KEYCORP /NEW/
For the period ended Dec 31, 2025. Filed Feb 23, 2026.
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FY2025 · Filed Feb 23, 2026
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Noninterest expense
Noninterest expense for 2025 was $4.7 billion, compared to $4.5 billion for 2024. Figure 5 gives a breakdown of our major categories of noninterest expense as a percentage of total noninterest expense for the twelve months ended December 31, 2025.
The following discussion explains the composition of certain elements of our noninterest expense and the factors that caused those elements to change.
Figure 5. Noninterest Expense
| Year ended December 31, · Change 2025 vs. 2024 · Change 2024 vs. 2023 | |||||||
|---|---|---|---|---|---|---|---|
| Dollars in millions | 2025 | 2024 | 2023 | Amount | Percent | Amount | Percent |
| Personnel | $2,917 | $2,714 | $2,660 | $203 | 7.5% | $54 | 2.0% |
| Net occupancy | 270 | 266 | 267 | 4 | 1.5 | (1) | (0.4) |
| Computer processing | 425 | 414 | 368 | 11 | 2.7 | 46 | 12.5 |
| Business services and professional fees | 193 | 174 | 168 | 19 | 10.9 | 6 | 3.6 |
| Equipment | 83 | 80 | 88 | 3 | 3.8 | (8) | (9.1) |
| Operating lease expense | 38 | 63 | 77 | (25) | (39.7) | (14) | (18.2) |
| Marketing | 95 | 94 | 109 | 1 | 1.1 | (15) | (13.8) |
| Other expense | 682 | 740 | 997 | (58) | (7.8) | (257) | (25.8) |
| Total noninterest income | $4,703 | $4,545 | $4,734 | $158 | 3.5% | $(189) | (4.0)% |
Personnel
As shown in Figure 6, personnel expense, the largest category of our noninterest expense, increased by $203 million, or 7.5%, in 2025 compared to 2024. Overall activity for the year was driven by higher incentive compensation associated with noninterest income growth and continued investments in people.
Figure 6. Personnel Expense
| Year ended December 31,Dollars in millions · Change 2025 vs. 2024 · Change 2024 vs. 2023 | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| 2025 · 2024 · 2023 · Amount · Percent · Amount · Percent | |||||||||
| Salaries and contract labor | $1,715 | $1,609 | $1,649 | $106 | 6.6% | $(40) | (2.4)% | ||
| Incentive and stock-based compensation (a) | 721 | 661 | 525 | 60 | 9.1 | 136 | 25.9 | ||
| Employee benefits | 460 | 442 | 405 | 18 | 4.1 | 37 | 9.1 | ||
| Severance | 21 | 2 | 81 | 19 | N/M | (79) | (97.5) | ||
| Total personnel expense | $2,917 | $2,714 | $2,660 | $203 | 7.5% | $54 | 2.0% | ||
(a)Excludes directors’ stock-based compensation of $5 million in 2025 and $4 million in 2024, reported as “other noninterest expense” in Figure 5.
N/M - Not meaningful
Non-personnel expense
In total, other non-personnel expense decreased $45 million, or 2.5%, in 2025 compared to 2024 primarily due to a $26 million decrease in the FDIC Special Assessment accrual within other expense and continued decreases in operating lease expense, slightly offset by increases in computer processing and business services and professional fees expense.
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