CLEVELAND - KeyCorp (NYSE: NYSE:KEY), a major player in financial services with a market capitalization of $17.25 billion and impressive six-month stock performance of nearly 27%, announced today the appointment of Robert Weiss as Head of Key Family Wealth. Weiss, who will be operating out of New York City, is tasked with driving growth within the ultra-high net worth client segment. He reports directly to Key Wealth President Joe Skarda.
With over two decades of experience in wealth management, Weiss joins KeyCorp from First Republic, now a part of J.P. Morgan Wealth Management. There, he served as Regional Business Leader for New York, New Jersey, and Connecticut, focusing on growth, product strategy, and business development. Weiss's previous roles include leading the Northeast Private Wealth Division at SunTrust and holding leadership positions at Alliance Bernstein and J.P. Morgan.
Joe Skarda praised Weiss's leadership qualities and his alignment with Key's values and client-centric approach. Weiss expressed enthusiasm about Key Wealth's industry-leading capabilities and is eager to leverage these to enhance the services provided to advisors and their clients.
Key Family Wealth, a division of Key Private Bank, manages approximately $23 billion in assets under management (AUM). It is recognized as one of the nation's oldest multi-family offices, specializing in investment, tax, and estate strategies aimed at helping ultra-high net worth families preserve and grow their wealth across generations.
KeyCorp, with a history dating back nearly two centuries, is headquartered in Cleveland, Ohio. As of September 30, 2024, the company holds assets of roughly $190 billion and operates through a network of about 1,000 branches and 1,200 ATMs across 15 states. KeyCorp offers a suite of services, including corporate and investment banking under the KeyBanc Capital Markets brand.
This announcement is based on a press release statement from KeyCorp.
In other recent news, KeyCorp has been in the spotlight following a series of significant financial developments. Scotiabank (TSX:BNS) has finalized the acquisition of a 14.9% stake in KeyCorp, representing an investment of around $2 billion. This strategic minority investment marks a substantial financial event for both institutions.
KeyCorp has also reported a 7% quarter-over-quarter increase in net interest income during its third quarter of 2024. Despite a projected decline of 2% to 5% in 2024, the bank expects a 20% increase in net interest income for 2025.
In terms of analyst assessments, KeyCorp's stock has been downgraded from 'Buy' to 'Neutral' by Citi. However, DA Davidson and RBC Capital Markets have both raised their stock price targets for KeyCorp, citing strong growth prospects.
These are recent developments in KeyCorp's ongoing journey, reflecting the dynamic financial landscape faced by U.S. regional banks amid shifting work trends and evolving financial strategies.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.