Company: KEY-PI
Filing Date: 2025-03-28
Form Type: DEF 14A
Source: 0001193125-25-066284
Chunk: 51

Company: KEYCORP /NEW/
Filing Date: 2025-03-28
Form: DEF 14A
Chunk 51
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3. This Peer Group was identified based on a multi-dimensional review that occurs annually, focusing on regional bank peers and considering factors such as the regulatory environment and expectations, as well as relative asset size, revenue, and market capitalization. The Peer Group listed below is the group of regional banks against which we can compare our financial performance for purposes of our annual and long-term incentives and is the primary group we look to for insights on pay practices of relatively similar institutions. Differences in business model and focus areas for each member of the Peer Group may cause challenges in making comparisons among members of the Peer Group. For example, Key’s distinctive commercial and investment banking capabilities focused on middle-market clients often lead Key to compete with large universal banks and boutique investment firms rather than the peers identified below. In addition, our commercial and investment banks often compete on a national scale, and leaders of those lines of business are aligned with higher relative pay expectations as a result of our need to attract and retain top talent in these areas. The companies in our Peer Group maintain a strong brand and reputation and actively compete with us for executive talent. The companies in our 2024 Peer Group are listed below in alphabetical order.

| • |     | Citizens Financial Group, Inc. |

| • |     | Comerica Incorporated |

| • |     | Fifth Third Bancorp |

| • |     | Huntington Bancshares Incorporated |

| • |     | M&T Bank Corporation |

| • |     | The PNC Financial Services Group, Inc. |

| • |     | Regions Financial Corporation |

| • |     | Truist Financial Corporation |

| • |     | U.S. Bancorp |

| • |     | Zions Bancorporation |

| 42 |

Compensation Discussion and Analysis As of December 31, 2024, the average asset size, full year adjusted revenue, and market capitalization of the Peer Group compared to our asset size, total adjusted revenue, and market capitalization is set forth in the table below:

| * | Data sourced from S&P Capital IQ. Full Year Adjusted Revenue adjusted to include nonrecurring revenue. |

Role of the Compensation Committee The Compensation Committee sets the pay and evaluates the performance of our CEO, with input from the full Board, and reviews and approves the compensation of a select group of other executive officers, including the NEOs. The Compensation Committee, as part of its oversight of the management and organizational structure of Key, annually reviews KeyCorp’s management succession plan for the CEO and other senior executives and oversees