KeyCorp stock falls on lower non-interest income forecast

KeyCorp.’s stock
KEY,
-3.57%
was down 3.8% on Tuesday after the bank lowered its fourth-quarter outlook for non-interest income to drop by 5% to 8% from the previous quarter. The bank’s prior estimate was for an increase of 1% to 3%. KeyCorp expects fourth-quarter loan activity to drop by 1% to 3% from the third quarter, with “relatively stable” net interest income. The estimates were included in a filing accompanying the bank’s appearance at the Goldman Sachs 2023 U.S. Financial Services Conference.