KeyCorp

The Cleveland company will exit indirect auto lending and close branches so it can devote more resources to mortgages, student loans and other relationship-driven, digital-friendly businesses.

Jane Fraser, who in February will become the first female CEO of a Wall Street bank, said during a Women in Banking event hosted by American Banker that she will be “the first of many, many more” to come.

Chris Gorman, the Cleveland company's chairman and CEO, said at an industry conference that an ongoing shift to digital channels provides an “opportunity to continue to ramp up" efforts to shutter physical locations.

Institutions large and small are either creating new positions or elevating existing diversity heads to C-suite roles. Will the moves help banks improve equality within their ranks and better serve their communities?

Other regionals set more aside for loan losses than the Cleveland bank did in the second quarter, and its ratio of reserves to total loans is slightly lower, too. But Key executives say the portfolio is balanced and holding up well despite the pandemic’s economic toll.

While elevated loan-loss provisions are expected to eat into all banks’ earnings, midsize banks could suffer more than their big-bank rivals because they have fewer revenue drivers. Meanwhile, investors will be watching closely for any signs of dividend cuts stemming from the Federal Reserve’s caps on payouts.

In an exit interview with American Banker, the former KeyCorp CEO reflected on a trailblazing career, shared her thoughts on leadership and described what it’s like to retire in the middle of a pandemic.

Many banks are slashing their spending. Others are changing their messaging strategies. And those banks that partner with pro sports teams are stuck in limbo, since it remains unclear when games will resume.

Consumers and businesses put more money in the bank as the pandemic worsened. How long the funds remain will depend on how quickly the economy recovers.

Truist, Key, Fifth Third and PNC became the latest banks to restrict branch access to the drive-through window or appointment only.