KeyCorp appoints new Chief Risk Officer

CLEVELAND - KeyCorp (NYSE:KEY), a major player in the bank-based financial services sector with a market capitalization of $17.33 billion, has announced the appointment of Mohit (Mo) Ramani as its new Chief Risk Officer, effective January 23, 2025. The announcement comes just days before the company's upcoming earnings release on January 21, 2025. The announcement was made today, marking a significant addition to the company's executive leadership team.

Ramani, who will report directly to KeyCorp's Chairman and Chief Executive Officer, Chris Gorman, brings a wealth of experience to the role. He joins KeyCorp following a tenure at Truist Financial (NYSE:TFC) Corporation, where he recently held the position of Deputy Chief Risk Officer. His career spans various leadership roles at other prominent financial institutions, including Goldman, Sachs & Co. and Bank of America, N.A.

The incoming CRO is recognized for his track record in leading transformative changes in risk management and for his ability to foster internal partnerships while maintaining regulatory compliance and support. Gorman expressed confidence in Ramani's capability to enhance KeyCorp's risk management practices and contribute to the company's ongoing profitable growth.

In his statement, Ramani expressed enthusiasm about joining KeyCorp and the potential to advance the company's risk management strategies by integrating people, processes, and technology. He emphasized the importance of progressing towards a 'risk intelligence' framework in the face of a complex risk environment.

With roots dating back nearly two centuries, KeyCorp, headquartered in Cleveland, Ohio, manages assets worth approximately $190 billion as of September 30, 2024. Currently trading at $17.48 per share, the company offers an attractive 4.69% dividend yield and has maintained dividend payments for 53 consecutive years. The company operates KeyBank National Association, which provides a variety of financial services through an extensive network of branches and ATMs, and KeyBanc Capital Markets, offering corporate and investment banking products to middle market companies. According to InvestingPro analysis, KeyCorp is currently trading near its Fair Value, with 8 analysts recently revising their earnings expectations upward for the upcoming period.

This strategic appointment is part of KeyCorp's commitment to strong governance and risk management, essential for maintaining its position in the financial industry. For deeper insights into KeyCorp's financial health and detailed analysis, investors can access comprehensive research reports and additional ProTips through InvestingPro. The information is based on a press release statement issued by KeyCorp.

In other recent news, KeyCorp has been the focus of several significant developments. Truist Securities initiated coverage of KeyCorp with a Hold rating, citing the bank's strategy of swapping floating loans to fixed-rate ones and the rebound of its fee income, particularly in investment banking. The Bank of Nova Scotia (NYSE:BNS), also known as Scotiabank (TSX:BNS), has finalized the acquisition of a 14.9% stake in KeyCorp, marking a substantial financial event for both institutions.

In terms of personnel, KeyCorp announced the appointment of Robert Weiss as Head of Key Family Wealth, a division managing approximately $23 billion in assets. Weiss, with over two decades of experience in wealth management, will focus on enhancing services provided to advisors and their clients.

From an analyst perspective, KeyCorp's stock has been downgraded from 'Buy' to 'Neutral' by Citi, while DA Davidson and RBC Capital Markets have both raised their stock price targets for KeyCorp, citing strong growth prospects. KeyCorp reported a 7% quarter-over-quarter increase in net interest income during its third quarter of 2024 and projects a 20% increase in net interest income for 2025. These recent developments continue to shape KeyCorp's ongoing journey in the dynamic financial landscape.

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