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Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value of Assets and Liabilities Measured on Recurring Basis The following tables present these assets and liabilities at September 30, 2025, and December 31, 2024.
September 30, 2025December 31, 2024
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Dollars in millions
ASSETS MEASURED ON A RECURRING BASIS
Trading account assets:
U.S. Treasury, agencies and corporations$— $550 $— $550 $— $930 $— $930 
States and political subdivisions— 79 — 79 — 127 — 127 
Other mortgage-backed securities— 199 — 199 — 183 — 183 
Other securities1 139 — 140 — 25 — 25 
Total trading account securities1 967 — 968 — 1,265 — 1,265 
Commercial loans— 4 — 4 — 18 — 18 
Total trading account assets1 971 — 972 — 1,283 — 1,283 
Securities available for sale:
U.S. Treasury, agencies and corporations— 8,208 — 8,208 — 8,904 — 8,904 
Agency residential collateralized mortgage obligations— 8,779 — 8,779 — 9,224 — 9,224 
Agency residential mortgage-backed securities— 19,434 — 19,434 — 15,169 — 15,169 
Agency commercial mortgage-backed securities— 4,035 — 4,035 — 4,410 — 4,410 
Other securities— — — — — — — — 
Total securities available for sale— 40,456 — 40,456 — 37,707 — 37,707 
Other investments:
Principal investments:
Indirect (measured at NAV) (a)
— — — 11 — — — 14 
Total principal investments— — — 11 — — — 14 
Equity investments:
Direct— — 2 2 — — 2 2 
Direct (measured at NAV) (a)
— — — 68 — — — 54 
Indirect (measured at NAV) (a)
— — — 3 — — — 3 
Total equity investments— — 2 73 — — 2 59 
Total other investments— — 2 84 — — 2 73 
Loans, net of unearned income (residential)— — 10 10 — — 10 10 
Loans held for sale (residential)— 62 — 62 — 93 — 93 
Derivative assets:
Interest rate— 161 3 164 — 114 (4)110 
Foreign exchange57 45 — 102 93 31 — 124 
Commodity— 276 — 276 — 363 — 363 
Credit— — — — — — — — 
Other— 16 1 17 — 15 — 15 
Derivative assets57 498 4 559 93 523 (4)612 
Netting adjustments (b)
— — — (329)— — — (363)
Total derivative assets57 498 4 230 93 523 (4)249 
Total assets on a recurring basis at fair value$58 $41,987 $16 $41,814 $93 $39,606 $8 $39,415 
LIABILITIES MEASURED ON A RECURRING BASIS
Bank notes and other short-term borrowings:
Short positions$484 $355 $— $839 $107 $773 $— $880 
Derivative liabilities:
Interest rate— 574 — 574 — 965 — 965 
Foreign exchange51 45 — 96 85 32 — 117 
Commodity— 263 — 263 — 343 — 343 
Credit— 8 — 8 — — — — 
Other— 30 — 30 — 14 — 14 
Derivative liabilities51 920 — 971 85 1,354 — 1,439 
Netting adjustments (b)
— — — (334)— — — (411)
Total derivative liabilities51 920 — 637 85 1,354 — 1,028 
Total liabilities on a recurring basis at fair value$535 $1,275 $— $1,476 $192 $2,127 $— $1,908 
(a)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet.
(b)Netting adjustments represent the amounts recorded to convert our derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. The net basis takes into account the impact of bilateral collateral and master netting agreements that allow us to settle all derivative contracts with a single counterparty on a net basis and to offset the net derivative position with the related cash collateral. Total derivative assets and liabilities include these netting adjustments.
Schedule of Fair Value of Direct and Indirect Investments, Related Unfunded Commitments and Financial Support Provided
The following table presents the fair value of our indirect principal investments and related unfunded commitments at September 30, 2025, as well as financial support provided for the three and nine months ended September 30, 2025, and September 30, 2024.
   Financial support provided
   Three months ended September 30,Nine months ended September 30,
 September 30, 20252025202420252024
Dollars in millions
Fair
Value
Unfunded
Commitments		Funded
Commitments
Funded
Other
Funded
Commitments
Funded
Other
Funded
Commitments
Funded
Other
Funded
Commitments
Funded
Other
INVESTMENT TYPE
Indirect investments (measured at NAV) (a)
$11 $1 $— $— $— $— $— $— $— $— 
Total$11 $1 $— $— $— $— $— $— $— $— 
(a) Our indirect investments consist of buyout funds, venture capital funds, and fund of funds. These investments are generally not redeemable. Instead, distributions are received through the liquidation of the underlying investments of the fund. An investment in any one of these funds typically can be sold only with the approval of the fund’s general partners. At September 30, 2025, no significant liquidation of the underlying investments has been communicated to Key. The purpose of funding our capital commitments to these investments is to allow the funds to make additional follow-on investments and pay fund expenses until the fund dissolves. We, and all other investors in the fund, are obligated to fund the full amount of our respective capital commitments to the fund based on our and their respective ownership percentages, as noted in the applicable Limited Partnership Agreement.
Schedule of Change in Fair Values of Level 3 Financial Instruments
The following table shows the components of the change in the fair values of our Level 3 financial instruments measured at fair value on a recurring basis for the three and nine months ended September 30, 2025, and September 30, 2024. 
Dollars in millionsBeginning of Period BalanceGains (Losses) Included in Other Comprehensive IncomeGains (Losses) Included in EarningsPurchasesSalesSettlementsTransfers OtherTransfers into
Level 3		Transfers out of
Level 3		End of Period BalanceUnrealized Gains (Losses) Included in Earnings
Nine months ended September 30, 2025
Other investments
Equity investments
Direct$2 $— $— 
(c)
$— $— $— $— $— $— $2 $— 
Loans, net of unearned income (residential)10 — 1 — — — (1)— — 10 — 
Derivative instruments (a)
Interest rate(4)— 10 
(d)
8 — — — (5)
(e)
(6)
(e) 
3 — 
Other (b)
— — — — — — 1 — — 1 — 
Three months ended September 30, 2025
Other investments
Equity investments
Direct$3 $— $(1)
(c)
$— $— $— $— $— $— $2 $— 
Loans, net of unearned income (residential)11 — — — — — (1)— — 10 — 
Derivative instruments (a)
Interest rate2 — 1 
(d)
2 — — — — 
(e)
(2)
(e) 
3 — 
Other (b)
2 — — — — — (1)— — 1 — 
Dollars in millionsBeginning of Period BalanceGains (Losses) Included in Other Comprehensive IncomeGains (Losses) Included in EarningsPurchasesSalesSettlementsTransfers OtherTransfers into
Level 3		Transfers out of
Level 3		End of Period BalanceUnrealized Gains (Losses) Included in Earnings
Nine months ended September 30, 2024
Other investments
Equity investments
Direct$2 $— $1 
(c)
$— $— $— $— $— $— $3 $— 
Loans, net of unearned income (residential)9 — — — — — (2)— 2 9 — 
Derivative instruments (a)
Interest rate(2)— (5)
(d)
7 — — — 2 
(e) 
5 
(e) 
7 — 
Other (b)
2 — — — — — (1)— — 1 — 
Three months ended September 30, 2024
Other investments
Equity investments
Direct$2 $— $1 
(c)
$— $— $— $— $— $— $3 $— 
Loans, net of unearned income (residential)11 — — — — — (2)— — 9 — 
Derivative instruments (a)
Interest rate(2)— 2 
(d)
6 — — — 1 
(e) 
— 
(e) 
7 — 
Other (b)
1 — — — — — — — — 1 — 
(a)Amounts represent Level 3 derivative assets less Level 3 derivative liabilities.
(b)Amounts represent Level 3 interest rate lock commitments.
(c)Realized and unrealized gains and losses on principal investments are reported in “other income” on the income statement.
(d)Realized and unrealized gains and losses on derivative instruments are reported in “corporate services income” and “other income” on the income statement.
(e)Certain derivatives previously classified as Level 2 were transferred to Level 3 and vice versa based upon changes in the significance of unobservable inputs.
Schedule of Assets and Liabilities Measured at Fair Value on Nonrecurring Basis
The following table presents our assets measured at fair value on a nonrecurring basis at September 30, 2025, and December 31, 2024:
 September 30, 2025December 31, 2024
Dollars in millionsLevel 1Level 2Level 3TotalLevel 1Level 2Level 3Total
ASSETS MEASURED ON A NONRECURRING BASIS
Collateral-dependent loans$— $— $96 $96 $— $— $152 $152 
Loans held for sale— — 3 3 — — — — 
Accrued income and other assets— — 32 32 — — 14 14 
Total assets on a nonrecurring basis at fair value$— $— $131 $131 $— $— $166 $166 
Schedule of Quantitative Information about Level 3 Fair Value Measurements
The range and weighted-average of the significant unobservable inputs used to measure the fair value of our material Level 3 recurring and nonrecurring assets at September 30, 2025, and December 31, 2024, along with the valuation techniques used, are shown in the following table:
Level 3 Asset (Liability) 
Valuation 
Technique
Significant
Unobservable Input
Range (Weighted-Average) (a), (b)
Dollars in millions
September 30, 2025December 31, 2024September 30, 2025December 31, 2024
Recurring    
Loans, net of unearned income (residential)$10 $10 Market comparable pricingComparability factor
74.30 - 99.00% (84.62%)
68.00-95.00% (77.48%)
Derivative instruments:
Interest rate3 (4)Discounted cash flowsProbability of default
.02 - 100% (4.60%)
.02 - 100% (5.00%)
Loss given default
0 - 1 (.500)
0 - 1 (.500)
Insignificant level 3 assets, net of liabilities(c)
3 2 
Nonrecurring   
Collateral-dependent loans96 152 Fair value of collateralCredit and liquidity discount
0 - 100.00% (33.00%)
0 - 100.00% (33.00%)
Loans held for sale3 — Market comparable pricingComparability factorN/MN/A
Accrued income and other assets: (d)
OREO and other Level 3 assets9 14 Appraised valueAppraised valueN/MN/M
(a)The weighted average of significant unobservable inputs is calculated using a weighting relative to fair value.
(b)For significant unobservable inputs with no range, a single figure is reported to denote the single quantitative factor used.
(c)Represents the aggregate amount of Level 3 assets and liabilities measured at fair value on a recurring basis that are individually and in the aggregate insignificant. The amount includes certain equity investments and certain financial derivative assets and liabilities.
(d)Excludes $23 million pertaining to mortgage servicing assets measured on a nonrecurring basis as of September 30, 2025. Refer to Note 8 (“Mortgage Servicing Assets”) for significant unobservable inputs pertaining to these assets.
Schedule of Fair Value Disclosures of Financial Instruments
The levels in the fair value hierarchy ascribed to our financial instruments and the related carrying amounts at September 30, 2025, and December 31, 2024, are shown in the following tables. Assets and liabilities are further arranged by measurement category.
 September 30, 2025
  Fair Value
Dollars in millions
Carrying
Amount
Level 1Level 2Level 3
Measured
at NAV
Netting
Adjustment
 Total
ASSETS (by measurement category)
Fair value - net income
Trading account assets (b)
$972 $1 $971 $— $— $—   $972 
Other investments (b) (h)
921 — — 839 82 —   921 
Loans, net of unearned income (residential) (d)
10 — — 10 — —   10 
Loans held for sale (residential) (b)
62 — 62 — — —   62 
Derivative assets - trading (b)
213 57 481 4 — (329)
(f) 
213 
Fair value - OCI
Securities available for sale (b)
40,456 — 40,456 — — —   40,456 
Derivative assets - hedging (b)(g)
17 — 17 — — — 
(f) 
17 
Amortized cost
Held-to-maturity securities (c)
7,509 — 7,164 — — —   7,164 
Loans, net of unearned income (d)
104,448 — — 101,186 — —   101,186 
Loans held for sale (b)
936 — — 936 — — 936 
Other
Cash and other short-term investments (a)
15,272 15,272 — — — — 15,272 
LIABILITIES (by measurement category)
Fair value - net income
Derivative liabilities - trading (b)
$637 $51 $920 $— $— $(334)
(f) 
$637 
Fair value - OCI
Derivative liabilities - hedging (b)(g)
— — — — — — 
(f) 
— 
Amortized cost
Time deposits (e)
14,595 — 14,675 — — —   14,675 
Short-term borrowings (a)
1,349 484 865 — — —   1,349 
Long-term debt (e)
10,917 10,275 751 — — —   11,026 
Other
Deposits with no stated maturity (a)
136,170 — 136,170 — — — 
  
136,170 
December 31, 2024
 Fair Value
Dollars in millions
Carrying
Amount
Level 1Level 2Level 3
Measured
at NAV
Netting
Adjustment
 Total
ASSETS (by measurement category)
Fair value - net income
Trading account assets (b)
$1,283 $— $1,283 $— $— $— $1,283 
Other investments (b) (h)
1,041 — — 969 72 — 1,041 
Loans, net of unearned income (residential) (d)
10 — — 10 — — 10 
Loans held for sale (residential) (b)
93 — 93 — — — 93 
Derivative assets - trading (b)
255 93 527 (4)— (361)
(f) 
255 
Fair value - OCI
Securities available for sale (b)
37,707 — 37,707 — — — 37,707 
Derivative assets - hedging (b)(g)
(6)— (4)— — (2)
(f) 
(6)
Amortized cost
Held-to-maturity securities (c)
7,395 — 6,837 — — — 6,837 
Loans, net of unearned income (d)
102,841 — — 99,105 — — 99,105 
Loans held for sale (b)
704 — — 704 — — 704 
Other
Cash and other short-term investments (a)
19,247 19,247 — — — — 19,247 
LIABILITIES (by measurement category)
Fair value - net income
Derivative liabilities - trading (b)
$1,028 $85 $1,351 $— $— $(408)
(f) 
$1,028 
Fair value - OCI
Derivative liabilities - hedging (b)(g)
— — 3 — — (3)
(f) 
— 
Amortized cost
Time deposits (e)
16,952 — 17,068 — — — 17,068 
Short-term borrowings (a)
2,144 107 2,037 — — — 2,144 
Long-term debt (e)
12,105 11,430 477 — — — 11,907 
Other
Deposits with no stated maturity (a)
132,808 — 132,808 — — — 132,808 
Valuation Methods and Assumptions
(a)Fair value equals or approximates carrying amount. The fair value of deposits with no stated maturity does not take into consideration the value ascribed to core deposit intangibles.
(b)Information pertaining to our methodology for measuring the fair values of these assets and liabilities is included in the sections entitled “Qualitative Disclosures of Valuation Techniques” and “Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis” within our 2024 Form 10-K Note 6 (“Fair Value Measurements”).
(c)Fair values of held-to-maturity securities are determined by using models that are based on security-specific details, as well as relevant industry and economic factors. The most significant of these inputs are quoted market prices, interest rate spreads on relevant benchmark securities, and certain prepayment assumptions. We review the valuations derived from the models to ensure that they are reasonable and consistent with the values placed on similar securities traded in the secondary markets.
(d)The fair value of loans is based on the present value of the expected cash flows. The projected cash flows are based on the contractual terms of the loans, adjusted for prepayments and use of a discount rate based on the relative risk of the cash flows, taking into account the loan type, maturity of the loan, liquidity risk, servicing costs, and a required return on debt and capital. In addition, an incremental liquidity discount is applied to certain loans, using historical sales of loans during periods of similar economic conditions as a benchmark. The fair value of loans includes lease financing receivables at their aggregate carrying amount, which is equivalent to their fair value.
(e)Fair values of time deposits and long-term debt are based on discounted cash flows utilizing relevant market inputs.
(f)Netting adjustments represent the amounts recorded to convert our derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. The net basis takes into account the impact of bilateral collateral and master netting agreements that allow us to settle all derivative contracts with a single counterparty on a net basis and to offset the net derivative position with the related cash collateral. Total derivative assets and liabilities include these netting adjustments.
(g)Derivative assets-hedging and derivative liabilities-hedging includes both cash flow and fair value hedges. Additional information regarding our accounting policies for cash flow and fair value hedges is provided in Note 1 (“Summary of Significant Accounting Policies”) under the heading “Derivatives and Hedging” beginning on page 115 of our 2024 Form 10-K.
(h)Investments accounted for under the cost method (or cost less impairment adjusted for observable price changes for certain equity investments) are classified as Level 3 assets. These investments are not actively traded in an open market as sales for these types of investments are rare. The carrying amount of the investments carried at cost are adjusted for declines in value if they are considered to be other-than-temporary (or due to observable orderly transactions of the same issuer for equity investments eligible for the cost less impairment measurement alternative). These adjustments are included in “other income” on the income statement.