8-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

 of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 20, 2022

KeyCorp

(Exact name of registrant as specified in its charter)

Ohio	001-11302	34-6542451
State or other jurisdiction of incorporation or organization:	Commission File Number	I.R.S. Employer Identification Number:

127 Public Square,	Cleveland,	Ohio	44114-1306
Address of principal executive offices:			Zip Code:

(216) 689-3000

Registrant’s telephone number, including area code:

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities Registered Pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Shares, $1 par value	KEY	New York Stock Exchange
Depositary Shares (each representing a 1/40th interest in a share of Fixed-to-Floating Rate Perpetual Non-Cumulative Preferred Stock, Series E)	KEY PrI	New York Stock Exchange
Depositary Shares (each representing a 1/40th interest in a share of Fixed Rate Perpetual Non-Cumulative Preferred Stock, Series F)	KEY PrJ	New York Stock Exchange
Depositary Shares (each representing a 1/40th interest in a share of Fixed Rate Perpetual Non-Cumulative Preferred Stock, Series G)	KEY PrK	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

    Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02     Results of Operations and Financial Condition.

    On January 20, 2022, KeyCorp issued a press release announcing its financial results for the three- and twelve-month period ended December 31, 2021 (the “Press Release”), and posted on its website its fourth quarter 2021 Supplemental Information Package (the “Supplemental Information Package”). The Press Release and Supplemental Information Package are being furnished as Exhibit 99.1 and Exhibit 99.2, respectively.

The information in the preceding paragraph, as well as Exhibit 99.1 and Exhibit 99.2 referenced therein, shall not be deemed “filed” for purposes of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), nor shall it be incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”).

    KeyCorp’s Consolidated Balance Sheets and Consolidated Statements of Income (collectively, the “Financial Statements”), included as part of the Press Release, are filed as Exhibit 99.3 to this report. Exhibit 99.3 is deemed “filed” for purposes of Section 18 of the Exchange Act and, therefore, may be incorporated by reference in filings under the Securities Act.

Item 9.01     Financial Statements and Exhibits.

(d)    Exhibits

The following exhibits are furnished, or filed in the case of Exhibit 99.3, herewith:

99.1    Press Release, dated January 20, 2022, announcing financial results for the three- and twelve-month period ended December 31, 2021

99.2    Supplemental Information Package reviewed during the conference call and webcast.

99.3    Financial Statements.

104    Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
	KEYCORP
	(Registrant)
Date: January 20, 2022	/s/ Douglas M. Schosser
	By: Douglas M. Schosser
	Chief Accounting Officer

EX-99.1

KEYCORP REPORTS FOURTH QUARTER 2021 NET INCOME OF $601 MILLION,

OR $.64PER DILUTED COMMON SHARE

Record revenue for the fourth quarter and full year

Record pre-provision net revenue for the fourth quarter and full year

Positive operating leverage for the fourth quarter and full year

Strong credit quality: net charge-offs to average loans of 8 basis points

Significant capital return: 75% of net income returned to shareholders in 2021

    CLEVELAND, January 20, 2022 - KeyCorp (NYSE: KEY) today announced net income from continuing operations attributable to Key common shareholders of $601 million, or $.64 per diluted common share for the fourth quarter of 2021. This compared to $616 million, or $.65 per diluted common share, for the third quarter of 2021 and $549 million, or $.56 per diluted common share, for the fourth quarter of 2020.

KeyCorp Reports Fourth Quarter 2021 Profit     

January 20, 2022

Page 2

Selected Financial Highlights
Dollars in millions, except per share data										Change 4Q21 vs.
	4Q21			3Q21			4Q20			3Q21		4Q20
Income (loss) from continuing operations attributable to Key common shareholders	$	601		$	616		$	549		(2.4)	%	9.5	%
Income (loss) from continuing operations attributable to Key common shareholders per common share — assuming dilution	.64			.65			.56			(1.5)		14.3
Return on average tangible common equity from continuing operations (a)	18.69		%	18.55		%	16.61		%	N/A		N/A
Return on average total assets from continuing operations	1.34			1.41			1.35			N/A		N/A
Common Equity Tier 1 ratio (b)	9.4			9.6			9.7			N/A		N/A
Book value at period end	$	16.76		$	16.82		$	16.53		(.4)		1.4
Net interest margin (TE) from continuing operations	2.44		%	2.47		%	2.70		%	N/A		N/A

(a)The table entitled “GAAP to Non-GAAP Reconciliations” in the attached financial supplement presents the computations of certain financial measures related to “Return on average tangible common equity from continuing operations.” The table reconciles the GAAP performance measures to the corresponding non-GAAP measures, which provides a basis for period-to-period comparisons.

(b)December 31, 2021 ratio is estimated.

TE = Taxable Equivalent, N/A = Not Applicable

INCOME STATEMENT HIGHLIGHTS
Revenue
Dollars in millions							Change 4Q21 vs.
	4Q21		3Q21		4Q20		3Q21		4Q20
Net interest income (TE)	$	1,038	$	1,025	$	1,043	1.3	%	(.5)	%
Noninterest income	909		797		802		14.1		13.3
Total revenue	$	1,947	$	1,822	$	1,845	6.9	%	5.5	%

TE = Taxable Equivalent

Taxable-equivalent net interest income was $1.0 billion for the fourth quarter of 2021 and the net interest margin was 2.44%. Compared to the fourth quarter of 2020, net interest income decreased $5 million, while the net interest margin decreased by 26 basis points. Both net interest income and the net interest margin reflect the impact of lower reinvestment yields and the exit of the indirect auto loan portfolio, largely offset by a favorable earning asset mix. The net interest margin was also impacted by elevated levels of liquidity as we continued to experience higher levels of deposit inflows in 2021.

Compared to the third quarter of 2021, taxable-equivalent net interest income increased by $13 million and the net interest margin decreased by 3 basis points. The increase in net interest income was driven by balance sheet growth and a favorable mix of earning assets, as well as higher loan fees from the PPP forgiveness and core portfolio growth. Additionally, both net interest income and the net interest margin were impacted by lower reinvestment yields and the exit of the indirect auto loan portfolio.

Noninterest Income
Dollars in millions							Change 4Q21 vs.
	4Q21		3Q21		4Q20		3Q21		4Q20
Trust and investment services income	$	135	$	129	$	123	4.7	%	9.8	%
Investment banking and debt placement fees	323		235		243		37.4		32.9
Service charges on deposit accounts	90		91		82		(1.1)		9.8
Operating lease income and other leasing gains	37		37		39		—		(5.1)
Corporate services income	73		69		63		5.8		15.9
Cards and payments income	86		111		97		(22.5)		(11.3)
Corporate-owned life insurance income	34		33		38		3.0		(10.5)
Consumer mortgage income	25		33		43		(24.2)		(41.9)
Commercial mortgage servicing fees	48		34		32		41.2		50.0
Other income	58		25		42		132.0		38.1
Total noninterest income	$	909	$	797	$	802	14.1	%	13.3	%

KeyCorp Reports Fourth Quarter 2021 Profit     

January 20, 2022

Page 3

    Compared to the fourth quarter of 2020, noninterest income increased by $107 million. The increase was primarily driven by investment banking and debt placement fees, up $80 million. Additionally, commercial mortgage servicing fees and other income both increased $16 million. Partially offsetting the increase was a $18 million decrease in consumer mortgage income, driven by higher balance sheet retention and lower gain on sale margins.

Compared to the third quarter of 2021, noninterest income increased by $112 million. The primary driver was investment banking and debt placement fees, which increased $88 million. Additionally, commercial mortgage servicing fees increased $14 million and other income increased $33 million, reflecting market related gains. Partially offsetting the increase was a $25 million decrease in cards and payments income, driven by lower prepaid card revenue.

Noninterest Expense
Dollars in millions							Change 4Q21 vs.
	4Q21		3Q21		4Q20		3Q21		4Q20
Personnel expense	$	674	$	640	$	661	5.3	%	2.0	%
Nonpersonnel expense	496		472		467		5.1		6.2
Total noninterest expense	$	1,170	$	1,112	$	1,128	5.2	%	3.7	%

    Key’s noninterest expense was $1.2 billion for the fourth quarter of 2021, an increase of $42 million from the year-ago period. The increase in nonpersonnel expense was primarily driven by higher business services and professional fees and computer processing fees. The increase in personnel expense reflects higher incentive and stock-based compensation from strong fee production, partially offset by lower severance.

    Compared to the third quarter of 2021, noninterest expense increased $58 million. The increase was largely related to personnel expense, reflecting higher incentive and stock-based compensation. The increase in nonpersonnel expense was driven by higher business services and professional fees.

BALANCE SHEET HIGHLIGHTS
Average Loans
Dollars in millions							Change 4Q21 vs.
	4Q21		3Q21		4Q20		3Q21		4Q20
Commercial and industrial (a)	$	49,510	$	49,868	$	53,562	(.7)	%	(7.6)	%
Other commercial loans	19,743		19,362		19,174		2.0		3.0
Total consumer loans	30,144		30,908		28,974		(2.5)		4.0
Total loans	$	99,397	$	100,138	$	101,710	(.7)	%	(2.3)	%

(a)Commercial and industrial average loan balances include $141 million, $137 million, and $129 million of assets from commercial credit cards at December 31, 2021, September 30, 2021, and December 31, 2020, respectively.

Average loans were $99.4 billion for the fourth quarter of 2021, a decrease of $2.3 billion compared to the fourth quarter of 2020. Commercial loans decreased by $3.5 billion, reflecting a decline in PPP balances. Total PPP loan forgiveness was $8.0 billion for 2021. Partly offsetting the decrease was core growth in commercial and industrial and commercial real estate loans. Consumer loans increased $1.2 billion, reflecting strength from Key's consumer mortgage business and Laurel Road, partly offset by the sale of the indirect auto loan portfolio.

Compared to the third quarter of 2021, average loans decreased by $741 million. Commercial loans were relatively unchanged from the prior quarter as declines in PPP balances were largely offset by core growth in commercial and industrial and commercial real estate loans. Consumer loans decreased $764 million, reflecting the sale of the indirect auto loan portfolio, which reduced average loans by $2.7 billion. In addition, we continued to experience strength from Key's consumer mortgage business and Laurel Road.

KeyCorp Reports Fourth Quarter 2021 Profit     

January 20, 2022

Page 4

Average Deposits
Dollars in millions										Change 4Q21 vs.
	4Q21			3Q21			4Q20			3Q21		4Q20
Non-time deposits	$	146,979		$	142,537		$	129,529		3.1	%	13.5	%
Certificates of deposit ($100,000 or more)	1,793			1,975			2,983			(9.2)		(39.9)
Other time deposits	2,233			2,404			3,209			(7.1)		(30.4)
Total deposits	$	151,005		$	146,916		$	135,721		2.8	%	11.3	%
Cost of total deposits	.04		%	.04		%	.08		%	N/A		N/A

N/A = Not Applicable

Average deposits totaled $151.0 billion for the fourth quarter of 2021, an increase of $15.3 billion compared to the year-ago quarter. The increase reflects growth from consumer and commercial relationships, including higher commercial escrow and retail deposits, partially offset by a decline in time deposits.

Compared to the third quarter of 2021, average deposits increased by $4.1 billion, primarily driven by higher commercial escrow balances and retail deposits.

ASSET QUALITY
Dollars in millions										Change 4Q21 vs.
	4Q21			3Q21			4Q20			3Q21		4Q20
Net loan charge-offs	$	19		$	29		$	135		(34.5)	%	(85.9)	%
Net loan charge-offs to average total loans	.08		%	.11		%	.53		%	N/A		N/A
Nonperforming loans at period end	$	454		$	554		$	785		(18.1)		(42.2)
Nonperforming assets at period end	489			599			937			(18.4)		(47.8)
Allowance for loan and lease losses	1,061			1,084			1,626			(2.1)		(34.7)
Allowance for credit losses	1,221			1,236			1,823			(1.2)		(33.0)
Provision for credit losses	4			(107)			20			(103.7)		(80.0)
Allowance for loan and lease losses to nonperforming loans	233.7		%	195.7		%	207.1		%	N/A		N/A
Allowance for credit losses to nonperforming loans	268.9			223.1			232.2			N/A		N/A

N/A = Not Applicable

    Key's provision for credit losses was $4 million, compared to $20 million in the fourth quarter of 2020 and a net benefit of $107 million in the third quarter of 2021.

    Net loan charge-offs for the fourth quarter of 2021 totaled $19 million, or .08% of average total loans. These results compare to $135 million, or .53%, for the fourth quarter of 2020 and $29 million, or .11%, for the third quarter of 2021. Key’s allowance for credit losses was $1.2 billion, or 1.20% of total period-end loans at December 31, 2021, compared to 1.80% at December 31, 2020, and 1.25% at September 30, 2021.

At December 31, 2021, Key’s nonperforming loans totaled $454 million, which represented .45% of period-end portfolio loans. These results compare to .78% at December 31, 2020, and .56% at September 30, 2021. Nonperforming assets at December 31, 2021, totaled $489 million, and represented .48% of period-end portfolio loans and OREO and other nonperforming assets. These results compare to .92% at December 31, 2020, and .61% at September 30, 2021.

CAPITAL

Key’s estimated risk-based capital ratios included in the following table continued to exceed all “well-capitalized” regulatory benchmarks at December 31, 2021.

KeyCorp Reports Fourth Quarter 2021 Profit     

January 20, 2022

Page 5

Capital Ratios
	12/31/2021		9/30/2021		12/31/2020
Common Equity Tier 1 (a)	9.4	%	9.6	%	9.7	%
Tier 1 risk-based capital (a)	10.7		10.9		11.1
Total risk based capital (a)	12.4		12.7		13.4
Tangible common equity to tangible assets (b)	6.9		7.0		7.9
Leverage (a)	8.4		8.4		8.9

(a)December 31, 2021 ratio is estimated and reflects Key's election to adopt the CECL optional transition provision.

(b)The table entitled “GAAP to Non-GAAP Reconciliations” in the attached financial supplement presents the computations of certain financial measures related to “tangible common equity.” The table reconciles the GAAP performance measures to the corresponding non-GAAP measures, which provides a basis for period-to-period comparisons.

Key's capital position remained strong in the fourth quarter of 2021. As shown in the preceding table, at December 31, 2021, Key’s estimated Common Equity Tier 1 and Tier 1 risk-based capital ratios stood at 9.4% and 10.7%, respectively. Key's tangible common equity ratio was 6.9% at December 31, 2021.

    Key has elected the CECL phase-in option provided by regulatory guidance which delays for two years the estimated impact of CECL on regulatory capital and phases it in over three years beginning in 2022. On a fully phased-in basis, Key's Common Equity Tier 1 ratio would be reduced by 17 basis points.

Summary of Changes in Common Shares Outstanding
In thousands					Change 4Q21 vs.
		4Q21	3Q21	4Q20	3Q21		4Q20
Shares outstanding at beginning of period		930,544	960,276	976,205	(3.1)	%	(4.7)	%
Open market repurchases, repurchases under the accelerated repurchase program, and return of shares under employee compensation plans		(2,482)	(29,923)	(1,092)	(91.7)		127.3
Shares issued under employee compensation plans (net of cancellations)		788	191	660	312.6		19.4
	Shares outstanding at end of period	928,850	930,544	975,773	(.2)	%	(4.8)	%

N/M = Not Meaningful

    During the fourth quarter of 2021, Key declared a dividend of $.195 per common share, representing a 5% increase from the prior quarter. The reduction in share count was driven by the final settlement of 2.5 million shares related to the accelerated share repurchase program disclosed in the third quarter of 2021. There were no additional open market share repurchases in the fourth quarter.

LINE OF BUSINESS RESULTS

    The following table shows the contribution made by each major business segment to Key’s taxable-equivalent revenue from continuing operations and income (loss) from continuing operations attributable to Key for the periods presented. For more detailed financial information pertaining to each business segment, see the tables at the end of this release.

KeyCorp Reports Fourth Quarter 2021 Profit     

January 20, 2022

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Major Business Segments
Dollars in millions								Change 4Q21 vs.
		4Q21		3Q21		4Q20		3Q21		4Q20
Revenue from continuing operations (TE)
Consumer Bank		$	839	$	870	$	896	(3.6)	%	(6.4)	%
Commercial Bank		1,028		886		922		16.0		11.5
Other (a)		80		66		27		21.2		196.3
	Total	$	1,947	$	1,822	$	1,845	6.9	%	5.5	%
Income (loss) from continuing operations attributable to Key
Consumer Bank		$	161	$	241	$	225	(33.2)	%	(28.4)	%
Commercial Bank		449		381		310		17.8		44.8
Other (a)		17		21		40		(19.0)		(57.5)
	Total	$	627	$	643	$	575	(2.5)	%	9.0	%

(a)Other includes other segments that consists of corporate treasury, our principal investing unit, and various exit portfolios as well as reconciling items which primarily represents the unallocated portion of nonearning assets of corporate support functions. Charges related to the funding of these assets are part of net interest income and are allocated to the business segments through noninterest expense. Reconciling items also includes intercompany eliminations and certain items that are not allocated to the business segments because they do not reflect their normal operations.

TE = Taxable Equivalent, N/M = Not Meaningful

Consumer Bank
Dollars in millions							Change 4Q21 vs.
	4Q21		3Q21		4Q20		3Q21		4Q20
Summary of operations
Net interest income (TE)	$	569	$	582	$	638	(2.2)	%	(10.8)	%
Noninterest income	270		288		258		(6.3)		4.7
Total revenue (TE)	839		870		896		(3.6)		(6.4)
Provision for credit losses	13		(38)		(5)		134.2		(360.0)
Noninterest expense	614		591		606		3.9		1.3
Income (loss) before income taxes (TE)	212		317		295		(33.1)		(28.1)
Allocated income taxes (benefit) and TE adjustments	51		76		70		(32.9)		(27.1)
Net income (loss) attributable to Key	$	161	$	241	$	225	(33.2)	%	(28.4)	%
Average balances
Loans and leases	$	37,792	$	39,796	$	39,448	(5.0)	%	(4.2)	%
Total assets	41,024		42,981		42,666		(4.6)		(3.8)
Deposits	90,271		89,156		82,845		1.3		9.0
Assets under management at period end	$	55,806	$	52,867	$	47,086	5.6	%	18.5	%

TE = Taxable Equivalent

KeyCorp Reports Fourth Quarter 2021 Profit     

January 20, 2022

Page 7

Additional Consumer Bank Data
Dollars in millions							Change 4Q21 vs.
	4Q21		3Q21		4Q20		3Q21		4Q20
Noninterest income
Trust and investment services income	$	106	$	105	$	95	1.0	%	11.6	%
Service charges on deposit accounts	55		56		49		(1.8)		12.2
Cards and payments income	64		62		54		3.2		18.5
Consumer mortgage income	25		33		43		(24.2)		(41.9)
Other noninterest income	20		32		17		(37.5)		17.6
Total noninterest income	$	270	$	288	$	258	(6.3)	%	4.7	%
Average deposit balances
NOW and money market deposit accounts	$	57,197	$	56,353	$	53,045	1.5	%	7.8	%
Savings deposits	6,951		6,749		5,407		3.0		28.6
Certificates of deposit ($100,000 or more)	1,669		1,846		2,801		(9.6)		(40.4)
Other time deposits	2,227		2,398		3,186		(7.1)		(30.1)
Noninterest-bearing deposits	22,227		21,810		18,406		1.9		20.8
Total deposits	$	90,271	$	89,156	$	82,845	1.3	%	9.0	%
Other data
Branches	999		1,000		1,073
Automated teller machines	1,317		1,316		1,386

Consumer Bank Summary of Operations (4Q21 vs. 4Q20)

•Net income attributable to Key of $161 million for the fourth quarter of 2021, compared to $225 million for the year-ago quarter

•Taxable-equivalent net interest income decreased by $69 million, compared to the fourth quarter of 2020, related to the sale of the indirect auto portfolio, partially offset by strong consumer mortgage balance sheet growth and fees related to PPP loans

•Average loans and leases decreased $1.7 billion, or 4.2%, from the fourth quarter of 2020, driven by the sale of the indirect auto loan portfolio, partially offset by growth in residential mortgage and Laurel Road

•Average deposits increased $7.4 billion, or 9.0%, from the fourth quarter of 2020, driven by consumer retention of stimulus payments and relationship growth

•Provision for credit losses increased $18 million, compared to the fourth quarter of 2020, driven by expectations of a more stable economic outlook and portfolio growth

•Noninterest income increased $12 million, or 4.7%, from the year ago quarter, driven by higher cards and payments income and trust and investment services income. Partially offsetting the increase was consumer mortgage income, reflecting higher balance sheet retention and lower gain on sale margins

•Noninterest expense increased $8 million, or 1.3%, from the year ago quarter, driven by higher production-related incentives and increased marketing expense related to Laurel Road

KeyCorp Reports Fourth Quarter 2021 Profit     

January 20, 2022

Page 8

Commercial Bank
Dollars in millions							Change 4Q21 vs.
	4Q21		3Q21		4Q20		3Q21		4Q20
Summary of operations
Net interest income (TE)	$	417	$	410	$	420	1.7	%	(.7)	%
Noninterest income	611		476		502		28.4		21.7
Total revenue (TE)	1,028		886		922		16.0		11.5
Provision for credit losses	(12)		(69)		44		(82.6)		(127.3)
Noninterest expense	501		470		499		6.6		.4
Income (loss) before income taxes (TE)	539		485		379		11.1		42.2
Allocated income taxes and TE adjustments	90		104		69		(13.5)		30.4
Net income (loss) attributable to Key	$	449	$	381	$	310	17.8	%	44.8	%
Average balances
Loans and leases	$	61,127	$	59,914	$	62,016	2.0	%	(1.4)	%
Loans held for sale	1,962		1,190		1,285		64.9		52.7
Total assets	71,629		69,285		71,303		3.4		0.5
Deposits	59,537		56,522		52,489		5.3	%	13.4	%

TE = Taxable Equivalent, N/M = Not Meaningful

Additional Commercial Bank Data
Dollars in millions							Change 4Q21 vs.
	4Q21		3Q21		4Q20		3Q21		4Q20
Noninterest income
Trust and investment services income	$	29	$	24	$	28	20.8	%	3.6	%
Investment banking and debt placement fees	323		234		243		38.0		32.9
Operating lease income and other leasing gains	36		37		39		(2.7)		(7.7)
Corporate services income	65		63		55		3.2		18.2
Service charges on deposit accounts	34		34		32		—		6.3
Cards and payments income	26		44		44		(40.9)		(40.9)
Payments and services income	125		141		131		(11.3)		(4.6)
Commercial mortgage servicing fees	47		34		32		38.2		46.9
Other noninterest income	51		6		29		750.0		75.9
Total noninterest income	$	611	$	476	$	502	28.4	%	21.7	%

N/M = Not Meaningful

Commercial Bank Summary of Operations (4Q21 vs. 4Q20)

•Net income attributable to Key of $449 million for the fourth quarter of 2021, compared to $310 million for the year-ago quarter

•Taxable-equivalent net interest income decreased by $3 million, compared to the fourth quarter of 2020, as lower average loan balances offset fees related to PPP loans

•Average loan and lease balances decreased $889 million, compared to the fourth quarter of 2020, reflecting a decline in PPP balances, partly offset by core growth in commercial and industrial and commercial real estate loans

•Average deposit balances increased $7.0 billion, or 13.4%, compared to the fourth quarter of 2020, driven by growth in targeted relationships and higher commercial escrow deposits

•Provision for credit losses decreased $56 million, compared to the fourth quarter of 2020. The provision for credit losses was a net benefit, driven by lower net loan charge-offs and improved asset quality

•Noninterest income increased $109 million from the year-ago quarter, driven by elevated investment banking client activity and corporate services income, partially offset by lower cards and payments income

•Noninterest expense increased by $2 million, or 0.4%, from the fourth quarter of 2020, driven by higher production-related incentives related to strong investment banking and debt placement fees

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January 20, 2022

Page 9

*******************************************

KeyCorp's roots trace back nearly 200 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation’s largest bank-based financial services companies, with assets of approximately $186.3 billion at December 31, 2021.

Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 1,000 branches and approximately 1,300 ATMs. Key also provides 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 under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank is Member FDIC.

KeyCorp Reports Fourth Quarter 2021 Profit     

January 20, 2022

Page 10

CONTACTS:
ANALYSTS	MEDIA
Vernon L. Patterson	Susan Donlan
216.689.0520	216.471.3133
Vernon_Patterson@KeyBank.com	Susan_E_Donlan@KeyBank.com
Melanie S. Kaiser	Tracy Pesho
216.689.4545	216.471.2825
Melanie_S_Kaiser@KeyBank.com	Tracy_Pesho@KeyBank.com
Halle A. Nichols	Twitter: @keybank
216.471.2184
Halle_A_Nichols@KeyBank.com
INVESTOR RELATIONS:	KEY MEDIA NEWSROOM:
www.key.com/ir	www.key.com/newsroom

This earnings release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements do not relate strictly to historical or current facts. Forward-looking statements usually can be identified by the use of words such as “goal,” “objective,” “plan,” “expect,” “assume,” “anticipate,” “intend,” “project,” “believe,” “estimate,” or other words of similar meaning. Forward-looking statements provide our current expectations or forecasts of future events, circumstances, results, or aspirations. Forward-looking statements, by their nature, are subject to assumptions, risks and uncertainties, many of which are outside of our control. Our actual results may differ materially from those set forth in our forward-looking statements. There is no assurance that any list of risks and uncertainties or risk factors is complete. Factors that could cause Key’s actual results to differ from those described in the forward-looking statements can be found in KeyCorp’s Form 10-K for the year ended December 31, 2020, as well as in KeyCorp’s subsequent SEC filings, all of which have been or will be filed with the Securities and Exchange Commission (the “SEC”) and are or will be available on Key’s website (www.key.com/ir) and on the SEC’s website (www.sec.gov). These factors may include, among others, deterioration of commercial real estate market fundamentals, adverse changes in credit quality trends, declining asset prices, a worsening of the U.S. economy due to financial, political, or other shocks, the extensive regulation of the U.S. financial services industry, and the impact of the COVID-19 global pandemic on us, our clients, our third-party service providers, and the markets. Any forward-looking statements made by us or on our behalf speak only as of the date they are made and we do not undertake any obligation to update any forward-looking statement to reflect the impact of subsequent events or circumstances.

Notes to Editors:

A live Internet broadcast of KeyCorp’s conference call to discuss quarterly results and currently anticipated earnings trends and to answer analysts’ questions can be accessed through the Investor Relations section at https://www.key.com/irat 8:00 a.m. ET, on January 20, 2022. A replay of the call will be available through January 29, 2022.

For up-to-date company information, media contacts, and facts and figures about Key’s lines of business, visit our Media Newsroom at https://www.key.com/newsroom.

*****

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January 20, 2022

Page 11

KeyCorp

Fourth Quarter 2021

Financial Supplement

Page
12	Financial Highlights
14	GAAP to Non-GAAP Reconciliation
16	Consolidated Balance Sheets
17	Consolidated Statements of Income
18	Consolidated Average Balance Sheets, and Net Interest Income and Yields/Rates From Continuing Operations
20	Noninterest Expense
20	Personnel Expense
21	Loan Composition
21	Loans Held for Sale Composition
21	Summary of Changes in Loans Held for Sale
22	Summary of Loan and Lease Loss Experience From Continuing Operations
23	Asset Quality Statistics From Continuing Operations
23	Summary of Nonperforming Assets and Past Due Loans From Continuing Operations
23	Summary of Changes in Nonperforming Loans From Continuing Operations
24	Line of Business Results

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January 20, 2022

Page 12

Financial Highlights
(Dollars in millions, except per share amounts)
			Three months ended
			12/31/2021			9/30/2021			12/31/2020
Summary of operations
	Net interest income (TE)		$	1,038		$	1,025		$	1,043
	Noninterest income		909			797			802
		Total revenue (TE)	1,947			1,822			1,845
	Provision for credit losses		4			(107)			20
	Noninterest expense		1,170			1,112			1,128
	Income (loss) from continuing operations attributable to Key		627			643			575
	Income (loss) from discontinued operations, net of taxes		2			2			7
	Net income (loss) attributable to Key		629			645			582
	Income (loss) from continuing operations attributable to Key common shareholders		601			616			549
	Income (loss) from discontinued operations, net of taxes		2			2			7
	Net income (loss) attributable to Key common shareholders		603			618			556
Per common share
	Income (loss) from continuing operations attributable to Key common shareholders		$	.65		$	.65		$	.57
	Income (loss) from discontinued operations, net of taxes		—			—			.01
	Net income (loss) attributable to Key common shareholders (a)		.65			.66			.57
	Income (loss) from continuing operations attributable to Key common shareholders — assuming dilution		.64			.65			.56
	Income (loss) from discontinued operations, net of taxes — assuming dilution		—			—			.01
	Net income (loss) attributable to Key common shareholders — assuming dilution (a)		.64			.65			.57
	Cash dividends declared		.195			.185			.185
	Book value at period end		16.76			16.82			16.53
	Tangible book value at period end		13.72			13.80			13.61
	Market price at period end		23.13			21.62			16.41
Performance ratios
	From continuing operations:
	Return on average total assets		1.34		%	1.41		%	1.35		%
	Return on average common equity		15.31			15.28			13.65
	Return on average tangible common equity (b)		18.69			18.55			16.61
	Net interest margin (TE)		2.44			2.47			2.70
	Cash efficiency ratio (b)		59.4			60.2			60.3
	From consolidated operations:
	Return on average total assets		1.35		%	1.41		%	1.36		%
	Return on average common equity		15.36			15.33			13.82
	Return on average tangible common equity (b)		18.75			18.61			16.82
	Net interest margin (TE)		2.44			2.46			2.69
	Loan to deposit (c)		68.9			66.5			76.5
Capital ratios at period end
	Key shareholders’ equity to assets		9.4		%	9.4		%	10.6		%
	Key common shareholders’ equity to assets		8.4			8.4			9.5
	Tangible common equity to tangible assets (b)		6.9			7.0			7.9
	Common Equity Tier 1 (d)		9.4			9.6			9.7
	Tier 1 risk-based capital (d)		10.7			10.9			11.1
	Total risk-based capital (d)		12.4			12.7			13.4
	Leverage (d)		8.4			8.4			8.9
Asset quality — from continuing operations
	Net loan charge-offs		$	19		$	29		$	135
	Net loan charge-offs to average loans		.08		%	.11		%	.53		%
	Allowance for loan and lease losses		$	1,061		$	1,084		$	1,626
	Allowance for credit losses		1,221			1,236			1,823
	Allowance for loan and lease losses to period-end loans		1.04		%	1.10		%	1.61		%
	Allowance for credit losses to period-end loans		1.20			1.25			1.80
	Allowance for loan and lease losses to nonperforming loans		233.7			195.7			207.1
	Allowance for credit losses to nonperforming loans		268.9			223.1			232.2
	Nonperforming loans at period-end		$	454		$	554		$	785
	Nonperforming assets at period-end		489			599			937
	Nonperforming loans to period-end portfolio loans		.45		%	.56		%	.78		%
	Nonperforming assets to period-end portfolio loans plus OREO and other nonperforming assets		.48			.61			.92
Trust assets
	Assets under management		$	55,806		$	52,867		$	47,086
Other data
	Average full-time equivalent employees		16,797			17,009			17,029
	Branches		999			1,000			1,073
	Taxable-equivalent adjustment		$	5		$	9		$	8

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Financial Highlights (continued)
(Dollars in millions, except per share amounts)
		Twelve months ended
		12/31/2021			12/31/2020
Summary of operations
	Net interest income (TE)	$	4,098		$	4,063
	Noninterest income	3,194			2,652
	Total revenue (TE)	7,292			6,715
	Provision for credit losses	(418)			1,021
	Noninterest expense	4,429			4,109
	Income (loss) from continuing operations attributable to Key	2,612			1,329
	Income (loss) from discontinued operations, net of taxes	13			14
	Net income (loss) attributable to Key	2,625			1,343
	Income (loss) from continuing operations attributable to Key common shareholders	2,506			1,223
	Income (loss) from discontinued operations, net of taxes	13			14
	Net income (loss) attributable to Key common shareholders	2,519			1,237
Per common share
	Income (loss) from continuing operations attributable to Key common shareholders	$	2.64		$	1.26
	Income (loss) from discontinued operations, net of taxes	.01			.01
	Net income (loss) attributable to Key common shareholders (a)	2.65			1.28
	Income (loss) from continuing operations attributable to Key common shareholders — assuming dilution	2.62			1.26
	Income (loss) from discontinued operations, net of taxes — assuming dilution	.01			.01
	Net income (loss) attributable to Key common shareholders — assuming dilution (a)	2.63			1.27
	Cash dividends paid	.75			.74
Performance ratios
	From continuing operations:
	Return on average total assets	1.46		%	.82		%
	Return on average common equity	15.90			7.77
	Return on average tangible common equity (b)	19.37			9.51
	Net interest margin (TE)	2.50			2.77
	Cash efficiency ratio (b)	59.9			60.2
	From consolidated operations:
	Return on average total assets	1.46		%	.82		%
	Return on average common equity	15.98			7.86
	Return on average tangible common equity (b)	19.47			9.62
	Net interest margin (TE)	2.50			2.76
Asset quality — from continuing operations
	Net loan charge-offs	$	184		$	443
	Net loan charge-offs to average total loans	.18		%	.43		%
Other data
	Average full-time equivalent employees	16,974			16,826
Taxable-equivalent adjustment		27			29

(a)Earnings per share may not foot due to rounding.

(b)The following table entitled “GAAP to Non-GAAP Reconciliations” presents the computations of certain financial measures related to “tangible common equity” and “cash efficiency.” The table reconciles the GAAP performance measures to the corresponding non-GAAP measures, which provides a basis for period-to-period comparisons.

(c)Represents period-end consolidated total loans and loans held for sale divided by period-end consolidated total deposits.

(d)December 31, 2021, ratio is estimated and reflects Key's election to adopt the CECL optional transition provision.

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January 20, 2022

Page 14

GAAP to Non-GAAP Reconciliations

(Dollars in millions)

The table below presents certain non-GAAP financial measures related to “tangible common equity,” “return on average tangible common equity,” “pre-provision net revenue," and “cash efficiency ratio."

The tangible common equity ratio and the return on average tangible common equity ratio have been a focus for some investors, and management believes these ratios may assist investors in analyzing Key’s capital position without regard to the effects of intangible assets and preferred stock.

The table also shows the computation for pre-provision net revenue, which is not formally defined by GAAP. Management believes that eliminating the effects of the provision for credit losses makes it easier to analyze the results by presenting them on a more comparable basis.

The cash efficiency ratio is a ratio of two non-GAAP performance measures. As such, there is no directly comparable GAAP performance measure. The cash efficiency ratio performance measure removes the impact of Key’s intangible asset amortization from the calculation. Management believes this ratio provide greater consistency and comparability between Key’s results and those of its peer banks. Additionally, this ratio is used by analysts and investors as they develop earnings forecasts and peer bank analysis.

Non-GAAP financial measures have inherent limitations, are not required to be uniformly applied, and are not audited. Although these non-GAAP financial measures are frequently used by investors to evaluate a company, they have limitations as analytical tools, and should not be considered in isolation, or as a substitute for analyses of results as reported under GAAP.

	Three months ended									Twelve months ended
	12/31/2021			9/30/2021			12/31/2020			12/31/2021			12/31/2020
Tangible common equity to tangible assets at period-end
Key shareholders’ equity (GAAP)	$	17,423		$	17,510		$	17,981
Less: Intangible assets (a)	2,820			2,814			2,848
Preferred Stock (b)	1,856			1,856			1,856
Tangible common equity (non-GAAP)	$	12,747		$	12,840		$	13,277
Total assets (GAAP)	$	186,346		$	187,035		$	170,336
Less: Intangible assets (a)	2,820			2,814			2,848
Tangible assets (non-GAAP)	$	183,526		$	184,221		$	167,488
Tangible common equity to tangible assets ratio (non-GAAP)	6.95		%	6.97		%	7.93		%
Pre-provision net revenue
Net interest income (GAAP)	$	1,033		$	1,016		$	1,035		$	4,071		$	4,034
Plus: Taxable-equivalent adjustment	5			9			8			27			29
Noninterest income	909			797			802			3,194			2,652
Less: Noninterest expense	1,170			1,112			1,128			4,429			4,109
Pre-provision net revenue from continuing operations (non-GAAP)	$	777		$	710		$	717		$	2,863		$	2,606
Average tangible common equity
Average Key shareholders' equity (GAAP)	$	17,471		$	17,899		$	17,905		$	17,665		$	17,636
Less: Intangible assets (average) (c)	2,814			2,823			2,855			2,829			2,878
Preferred stock (average)	1,900			1,900			1,900			1,900			1,900
Average tangible common equity (non-GAAP)	$	12,757		$	13,176		$	13,150		$	12,936		$	12,858
Return on average tangible common equity from continuing operations
Net income (loss) from continuing operations attributable to Key common shareholders (GAAP)	$	601		$	616		$	549		$	2,506		$	1,223
Average tangible common equity (non-GAAP)	12,757			13,176			13,150			12,936			12,858
Return on average tangible common equity from continuing operations (non-GAAP)	18.69		%	18.55		%	16.61		%	19.37		%	9.51		%
Return on average tangible common equity consolidated
Net income (loss) attributable to Key common shareholders (GAAP)	$	603		$	618		$	556		$	2,519		$	1,237
Average tangible common equity (non-GAAP)	12,757			13,176			13,150			12,936			12,858
Return on average tangible common equity consolidated (non-GAAP)	18.75		%	18.61		%	16.82		%	19.47		%	9.62		%

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Page 15

GAAP to Non-GAAP Reconciliations (continued)
(Dollars in millions)
	Three months ended									Twelve months ended
	12/31/2021			9/30/2021			12/31/2020			12/31/2021			12/31/2020
Cash efficiency ratio
Noninterest expense (GAAP)	$	1,170		$	1,112		$	1,128		$	4,429		$	4,109
Less: Intangible asset amortization	14			15			15			58			65
Adjusted noninterest expense (non-GAAP)	$	1,156		$	1,097		$	1,113		$	4,371		$	4,044
Net interest income (GAAP)	$	1,033		$	1,016		$	1,035		$	4,071		$	4,034
Plus: Taxable-equivalent adjustment	5			9			8			27			29
Noninterest income	909			797			802			3,194			2,652
Total taxable-equivalent revenue (non-GAAP)	$	1,947		$	1,822		$	1,845		$	7,292		$	6,715
Cash efficiency ratio (non-GAAP)	59.4		%	60.2		%	60.3		%	59.9		%	60.2		%

(a)For the three months ended December 31, 2021, September 30, 2021, and December 31, 2020, intangible assets exclude $3 million, $3 million, and $4 million, respectively, of period-end purchased credit card receivables.

(b)Net of capital surplus.

(c)For the three months ended December 31, 2021, September 30, 2021, and December 31, 2020, average intangible assets exclude $3 million, $3 million, and $5 million, respectively, of average purchased credit card receivables. For the twelve months ended months ended December 31, 2021, and December 31, 2020, average intangible assets exclude $4 million and $6 million, respectively, of average purchased credit card receivables.

GAAP = U.S. generally accepted accounting principles

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January 20, 2022

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Consolidated Balance Sheets
(Dollars in millions)
			12/31/2021		9/30/2021		12/31/2020
Assets
	Loans		$	101,854	$	98,609	$	101,185
	Loans held for sale		2,729		1,805		1,583
	Securities available for sale		45,364		40,594		27,556
	Held-to-maturity securities		7,539		8,423		7,595
	Trading account assets		701		902		735
	Short-term investments		11,010		19,608		16,194
	Other investments		639		607		621
		Total earning assets	169,836		170,548		155,469
	Allowance for loan and lease losses		(1,061)		(1,084)		(1,626)
	Cash and due from banks		913		763		1,091
	Premises and equipment		681		678		753
	Goodwill		2,693		2,673		2,664
	Other intangible assets		130		144		188
	Corporate-owned life insurance		4,327		4,312		4,286
	Accrued income and other assets		8,265		8,404		6,812
	Discontinued assets		562		597		699
		Total assets	$	186,346	$	187,035	$	170,336
Liabilities
	Deposits in domestic offices:
		NOW and money market deposit accounts	$	89,207	$	87,242	$	80,427
		Savings deposits	7,503		7,259		5,913
		Certificates of deposit ($100,000 or more)	1,705		1,890		2,733
		Other time deposits	2,153		2,315		3,010
		Total interest-bearing deposits	100,568		98,706		92,083
		Noninterest-bearing deposits	52,004		53,225		43,199
		Total deposits	152,572		151,931		135,282
	Federal funds purchased and securities sold under repurchase agreements		173		228		220
	Bank notes and other short-term borrowings		588		767		759
	Accrued expense and other liabilities		3,548		3,434		2,385
	Long-term debt		12,042		13,165		13,709
		Total liabilities	168,923		169,525		152,355
Equity
	Preferred stock		1,900		1,900		1,900
	Common shares		1,257		1,257		1,257
	Capital surplus		6,278		6,141		6,281
	Retained earnings		14,553		14,133		12,751
	Treasury stock, at cost		(5,979)		(5,876)		(4,946)
	Accumulated other comprehensive income (loss)		(586)		(45)		738
		Key shareholders’ equity	17,423		17,510		17,981
Total liabilities and equity			$	186,346	$	187,035	$	170,336
Common shares outstanding (000)			928,850		930,544		975,773

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Page 17

Consolidated Statements of Income
(Dollars in millions, except per share amounts)
			Three months ended						Twelve months ended
			12/31/2021		9/30/2021		12/31/2020		12/31/2021		12/31/2020
Interest income
	Loans		$	873	$	882	$	933	$	3,532	$	3,866
	Loans held for sale		15		13		11		50		69
	Securities available for sale		148		135		119		546		484
	Held-to-maturity securities		52		43		51		185		222
	Trading account assets		5		4		4		19		20
	Short-term investments		8		9		4		28		18
	Other investments		2		1		3		7		6
		Total interest income	1,103		1,087		1,125		4,367		4,685
Interest expense
	Deposits		15		15		28		67		347
	Federal funds purchased and securities sold under repurchase agreements		—		—		—		—		6
	Bank notes and other short-term borrowings		2		2		1		8		12
	Long-term debt		53		54		61		221		286
		Total interest expense	70		71		90		296		651
Net interest income			1,033		1,016		1,035		4,071		4,034
Provision for credit losses			4		(107)		20		(418)		1,021
Net interest income after provision for credit losses			1,029		1,123		1,015		4,489		3,013
Noninterest income
	Trust and investment services income		135		129		123		530		507
	Investment banking and debt placement fees		323		235		243		937		661
	Service charges on deposit accounts		90		91		82		337		311
	Operating lease income and other leasing gains		37		37		39		148		167
	Corporate services income		73		69		63		261		228
	Cards and payments income		86		111		97		415		368
	Corporate-owned life insurance income		34		33		38		128		139
	Consumer mortgage income		25		33		43		131		176
	Commercial mortgage servicing fees		48		34		32		160		80
	Other income		58		25		42		147		15
		Total noninterest income	909		797		802		3,194		2,652
Noninterest expense
	Personnel		674		640		661		2,561		2,336
	Net occupancy		75		74		75		300		298
	Computer processing		73		67		62		284		232
	Business services and professional fees		70		56		54		227		196
	Equipment		25		25		26		100		100
	Operating lease expense		31		30		35		126		138
	Marketing		37		32		30		126		97
	Intangible asset amortization		14		15		15		58		65
	Other expense		171		173		170		647		647
		Total noninterest expense	1,170		1,112		1,128		4,429		4,109
Income (loss) from continuing operations before income taxes			768		808		689		3,254		1,556
	Income taxes		141		165		114		642		227
Income (loss) from continuing operations			627		643		575		2,612		1,329
	Income (loss) from discontinued operations, net of taxes		2		2		7		13		14
Net income (loss)			629		645		582		2,625		1,343
	Less: Net income (loss) attributable to noncontrolling interests		—		—		—		—		—
Net income (loss) attributable to Key			$	629	$	645	$	582	$	2,625	$	1,343
Income (loss) from continuing operations attributable to Key common shareholders			$	601	$	616	$	549	$	2,506	$	1,223
Net income (loss) attributable to Key common shareholders			603		618		556		2,519		1,237
Per common share
Income (loss) from continuing operations attributable to Key common shareholders			$	.65	$	.65	$	.57	$	2.64	$	1.26
Income (loss) from discontinued operations, net of taxes			—		—		0.01		.01		.01
Net income (loss) attributable to Key common shareholders (a)			.65		.66		.57		2.65		1.28
Per common share — assuming dilution
Income (loss) from continuing operations attributable to Key common shareholders			$	.64	$	.65	$	.56	$	2.62	$	1.26
Income (loss) from discontinued operations, net of taxes			—		—		—		.01		.01
Net income (loss) attributable to Key common shareholders (a)			.64		.65		.57		2.63		1.27
Cash dividends declared per common share			$	.195	$	.185	$	.185	$	.750	$	.740
Weighted-average common shares outstanding (000)			922,970		942,446		967,987		947,065		967,783
	Effect of common share options and other stock awards		11,758		10,077		8,473		10,349		7,024
Weighted-average common shares and potential common shares outstanding (000) (b)			934,729		952,523		976,460		957,414		974,807

(a)Earnings per share may not foot due to rounding.

(b)Assumes conversion of common share options and other stock awards, as applicable.

KeyCorp Reports Fourth Quarter 2021 Profit     

January 20, 2022

Page 18

Consolidated Average Balance Sheets, and Net Interest Income and Yields/Rates From Continuing Operations
(Dollars in millions)
		Fourth Quarter 2021						Third Quarter 2021						Fourth Quarter 2020
		Average				Yield/		Average				Yield/		Average				Yield/
		Balance		Interest (a)		Rate (a)		Balance		Interest (a)		Rate (a)		Balance		Interest (a)		Rate (a)
Assets
	Loans: (b), (c)
	Commercial and industrial (d)	$	49,510	$	447	3.58	%	$	49,868	$	445	3.54	%	$	53,562	$	477	3.54	%
	Real estate — commercial mortgage	13,671		121		3.51		13,306		120		3.56		12,862		121		3.74
	Real estate — construction	2,119		19		3.50		2,134		19		3.53		1,959		19		3.79
	Commercial lease financing	3,953		26		2.57		3,922		27		2.80		4,353		32		2.92
	Total commercial loans	69,253		613		3.51		69,230		611		3.50		72,736		649		3.55
	Real estate — residential mortgage	15,017		102		2.72		13,168		92		2.78		8,968		74		3.29
	Home equity loans	8,603		79		3.64		8,894		84		3.75		9,410		91		3.81
	Consumer direct loans	5,509		60		4.33		5,175		59		4.55		4,583		56		4.93
	Credit cards	941		24		10.13		917		23		10.07		973		26		10.57
	Consumer indirect loans	74		—		—		2,754		22		3.15		5,040		45		3.56
	Total consumer loans	30,144		265		3.49		30,908		280		3.60		28,974		292		4.01
	Total loans	99,397		878		3.50		100,138		891		3.53		101,710		941		3.68
	Loans held for sale	2,202		15		2.83		1,447		13		3.66		1,621		11		2.76
	Securities available for sale (b), (e)	42,329		148		1.39		36,923		135		1.48		28,046		119		1.75
	Held-to-maturity securities (b)	7,991		52		2.61		6,507		43		2.66		7,939		51		2.56
	Trading account assets	853		5		2.48		743		4		2.19		744		4		2.21
	Short-term investments	15,505		8		.20		19,274		9		.18		14,111		4		.14
	Other investments (e)	634		2		1.15		614		1		.99		615		3		1.31
	Total earning assets	168,911		1,108		2.60		165,646		1,096		2.64		154,786		1,133		2.93
	Allowance for loan and lease losses	(1,081)						(1,222)						(1,715)
	Accrued income and other assets	17,133						16,947						15,861
	Discontinued assets	574						618						717
	Total assets	$	185,537					$	181,989					$	169,649
Liabilities
	NOW and money market deposit accounts	$	88,110	$	11	.05		$	85,333	$	10	.05		$	80,636	$	12	.06
	Savings deposits	7,375		—		.01		7,117		—		.01		5,737		—		.03
	Certificates of deposit ($100,000 or more)	1,793		2		.53		1,975		3		.59		2,983		9		1.20
	Other time deposits	2,233		2		.21		2,404		2		.26		3,209		7		.80
	Total interest-bearing deposits	99,511		15		.06		96,829		15		.06		92,565		28		.12
	Federal funds purchased and securities sold under repurchase agreements	230		—		.02		231		—		.02		220		—		.04
	Bank notes and other short-term borrowings	789		2		1.45		671		2		1.11		791		1		.73
	Long-term debt (f), (g)	12,159		53		1.74		12,601		54		1.73		12,118		61		2.05
	Total interest-bearing liabilities	112,689		70		.25		110,332		71		.26		105,694		90		.34
	Noninterest-bearing deposits	51,494						50,087						43,156
	Accrued expense and other liabilities	3,309						3,053						2,177
	Discontinued liabilities (g)	574						618						717
	Total liabilities	$	168,066					$	164,090					$	151,744
Equity
	Key shareholders’ equity	$	17,471					$	17,899					$	17,905
	Noncontrolling interests	—						—						—
	Total equity	17,471						17,899						17,905
	Total liabilities and equity	$	185,537					$	181,989					$	169,649
Interest rate spread (TE)						2.36	%					2.38	%					2.59	%
Net interest income (TE) and net interest margin (TE)				$	1,038	2.44	%			$	1,025	2.47	%			$	1,043	2.70	%
TE adjustment (b)				5						9						8
	Net interest income, GAAP basis			$	1,033					$	1,016					$	1,035

(a)Results are from continuing operations. Interest excludes the interest associated with the liabilities referred to in (g) below, calculated using a matched funds transfer pricing methodology.

(b)Interest income on tax-exempt securities and loans has been adjusted to a taxable-equivalent basis using the statutory federal income tax rate of 21% for the three months ended December 31, 2021, September 30, 2021, and December 31, 2020.

(c)For purposes of these computations, nonaccrual loans are included in average loan balances.

(d)Commercial and industrial average balances include $141 million, $137 million, and $129 million of assets from commercial credit cards for the three months ended December 31, 2021, September 30, 2021, and December 31, 2020, respectively.

(e)Yield is calculated on the basis of amortized cost.

(f)Rate calculation excludes basis adjustments related to fair value hedges.

(g)A portion of long-term debt and the related interest expense is allocated to discontinued liabilities as a result of applying Key’s matched funds transfer pricing methodology to discontinued operations.

TE = Taxable Equivalent, GAAP = U.S. generally accepted accounting principles

KeyCorp Reports Fourth Quarter 2021 Profit     

January 20, 2022

Page 19

Consolidated Average Balance Sheets, and Net Interest Income and Yields/Rates From Continuing Operations
(Dollars in millions)
		Twelve months ended December 31, 2021						Twelve months ended December 31, 2020
		Average				Yield/		Average				Yield/
		Balance		Interest (a)		Rate (a)		Balance		Interest (a)		Rate (a)
Assets
	Loans: (b), (c)
	Commercial and industrial (d)	$	50,931	$	1,795	3.52	%	$	55,145	$	1,977	3.59	%
	Real estate — commercial mortgage	13,118		472		3.60		13,279		521		3.92
	Real estate — construction	2,113		77		3.61		1,843		74		3.99
	Commercial lease financing	4,019		114		2.84		4,497		139		3.09
	Total commercial loans	70,181		2,458		3.50		74,764		2,711		3.63
	Real estate — residential mortgage	12,252		348		2.84		8,094		284		3.50
	Home equity loans	8,967		336		3.74		9,772		392		4.01
	Consumer direct loans	5,105		233		4.56		4,213		221		5.26
	Credit cards	925		94		10.11		1,001		107		10.65
	Consumer indirect loans	2,839		90		3.19		4,845		180		3.72
	Total consumer loans	30,088		1,101		3.66		27,925		1,184		4.24
	Total loans	100,269		3,559		3.55		102,689		3,895		3.79
	Loans held for sale	1,700		50		2.96		1,972		69		3.49
	Securities available for sale (b), (e)	35,765		546		1.53		23,742		484		2.10
	Held-to-maturity securities (b)	7,035		185		2.63		8,938		222		2.49
	Trading account assets	820		19		2.35		814		20		2.47
	Short-term investments	17,529		28		.16		9,096		18		.20
	Other investments (e)	621		7		1.14		635		6		.87
	Total earning assets	163,739		4,394		2.69		147,886		4,714		3.20
	Allowance for loan and lease losses	(1,340)						(1,481)
	Accrued income and other assets	16,520						15,650
	Discontinued assets	632						775
	Total assets	$	179,551					$	162,830
Liabilities
	NOW and money market deposit accounts	$	84,736	$	41	.05		$	75,733	$	206	.27
	Savings deposits	6,893		1		.02		5,252		2		.04
	Certificates of deposit ($100,000 or more)	2,135		16		.72		4,520		83		1.83
	Other time deposits	2,540		9		.37		4,041		56		1.38
	Total interest-bearing deposits	96,304		67		.07		89,546		347		.39
	Federal funds purchased and securities sold under repurchase agreements	239		—		.02		670		6		.88
	Bank notes and other short-term borrowings	770		8		1.08		1,452		12		.85
	Long-term debt (f), (g)	12,391		221		1.79		12,578		286		2.36
	Total interest-bearing liabilities	109,704		296		.27		104,246		651		.63
	Noninterest-bearing deposits	48,731						37,740
	Accrued expense and other liabilities	2,819						2,433
	Discontinued liabilities (g)	632						775
	Total liabilities	$	161,886					$	145,194
Equity
	Key shareholders’ equity	$	17,665					$	17,636
	Noncontrolling interests	—						—
	Total equity	17,665						17,636
	Total liabilities and equity	$	179,551					$	162,830
Interest rate spread (TE)						2.42	%					2.57	%
Net interest income (TE) and net interest margin (TE)				$	4,098	2.50	%			$	4,063	2.77	%
TE adjustment (b)				27						29
	Net interest income, GAAP basis			$	4,071					$	4,034

(a)Results are from continuing operations. Interest excludes the interest associated with the liabilities referred to in (g) below, calculated using a matched funds transfer pricing methodology.

(b)Interest income on tax-exempt securities and loans has been adjusted to a taxable-equivalent basis using the statutory federal income tax rate of 21% for the twelve months ended months ended December 31, 2021, and December 31, 2020, respectively.

(c)For purposes of these computations, nonaccrual loans are included in average loan balances.

(d)Commercial and industrial average balances include $134 million and $135 million of assets from commercial credit cards for the twelve months ended months ended December 31, 2021, and December 31, 2020, respectively.

(e)Yield is calculated on the basis of amortized cost.

(f)Rate calculation excludes basis adjustments related to fair value hedges.

(g)A portion of long-term debt and the related interest expense is allocated to discontinued liabilities as a result of applying Key’s matched funds transfer pricing methodology to discontinued operations.

TE = Taxable Equivalent, GAAP = U.S. generally accepted accounting principles

KeyCorp Reports Fourth Quarter 2021 Profit     

January 20, 2022

Page 20

Noninterest Expense
(Dollars in millions)
	Three months ended						Twelve months ended
	12/31/2021		9/30/2021		12/31/2020		12/31/2021		12/31/2020
Personnel (a)	$	674	$	640	$	661	$	2,561	$	2,336
Net occupancy	75		74		75		300		298
Computer processing	73		67		62		284		232
Business services and professional fees	70		56		54		227		196
Equipment	25		25		26		100		100
Operating lease expense	31		30		35		126		138
Marketing	37		32		30		126		97
Intangible asset amortization	14		15		15		58		65
Other expense	171		173		170		647		647
Total noninterest expense	$	1,170	$	1,112	$	1,128	$	4,429	$	4,109
Average full-time equivalent employees (b)	16,797		17,009		17,029		16,974		16,826

(a)Additional detail provided in Personnel Expense table below.

(b)The number of average full-time equivalent employees has not been adjusted for discontinued operations.

Personnel Expense
(Dollars in millions)
	Three months ended						Twelve months ended
	12/31/2021		9/30/2021		12/31/2020		12/31/2021		12/31/2020
Salaries and contract labor	$	342	$	328	$	342	$	1,311	$	1,329
Incentive and stock-based compensation	243		212		208		861		627
Employee benefits	89		100		89		388		350
Severance	—		—		22		1		30
Total personnel expense	$	674	$	640	$	661	$	2,561	$	2,336

KeyCorp Reports Fourth Quarter 2021 Profit     

January 20, 2022

Page 21

Loan Composition
(Dollars in millions)
							Percent change 12/31/2021 vs
	12/31/2021		9/30/2021		12/31/2020		9/30/2021		12/31/2020
Commercial and industrial (a)	$	50,525	$	49,553	$	52,907	2.0	%	(4.5)	%
Commercial real estate:
Commercial mortgage	14,244		13,674		12,687		4.2		12.3
Construction	1,996		2,120		1,987		(5.8)		.5
Total commercial real estate loans	16,240		15,794		14,674		2.8		10.7
Commercial lease financing (b)	4,071		3,982		4,399		2.2		(7.5)
Total commercial loans	70,836		69,329		71,980		2.2		(1.6)
Residential — prime loans:
Real estate — residential mortgage	15,756		14,204		9,298		10.9		69.5
Home equity loans	8,467		8,747		9,360		(3.2)		(9.5)
Total residential — prime loans	24,223		22,951		18,658		5.5		29.8
Consumer direct loans	5,753		5,324		4,714		8.1		22.0
Credit cards	972		928		989		4.7		(1.7)
Consumer indirect loans	70		77		4,844		(9.1)		(98.6)
Total consumer loans	31,018		29,280		29,205		5.9		6.2
Total loans (c), (d)	$	101,854	$	98,609	$	101,185	3.3	%	.7	%

(a)Loan balances include $139 million, $139 million, and $127 million of commercial credit card balances at December 31, 2021, September 30, 2021, and December 31, 2020, respectively.

(b)Commercial lease financing includes receivables held as collateral for a secured borrowing of $16 million, $16 million, and $23 million at December 31, 2021, September 30, 2021, and December 31, 2020, respectively. Principal reductions are based on the cash payments received from these related receivables.

(c)Total loans exclude loans of $567 million at December 31, 2021, $602 million at September 30, 2021, and $710 million at December 31, 2020, related to the discontinued operations of the education lending business.

(d)Accrued interest of $198 million, $211 million, and $241 million at December 31, 2021, September 30, 2021, and December 31, 2020, respectively, presented in "other assets" on the Consolidated Balance Sheets is excluded from the amortized cost basis disclosed in this table.

Loans Held for Sale Composition
(Dollars in millions)
							Percent change 12/31/2021 vs
	12/31/2021		9/30/2021		12/31/2020		9/30/2021		12/31/2020
Commercial and industrial	$	1,438	$	122	$	249	N/M		477.5	%
Real estate — commercial mortgage	1,010		1,446		1,014		(30.2)		(0.4)
Real estate — residential mortgage	281		237		264		18.6		6.4
Consumer direct loans	—		—		56		N/M		N/M
Total loans held for sale	$	2,729	$	1,805	$	1,583	51.2	%	72.4	%

N/M = Not Meaningful

Summary of Changes in Loans Held for Sale
(Dollars in millions)
	4Q21		3Q21		2Q21		1Q21		4Q20
Balance at beginning of period	$	1,805	$	1,537	$	2,296	$	1,583	$	1,724
New originations	5,741		3,328		3,573		4,010		3,835
Transfers from (to) held to maturity, net	(1)		3,305		(71)		83		(24)
Loan sales	(4,779)		(6,405)		(4,195)		(3,303)		(3,932)
Loan draws (payments), net	(12)		8		(27)		(73)		(19)
Valuation and other adjustments	(25)		32		(39)		(4)		—
Balance at end of period	$	2,729	$	1,805	$	1,537	$	2,296	$	1,583

KeyCorp Reports Fourth Quarter 2021 Profit     

January 20, 2022

Page 22

Summary of Loan and Lease Loss Experience From Continuing Operations
(Dollars in millions)
	Three months ended									Twelve months ended
	12/31/2021			9/30/2021			12/31/2020			12/31/2021			12/31/2020
Average loans outstanding	$	99,397		$	100,138		$	101,710		$	100,269		$	102,689
Allowance for loan and lease losses at the end of the prior period	$	1,084		$	1,220		$	1,730		$	1,626		$	900
Cumulative effect from change in accounting principle (a)	—			—			—			—			204
Allowance for loan and lease losses at the beginning of the period	1,084			1,220			1,730			1,626			1,104
Loans charged off:
Commercial and industrial	33			27			119			174			351
Real estate — commercial mortgage	1			—			1			40			19
Real estate — construction	—			—			—			—			—
Total commercial real estate loans	1			—			1			40			19
Commercial lease financing	1			1			19			6			35
Total commercial loans	35			28			139			220			405
Real estate — residential mortgage	(1)			(2)			—			(2)			2
Home equity loans	2			1			1			9			11
Consumer direct loans	7			7			7			29			37
Credit cards	6			6			7			27			39
Consumer indirect loans	1			26			6			39			28
Total consumer loans	15			38			21			102			117
Total loans charged off	50			66			160			322			522
Recoveries:
Commercial and industrial	23			20			15			83			34
Real estate — commercial mortgage	1			1			—			9			3
Real estate — construction	—			—			—			—			—
Total commercial real estate loans	1			1			—			9			3
Commercial lease financing	—			6			—			7			1
Total commercial loans	24			27			15			99			38
Real estate — residential mortgage	1			1			—			3			1
Home equity loans	1			2			1			5			7
Consumer direct loans	2			2			1			8			7
Credit cards	2			1			2			8			8
Consumer indirect loans	1			4			6			15			18
Total consumer loans	7			10			10			39			41
Total recoveries	31			37			25			138			79
Net loan charge-offs	(19)			(29)			(135)			(184)			(443)
Provision (credit) for loan and lease losses	(4)			(107)			31			(381)			965
Allowance for loan and lease losses at end of period	$	1,061		$	1,084		$	1,626		$	1,061		$	1,626
Liability for credit losses on lending-related commitments at the end of the prior period	$	152		$	152		$	208		$	197		$	68
Liability for credit losses on contingent guarantees at the end of the prior period	—			—			—			—			7
Cumulative effect from change in accounting principle (a), (b)	—			—			—			—			66
Liability for credit losses on lending-related commitments at beginning of period	152			152			208			197			141
Provision (credit) for losses on lending-related commitments	8			—			(11)			(37)			56
Liability for credit losses on lending-related commitments at end of period (c)	$	160		$	152		$	197		$	160		$	197
Total allowance for credit losses at end of period	$	1,221		$	1,236		$	1,823		$	1,221		$	1,823
Net loan charge-offs to average total loans	.08		%	.11		%	.53		%	.18		%	.43		%
Allowance for loan and lease losses to period-end loans	1.04			1.10			1.61			1.04			1.61
Allowance for credit losses to period-end loans	1.20			1.25			1.80			1.20			1.80
Allowance for loan and lease losses to nonperforming loans	233.7			195.7			207.1			233.7			207.1
Allowance for credit losses to nonperforming loans	268.9			223.1			232.2			268.9			232.2
Discontinued operations — education lending business:
Loans charged off	$	1		1			$	1		$	4		$	5
Recoveries	—			1			2			2			5
Net loan charge-offs	$	(1)		$	—		$	1		$	(2)		$	—

(a)The cumulative effect from change in accounting principle relates to the January 1, 2020, adoption of ASU 2016-13.

(b)Twelve months ended December 30, 2020, excludes $4 million related to the provision for other financial assets as a result of the change in accounting principle.

(c)Included in "Accrued expense and other liabilities" on the balance sheet.

KeyCorp Reports Fourth Quarter 2021 Profit     

January 20, 2022

Page 23

Asset Quality Statistics From Continuing Operations
(Dollars in millions)
	4Q21			3Q21			2Q21			1Q21			4Q20
Net loan charge-offs	$	19		$	29		$	22		$	114		$	135
Net loan charge-offs to average total loans	.08		%	.11		%	.09		%	.46		%	.53		%
Allowance for loan and lease losses	$	1,061		$	1,084		$	1,220		$	1,438		$	1,626
Allowance for credit losses (a)	1,221			1,236			1,372			1,616			1,823
Allowance for loan and lease losses to period-end loans	1.04		%	1.10		%	1.21		%	1.42		%	1.61		%
Allowance for credit losses to period-end loans	1.20			1.25			1.36			1.60			1.80
Allowance for loan and lease losses to nonperforming loans	233.7			195.7			175.8			197.5			207.1
Allowance for credit losses to nonperforming loans	268.9			223.1			197.7			222.0			232.2
Nonperforming loans at period end	$	454		$	554		$	694		$	728		$	785
Nonperforming assets at period end	489			599			738			790			937
Nonperforming loans to period-end portfolio loans	.45		%	.56		%	.69		%	.72		%	.78		%
Nonperforming assets to period-end portfolio loans plus OREO and other nonperforming assets	.48			.61			.73			.78			.92

(a)Includes the allowance for loan and lease losses plus the liability for credit losses on lending-related commitments.

Summary of Nonperforming Assets and Past Due Loans From Continuing Operations
(Dollars in millions)
	12/31/2021			9/30/2021			6/30/2021			3/31/2021			12/31/2020
Commercial and industrial	$	191		$	253		$	355		$	387		$	385
Real estate — commercial mortgage	44			49			66			66			104
Real estate — construction	—			—			—			—			—
Total commercial real estate loans	44			49			66			66			104
Commercial lease financing	4			5			7			8			8
Total commercial loans	239			307			428			461			497
Real estate — residential mortgage	72			93			99			95			110
Home equity loans	135			146			146			148			154
Consumer direct loans	4			4			4			5			5
Credit cards	3			3			3			3			2
Consumer indirect loans	1			1			14			16			17
Total consumer loans	215			247			266			267			288
Total nonperforming loans	454			554			694			728			785
OREO	8			8			9			12			100
Nonperforming loans held for sale	24			35			32			47			49
Other nonperforming assets	3			2			3			3			3
Total nonperforming assets	$	489		$	599		$	738		$	790		$	937
Accruing loans past due 90 days or more	68			82			74			92			86
Accruing loans past due 30 through 89 days	165			164			190			191			241
Restructured loans — accruing and nonaccruing (a)	220			270			334			376			363
Restructured loans included in nonperforming loans (a)	99			146			177			192			229
Nonperforming assets from discontinued operations — education lending business	4			4			5			5			5
Nonperforming loans to period-end portfolio loans	.45		%	.56		%	.69		%	.72		%	.78		%
Nonperforming assets to period-end portfolio loans plus OREO and other nonperforming assets	.48			.61			.73			.78			.92

(a)Restructured loans (i.e., troubled debt restructuring) are those for which Key, for reasons related to a borrower’s financial difficulties, grants a concession to the borrower that it would not otherwise consider. These concessions are made to improve the collectability of the loan and generally take the form of a reduction of the interest rate, extension of the maturity date or reduction in the principal balance.

Summary of Changes in Nonperforming Loans From Continuing Operations
(Dollars in millions)
	4Q21		3Q21		2Q21		1Q21		4Q20
Balance at beginning of period	$	554	$	694	$	728	$	785	$	834
Loans placed on nonaccrual status	116		116		186		196		300
Charge-offs	(51)		(66)		(74)		(135)		(160)
Loans sold	(38)		(17)		(10)		(13)		(9)
Payments	(68)		(136)		(92)		(37)		(83)
Transfers to OREO	(1)		(1)		—		(3)		(3)
Transfers to nonperforming loans held for sale	—		—		—		—		—
Loans returned to accrual status	(58)		(36)		(44)		(65)		(94)
Balance at end of period	$	454	$	554	$	694	$	728	$	785

KeyCorp Reports Fourth Quarter 2021 Profit     

January 20, 2022

Page 24

Line of Business Results
(Dollars in millions)
																Percentage change 4Q21 vs.
	4Q21			3Q21			2Q21			1Q21			4Q20			3Q21		4Q20
Consumer Bank
Summary of operations
Total revenue (TE)	$	839		$	870		$	852		$	864		$	896		(3.6)	%	(6.4)	%
Provision for credit losses	13			(38)			(70)			(23)			(5)			134.2		360.0
Noninterest expense	614			591			584			601			606			3.9		1.3
Net income (loss) attributable to Key	161			241			257			217			225			(33.2)		(28.4)
Average loans and leases	37,792			39,796			40,598			39,249			39,448			(5.0)		(4.2)
Average deposits	90,271			89,156			88,412			85,033			82,845			1.3		9.0
Net loan charge-offs	22			35			34			36			28			(37.1)		(21.4)
Net loan charge-offs to average total loans	.23		%	.35		%	.34		%	.37		%	.28		%	(34.3)		(17.9)
Nonperforming assets at period end	$	222		$	254		$	274		$	276		$	300		(12.6)		(26.0)
Return on average allocated equity	18.05		%	25.81		%	28.53		%	25.74		%	25.60		%	(30.1)		(29.5)
Commercial Bank
Summary of operations
Total revenue (TE)	$	1,028		$	886		$	871		$	858		$	922		16.0	%	11.5	%
Provision for credit losses	(12)			(69)			(131)			(67)			44			(82.6)		127.3
Noninterest expense	501			470			451			443			499			6.6		.4
Net income (loss) attributable to Key	449			381			432			383			310			17.8		44.8
Average loans and leases	61,127			59,914			59,953			61,221			62,016			2.0		(1.4)
Average loans held for sale	1,962			1,190			1,341			1,237			1,285			64.9		52.7
Average deposits	59,537			56,522			54,814			51,894			52,489			5.3		13.4
Net loan charge-offs	—			(6)			9			78			108			(100.0)		(100.0)
Net loan charge-offs to average total loans	—		%	(.04)		%	.06		%	.52		%	.69		%	(100.0)		(100.0)
Nonperforming assets at period end	$	267		$	345		$	464		$	514		$	637		(22.6)		(58.1)
Return on average allocated equity	21.54		%	18.54		%	20.69		%	17.41		%	23.79		%	16.2		(9.5)

TE = Taxable Equivalent, N/A = Not Applicable, N/M = Not Meaningful

EX-99.2

KeyCorp Fourth Quarter 2021 Earnings Review January 20, 2022 Chris Gorman Chairman and Chief Executive Officer Don Kimble Vice Chairman and Chief Financial Officer

FORWARD-LOOKING STATEMENTS AND ADDITIONAL INFORMATION This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including, but not limited to, KeyCorp’s expectations or predictions of future financial or business performance or conditions. Forward-looking statements are typically identified by words such as “believe,” “seek,” “expect,” “anticipate,” “intend,” “target,” “estimate,” “continue,” “positions,” “plan,” “predict,” “project,” “forecast,” “guidance,” “goal,” “objective,” “prospects,” “possible,” “potential,” “strategy,” “opportunities,” or “trends,” by future conditional verbs such as “assume,” “will,” “would,” “should,” “could” or “may”, or by variations of such words or by similar expressions. These forward-looking statements are based on assumptions that involve risks and uncertainties, which are subject to change based on various important factors (some of which are beyond KeyCorp’s control.) Actual results may differ materially from current projections. Actual outcomes may differ materially from those expressed or implied as a result of the factors described under “Forward-looking Statements” and “Risk Factors” in KeyCorp’s Annual Report on Form 10-K for the year ended December 31, 2020, in KeyCorp’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2021, and in other filings of KeyCorp with the Securities and Exchange Commission (the “SEC”). Such forward-looking statements speak only as of the date they are made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after that date or to reflect the occurrence of unanticipated events. For additional information regarding KeyCorp, please refer to our SEC filings available at www.key.com/ir. Annualized, pro forma, projected and estimated numbers are used for illustrative purpose only, are not forecasts and may not reflect actual results. This presentation also includes certain non-GAAP financial measures related to “tangible common equity,” “cash efficiency ratio,” and “pre-provision net revenue.” Although Key has procedures in place to ensure that these measures are calculated using the appropriate GAAP or regulatory components, they have limitations as analytical tools and should not be considered in isolation, or as a substitute for analysis of results under GAAP. For more information on these calculations and to view the reconciliations to the most comparable GAAP measures, please refer to the appendix of this presentation, or page 49 of our Form 10-Q dated September 30, 2021. GAAP: Generally Accepted Accounting Principles 2

2021: A Record Year Delivering on Commitments with Momentum Across the Franchise Positive operating leverage: achieved for 4Q21 and FY21
8 of the last 9 years  Record pre-provision revenue : FY21 PPNR(a) up 10% vs. 2020  Targeted investments to drive growth: adding senior bankers (+10% YoY), Laurel Road, AQN Strategies, and XUP Strong credit quality: historic low net charge-offs to average loans Significant capital return: 75% of net income returned to shareholders  2020 2021 Total Revenue (TE) Strong consumer execution: record net new household growth and record loan originations of $16Bn (Laurel Road and consumer mortgage)      Strong commercial execution: raised >$100Bn of capital for clients with 18% retained on balance sheet; driving record fee income Pre-Provision Net Revenue (a) Net Charge-Offs 2020 2021 2020 2021 (58)%+10%+9% (a) Non-GAAP measure: see 4Q21 earnings press release for reconciliation Record total revenue : FY21 revenue up 9% vs. 2020 with growth across the franchise 3

Financial Review 4

Financial Highlights EOP = End of Period (a) Non-GAAP measure: see Appendix for reconciliations (b) 12/31/21 ratios are estimated EPS – assuming dilution $.64 $ .65 $ .56 (1.5) % 14.3 % Cash efficiency ratio(a) 59.4 % 60.2 % 60.3 % (80) bps (90) bps Return on average tangible common equity(a) 18.7 18.6 16.6 10 210 Return on average total assets 1.34 1.41 1.35 (7) (1) Net interest margin 2.44 2.47 2.70 (3) (26) Common Equity Tier 1(b) 9.4 % 9.6 % 9.7 % (20) bps (30) bps Tier 1 risk-based capital(b) 10.7 10.9 11.1 (20) (40) Tangible common equity to tangible assets(a) 6.9 7.0 7.9 (10) (100) NCOs to average loans .08 % .11 % .53 % (3) bps (45) bps NPLs to EOP portfolio loans .45 .56 .78 (11) (33) Allowance for credit losses to EOP loans 1.20 1.25 1.80 (5) (60) Asset Quality Profitability Continuing operations, unless otherwise noted 4Q21 3Q21 4Q20 LQ ∆ Y/Y ∆ Capital 5

$8 $4 $2 4Q20 3Q21 4Q21 Commercial loans PPP Loans $ in billions vs. Prior Year Total Average Loans Highlights  Average loans down 2% from 4Q20 − Commercial balances reflect lower PPP balances from forgiveness, partially offset by core growth in commercial and industrial and commercial real estate − Consumer loan growth (+4%) driven by consumer mortgage and Laurel Road partially offset by the indirect auto portfolio sale vs. Prior Quarter  Average loans relatively stable compared to 3Q21 − Commercial balances reflect a slight increase in commercial utilization rates, more than offset by the forgiveness of PPP loans − Strength in consumer mortgage and Laurel Road, partially offset by the indirect auto portfolio sale (reduced balances $2.7Bn QoQ) $ in billions Average Loan Detail $8 $2 30% 29% 20.00% 30.00% 40.00% $60 $70 $80 $90 $100 $110 4Q20 1Q21 2Q21 3Q21 4Q21 C&I line utilizationTotal average loans ConsumerCommercial 6 PPP  $2.3Bn of average PPP loans in 4Q21  $1.5Bn of PPP forgiveness in 4Q21 $73 $69 $69 $99 $102 PPP $5 $3 4Q20 3Q21 4Q21 Indirect Auto Consumer loans Indirect auto sale impact:  $2.7Bn QoQ

$51.5 $88.1 $7.4 $4.0 .16% .04% .23% .06% $0 $20 $40 $60 $80 $100 $120 $140 $160 4Q20 1Q21 2Q21 3Q21 4Q21 Cost of total interest-bearing deposits  Average deposit balances up 3% from 3Q21 − Growth in commercial escrow deposits − Partially offset by a continued decline in time deposits 4Q21 Average Deposit Mix  Average deposits up 11% from 4Q20 − Growth from consumer and commercial relationships − Partially offset by decline in time deposits as a result of lower interest rates Cost of total deposits CDs and other time deposits Savings Noninterest-bearing NOW and MMDA $ in billions $ in billions vs. Prior Year vs. Prior Quarter Consumer Commercial $136 Average Deposits Highlights  Strong and stable deposit base − 34% noninterest-bearing(a) − ~60% stable retail and low-cost escrow − 69% loan to deposit ratio(b) (a) Based on period-end balances (b) Represents period-end consolidated total loans and loans held for sale divided by period-end consolidated total deposits x 7 Deposits $151

$1,038 2.70% 2.44% 2.0% 2.5% 3.0% 3.5% 4.0% $500 $600 $700 $800 $900 $1,000 $1,100 4Q20 1Q21 2Q21 3Q21 4Q21  Net interest income up $13MM (+1%) from 3Q21 − Largely reflecting balance sheet growth, a favorable earning asset mix and higher loan fees from PPP forgiveness and core loan growth − Partially offset by lower reinvestment yields and the indirect auto portfolio sale ($11MM impact on NII and 3 bps impact on NIM in 4Q21) TE = Taxable equivalent Net interest income (TE) Net Interest Margin (TE) Net Interest Income and Margin $ in millions; continuing operations vs. Prior Year vs. Prior Quarter $1,043 Net Interest Income & Net Interest Margin Trend (TE ) Highlights x  Net interest income down $5MM from 4Q20 − Largely driven by lower reinvestment yields and the indirect auto portfolio sale − Partially offset by a favorable earning asset mix  Lower NIM also impacted by continued elevated levels of liquidity 8 NIM Change vs. Prior Quarter 3Q21: 2.47% Balance sheet mix and earning asset yields (.05) Loan fees .02 Total change (.03) 4Q21: 2.44%

 Noninterest income up $107MM (+13%) from 4Q20 − Record fourth quarter of investment banking and debt placement fees (+$80MM) − Strength in commercial mortgage servicing fees (+$16MM) and other income (+$16MM) − Partially offset by lower consumer mortgage income (-$18MM) from higher balance sheet retention and lower gain on sale margins Noninterest Income Noninterest Income  Noninterest income up $112MM (+14%) from 3Q21 − Higher investment banking and debt placement fees (+$88MM) driven by broad-based growth across the platform − Strength in other income (+$33MM) and commercial mortgage servicing fees (+$14MM) − Partially offset by lower cards and payments income (-$25MM) driven by lower prepaid card revenue vs. Prior Year vs. Prior Quarter Highlights $ in millions up / (down) 4Q21 vs. 4Q20 vs. 3Q21 Trust and investment services income $ 135 $ 12 $ 6 Investment banking and debt placement fees 323 80 88 Service charges on deposit accounts 90 8 (1) Operating lease income and other leasing gains 37 (2) - Corporate services income 73 10 4 Cards and payments income 86 (11) (25) Corporate-owned life insurance 34 (4) 1 Consumer mortgage income 25 (18) (8) Commercial mortgage servicing fees 48 16 14 Other income 58 16 33 Total noninterest income $ 909 $ 107 $ 1 12 9

2021 Investments – Driving Growth Noninterest Expense vs. Prior Year vs. Prior Quarter Noninterest Expense Highlights $ in millions favorable / (unfavorable) 4Q21 vs. 4Q20 vs. 3Q21 Personnel $ 674 $ (13) $ (34) Net occupancy 75 - (1) Computer processing 73 (11) (6) Business services, professional fees 70 (16) (14) Equipment 25 1 - Operating lease expense 31 4 (1) Marketing 37 (7) (5) Intangible asset amortization 14 1 1 Other expense 171 (1) 2 Total noninterest expense $ 1,170 $ (42) $ (58)  Noninterest expense up $42MM (+4%) from 4Q20 − Expenses reflect investments across franchise in digital, analytics, and teammates − Higher business services and professional fees (+$16MM) and computer processing expense (+11MM) − Higher incentive and stock-based compensation related to strong fee production and increased share price  Noninterest expense up $58MM (+5%) from 3Q21 − Higher incentive and stock-based compensation related to strong fee production and increased share price − Higher business services and professional fees (+14MM) 10  Growing Laurel Road and launching national digital bank  Growing our team (bankers +10%)  Enhancing digital and analytics capabilities

$135 $19 20 $4 .49% .08% (.40)% (.20)% .00% .20% .40% .60% .80% ($300) ($150) $0 $150 $300 $450 $600 4Q20 1Q21 2Q21 3Q21 4Q21 $ in millions Credit Quality $ in millions NCOs Provision for credit losses NCOs to avg. loans $785 $454 .78% .45% .00% .40% .80% 1.20% 1.60% 2.00% $0 $300 $600 $900 4Q20 1Q21 2Q21 3Q21 4Q21 NPLs NPLs to period-end loans NCO = Net charge-off NPL = Nonperforming Loans $1,823 $1,221 232% 267% 100% 150% 200% 250% 300% 350% 400% $0 $500 $1,000 $1,500 $2,000 $2,500 4Q20 1Q21 2Q21 3Q21 4Q21 Allowance for credit losses to NPLs Allowance for credit losses Nonperforming Loans 4Q21 allowance for credit losses to period-end loans of 1.20% Allowance for Credit Losses (ACL) Net Charge-offs & Provision for Credit Losses $ in millions 11

Common Equity Tier 1 (a)  Strong capital position: CET1 ratio 9.4% (a) at 12/31/2021 – within targeted range  Strong capital return: − Increased dividend 5% to $.195 per common share in 4Q21 − 4Q reflects final settlement of accelerated share repurchase program Tangible Common Equity to Tangible Assets (b) (a) 12/31/21 ratio is estimated and reflects Key's election to adopt the CECL optional transition provision (b) Non-GAAP measure: see Appendix for reconciliation 9.7% 9.4% 6.0% 7.0% 8.0% 9.0% 10.0% 11.0% 4Q20 1Q21 2Q21 3Q21 4Q21 7.9% 6.9% 6.0% 7.0% 8.0% 9.0% 4Q20 1Q21 2Q21 3Q21 4Q21 Capital Highlights 12 SHARE REPURCHASE Capital Return COMMON SHARE DIVIDEND $.75 per common share in 2021 22% 10-year common share CAGR $1.1Bn common shares repurchased in FY21 >$5.8Bn common shares repurchased since 2012

FY2022 Outlook & Long -term Targets Average Balance Sheet • Loans: up low-double digit excluding the impact of PPP and the indirect auto portfolio sale  up low-single digit on a reported basis • Deposits: up low-single digit Net Interest Income (TE) • Net interest income: relatively stable Noninterest Income • Noninterest income: down low-single digit (reflects lower prepaid card income) Noninterest Expense • Noninterest expense: down low-single digit Credit Quality • Net charge-offs to average loans: 20 - 30 bps Taxes • GAAP tax rate: ~20% FY 2022 (vs. FY 2021) Long-term Targets Positive operating leverage Cash efficiency ratio: 54% - 56% Moderate risk profile: Net charge-offs to avg. loans targeted range of 40-60 bps ROTCE: 16% - 19% Guidance ranges: relatively stable: +/- 2%; low-single digit: 1% - 3%; mid-single digit: 4% - 6%; high-single digit: 7% - 9%; low-double digit: 10% - 12% 13

Appendix 14

Total Commercial Loans C&I $40 CRE $18 $ in billions 12/31/21 % of total loans Commercial and industrial $ 50.5 49 Commercial real estate 16.2 16 Commercial lease financing 4.1 4 Total Commercial $ 70.8 69% Commercial Loan Portfolio Detail  Solid middle market portfolio  Aligning bankers to areas of market opportunity and growth - investing in strategic hires with industry vertical expertise  High-quality borrowers  Small, stable leveraged portfolio: <2% of total loans Portfolio Highlights  Target specific client segments focused in 7 industry verticals  Experienced bankers with deep industry expertise  Focused on high quality clients  Credit quality metrics remain strong and stable − Disciplined, consistent underwriting − Active surveillance with ongoing portfolio reviews − Dynamic assessment of ratings migration  Strengthened credit risk profile with strategic exits and growth in targeted client segments to focus on relationships  Significantly scaled back construction portfolio from pre-global financial crisis (42% in 2008
14% in 2021)  Focused on relationships with owners and operators  Strategic focus in CDLI and multifamily Commercial Real Estate (CRE) Commercial & Industrial (C&I) Consumer Energy Healthcare Industrial Public Sector Real Estate Technology Targeted Industry Verticals ~80% commercial bank credit exposure from relationship(a) clients (a) Relationship client is defined as having two or more of the following: credit, capital markets, or payments 15

$2.5 $3.0 $3.7 $3.7 $3.4 4Q20 1Q21 2Q21 3Q21 4Q21 Origination Volume $590 $475 $399 $504 $646 4Q20 1Q21 2Q21 3Q21 4Q21 Origination Volume Portfolio Highlights  Prime & super prime client base focused on relationships  Continued consumer originations bring more balance to portfolio  Continuing to invest in digital to drive future growth weighted average FICO at origination Total Consumer Loans Consumer Loan Portfolio Detail C&I $40 CRE $18 $ in billions 12/31/21 % of total loans WA FICO at origination Consumer mortgage $ 15.8 16 762 Home equity 8.5 8 807 Consumer direct 5.8 6 777 Credit card 1.0 1 792 Consumer indirect(a) .07 N/A N/A Total Consumer $ 31.0 31% 772 $ in millions $ in billions  High-quality client base: primarily healthcare professionals  Launched Laurel Road for Doctors on 3/30/21: expands Key’s digital reach and consumer franchise nationally through targeted scale  2021 production levels were negatively impacted by the federal student loan payment holiday  Focused on prime/super-prime clients (weighted average FICO at origination: 762)  Investing in digital capabilities to enhance client experience and improve efficiency  Continued momentum with loan originations of $3.4Bn in 4Q21 and $13.8Bn in FY21 Laurel Road Consumer Mortgage 772 16(a) Indirect auto portfolio was sold on 9/10/21

Average Total Investment Securities Average AFS securities Investment Portfolio Average yield(a) $ in billions Highlights 1.93% 1.58% .50% 1.00% 1.50% 2.00% 2.50% $0.0 $10.0 $20.0 $30.0 $40.0 $50.0 4Q20 1Q21 2Q21 3Q21 4Q21 $33.6 17  Portfolio used for funding and liquidity management − Portfolio composed primarily of fixed-rate GNMA and GSE-backed MBS and CMOs − Portfolio yield excluding short-term Treasury/Agency: 1.86%  Growth in average balances reflects continued redeployment of cash into higher yielding securitie s in 4Q21 − Added $6.9Bn in Agency Mortgage Securities − Rebalanced Short-Term Portfolio to enhance yield: Sold $1.4Bn in Treasuries and purchased $1.9Bn of other Treasuries & Agency Debentures  Portfolio constructed to enhance current returns on excess liquidity, while preserving the opportunity to capitalize on higher interest rates in the future − Recent Agency MBS/CMO investments constructed to limit extension risk and provide continued cash flows as rates rise ($2.5-$3Bn a quarter in the near-term) − $6.3Bn of securities hedges will become active over the next three years, converting fixed rate securities to floating rate securities − Short-term Treasury/Agency portfolio consists of a laddered maturity profile with runoff beginning in 2023  Portfolio average life of 5.6 years and duration of 4.1 years at 12/31/2021 (duration including securities hedges) $10.5 $11.5 $19.8 $- $5.0 $10.0 $15.0 $20.0 $25.0 2022 2023 2024 Existing Portfolio Repricing Characteristics Projected Cash Flows & Maturities (under implied forward rates) $ in billions Floating Rate (including hedges) Average HTM securities $50.3 (a) Yield is calculated on the basis of amortized cost

Interest- bearing 66% Noninterest- bearing 34% Prime 10% 1M LIBOR 35% 3M LIBOR 6% Other 15% Fixed 34% Balanced approach to managing interest rate risk provides declining rate protection while maintaining significant upside to higher rates 4Q21 Balance Sheet Highlights (a) Loan Composition Deposit Mix  Attractive business model with relationship-oriente d lending franchise − Distinctive commercial capabilities drive C&I growth and ~66% floating-rate loan mix (incl. PPP) − Laurel Road and consumer mortgage enhance fixed rate loan volumes with attractive client profile  Strong, low-cost deposit base − ~60% stable retail and low-cost escrow − >85% from markets where Key maintains top-5 deposit or branch share  $53Bn investment portfolio structured to provide greater yield stability in a lower rate environment − Higher allocation of bullet-like securities and mortgage collateral with lower prepayment risks and limited exposure to unamortized premiums Actively Managing Interest Rate Risk Position  Modest exposure to further rate declines with prote ction against negative interest rates − 90%+ of existing LIBOR/SOFR loan portfolio contain floors (at or above 0%), with floors incorporated into new floating rate loan contracts  Substantial opportunities to reinvest and monetize h igher term rates ‒ Modeled year one net interest income benefit of ~5% to ramped 200 bps rise in rates with conservative low 30’s deposit beta assumption ‒ Incremental 1.25% NII benefit for each 5% reduction in beta ‒ $20+ Bn in cash and short-term treasuries  Total hedge portfolio of $38Bn at 12/31/2021 (a) Loan and deposit statistics based on 12/31/2021 ending balances  Continually evaluating opportunities to protect and enhance NII through new hedging and/or modifying existing positions 18 Asset & Liability Management Positioning A/LM Swaps Debt Swaps 4Q 21 $[25Bn $ 7Bn $ 6Bn Securities Hedges

Criticized Outstandings (a) to Period-end Total LoansDelinquencies to Period-end Total Loans Credit Quality Trends (a) Loan and lease outstandings (b) From continuing operations 30 – 89 days delinquent 90+ days delinquent .24% .16% .08% .07% .00% .20% .40% .60% .80% 4Q20 1Q21 2Q21 3Q21 4Q21 4.3% 2.6% .0% 2.0% 4.0% 6.0% 4Q20 1Q21 2Q21 3Q21 4Q21 Metric (b) 4Q21 3Q21 2Q21 1Q21 4Q20 Delinquencies to EOP total loans: 30-89 days .16 % .17 % .19 % .19 % .24 % Delinquencies to EOP total loans: 90+ days .07 .08 .07 .09 .08 NPLs to EOP portfolio loans .45 .56 .69 .72 .78 NPAs to EOP portfolio loans + OREO + Other NPAs .48 .61 .73 .78 .92 Allowance for credit losses to period-end loans 1.20 1.25 1.36 1.60 1.80 Allowance for credit losses to NPLs 268.9 223.1 197.7 222.0 232.2 Continuing operations Continuing operations 19

Period- end loans Average loans Net loan charge- offs Net loan charge-offs (b) / average loans (%) Nonperforming loans Ending allowance Allowance / period-end loans (%) Allowance / NPLs (%) 12/31/21 4Q21 4Q21 4Q21 12/31/21 12/31/21 12/31/21 12/31/21 Commercial and industrial(a) $ 50,525 $ 49,510 $ 10 .08 $ 191 $ 445 0.88% 232.98% Commercial real estate: Commercial Mortgage 14,244 13,671 0 - 44 182 1.28 413.64 Construction 1,996 2,119 0 - - 29 1.45 N/M Commercial lease financing(c) 4,071 3,953 1 .10 4 32 .79 800.00 Real estate – residential mortgage 15,756 15,017 (2) .05 72 95 .60 131.94 Home equity 8,467 8,603 1 .05 135 110 1.30 81.48 Consumer direct loans 5,753 5,509 5 .36 4 105 1.83 N/M Credit cards 972 941 4 1.69 3 61 6.28 N/M Consumer indirect loans 70 74 - - 1 2 2.86 300.00 Continuing total $ 101,854 $ 99,397 $ 19 .08 $ 454 $ 1,06 1 1.04% 233.70% Discontinued operations 567 580 1 .68 4 29 5.11 725.00 Consolidated total $ 102,421 $ 99,977 $ 20 .08% $ 458 $ 1 ,090 1.06% 237.99% Credit Quality by Portfolio Credit Quality $ in millions N/M = Not meaningful (a) Commercial and industrial average balances include $141 million, $137 million, and $129 million of assets from commercial credit cards for the three months ended December 31, 2021, September 30, 2021, and December 31, 2020, respectively. (b) Net loan charge-off amounts are annualized in calculation (c) Commercial lease financing includes receivables held as collateral for a secured borrowing of $16 million, $16 million, and $23 million at December 31, 2021, September 30, 2021, and December 31, 2020, respectively. Principal reductions are based on the cash payments received from these related receivables 20

GAAP to Non -GAAP Reconciliation (a) For the three months ended December 31, 2021, September 30, 2021, and December 31, 2020, intangible assets exclude $3 million, $3 million, and $4 million, respectively, of period-end purchased credit card receivables (b) Net of capital surplus (c) For the three months ended December 31, 2021, September 30, 2021, and December 31, 2020, average intangible assets exclude $3 million, $3 million, and $5 million, respectively, of average purchased credit card receivables 21 $ in millions 12/31/2021 9/30/2021 12/31/2020 Tangible common equity to tangible assets at period end Key shareholders' equity (GAAP) 17,423$ 17,510$ 17,981$ Less: Intangible assets (a) 2,820 2,814 2,848 Preferred Stock (b) 1,856 1,856 1,856 Tangible common equity (non-GAAP) 12,747$ 12,840$ 13,277$ Total assets (GAAP) 186,346$ 187,035$ 170,336$ Less: Intangible assets (a) 2,820 2,814 2,848 Tangible assets (non-GAAP) 183,526$ 184,221$ 167,488$ Tangible common equity to tangible assets ratio (non-GAAP) 6.95% 6.97% 7.93% Pre-provision net revenue Net interest income (GAAP) 1,033$ 1,016$ 1,035$ Plus: Taxable-equivalent adjustment 5 9 8 Noninterest income 909 797 802 Less: Noninterest expense 1,170 1,112 1,128 Pre-provision net revenue from continuing operations (non-GAAP) 777$ 710$ 717$ Average tangible common equity Average Key shareholders' equity (GAAP) 17,471$ 17,899$ 17,905$ Less: Intangible assets (average) (c) 2,814 2,823 2,855 Preferred Stock (average) 1,900 1,900 1,900 Average tangible common equity (non-GAAP) 12,757$ 13,176$ 13,150$ Three months ended

GAAP to Non -GAAP Reconciliation 22 $ in millions 12/31/2021 9/30/2021 12/31/2020 Return on average tangible common equity from conti nuing operations Net income (loss) from continuing operations attributable to Key common shareholders (GAAP) 601$ 616$ 549$ Average tangible common equity (non-GAAP) 12,757 13,176 13,150 Return on average tangible common equity from continuing operations (non-GAAP) 18.69% 18.55% 16.61% Return on average tangible common equity consolidat ed Net income (loss) attributable to Key common shareholders (GAAP) 603$ 618$ 556$ Average tangible common equity (non-GAAP) 12,757 13,176 13,150 Return on average tangible common equity consolidation (non-GAAP) 18.75% 18.61% 16.82% Cash efficiency ratio Noninterest expense (GAAP) 1,170$ 1,112$ 1,128$ Less: Intangible asset amortization 14 15 15 Adjusted noninterest expense (non-GAAP) 1,156$ 1,097$ 1,113$ Net interest income (GAAP) 1,033$ 1,016$ 1,035$ Plus: Taxable-equivalent adjustment 5 9 8 Noninterest income 909 797 802 Total taxable-equivalent revenue (non-GAAP) 1,947$ 1,822$ 1,845$ Cash efficiency ratio (non-GAAP) 59.4% 60.2% 60.3% Three months ended

EX-99.3

Exhibit 99.3

Consolidated Balance Sheets
(dollars in millions)
			12/31/2021		9/30/2021		12/31/2020
Assets
	Loans		$	101,854	$	98,609	$	101,185
	Loans held for sale		2,729		1,805		1,583
	Securities available for sale		45,364		40,594		27,556
	Held-to-maturity securities		7,539		8,423		7,595
	Trading account assets		701		902		735
	Short-term investments		11,010		19,608		16,194
	Other investments		639		607		621
		Total earning assets	169,836		170,548		155,469
	Allowance for loan and lease losses		(1,061)		(1,084)		(1,626)
	Cash and due from banks		913		763		1,091
	Premises and equipment		681		678		753
	Goodwill		2,693		2,673		2,664
	Other intangible assets		130		144		188
	Corporate-owned life insurance		4,327		4,312		4,286
	Accrued income and other assets		8,265		8,404		6,812
	Discontinued assets		562		597		699
		Total assets	$	186,346	$	187,035	$	170,336
Liabilities
	Deposits in domestic offices:
		NOW and money market deposit accounts	$	89,207	$	87,242	$	80,427
		Savings deposits	7,503		7,259		5,913
		Certificates of deposit ($100,000 or more)	1,705		1,890		2,733
		Other time deposits	2,153		2,315		3,010
		Total interest-bearing deposits	100,568		98,706		92,083
		Noninterest-bearing deposits	52,004		53,225		43,199
		Total deposits	152,572		151,931		135,282
	Federal funds purchased and securities sold under repurchase agreements		173		228		220
	Bank notes and other short-term borrowings		588		767		759
	Accrued expense and other liabilities		3,548		3,434		2,385
	Long-term debt		12,042		13,165		13,709
		Total liabilities	168,923		169,525		152,355
Equity
	Preferred stock		1,900		1,900		1,900
	Common shares		1,257		1,257		1,257
	Capital surplus		6,278		6,141		6,281
	Retained earnings		14,553		14,133		12,751
	Treasury stock, at cost		(5,979)		(5,876)		(4,946)
	Accumulated other comprehensive income (loss)		(586)		(45)		738
		Key shareholders’ equity	17,423		17,510		17,981
	Noncontrolling interests		—		—		—
		Total equity	17,423		17,510		17,981
Total liabilities and equity			$	186,346	$	187,035	$	170,336
Common shares outstanding (000)			928,850		930,544		975,773

Consolidated Statements of Income
(dollars in millions, except per share amounts)
			Three months ended						Twelve months ended
			12/31/2021		9/30/2021		12/31/2020		12/31/2021		12/31/2020
Interest income
	Loans		$	873	$	882	$	933	$	3,532	$	3,866
	Loans held for sale		15		13		11		50		69
	Securities available for sale		148		135		119		546		484
	Held-to-maturity securities		52		43		51		185		222
	Trading account assets		5		4		4		19		20
	Short-term investments		8		9		4		28		18
	Other investments		2		1		3		7		6
		Total interest income	1,103		1,087		1,125		4,367		4,685
Interest expense
	Deposits		15		15		28		67		347
	Federal funds purchased and securities sold under repurchase agreements		—		—		—		—		6
	Bank notes and other short-term borrowings		2		2		1		8		12
	Long-term debt		53		54		61		221		286
		Total interest expense	70		71		90		296		651
Net interest income			1,033		1,016		1,035		4,071		4,034
Provision for credit losses			4		(107)		20		(418)		1,021
Net interest income after provision for credit losses			1,029		1,123		1,015		4,489		3,013
Noninterest income
	Trust and investment services income		135		129		123		530		507
	Investment banking and debt placement fees		323		235		243		937		661
	Service charges on deposit accounts		90		91		82		337		311
	Operating lease income and other leasing gains		37		37		39		148		167
	Corporate services income		73		69		63		261		228
	Cards and payments income		86		111		97		415		368
	Corporate-owned life insurance income		34		33		38		128		139
	Consumer mortgage income		25		33		43		131		176
	Commercial mortgage servicing fees		48		34		32		160		80
	Other income		58		25		42		147		15
		Total noninterest income	909		797		802		3,194		2,652
Noninterest expense
	Personnel		674		640		661		2,561		2,336
	Net occupancy		75		74		75		300		298
	Computer processing		73		67		62		284		232
	Business services and professional fees		70		56		54		227		196
	Equipment		25		25		26		100		100
	Operating lease expense		31		30		35		126		138
	Marketing		37		32		30		126		97
	Intangible asset amortization		14		15		15		58		65
	Other expense		171		173		170		647		647
		Total noninterest expense	1,170		1,112		1,128		4,429		4,109
Income (loss) from continuing operations before income taxes			768		808		689		3,254		1,556
	Income taxes		141		165		114		642		227
Income (loss) from continuing operations			627		643		575		2,612		1,329
	Income (loss) from discontinued operations, net of taxes		2		2		7		13		14
Net income (loss)			629		645		582		2,625		1,343
	Less: Net income (loss) attributable to noncontrolling interests		—		—		—		—		—
Net income (loss) attributable to Key			$	629	$	645	$	582	$	2,625	$	1,343
Income (loss) from continuing operations attributable to Key common shareholders			$	601	$	616	$	549	$	2,506	$	1,223
Net income (loss) attributable to Key common shareholders			603		618		556		2,519		1,237
Per common share
Income (loss) from continuing operations attributable to Key common shareholders			$	.65	$	.65	$	.57	$	2.6397	$	1.26
Income (loss) from discontinued operations, net of taxes			—		—		.01		.0134		.01
Net income (loss) attributable to Key common shareholders (a)			.65		.66		.57		2.6531		1.28
Per common share — assuming dilution
Income (loss) from continuing operations attributable to Key common shareholders			$	.64	$	.65	$	.56	$	2.62	$	1.26
Income (loss) from discontinued operations, net of taxes			—		—		.01		.0133		.01
Net income (loss) attributable to Key common shareholders (a)			.64		.65		$	.57	2.63		1.27
Cash dividends declared per common share			$	.195	$	.185	$	.185	$	.75	$	.74
Weighted-average common shares outstanding (000)			922,970		942,446		967,987		947,065		967,783
	Effect of common share options and other stock awards		11,758		10,077		8,473		10,349		7,024
Weighted-average common shares and potential common shares outstanding (000) (b)			934,729		952,523		976,460		957,414		974,807

(a)Earnings per share may not foot due to rounding.

(b)Assumes conversion of common share options and other stock awards and/or convertible preferred stock, as applicable.

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Cover Page	Jan. 20, 2022
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	Jan. 20, 2022
Entity Registrant Name	KeyCorp
Entity Incorporation, State or Country Code	OH
Entity File Number	001-11302
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
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Amendment Flag	false
Entity Central Index Key	0000091576
Common Stock
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	Depositary Shares (each representing a 1/40th interest in a share of Fixed-to-Floating Rate 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	Depositary Shares (each representing a 1/40th interest in a share of Fixed Rate Perpetual Non-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	Depositary Shares (each representing a 1/40th interest in a share of Fixed Rate Perpetual Non-Cumulative Preferred Stock, Series G)
Trading Symbol	KEY PrK
Security Exchange Name	NYSE