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Business Segment Reporting
 3 Months Ended
Mar. 31, 2023
Segment Reporting [Abstract]  
Business Segment Reporting
20. Business Segment Reporting

The following is description of the segments and their primary businesses at March 31, 2023.

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, student loan refinancing, mortgage and home equity, credit card, treasury services, and business advisory services. In addition, wealth management and investment services are offered to assist non-profit and high-net-worth clients with their banking, trust, portfolio management, life insurance, charitable giving, and related needs.

Commercial Bank

The Commercial Bank consists of the Commercial and Institutional operating segments. The Commercial operating segment is a full-service, commercial banking platform that focuses primarily on serving the borrowing, cash management, and capital markets needs of middle market clients within Key’s 15-state branch footprint. It is also a significant, national, commercial real estate lender and third-party servicer of commercial mortgage loans and special servicer of CMBS. 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. The operating segment includes the KBCM platform which provides a broad suite of capital markets products and services including syndicated finance, debt and equity underwriting, derivatives, foreign exchange, debt and M&A advisory, public finance, and fixed income and equity sales and trading services.

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, restructuring charges, 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 include intercompany eliminations and certain items that are not allocated to the business segments because they do not reflect their normal operations.

The development and application of the methodologies that we use to allocate items among our business segments is a dynamic process. Accordingly, financial results may be revised periodically to reflect enhanced alignment of expense base allocations 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, 2023, and March 31, 2022. 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 millions20232022202320222023202220232022
SUMMARY OF OPERATIONS
Net interest income (TE)$614 $543 $475 $414 $17 $63 $1,106 $1,020 
Noninterest income228 256 366 394 14 26 608 676 
Total revenue (TE) (a)
842 799 841 808 31 89 1,714 1,696 
Provision for credit losses60 43 80 41 (1)(1)139 83 
Depreciation and amortization expense21 21 23 31 17 18 61 70 
Other noninterest expense654 642 405 383 56 (25)1,115 1,000 
Income (loss) from continuing operations before income taxes (TE)
107 93 333 353 (41)97 399 543 
Allocated income taxes and TE adjustments
26 22 69 69 (7)5 88 96 
Income (loss) from continuing operations81 71 264 284 (34)92 311 447 
Income (loss) from discontinued operations, net of taxes
— — — — 1 1 1 1 
Net income (loss)81 71 264 284 (33)93 312 448 
Less: Net income (loss) attributable to noncontrolling interests
— — — — — — — — 
Net income (loss) attributable to Key$81 $71 $264 $284 $(33)$93 $312 $448 
AVERAGE BALANCES (b)
Loans and leases$43,086 $38,654 $76,306 $64,684 $445 $424 $119,837 $103,762 
Total assets (a)
45,911 41,786 85,852 74,816 59,088 65,987 190,851 182,589 
Deposits84,492 91,516 52,185 57,241 6,728 1,406 143,405 150,163 
OTHER FINANCIAL DATA
Net loan charge-offs (b)
$24 $22 $21 $11 $— $— $45 $33 
Return on average allocated equity (b)
8.98 %8.02 %10.39 %13.26 %95.76 %8.29 %9.13 %10.80 %
Return on average allocated equity8.98 8.02 10.39 13.26 92.94 8.38 9.16 10.83 
Average full-time equivalent employees (c)
8,046 7,885 2,517 2,416 7,657 6,808 18,220 17,109 
(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.