3.15% 1.63% 3.74%
Balance at year end, securities sold under repurchase agreements $ 14 $ 38 $ 71
OTHER SHORT-TERM BORROWINGS      
Short-term Debt [Line Items]      
Average during the year 2,984 5,890 2,963
Maximum month-end balance $ 6,794 $ 1,061 $ 11,372
Weighted-average rate during the year 5.49% 5.24% 1.82%
Weighted-average rate at year end 4.95% 5.58% 0.50%
Balance at year end, other short-term borrowings $ 2,130 $ 3,053 $ 5,386
v3.25.0.1
Short-Term Borrowings - Additional Information (Details)
$ in Billions
Dec. 31, 2024
USD ($)
Short-term Debt [Line Items]  
Deposits with the federal reserve $ 17.4
Federal Reserve Bank of Cleveland  
Short-term Debt [Line Items]  
Unused secured borrowing capacity 36.7
Federal Home Loan Bank of Cincinnati  
Short-term Debt [Line Items]  
Unused secured borrowing capacity $ 18.9
v3.25.0.1
Long-Term Debt - Components of Long-Term Debt (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Total long-term debt $ 12,105 $ 19,554
Finance lease liabilities 3 5
Parent    
Debt Instrument [Line Items]    
Total long-term debt 5,294 4,317
Subsidiaries    
Debt Instrument [Line Items]    
Total long-term debt 6,811 15,237
Line of Credit | Revolving Credit Facility    
Debt Instrument [Line Items]    
Revolving loans due through 2027 211 0
Senior medium-term notes due through 2035    
Debt Instrument [Line Items]    
Senior medium-term notes $ 4,251 $ 3,870
Long-term debt weighted average interest rate 1.57% 2.31%
2.075% Subordinated notes due 2028 | Subordinated notes    
Debt Instrument [Line Items]    
Debt instrument interest rate 2.075%  
Subordinated long-term notes $ 162 $ 162
6.875% Subordinated notes due 2029 | Subordinated notes    
Debt Instrument [Line Items]    
Debt instrument interest rate 6.875%  
Subordinated long-term notes $ 89 91
7.75% Subordinated notes due 2029 | Subordinated notes    
Debt Instrument [Line Items]    
Debt instrument interest rate 7.75%  
Subordinated long-term notes $ 114 117
Other variable rate notes due 2025    
Debt Instrument [Line Items]    
Subordinated long-term notes $ 599 $ 0
Other subordinated notes    
Debt Instrument [Line Items]    
Long-term debt weighted average interest rate 6.22% 7.14%
Other subordinated notes | Subordinated notes    
Debt Instrument [Line Items]    
Subordinated long-term notes $ 79 $ 77
Senior medium-term notes due through 2039    
Debt Instrument [Line Items]    
Senior medium-term notes $ 4,308 $ 5,519
Long-term debt weighted average interest rate 4.64% 4.88%
4.39% Senior remarketable notes due 2027    
Debt Instrument [Line Items]    
Long-term debt weighted average interest rate 4.39% 4.39%
4.39% Senior remarketable notes due 2027 | Subordinated notes    
Debt Instrument [Line Items]    
Debt instrument interest rate 4.39%  
Subordinated long-term notes $ 232 $ 214
3.40% Subordinated notes due 2026 | Subordinated notes    
Debt Instrument [Line Items]    
Debt instrument interest rate 3.40%  
Subordinated long-term notes $ 580 569
6.95% Subordinated notes due 2028 | Subordinated notes    
Debt Instrument [Line Items]    
Debt instrument interest rate 6.95%  
Subordinated long-term notes $ 285 286
3.90% Subordinated notes due 2029 | Subordinated notes    
Debt Instrument [Line Items]    
Debt instrument interest rate 3.90%  
Subordinated long-term notes $ 329 333
4.90% Subordinated notes due 2032 | Subordinated notes    
Debt Instrument [Line Items]    
Debt instrument interest rate 4.90%  
Subordinated long-term notes $ 675 695
Secured borrowing due through 2032    
Debt Instrument [Line Items]    
Secured borrowing 88 11
Finance lease liabilities 3  
Federal Home Loan Bank advances due through 2041    
Debt Instrument [Line Items]    
Federal home loan bank advances $ 79 $ 7,586
Long-term debt weighted average interest rate 3.12% 5.76%
Investment Fund Financing due through 2055    
Debt Instrument [Line Items]    
Investment fund financing $ 24 $ 24
Obligations under capital lease due through 2032    
Debt Instrument [Line Items]    
Finance lease liabilities 3  
Real estate loans and securities pledged $ 79 $ 7,600
v3.25.0.1
Long-Term Debt - Scheduled Principal Payments on Long-Term Debt (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Debt Instrument [Line Items]  
2025 $ 3,022
2026 1,215
2027 2,041
2028 1,178
2029 1,182
All subsequent years 3,467
Parent  
Debt Instrument [Line Items]  
2025 1,094
2026 0
2027 738
2028 882
2029 842
All subsequent years 1,738
Subsidiaries  
Debt Instrument [Line Items]  
2025 1,928
2026 1,215
2027 1,303
2028 296
2029 340
All subsequent years $ 1,729
v3.25.0.1
Long-Term Debt - Additional Information (Details) - USD ($)
 12 Months Ended
Dec. 13, 2024
Dec. 31, 2024
Feb. 28, 2024
Jan. 26, 2023
Debt Instrument [Line Items]        
Bank note, maximum issuable amount $ 20,000,000,000 $ 0    
Senior notes available for future issuance   $ 20,000,000,000.0    
Fixed Rate Senior Bank Notes Due 2033        
Debt Instrument [Line Items]        
Issuance of senior notes       $ 1,000,000,000
Fixed Rate Senior Bank Notes Due 2026        
Debt Instrument [Line Items]        
Issuance of senior notes       $ 500,000,000
Floating Rate Senior Bank Notes Due 2035        
Debt Instrument [Line Items]        
Issuance of senior notes     $ 1,000,000,000.0  
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      
Medium-Term Notes        
Debt Instrument [Line Items]        
Debt term   9 months    
Additional debt securities authorized and available for issuance under note program   $ 14,000,000,000    
v3.25.0.1
Trust Preferred Securities Issued by Unconsolidated Subsidiaries (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Common Stock $ 1,257 $ 1,257
Debentures adjustments related to financial instrument hedging 14 15
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 5.595%  
KeyCorp Capital II    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Trust Preferred Securities, Net of Discount $ 85  
Common Stock 4  
Principal Amount of Debentures, Net of Discount $ 89  
Interest Rate of Trust Preferred Securities and Debentures 6.875%  
KeyCorp Capital II | Treasury Rate    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Basis spread on variable rate 0.20%  
KeyCorp Capital III    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Trust Preferred Securities, Net of Discount $ 110  
Common Stock 4  
Principal Amount of Debentures, Net of Discount $ 114  
Interest Rate of Trust Preferred Securities and Debentures 7.75%  
KeyCorp Capital III | Treasury Rate    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Basis spread on variable rate 0.25%  
HNC Statutory Trust III    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Trust Preferred Securities, Net of Discount $ 21  
Common Stock 1  
Principal Amount of Debentures, Net of Discount $ 22  
Interest Rate of Trust Preferred Securities and Debentures 6.182%  
HNC Statutory Trust IV    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Trust Preferred Securities, Net of Discount $ 21  
Common Stock 1  
Principal Amount of Debentures, Net of Discount $ 22  
Interest Rate of Trust Preferred Securities and Debentures 5.93%  
Willow Grove Statutory Trust I    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Trust Preferred Securities, Net of Discount $ 18  
Common Stock 1  
Principal Amount of Debentures, Net of Discount $ 19  
Interest Rate of Trust Preferred Securities and Debentures 6.131%  
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 6.806%  
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 6.806%  
Business Trusts    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Trust Preferred Securities, Net of Discount $ 427 431
Common Stock 17 17
Principal Amount of Debentures, Net of Discount $ 444 $ 448
Interest Rate of Trust Preferred Securities and Debentures 6.519% 6.981%
Keycorp Capital II and III | Redemption Upon Either Tax or a Capital Treatment Event | Treasury Rate    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Basis spread on variable rate 0.50%  
Westbank Capital Trust II and III | SOFR    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Basis spread on variable rate 0.26161%  
v3.25.0.1
Commitments, Contingent Liabilities, and Guarantees - Commitments to Extend Credit or Funding (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Guarantor Obligations [Line Items]    
Total loan commitments $ 75,009 $ 75,085
Commercial letters of credit 63 65
Purchase card commitments 1,048 995
Principal investing commitments 1 1
Tax credit investment commitments 1,362 1,361
Total loan and other commitments 77,483 77,507
Commercial and other    
Guarantor Obligations [Line Items]    
Total loan commitments 57,010 55,603
Commercial real estate and construction    
Guarantor Obligations [Line Items]    
Total loan commitments 2,855 3,440
Home equity    
Guarantor Obligations [Line Items]    
Total loan commitments 8,360 8,984
Credit cards    
Guarantor Obligations [Line Items]    
Total loan commitments $ 6,784 $ 7,058
v3.25.0.1
Commitments, Contingent Liabilities, and Guarantees - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Commitments Contingencies And Guarantees [Line Items]      
Reserve for potential losses $ 290 $ 296 $ 225
Standby letters of credit      
Commitments Contingencies And Guarantees [Line Items]      
Remaining weighted-average life of standby letters of credit in years 1 year 4 months 24 days    
Recourse agreement with FNMA      
Commitments Contingencies And Guarantees [Line Items]      
Weighted-average remaining term for outstanding commercial mortgage loans in years 6 years 3 months 18 days    
Unpaid principal balance outstanding of loans sold $ 24,700    
Maximum potential amount of undiscounted future payments that could be required, percentage of principal balance of loans outstanding 32.00%    
Reserve for potential losses $ 60    
Residential mortgage reserve      
Commitments Contingencies And Guarantees [Line Items]      
Unpaid principal balance outstanding of loans sold $ 11,300    
Maximum potential amount of undiscounted future payments that could be required, percentage of principal balance of loans outstanding 30.00%    
Liability for estimated repurchase obligations on loans sold $ 9    
Written put options      
Commitments Contingencies And Guarantees [Line Items]      
Weighted average life of written put options 1 year 3 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 9 years 10 months 24 days    
Maximum | Low      
Commitments Contingencies And Guarantees [Line Items]      
Guarantee obligations, probability of payment 30.00%    
Maximum | Moderate      
Commitments Contingencies And Guarantees [Line Items]      
Guarantee obligations, probability of payment 70.00%    
v3.25.0.1
Commitments, Contingent Liabilities, and Guarantees - Guarantees (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Guarantor Obligations [Line Items]  
Maximum Potential Undiscounted Future Payments $ 17,724
Liability Recorded 223
Standby letters of credit  
Guarantor Obligations [Line Items]  
Maximum Potential Undiscounted Future Payments 4,441
Liability Recorded 75
Recourse agreement with FNMA  
Guarantor Obligations [Line Items]  
Maximum Potential Undiscounted Future Payments 7,770
Liability Recorded 60
Residential mortgage reserve  
Guarantor Obligations [Line Items]  
Maximum Potential Undiscounted Future Payments 3,396
Liability Recorded 9
Written put options  
Guarantor Obligations [Line Items]  
Maximum Potential Undiscounted Future Payments 2,117
Liability Recorded $ 79
v3.25.0.1
Accumulated Other Comprehensive Income - Changes in AOCI (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance $ 14,637 $ 13,454 $ 17,423
Other comprehensive income before reclassification, net of income taxes (222) 320  
Amounts reclassified from accumulated other comprehensive income, net of income taxes 1,981 746  
Total other comprehensive income (loss), net of tax 1,759 1,066 (5,709)
Ending balance 18,176 14,637 13,454
Unrealized gains (losses) on securities available for sale      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance (4,190) (4,895)  
Other comprehensive income before reclassification, net of income taxes 38 702  
Amounts reclassified from accumulated other comprehensive income, net of income taxes 1,418 3  
Total other comprehensive income (loss), net of tax 1,456 705  
Ending balance (2,734) (4,190) (4,895)
Unrealized gains (losses) on derivative financial instruments      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance (763) (1,124)  
Other comprehensive income before reclassification, net of income taxes (230) (364)  
Amounts reclassified from accumulated other comprehensive income, net of income taxes 559 725  
Total other comprehensive income (loss), net of tax 329 361  
Ending balance (434) (763) (1,124)
Net pension and postretirement benefit costs      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance (276) (276)  
Other comprehensive income before reclassification, net of income taxes (30) (18)  
Amounts reclassified from accumulated other comprehensive income, net of income taxes 4 18  
Total other comprehensive income (loss), net of tax (26) 0  
Ending balance (302) (276) (276)
Total      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance (5,229) (6,295) (586)
Ending balance $ (3,470) $ (5,229) $ (6,295)
v3.25.0.1
Accumulated Other Comprehensive Income - Reclassifications Out of AOCI (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Other income $ 23 $ 46 $ 22
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (306) 1,160 2,333
Income taxes (143) 196 422
INCOME (LOSS) FROM CONTINUING OPERATIONS (163) 964 1,911
Interest income — Loans 6,026 6,219 4,241
Interest expense — Long-term debt (1,187) (1,305) (475)
Investment banking and debt placement fees 688 542 638
Other expense 740 997 $ 707
Reclassification out of Accumulated Other Comprehensive Income | Unrealized gains (losses) on available for sale securities      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Other income (1,863) (4)  
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (1,863) (4)  
Income taxes (445) (1)  
INCOME (LOSS) FROM CONTINUING OPERATIONS (1,418) (3)  
Reclassification out of Accumulated Other Comprehensive Income | Unrealized gains (losses) on derivative financial instruments      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (735) (953)  
Income taxes (176) (228)  
INCOME (LOSS) FROM CONTINUING OPERATIONS (559) (725)  
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 (733) (956)  
Interest expense — Long-term debt (2) (2)  
Investment banking and debt placement fees 0 5  
Reclassification out of Accumulated Other Comprehensive Income | Amortization of losses      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Other expense (8) (8)  
Reclassification out of Accumulated Other Comprehensive Income | Settlement loss      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Other expense 0 (18)  
Reclassification out of Accumulated Other Comprehensive Income | Amortization of prior service credit      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Other expense 1 1  
Reclassification out of Accumulated Other Comprehensive Income | Net pension and postretirement benefit costs      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (7) (25)  
Income taxes (3) (7)  
INCOME (LOSS) FROM CONTINUING OPERATIONS $ (4) $ (18)  
v3.25.0.1
Shareholders' Equity - Comprehensive Capital Plan and Scotiabank Investment (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 12 Months Ended
Dec. 27, 2024
Aug. 30, 2024
Aug. 12, 2024
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]                    
Common shares repurchased, value                 $ 38  
Cash dividends declared on Common Shares (in dollars per share)       $ 0.205 $ 0.205 $ 0.205 $ 0.205 $ 0.82 $ 0.82 $ 0.79
Net proceeds from Scotiabank investment               $ 2,771 $ 0 $ 0
Scotiabank Investment Agreement                    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]                    
Investments     $ 2,800              
Sale of stock, percentage of ownership after transaction 14.90% 4.90% 14.90%              
Fixed price per share (in dollars per share)     $ 17.17              
Initial purchase of common shares (in shares) 115,042,316 47,829,359                
Net proceeds from Scotiabank investment $ 2,000 $ 821                
Proceeds from issuance costs $ 16 $ 10                
Equity Compensation Programs                    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]                    
Common shares repurchased, value               $ 28    
v3.25.0.1
Shareholders' Equity - Schedule of Preferred Stock (Details)
 12 Months Ended
Dec. 31, 2024
USD ($)
$ / shares
shares
Series D Preferred Stock  
Class of Stock [Line Items]  
Preferred stock, dividend rate (as a percent) 5.00%
Preferred stock, amount outstanding | $ $ 525,000,000
Book value (net of capital surplus) | $ $ 519,000,000
Preferred stock, shares authorized (in shares) | shares 21,000
Preferred stock, shares outstanding (in shares) | shares 21,000
Preferred stock, par value (in dollars per share) | $ / shares $ 1
Liquidation preference | $ $ 25,000
Depository Shares, Series D  
Class of Stock [Line Items]  
Ownership interest per depositary share ratio 0.04
Preferred stock, liquidation preference (in dollars per share) | $ / shares $ 1,000
Dividend payable per share (in dollars per share) | $ / shares $ 12.50
Series E Preferred Stock  
Class of Stock [Line Items]  
Preferred stock, dividend rate (as a percent) 6.125%
Preferred stock, amount outstanding | $ $ 500,000,000
Book value (net of capital surplus) | $ $ 490,000,000
Preferred stock, shares authorized (in shares) | shares 500,000
Preferred stock, shares outstanding (in shares) | shares 500,000
Preferred stock, par value (in dollars per share) | $ / shares $ 1
Liquidation preference | $ $ 1,000
Depository Shares, Series E  
Class of Stock [Line Items]  
Ownership interest per depositary share ratio 25,000.000
Preferred stock, liquidation preference (in dollars per share) | $ / shares $ 25
Dividend payable per share (in dollars per share) | $ / shares $ 0.382813
Series F Preferred Stock  
Class of Stock [Line Items]  
Preferred stock, dividend rate (as a percent) 5.65%
Preferred stock, amount outstanding | $ $ 425,000,000
Book value (net of capital surplus) | $ $ 412,000,000
Preferred stock, shares authorized (in shares) | shares 425,000
Preferred stock, shares outstanding (in shares) | shares 425,000
Preferred stock, par value (in dollars per share) | $ / shares $ 1
Liquidation preference | $ $ 1,000
Depository Shares, Series F  
Class of Stock [Line Items]  
Ownership interest per depositary share ratio 25,000.000
Preferred stock, liquidation preference (in dollars per share) | $ / shares $ 25
Dividend payable per share (in dollars per share) | $ / shares $ 0.353125
Series G Preferred Stock  
Class of Stock [Line Items]  
Preferred stock, dividend rate (as a percent) 5.625%
Preferred stock, amount outstanding | $ $ 450,000,000
Book value (net of capital surplus) | $ $ 435,000,000
Preferred stock, shares authorized (in shares) | shares 450,000
Preferred stock, shares outstanding (in shares) | shares 450,000
Preferred stock, par value (in dollars per share) | $ / shares $ 1
Liquidation preference | $ $ 1,000
Depository Shares, Series G  
Class of Stock [Line Items]  
Ownership interest per depositary share ratio 25,000.000
Preferred stock, liquidation preference (in dollars per share) | $ / shares $ 25
Dividend payable per share (in dollars per share) | $ / shares $ 0.351563
Series H Preferred Stock  
Class of Stock [Line Items]  
Preferred stock, dividend rate (as a percent) 6.20%
Preferred stock, amount outstanding | $ $ 600,000,000
Book value (net of capital surplus) | $ $ 590,000,000
Preferred stock, shares authorized (in shares) | shares 600,000
Preferred stock, shares outstanding (in shares) | shares 600,000
Preferred stock, par value (in dollars per share) | $ / shares $ 1
Liquidation preference | $ $ 1,000
Depository Shares, Series H  
Class of Stock [Line Items]  
Ownership interest per depositary share ratio 25,000.000
Preferred stock, liquidation preference (in dollars per share) | $ / shares $ 25
Dividend payable per share (in dollars per share) | $ / shares $ 0.387500
v3.25.0.1
Shareholders' Equity - Key's and KeyBank's Actual Capital Amounts and Ratios, Minimum Capital Amounts and Ratios (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
KeyBank (consolidated)    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Total risk-based capital, actual amount $ 20,518 $ 20,726
Common equity Tier 1 risk-based capital, actual amount 17,560 17,487
Tier 1 risk- based capital, actual amount 17,560 17,487
Tier 1 risk- based capital, leverage amount $ 17,560 $ 17,487
Total risk-based capital, actual ratio 0.1512 0.1416
Common equity Tier 1 risk-based capital, actual ratio 0.1294 0.1215
Tier 1 risk-based capital, actual ratio 0.1294 0.1194
Tier 1 risk- based capital, leverage actual ratio 0.0942 0.0922
Total risk-based capital, regulatory minimum, ratio 0.0800 0.0800
Common equity Tier 1 risk-based capital, regulatory minimum, ratio 0.0450 0.0450
Tier 1 risk-based capital, regulatory minimum, ratio 0.0600 0.0600
Tier 1 risk-based capital, leverage regulatory minimum ratio 0.0400 0.0400
Total risk-based capital, regulatory minimum with stress capital buffer 0.1110 0.1050
Common equity Tier 1 risk-based capital, regulatory minimum with stress capital buffer 0.0760 0.0700
Tier 1 risk-based capital, regulatory minimum with stress capital buffer 0.0910 0.0850
Tier 1 risk based capital leverage, regulatory minimum with stress capital buffer 0.0400 0.0400
Total risk-based capital, capitalized 0.1000 0.1000
Common equity Tier 1 risk-based capital, capitalized 0.0650 0.0650
Tier 1 risk-based capital, capitalized 0.0800 0.0800
Tier 1 risk-based capital, leverage capitalized 0.0500 0.0500
Parent    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Total risk-based capital, actual amount $ 22,336 $ 21,028
Common equity Tier 1 risk-based capital, actual amount 16,489 14,894
Tier 1 risk- based capital, actual amount 18,934 17,340
Tier 1 risk- based capital, leverage amount $ 18,934 $ 17,340
Total risk-based capital, actual ratio 0.1615 0.1415
Common equity Tier 1 risk-based capital, actual ratio 0.1192 0.1002
Tier 1 risk-based capital, actual ratio 0.1369 0.1167
Tier 1 risk- based capital, leverage actual ratio 0.1003 0.0903
Total risk-based capital, regulatory minimum, ratio 0.0800 0.0800
Common equity Tier 1 risk-based capital, regulatory minimum, ratio 0.0450 0.0450
Tier 1 risk-based capital, regulatory minimum, ratio 0.0600 0.0600
Tier 1 risk-based capital, leverage regulatory minimum ratio 0.0400 0.0400
Total risk-based capital, regulatory minimum with stress capital buffer 0.1110 0.1050
Common equity Tier 1 risk-based capital, regulatory minimum with stress capital buffer 0.0760 0.0700
Tier 1 risk-based capital, regulatory minimum with stress capital buffer 0.0910 0.0850
Tier 1 risk based capital leverage, regulatory minimum with stress capital buffer 0.0400 0.0400
v3.25.0.1
Business Segment Reporting - Additional Information (Details)
Dec. 31, 2024
state
Consumer Bank  
Segment Reporting Information [Line Items]  
Number of state branch network 15
Commercial Bank  
Segment Reporting Information [Line Items]  
Number of state branch network 15
v3.25.0.1
Business Segment Reporting - Financial Information of Business Groups (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting Information [Line Items]      
Net interest income (TE) $ 3,810 $ 3,943 $ 4,554
Noninterest income 809 2,470 2,718
Total revenue (TE) 4,619 6,413 7,272
Provision for credit losses 335 489 502
Personnel expense 2,714 2,660 2,566
Other direct noninterest expense 1,831 2,074 1,844
Support and overhead 0 0 0
Allocated income taxes (benefit) and TE adjustments (98) 226 449
Income (loss) from continuing operations (163) 964 1,911
Income (loss) from discontinued operations, net of taxes 2 3 6
NET INCOME (LOSS) (161) 967 1,917
AVERAGE BALANCES      
Loans and leases 107,724 118,004 111,302
Total assets 186,815 191,627 185,886
Deposits 146,155 144,059 146,862
OTHER FINANCIAL DATA      
Expenditures for additions to long-lived assets 190 193 254
Operating Segments | Consumer Bank      
Segment Reporting Information [Line Items]      
Net interest income (TE) 2,288 2,221 2,409
Noninterest income 924 936 995
Total revenue (TE) 3,212 3,157 3,404
Provision for credit losses 126 111 193
Personnel expense 850 833 851
Other direct noninterest expense 595 691 559
Support and overhead 1,268 1,256 1,321
Allocated income taxes (benefit) and TE adjustments 90 64 115
Income (loss) from continuing operations 283 202 365
Income (loss) from discontinued operations, net of taxes 0 0 0
NET INCOME (LOSS) 283 202 365
AVERAGE BALANCES      
Loans and leases 38,744 41,777 41,315
Total assets 41,613 44,593 44,414
Deposits 85,851 82,793 90,132
OTHER FINANCIAL DATA      
Expenditures for additions to long-lived assets 75 72 52
Operating Segments | Commercial Bank      
Segment Reporting Information [Line Items]      
Net interest income (TE) 1,805 1,866 1,863
Noninterest income 1,629 1,431 1,600
Total revenue (TE) 3,434 3,297 3,463
Provision for credit losses 227 379 317
Personnel expense 729 697 706
Other direct noninterest expense 347 436 343
Support and overhead 758 673 684
Allocated income taxes (benefit) and TE adjustments 282 227 269
Income (loss) from continuing operations 1,091 885 1,144
Income (loss) from discontinued operations, net of taxes 0 0 0
NET INCOME (LOSS) 1,091 885 1,144
AVERAGE BALANCES      
Loans and leases 68,498 75,782 69,549
Total assets 77,782 85,542 80,068
Deposits 58,025 55,045 54,672
OTHER FINANCIAL DATA      
Expenditures for additions to long-lived assets 0 3 4
Other      
Segment Reporting Information [Line Items]      
Net interest income (TE) (283) (144) 282
Noninterest income (1,744) 103 123
Total revenue (TE) (2,027) (41) 405
Provision for credit losses (18) (1) (8)
Personnel expense 1,135 1,130 1,009
Other direct noninterest expense 889 947 942
Support and overhead (2,026) (1,929) (2,005)
Allocated income taxes (benefit) and TE adjustments (470) (65) 65
Income (loss) from continuing operations (1,537) (123) 402
Income (loss) from discontinued operations, net of taxes 2 3 6
NET INCOME (LOSS) (1,535) (120) 408
AVERAGE BALANCES      
Loans and leases 482 445 438
Total assets 67,420 61,492 61,404
Deposits 2,279 6,221 2,058
OTHER FINANCIAL DATA      
Expenditures for additions to long-lived assets $ 115 $ 118 $ 198
v3.25.0.1
Condensed Financial Information of the Parent Company - Condensed Balance Sheets (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
ASSETS        
Cash and due from banks $ 1,743 $ 941    
Short-term investments 17,504 10,817    
Securities available for sale 37,707 37,185    
Other investments 1,041 1,244    
Total loans 102,851 111,098    
Goodwill 2,752 2,752 $ 2,752  
Corporate-owned life insurance 4,394 4,383    
Derivative assets 249 181    
Accrued income and other assets 8,797 8,601    
Total assets 187,168 188,281    
LIABILITIES        
Accrued expense and other liabilities 4,983 5,412    
Total long-term debt 12,105 19,554    
Total liabilities 168,992 173,644    
SHAREHOLDERS’ EQUITY        
Shareholder's equity 18,176 14,637 $ 13,454 $ 17,423
Total liabilities and equity 187,168 188,281    
Key        
ASSETS        
Cash and due from banks 5,149 2,727    
Short-term investments 26 17    
Securities available for sale 0 0    
Other investments 96 85    
Total loans 300 250    
Total investment in subsidiaries 17,658 15,690    
Goodwill 167 167    
Corporate-owned life insurance 188 197    
Derivative assets 0 1    
Accrued income and other assets 422 331    
Total assets 24,006 19,465    
LIABILITIES        
Accrued expense and other liabilities 536 511    
Total long-term debt 5,294 4,317    
Total liabilities 5,830 4,828    
SHAREHOLDERS’ EQUITY        
Shareholder's equity 18,176 14,637    
Total liabilities and equity 24,006 19,465    
Key | Subsidiaries        
LIABILITIES        
Total long-term debt 444 447    
Key | Unaffiliated companies        
LIABILITIES        
Total long-term debt 4,850 3,870    
Key | Banks        
ASSETS        
Total loans 300 250    
Investment in subsidiaries: 16,770 14,789    
Key | Nonbank subsidiaries        
ASSETS        
Total loans 0 0    
Investment in subsidiaries: $ 888 $ 901    
v3.25.0.1
Condensed Financial Information of the Parent Company - Condensed Statements of Income (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Condensed Financial Statements, Captions [Line Items]      
Other income $ 23 $ 46 $ 22
Total interest income 8,427 7,927 5,412
Interest on long-term debt with subsidiary trusts 1,187 1,305 475
Income tax (expense) benefit 143 (196) (422)
NET INCOME (LOSS) (161) 967 1,917
Total other comprehensive income (loss), net of tax 1,759 1,066 (5,709)
Comprehensive income (loss) attributable to Key 1,598 2,033 (3,792)
Key      
Condensed Financial Statements, Captions [Line Items]      
Interest income from subsidiaries 20 15 4
Other income 14 24 7
Total interest income 784 714 586
Interest on long-term debt with subsidiary trusts 33 33 19
Interest on other borrowed funds 341 273 130
Personnel and other expense 77 111 101
Total expense 451 417 250
Income (loss) from continuing operations before income taxes (TE) 333 297 336
Income tax (expense) benefit 94 95 60
Income (loss) before equity in net income (loss) less dividends from subsidiaries 427 392 396
Equity in net income (loss) less dividends from subsidiaries (588) 575 1,521
NET INCOME (LOSS) (161) 967 1,917
Total other comprehensive income (loss), net of tax 1,759 1,066 (5,709)
Comprehensive income (loss) attributable to Key 1,598 2,033 (3,792)
Key | Banks      
Condensed Financial Statements, Captions [Line Items]      
Dividends from subsidiaries: 750 675 475
Key | Nonbank subsidiaries      
Condensed Financial Statements, Captions [Line Items]      
Dividends from subsidiaries: $ 0 $ 0 $ 100
v3.25.0.1
Condensed Financial Information of the Parent Company - Condensed Statements of Cash Flows (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
OPERATING ACTIVITIES      
Net income (loss) attributable to Key $ (161) $ 967 $ 1,917
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Deferred income taxes (benefit) (351) (108) (27)
Stock-based compensation expense 104 121 120
Other operating activities, net (139) 389 17
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 664 2,903 4,469
INVESTING ACTIVITIES      
Net (increase) decrease in securities available for sale and in short-term and other investments (6,687) (8,385) 8,578
Cash used in acquisitions 0 0 (58)
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES 2,497 1,417 (10,934)
FINANCING ACTIVITIES      
Net proceeds from issuance of long-term debt 1,646 5,240 16,596
Payments on long-term debt (9,057) (5,052) (8,580)
Net proceeds from Scotiabank investment 2,771 0 0
Cash dividends paid (927) (911) (854)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES (2,359) (4,266) 6,439
NET INCREASE (DECREASE) IN CASH AND DUE FROM BANKS 802 54 (26)
CASH AND DUE FROM BANKS AT BEGINNING OF YEAR 941 887 913
CASH AND DUE FROM BANKS AT END OF YEAR 1,743 941 887
Key      
OPERATING ACTIVITIES      
Net income (loss) attributable to Key (161) 967 1,917
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Deferred income taxes (benefit) 10 (6) 6
Stock-based compensation expense 10 9 117
Equity in net (income) loss less dividends from subsidiaries 588 (575) (1,521)
Net (increase) decrease in accrued income and other assets (91) 44 23
Net increase (decrease) in accrued expenses and other liabilities 25 3 (24)
Other operating activities, net (706) 122 (480)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES (325) 564 38
INVESTING ACTIVITIES      
Net (increase) decrease in securities available for sale and in short-term and other investments (19) (14) (26)
Cash used in acquisitions 0 0 0
Advances to subsidiaries (250) 0 0
Sale or repayments of advances to subsidiaries 200 16 (200)
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES (69) 2 (226)
FINANCING ACTIVITIES      
Net proceeds from issuance of long-term debt 1,000 0 1,350
Payments on long-term debt 0 0 0
Repurchase of Treasury Shares (28) (73) (44)
Net cash from the issuance (redemption) of Common Shares and preferred stock 0 0 590
Net proceeds from Scotiabank investment 2,771 0 0
Cash dividends paid (927) (912) (855)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 2,816 (985) 1,041
NET INCREASE (DECREASE) IN CASH AND DUE FROM BANKS 2,422 (419) 853
CASH AND DUE FROM BANKS AT BEGINNING OF YEAR 2,727 3,146 2,293
CASH AND DUE FROM BANKS AT END OF YEAR $ 5,149 $ 2,727 $ 3,146
v3.25.0.1
Condensed Financial Information of the Parent Company - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Condensed Financial Statements, Captions [Line Items]      
Interest paid $ 4,160 $ 3,109 $ 601
Key      
Condensed Financial Statements, Captions [Line Items]      
Interest paid $ 215 $ 171 $ 137
v3.25.0.1
Revenue from Contracts with Customers (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers $ 1,643 $ 1,435 $ 1,594
Other noninterest income 910 932 1,001
Noninterest income 809 2,470 2,718
Contract assets 0 0  
Contract liabilities 0 0  
Trust and investment services income      
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers 518 478 472
Investment banking and debt placement fees      
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers 521 344 430
Services charges on deposit accounts      
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers 261 269 350
Cards and payments income      
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers 331 332 331
Other noninterest income      
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers 12 12 11
Operating Segments | Consumer Bank      
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers 774 767 802
Noninterest income 924 936 995
Operating Segments | Consumer Bank | Trust and investment services income      
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers 449 410 403
Operating Segments | Consumer Bank | Investment banking and debt placement fees      
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers 0 0 0
Operating Segments | Consumer Bank | Services charges on deposit accounts      
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers 135 158 211
Operating Segments | Consumer Bank | Cards and payments income      
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers 178 187 177
Operating Segments | Consumer Bank | Other noninterest income      
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers 12 12 11
Operating Segments | Commercial Bank      
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers 869 668 792
Noninterest income 1,629 1,431 1,600
Operating Segments | Commercial Bank | Trust and investment services income      
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers 69 68 69
Operating Segments | Commercial Bank | Investment banking and debt placement fees      
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers 521 344 430
Operating Segments | Commercial Bank | Services charges on deposit accounts      
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers 126 111 139
Operating Segments | Commercial Bank | Cards and payments income      
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers 153 145 154
Operating Segments | Commercial Bank | Other noninterest income      
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers 0 0 0
Other      
Disaggregation of Revenue [Line Items]      
Noninterest income $ (1,744) $ 103 $ 123