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Business Segment Reporting
 3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
Business Segment Reporting
20. Business Segment Reporting

The following is description of the segments and their primary businesses at March 31, 2024.

Consumer Bank

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

Commercial Bank

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

Other

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

Developing and applying the methodologies that we use to allocate items among our lines of business is a dynamic process. Accordingly, financial results may be revised periodically to reflect enhanced alignment of expense base allocation drivers, changes in the risk profile of a particular business, or changes in our organizational structure.

The table below shows selected financial data for our business segments for the three-month periods ended March 31, 2024, and March 31, 2023. Capital is assigned to each business segment based on a combination of regulatory and economic equity.
Three months ended March 31,Consumer BankCommercial BankOtherTotal Key
Dollars in millions20242023202420232024202320242023
SUMMARY OF OPERATIONS
Net interest income (TE)$549 $612 $391 $478 $(54)$16 $886 $1,106 
Noninterest income224 228 400 366 23 14 647 608 
Total revenue (TE) (a)
773 840 791 844 (31)30 1,533 1,714 
Provision for credit losses(2)60 102 80 1 (1)101 139 
Depreciation and amortization expense23 21 22 23 9 17 54 61 
Other noninterest expense680 642 420 419 (11)54 1,089 1,115 
Income (loss) from continuing operations before income taxes (TE)
72 117 247 322 (30)(40)289 399 
Allocated income taxes and TE adjustments
17 28 47 67 6 (7)70 88 
Income (loss) from continuing operations55 89 200 255 (36)(33)219 311 
Income (loss) from discontinued operations, net of taxes
— — — — — 1 — 1 
Net income (loss)55 89 200 255 (36)(32)219 312 
Less: Net income (loss) attributable to noncontrolling interests
— — — — — — — — 
Net income (loss) attributable to Key$55 $89 $200 $255 $(36)$(32)$219 $312 
AVERAGE BALANCES (b)
Loans and leases$40,446 $43,086 $70,099 $76,306 $489 $445 $111,034 $119,837 
Total assets (a)
43,239 45,935 79,456 85,852 63,173 59,064 185,868 190,851 
Deposits84,317 84,637 56,090 52,219 2,471 6,549 142,878 143,405 
OTHER FINANCIAL DATA
Net loan charge-offs (b)
$44 $24 $37 $21 $— $— $81 $45 
Return on average allocated equity (b)
6.18 %9.87 %8.02 %10.04 %(13.39)%92.94 %6.00 %9.13 %
Return on average allocated equity6.18 9.87 8.02 10.04 (13.39)90.12 6.00 9.16 
Average full-time equivalent employees (c)
7,356 8,097 2,334 2,517 7,062 7,606 16,752 18,220 
(a)Substantially all revenue generated by our major business segments is derived from clients that reside in the United States. Substantially all long-lived assets, including premises and equipment, capitalized software, and goodwill held by our major business segments, are located in the United States.
(b)From continuing operations.
(c)The number of average full-time equivalent employees was not adjusted for discontinued operations.