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KEYKeyCorp

Financials · Banks · NYSE
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The 10-K against last year's

256 changes: 45 added, 53 removed, 153 reworded, 5 quiet changes

10-K Feb 23, 2026 vs Feb 21, 2025
Risk FactorsRedline ↓
19.9%
of the text changed · 13,947 words now
20.6%
of the text changed · 19,535 words now
Legal ProceedingsRedline ↓
5.3%
of the text changed · 1,844 words now
Accounting PoliciesRedline ↓
4.4%
of the text changed · 7,531 words now

10-K 0001628280-26-010546 (2026-02-23) vs 10-K 0000091576-25-000038 (2025-02-21)

The redline

The paragraph that changed most in each section

Marked against last year's 10-K: cut words struck through, new words highlighted and underlined.

MD&A 872 words changed in this paragraph; it is 37% similar to last year's version.
Group Overview and Responsibilities Activities Board of Directors –Oversight •Oversight capacity –Understands •Understands Key's risk philosophy –Oversees •Oversees that Key’s risks are managed in a manner that is effective and balanced –Approves •Approves the risk appetite –Fiduciary •Fiduciary duty to Key’s shareholders –Inquires •Inquires about risk practices –Reviews •Reviews the portfolio of risks –Compares •Compares the actual risks to the risk appetite –Is •Is apprised of significant risks, both actual and emerging, and determines whether management is responding appropriately –Challenges •Challenges management and promotes accountability Board of Directors Audit Committee (a) –Assists the Board in oversight of financial statement integrity, regulatory and legal requirements, independent auditors’ qualifications and independence, and the performance of the internal audit function and independent auditors –Meets with management and approves significant policies relating to the risk areas overseen by the Audit Committee –Assists the Board in oversight of financial reporting, legal matters, and fraud risk –Receives reports on enterprise risk –Meets bi-monthly –Convenes to discuss the content of our financial disclosures and quarterly earnings releases Board of Directors Risk Committee (a) –Assists Committee(a) •Assists the Board in oversight of strategies, policies, procedures, and practices relating to the assessment and management of enterprise-wide risk, including credit, market, liquidity, model, operational, compliance, reputation, strategic, and strategic technology risks –Reviews •Reviews and provides oversight of management’s activities related to the enterprise-wide risk management framework, which includes an annual review of the ERM Policy, including the Risk Appetite Statement, and management and ERM reports –Assists •Assists the Board in overseeing risks related to capital adequacy, capital planning, and capital actions –Approves •Approves any material changes to the charter of the ERM Executive Level (Level II) Risk Governance Committee charters and significant policies relating to risk management, including corporate risk tolerances metrics for major risk categories ERM Board of Directors Compensation & Organization Committee(a) •Assists the Board in oversight of compensation policies and practices to support Key’s efforts to attract, retain, develop, motivate, and reward a high performing and collaborative workforce to achieve its business objectives •Oversees compensation for Key’s Board-Reported Executives, talent management and organizational development, including succession planning, leadership development and strategic hiring objectives Board of Directors Nominating & Corporate Governance Committee(a) •Assists the Board with oversight of corporate governance matters and Key’s policies and practices on significant issues of corporate responsibility •Oversees the evaluation of the Board, the directors, and the Lead Director •Provides guidance on Board-related matters, including director candidates, director compensation, director independence, the Board committee structure, and succession planning matters •Reviews the Corporate Governance Guidelines •Provides oversight with respect to community investment strategy Board of Directors Technology Committee –Chaired (a) •Assists the Board with oversight of major technology investments and technology risks •Supports Key’s strategic objectives in areas such as cybersecurity, fraud, and data, project management, technology strategy, technology innovation, and emerging technology trends •In consultation with the Risk Committee, oversees technology-related risks including (but not limited to) cybersecurity, business resiliency, and other technology-related risks as necessary and appropriate Board of Directors Audit Committee(a) •Assists the Board in oversight of financial statement integrity, regulatory and legal requirements, independent auditors’ qualifications and independence, and the performance of the internal audit function and independent auditors •Meets with management and approves significant policies relating to the risk areas overseen by the Chief Executive Officer Audit Committee •Assists the Board in oversight of financial reporting, legal matters, and comprising the Chief Risk Officer and other senior level executives –Approves and manages the risk-adjusted capital framework we use to manage risks –Manage fraud risk and ensure that the corporate •Receives reports on enterprise risk profile is managed in a manner consistent with our risk appetite –Oversees the ERM Program, which encompasses our risk philosophy, policy, framework, and governance structure for the management of risks across the entire company Disclosure Committee –Includes representatives from each of the Three Lines of Defense –Convenes quarterly •Convenes to discuss the content of our 10-Q financial disclosures and 10-K –Meets quarterly to review recent internal and external events to determine whether all appropriate disclosures have been made in reports filed with the SEC Tier 2 earnings releases Executive Level (Level II) Risk Governance Committees –Includes •Includes ERM Committee, Asset Liability Committee, Capital Committee, Credit Risk Committee, Compliance Risk Committee, and Operational Risk Committee, as well as the Compensation & Benefits Oversight Committee and the Disclosure Committee. Level II Risk Governance Committees report to the Risk Committee of the Board (except for the Compensation & Benefits Oversight Committee, which reports to the Compensation & Organization Committee of the Board, and the Disclosure Committee, which reports to the Audit Committee of the Board) and are generally responsible for the activities listed herein •Escalation of risk issues, particularly issues that have the potential to increase aggregated risk beyond Key’s risk appetite, to the appropriate Level I Governance Committee, typically the Risk or Audit Committees of the Board •Identifying early warning events or trends, top and emerging risks and discussing forward looking assessments •Approving certain risk metrics •Monitoring certain metric limits, as well as associated risk levels to the Board approved risk appetite •Providing governance, direction, oversight and high-level management of their associated risk and the risk assessment process which is used in capital adequacy stress testing; •Monitoring stress testing results related to their associated risks (if required per committee charter) and escalating emerging risks as appropriate •Providing assurance, advice and support to the Risk Committee on their associated risk Management Level (Level III) Risk Governance Committees •Includes attendees from each of the Three Lines of Defense –Supports Defense: First Line (line of business and support areas), Second Line (risk management), and Third Line (internal audit function) •Supports the ERM Committee, Asset Liability Committee, Capital Committee, Credit Risk Committee, Compliance Risk Committee, and Operational Risk Committee, as well as the Compensation & Benefits Oversight Committee and the Disclosure Committee, by identifying early warning events and trends, escalating emerging risks, and discussing forward-looking assessments –The First Line of Defense is the line of business primarily responsible to accept, own, proactively identify, monitor, and manage risk –The Second Line of Defense comprises Risk Management representatives who provide independent, centralized oversight over all risk categories by aggregating, analyzing, and reporting risk information –Risk Review, our internal audit function, provides the Third Line of Defense. Its role is to provide independent assessment and testing of the effectiveness of, appropriateness of, and adherence to KeyCorp’s risk management policies, practices, and controls Internal Audit –Provide •Provides the KeyCorp Board and management with independent, risk-based, and objective assurance, advice, insight, and foresight. –Conducts foresight •Conducts objective examinations of evidence for the purpose of providing independent assessments to the Audit Committee, management, and outside parties on the adequacy and effectiveness of business processes, risk management activities, internal controls, and governance processes for KeyCorp. KeyCorp

Source: Item 7, 10-K 0001628280-26-010546 vs Item 7, 10-K 0000091576-25-000038

Risk Factors 148 words changed in this paragraph; it is 54% similar to last year's version.
Views about corporate responsibility and sustainability-related issues are diverse, differing, dynamic, and rapidly changing. Financial services companies, including Key, face increasing criticism with accompanying reputational risk from social activists, politicians, investors, and environmental activists stakeholders who target companies, including Key, believe companies should be focusing more or less on environmental, social, political, and governance matters. Companies in our industry are also targeted for engaging or not engaging in business with clients engaged specific customers or with customers in industries which such activists perceive to be harmful to communities or the environment. Such criticism directed at Key could generate dissatisfaction among our stakeholders. particular industries. Additionally, however we respond to such criticism, we face the risk that current or potential clients customers may decline to do business with us (or encourage others to do so) or current or potential employees refuse to work with us. for us and could subject us to litigation or regulatory action. This can be true regardless of whether we are perceived by some as not having done enough to address activist these concerns or by others as having inappropriately yielded to activist stakeholder pressures. Conversely, there exists anti-environmental, social and governance (ESG) and anti-diversity, equity, and inclusion (DEI) sentiment among certain stakeholders and government institutions, which has gained momentum across the U.S. For example, President Trump recently issued an executive order opposing DEI initiatives in the private sector, and certain states have

Source: Item 1A, 10-K 0001628280-26-010546 vs Item 1A, 10-K 0000091576-25-000038

Accounting Policies 45 words changed in this paragraph; it is 62% similar to last year's version.
The amount of capital being allocated to our reporting units as a proxy for the carrying value is based on a combination of regulatory and economic equity. Fair values are estimated using a combination of market and income approaches. The market approach incorporates comparable public company multiples along with data related to recent merger and acquisition activity. The income approach consists of discounted cash flow modeling that utilizes internal forecasts and various other inputs and assumptions. A multi-year internal forecast is prepared

Source: Item 8, Note 1 – Summary of Significant Accounting Policies, 10-K 0001628280-26-010546 vs Item 8, Note 1 – Summary of Significant Accounting Policies, 10-K 0000091576-25-000038

Legal Proceedings 20 words changed in this paragraph; it is 87% similar to last year's version.
We determine the payment/performance risk associated with each type of guarantee described below based on the probability that we could be required to make the maximum potential undiscounted future payments shown in the preceding table. We use a scale of low (0% to 30% probability of payment), moderate (greater than 30% to 70% probability of payment), or high (greater than 70% probability of payment) to assess the payment/performance risk, and have determined that the payment/performance risk associated with each type of guarantee outstanding at December 31, 2024, is low.

Source: Item 3, via Note 19 – Commitments, Contingent Liabilities, and Guarantees, 10-K 0001628280-26-010546 vs Item 3, via Note 22 – Commitments, Contingent Liabilities, and Guarantees, 10-K 0000091576-25-000038

Every change, by type

Sentences and paragraphs added, removed or reworded

Sentences and paragraphs of KEY's Risk Factors and MD&A, 10-K 2026-02-23 against 10-K 2025-02-21. Each links to the text at sec.gov.

RemovedRisk Factors
◦Societal and governmental responses to climate change could adversely affect our business and performance, including indirectly through impacts on our customers.

Read it in 10-K 2025-02-21 at sec.gov ↗

RemovedRisk Factors
Our ERM program incorporates risk management throughout our organization to identify, understand, and manage the risks presented by our business activities. Our ERM program identifies Key’s major risk categories as: compliance risk, operational risk, liquidity risk, market risk, credit risk, model risk, reputation risk, strategic risk, and estimates and assumptions risk. These risk factors, and other risks we may face, are discussed in more detail in other sections of this report.

Read it in 10-K 2025-02-21 at sec.gov ↗

RemovedRisk Factors
Recent Federal Reserve monetary policy, including shrinkage of its balance sheet and incremental increases in target interest rates early in 2023 followed by a sustained period of relatively higher target interest rates throughout the latter part of 2023 and 2024, continue to impact the commercial and residential real estate markets. Capitalization rates have risen, and property value appreciation has slowed and continues to decline. In many markets within Key’s footprint, property values continue to decrease. Industrial and retail properties continue to remain stable, but multifamily, office, hospitality, and single family detached properties show signs of deterioration. Development and construction continue, but at muted levels, and deliveries of additional units into the market have been supported. Oversupply of multifamily housing is a concern in certain urban and gateway markets. However, our exposures in those markets are limited (for example, approximately 5% of our multifamily portfolio is located in New York City, Chicago, Los Angeles, and San Francisco; we also have no exposure to rent controlled properties in New York City).

Read it in 10-K 2025-02-21 at sec.gov ↗

RemovedRisk Factors
The most severely impacted commercial real estate segments have been in office. Key’s non-owner occupied office exposures are 5% of our total commercial real estate exposure. Substantial deterioration in property market fundamentals could negatively impact our portfolio, with a large portion of our clients active in real estate but in the comparatively better performing multifamily space over the cycle. A correction in the real estate markets could impact the ability of borrowers to make debt service payments on loans or to refinance the loans at maturity.

Read it in 10-K 2025-02-21 at sec.gov ↗

RemovedRisk Factors
Further, as market conditions evolve and respond to the influence of government agency initiatives, or lack thereof, the slope of the yield curve will shift and influence our loan and deposit rates and value of investments. The actions of federal agencies are not fully predictable which contributes to market volatility and changes to the slope of the yield curve.

Read it in 10-K 2025-02-21 at sec.gov ↗

RemovedRisk Factors
Natural disasters, including wildfires, tornadoes, severe storms, and hurricanes, have seemingly become more frequent and severe due to climate change. The timing and effects of these climate-related physical risks are difficult to accurately predict, and the potential impact of such risks on our operations, employees, communities, and

Read it in 10-K 2025-02-21 at sec.gov ↗

RemovedRisk Factors
Societal and governmental responses to climate change could adversely affect our business and performance, including indirectly through impacts on our customers.

Read it in 10-K 2025-02-21 at sec.gov ↗

Show the other 16
RemovedRisk Factors
Concerns over the long-term impacts of climate change have led and may continue to lead to governmental efforts around the world to mitigate those impacts, creating potential transition risk. Transition risks could include additional regulatory requirements or legislation, changes in stakeholder behaviors, or the development of new technologies to aid in the transition to a low-carbon economy, New and/or changing regulatory requirements could affect our results by requiring us to take costly measures to comply with any new laws or regulations related to climate change that may be adopted by federal, state, and local governments or regulators. Consumers and businesses also may change their own behavior as a result of these concerns. We and our customers may face cost increases, asset value reductions, operating process changes, and the like. In addition, the multiple and potentially conflicting laws and regulations regarding climate change that have been or may be adopted by various jurisdictions could increase our cost of doing business and make compliance with such laws and regulations more difficult. The impact on our customers will likely vary depending on their specific attributes, including reliance on or role in carbon-intensive activities.

Read it in 10-K 2025-02-21 at sec.gov ↗

RemovedRisk Factors
The increase in remote work over the past several years has resulted in an expanded potential attack surface and heightened operational risks and may negatively impact our ability, and the ability of our third-party service providers (including their downstream service providers), to perform services efficiently, securely, and without interruptions. In addition to some of our workforce working remotely periodically or on a full-time basis, our third-party service providers (including their downstream service providers) may utilize personnel who work remotely. Increased levels of remote access create additional cybersecurity risk and opportunities for cybercriminals to exploit vulnerabilities. These fraudulent activities have resulted in increased fraud losses to us and the financial services industry generally. In addition to enhanced cybersecurity risk, employees and other personnel performing services for us who work remotely may experience disruptions to their home internet or phone connections, decreased efficiency due to delayed network speeds or other interruptions, and/or delays in the dissemination and exchange of information, any of which could negatively impact our operations. We have experienced, and may continue to experience, disruption related to remote work, which disruptions could adversely impact our business, and could result in legal liability, regulatory penalties, litigation expenses, remediation costs, or reputational harm.

Read it in 10-K 2025-02-21 at sec.gov ↗

RemovedRisk Factors
process of eliminating banks as intermediaries, known as “disintermediation,” could result in the loss of fee income, as well as the loss of customer loans and deposits and related income generated from those products.

Read it in 10-K 2025-02-21 at sec.gov ↗

RemovedMD&A
Our 2024 financial results were generally positive and reflected the impact of large securities repositioning trades that enhanced our future earnings trajectory. Net interest income was down, reflecting lower loans and changes in interest rates, but remained within our target range versus 2023. Fee growth was stronger than expected reflecting the second highest year of investment banking revenues in our history. At December 31, 2024, our Common Equity Tier 1 and Tier 1 risk-based capital ratios stood at 11.92% and 13.69%, respectively. We achieved meaningful positive operating leverage in the second half of the year and look to continue to deliver earnings growth and operating leverage in 2025.

Read it in 10-K 2025-02-21 at sec.gov ↗

RemovedMD&A
On August 12, 2024, we entered into an Investment Agreement with Scotiabank pursuant to which Scotiabank agreed to make a strategic minority investment in KeyCorp of approximately $2.8 billion, representing approximately 14.9% pro forma common stock ownership of KeyCorp, for a fixed price of $17.17 per share. On August 30, 2024, Scotiabank completed the initial purchase of our Common Shares with an investment of approximately $821 million in gross proceeds. Following the initial purchase, Scotiabank owned approximately 4.9% of KeyCorp’s common stock.

Read it in 10-K 2025-02-21 at sec.gov ↗

RemovedMD&A
On December 13, 2024, Key announced that all necessary bank regulatory approvals had been received for completion of Scotiabank’s strategic minority investment in KeyCorp. On December 27, 2024, Scotiabank completed the final purchase of our Common Shares contemplated under the Investment Agreement with an investment of approximately $2.0 billion (the “Second Closing”). Following the Second Closing, Scotiabank owns approximately 14.9% of our Common Shares.

Read it in 10-K 2025-02-21 at sec.gov ↗

RemovedMD&A
On December 27, 2024, in connection with the Second Closing, the Board of Directors of KeyCorp increased the size of the Board to fifteen directors and appointed Jacqueline Allard and Somesh Khanna to serve on the Board, effectively immediately upon the Second Closing.

Read it in 10-K 2025-02-21 at sec.gov ↗

RemovedMD&A
On September 6, 2024, we initiated a strategic repositioning of our available-for-sale investment securities portfolio by selling approximately $7.0 billion in market value of low-yielding mortgage-backed securities. The mortgage-backed securities that were sold had a weighted average book yield of approximately 2.3% and an average duration of approximately six years. Reinvestment of the proceeds from the sale was completed in October 2024, with the new securities having an average book yield of approximately 4.95% and an average duration of approximately four years. During the third quarter of 2024, along with our customary sale of short-dated U.S. Treasuries set to mature within the quarter, we also sold approximately $3 billion in U.S. Treasuries yielding 50 basis points that were set to mature in the fourth quarter of 2024. The total pre-tax loss on the sale of securities available for sale for the third quarter was $935 million of which $918 million was associated with the strategic repositioning.

Read it in 10-K 2025-02-21 at sec.gov ↗

RemovedMD&A
Prior to the Second Closing, KeyCorp completed the strategic repositioning of its available-for-sale investment securities portfolio by selling an additional $3.0 billion in market value of low-yielding investment securities and terminating approximately $3.0 billion of fair value hedges, resulting in a pre-tax loss of $915 million in the fourth quarter of 2024. The investment securities that were sold had a weighted average book yield of approximately 1.5% and an average duration of approximately eight years. The reinvestment of the proceeds from the repositioning was completed in December 2024, with the new securities having an average book yield of 5.5% and an average duration of approximately four years.

Read it in 10-K 2025-02-21 at sec.gov ↗

RemovedMD&A
•We have expanded our commercial banking business in Chicago and Southern California to serve more middle market clients with our differentiated platform, which includes a full range of commercial lending and capital markets capabilities as well as payments solutions designed specifically for the segment.

Read it in 10-K 2025-02-21 at sec.gov ↗

RemovedMD&A
•Within our Consumer Bank, we grew relationship households in excess of three percent for the second consecutive year, including growth of five to eight percent throughout our western markets.

Read it in 10-K 2025-02-21 at sec.gov ↗

RemovedMD&A
(c) Refer to the GAAP to Non-GAAP Reconciliation within Management's Discussion and Analysis of this Form 10-K for the reconciliation of these non-GAAP measures.

Read it in 10-K 2025-02-21 at sec.gov ↗

RemovedMD&A
2024 vs. 2023 Dollars in millions Average Yield/ Rate Net Change(a) Volume INTEREST INCOME Loans $ (568) $ 390 $ (178) Loans held for sale (2) 1 (1) Securities available for sale (13) 362 349 Held-to-maturity securities (36) 8 (28) Trading account assets 2 4 6 Short-term investments 401 (23) 378 Other investments (11) — (11) Total interest income (TE) (227) 742 515 INTEREST EXPENSE Money market deposits 107 373 480 Demand deposits 29 271 300 Savings deposits (1) 5 4 Time deposits 117 84 201 Total interest-bearing deposits 252 733 985 Federal funds purchased and securities sold under repurchase agreements (62) (13) (75) Bank notes and other short-term borrowings (159) 15 (144) Long-term debt (245) 127 (118) Total interest expense (214) 862 648 Net interest income (TE) $ (13) $ (120) $ (133)

Read it in 10-K 2025-02-21 at sec.gov ↗

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