Keycorp layoffs, on the record
Every job cut, severance charge and restructuring Keycorp reported in its annual reports, 2023 to 2025, quoted from the filings. Headcount went from 17,333 to 17,883.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2023 | 17,333 | December 31, 2023 |
| 10-K for 2024 | 17,406 | December 31, 2024 |
| 10-K for 2025 | 17,883 | December 31, 2025 |
Job cuts, severance and restructuring
Our summaryPersonnel expense rose in 2023, with severance expense increasing from the prior year as part of higher salaries and severance costs.
Word for word“Personnel As shown in Figure 6, personnel expense, the largest category of our noninterest expense, increased by $94 million, or 3.7%, in 2023 compared to 2022.” 10-K for 2023
Our summaryPersonnel expense fell in 2024 partly because severance expense decreased, with severance dropping from 81 million in 2023 to 2 million in 2024.
Word for word“Overall activity for the year was driven by higher incentive compensation from strong capital markets activity during the year, partially offset by a decrease in severance expense.” 10-K for 2024
Keycorp has filed no restructuring notice (Form 8-K, Item 2.05) since 2016. Companies file one only for a cut they judge material, so many announced layoffs never appear as one. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from Keycorp’s annual reports (10-K for 2025, 10-K for 2024, 10-K for 2023) and the financial data it files with the SEC, as of 2026-02-23. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.