![]() To encourage continuing education, KTOS teammates are granted a set number of hours per quarter to take online courses, shadow colleagues in other roles or undertake other forms of training. In Mago's newly updated biography on Ke圜orp's website, the company said she "has a passion for people and has built some of the company's most productive businesses." Key highlighted some of her achievements in its latest proxy statement, saying that Mago's leadership "helped grow" Key's loan book and noting that "Key continued to maintain discipline around credit quality, with net charge-offs well within targeted range despite economic uncertainty. Future Ready An innovative career development initiative for our Key Technology Operations and Services (KTOS) teammates. She also received $1.9 million in long-term incentive awards, which was 100% of her long-term target. Last year, Mago was awarded a cash bonus of $1.1 million, representing 75% of her short-term incentive target for the year, according to the bank's most recent proxy statement. Key declined to say if Mago's compensation package, which was valued at $3.6 million for 2022, will be adjusted for her new role. The company ranked fourth on Affordable Housing Finance's top lenders of 2022. Under Mago's leadership, Key's affordable housing lending program experienced significant growth. As head of commercial banking, Mago's team had more than 1,100 employees. The company had an average of 17,660 full-time equivalent employees in 2022, according to its most recent proxy statement. Meanwhile, Key's real estate capital business, which used to be under the direction of Mago, is now housed within Key's institutional bank, which continues to be managed by Randy Paine III, the spokesperson said.Īs the new chief human resources officer, Mago will oversee employee recruitment, retention and development, Key said in its regulatory filing last week. Ken Gavrity, who was Key's head of product and innovation for enterprise payments, succeeds Mago as head of commercial banking, and he also retains his former duties, according to the company spokesperson. Mago's previous duties as head of commercial banking will be split between two Key executives. In addition to paying more for deposits, the $188 billion-asset company is dealing with the ramifications of holding lower-yielding securities, which it purchased when interest rates were lower. ![]() Net interest income in the commercial bank totaled $430 million during the third quarter, down 11.2% year over year, the company said last month. The bank reported net interest income of $923 million in the third quarter, its lowest total since the first quarter of 2017 and down 23% from the same period last year. ![]() Key has been struggling with declining net interest income amid high interest rates. "We recently announced some structural and leadership changes aimed at increasing operational efficiency and making it easier for our clients to do business with Key," the company added. In a statement, Key said that it is "always evaluating" its business strategy and reviewing its organizational structure to make sure it is "best aligned to meet … clients' needs." Mago, who was ranked fourth this year on American Banker's Most Powerful Women to Watch list, will keep reporting to CEO Chris Gorman, and she will remain on the executive management team. ![]() Over the course of the summer, Corporate Bank interns not only have the unprecedented opportunity to gain valuable, real-world experience working alongside some of the best minds in the industry, but they also enjoy an award-winning enterprise-wide program with other interns from among all other KeyBank Programs.Following Fishel's departure, Key's executive management team has shrunk from 13 members to 12. Other cities with internship opportunities are: Atlanta Boston Charlotte Chicago Dallas Houston Overland Park, KS Portland, OR Salt Lake City San Francisco Seattle and Superior, CO.īecause our internship programs are a direct pipeline for full-time analyst positions, they offer exceptional potential for interns to return to Key upon graduation to start their financial services careers. Most of our intern positions are available in Cleveland and New York City. Business groups include: KeyBanc Capital Markets ®, KeyBank Real Estate Capital ®, Payments, and Key Equipment Finance ®. Key Corporate Bank business groups are focused on building momentum by working together to identify, share, and connect client opportunities in targeted client segments.
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