Magazine article American Banker

Keycorp to Quadruple Privating Banking Staff over Next Five Years

Magazine article American Banker

Keycorp to Quadruple Privating Banking Staff over Next Five Years

Article excerpt

As part of an aggressive campaign to increase its presence among the wealthy, Keycorp plans to quadruple the staff of its private banking and investment group over the next five years.

This year, the Cleveland-based banking company intends to hire 50 to 70 people versed in servicing the needs of affluent customers, said Daniel E. Klimas, Keycorp's executive vice president for personal financial services.

Hiring will be done first in Ohio and Washington State, followed by other states over the next five years.

The new hires will bring the staff of "relationship managers" in the private banking and investment group up to about 300 people by the end of this year. These employees specialize in trust services, money management, or private banking.

After that, the company plans to hire at a rate of between 150 to 250 a year, bringing the staff of specialists up to 1,000 people by the end of the decade.

Keycorp's planned expansion represents "a huge number of people," said Richard Scheide, a banking consultant with David Ross Palmer & Associates. "You're talking about bringing in a bucketful of new assets."

Mr. Klimas said he expects this business to grow 25% a year. "This is an underserved group of customers," he said.

Keycorp, with $67.7 billion in assets, was one of the first banking companies to serve the rapidly growing market of affluent customers with a private banking operation that incorporates trust and brokerage services.

In most banks, private banking, trust, and money management staffers work separately. …

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