KeyCorp vs Principal Financial Group
Side-by-side comparison of AI visibility scores, market position, and capabilities
Cleveland OH Midwest/Mountain West regional bank (NYSE: KEY) ~$7.8B FY2024 revenue; Scotiabank $2.8B equity investment 2024, KBCM middle market investment banking, competing with Huntington and Fifth Third.
About
KeyCorp is a Cleveland, Ohio-based regional bank holding company — publicly traded on the New York Stock Exchange (NYSE: KEY) as an S&P 500 Financials component — providing commercial and retail banking, investment banking, wealth management, and capital markets services through KeyBank National Association across a 15-state footprint primarily in the Midwest, Mountain West, Pacific Northwest, and Alaska through approximately 17,000 employees. In fiscal year 2024, KeyCorp reported net revenues of approximately $7.8 billion, with the company executing a significant strategic capital action: in August 2024, Bank of Nova Scotia (Scotiabank) agreed to invest $2.8 billion in KeyCorp through a 14.9% equity stake acquisition — providing KeyCorp with common equity Tier 1 capital to support balance sheet repositioning (selling low-yielding bond securities purchased in 2020-2021 at low rates, reinvesting at higher rates to improve net interest income trajectory) and to fund commercial banking growth. CEO Chris Gorman's strategy of repositioning KeyCorp from a diversified financial services company toward a "relationship bank" model emphasizes middle market commercial lending (companies with $25M-$2B in revenue), commercial mortgage banking, and KeyBanc Capital Markets investment banking as the differentiated businesses where KeyCorp generates above-average revenue per relationship compared to consumer banking. KeyCorp's investment banking arm (KeyBanc Capital Markets — KBCM) provides middle market companies with equity capital markets (ECM — IPOs, follow-on offerings, convertibles), debt capital markets (DCM — leveraged loans, high-yield bonds), and M&A advisory capabilities that regional bank-scaled investment banks rarely match.
Des Moines retirement and asset management (NASDAQ: PFG) at $16.13B 2024 revenue (+18%), $753B AUM; new CEO Deanna Strable (Jan 2025), Ascensus ESOP acquisition (2024), $1.7T AUA competing with Empower for mid-market 401(k).
About
Principal Financial Group, Inc. is a Des Moines, Iowa-based financial services company — publicly traded on NASDAQ (NASDAQ: PFG) as an S&P 500 Financials component — providing retirement savings, asset management, and group insurance and benefits to 61 million customers worldwide through approximately 20,000 employees with $753 billion in assets under management (AUM) as of Q2 2025, $1.7 trillion in assets under administration, and $16.13 billion in 2024 annual revenue (up 18% year-over-year) with net income of $1.57 billion. Founded in 1879 as The Bankers Life Association by Edward Temple and Simon Casady to provide affordable life insurance to Iowans, Principal demutualized and completed its IPO in 2001. Deanna Strable became President and CEO in January 2025 (succeeding Dan Houston), with Joel Pitz named CFO. Principal operates through three segments: Retirement and Income Solutions (RIS — 401(k), 403(b), defined benefit plans, nonqualified executive benefits, pension risk transfer, and individual retirement products), Principal Asset Management (equity, fixed income, real estate, and alternative investments for institutional clients), and Benefits and Protection (group dental, vision, life, and disability insurance). Key acquisitions include AFP Cuprum (Chilean pension, $1.5B, 2012), Wells Fargo's institutional retirement and trust business ($1.2B, 2019, adding 401(k)/pension/ESOP plans), and the 2024 agreement to acquire Ascensus's ESOP business (800 plans, 165,000+ participants). Principal's market capitalization stands at approximately $18.3 billion.
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