May 1, 2020

A Letter to Our Valued Clients:

I am honored and humbled to write to you on my first day as Chairman and CEO of KeyCorp. It is a privilege to lead this great company and our talented and diverse team, 18,000 strong from Maine to Alaska. As I assume leadership of this nearly 200 year-old institution, I recognize the critical role that KeyBank plays in our economy and for our many stakeholders—colleagues, communities, shareholders, and you, our clients.

As you navigate these uncertain times, I want you to know that my teammates and I stand ready to serve you. In fact, I am very proud of the way that Key has stepped up in response to the pandemic and the efforts to contain it. Our resiliency has paid off, our response is a testament to our strength, flexibility and culture. Each of us gets up every day dedicated to bringing our purpose to life—to help our clients and communities thrive.

In just a few short weeks, we have mobilized our organization to process tens of thousands of credit extensions and small business loans for our clients—loans that will help save millions of jobs. We have committed to making sure that clients and non-clients alike get the full benefit of their government stimulus checks. We introduced a temporary assistance loan aimed at quickly delivering relief to our clients and teammates. Additionally, we’ve implemented dozens of other measures to help our clients through these times, including payment deferrals, hardship support and borrower assistance programs.

We know we are only as strong as the communities where we live and work, which is why we have already pledged $7 million to projects focused on minimizing the impacts of the pandemic on small businesses and our most vulnerable citizens. This latest, highly targeted pledge is in addition to the $16.5 billion in community benefits we are already delivering to our neighbors and neighborhoods.

All of this is just the beginning, as we look ahead to re-opening our country and revitalizing our economy. KeyBank has a very long and proud history, which has persevered through many challenging times. I remain confident in the long-term outlook for our company as well as a bright future for you and for our country. Because today, Key is strong. Key is well capitalized. We have always been there for you and we pledge to continue that legacy of service and support.

We will be there to provide much needed capital as businesses new and old adapt to the “new normal,” displaying the American ingenuity that has always powered our economy and inspired better tomorrows. And we’ll be there to help you bring your dreams to life, whether that is buying your first home, planning for your retirement, sending your children to college or starting a business.

We appreciate the trust and confidence that you place in us. We understand that with great opportunity comes great obligation and we take great pride in knowing that KeyBank is part of the solution and the path forward for all those whom we serve. I want you to know that we are ready to take on tomorrow, together.

Regards,

Chris Gorman signature

Christopher M. Gorman
Chairman, Chief Executive Officer and President, KeyCorp

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