In a regulatory filing, KeyCorp disclosed that on September 6 the company initiated a strategic repositioning of its available-for-sale investment securities portfolio by selling approximately $7.0B of low-yielding investment securities, resulting in an expected after-tax loss of approximately $700M in the third quarter of 2024. “The investment securities that were sold had a weighted average book yield of approximately 2.3% and an average duration of approximately 6 years,” the filing stated.
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