KeyCorp is a bank holding company headquartered in Cleveland, Ohio, operating primarily through KeyBank. KeyCorp serves retail customers, small businesses, middle market companies, and large corporate and institutional clients across two segments: Consumer Bank and Commercial Bank. The Consumer Bank operates a 940-branch network across 15 states, offering deposits, personal lending, home equity, and credit cards, while also building a wealth management business targeting mass affluent customers. The Commercial Bank is the primary revenue driver and operates through a middle market-focused commercial banking platform and an institutional platform, KeyBanc Capital Markets, which serves large corporate clients across seven industry verticals and provides investment banking, debt and equity underwriting, M&A advisory, and syndicated lending. KeyCorp makes money through net interest income — the spread between what it earns on loans and what it pays on deposits — and fee income from investment banking, wealth management, commercial payments, and commercial mortgage servicing. KeyCorp uses an "underwrite-and-distribute" model where it raises capital for clients and places most of it with third-party investors, generating fees without tying up balance sheet. KeyCorp is also a top-tier commercial real estate loan servicer, named on roughly $710B of CRE loans, with a countercyclical special servicing business that generates higher fees during periods of CRE loan distress.