KeyCorp CEO bullish on Rochester, outlines growth plans for bank in region

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The top executive of KeyCorp sees Rochester as a city well positioned for growth—and says Cleveland, Ohio-based KeyBank plans to expand its presence here. 

“Rochester has always had a history of innovation, and I don’t think that’s changed,” said Christopher Gorman, chairman and CEO of KeyCorp, the holding company for KeyBank and one of the nation’s largest bank-based financial services firms. 

Gorman visited Rochester last week as part of a routine tour of the bank’s markets, where he meets with employees, clients and local leaders.  

During his visit, he also presented NeighborWorks Community Partners with a $200,000 grant from the KeyBank Foundation to support its Second Position, Downpayment and Closing Cost Assistance program. 

NeighborWorks is a Rochester-based nonprofit that provides homebuyer education, counseling and other services aimed at helping individuals become successful homeowners and improving neighborhood vitality. 

“Successful organizations like NeighborWorks Community Partners are a big part of KeyBank’s purpose of helping the communities we serve thrive,” added Vincent Lecce, Rochester market president for KeyBank. 

The local award is part of a broader initiative marking KeyBank’s bicentennial. In total, the foundation is distributing $4.5 million across 27 markets where the bank operates. 

KeyBank, which reported $185 billion in assets as of June 30, ranked third on the Rochester Business Journal’s most recent list of banks by local deposits. The Rochester market accounts for roughly 2.4 percent of Key’s overall business. 

“It’s pretty phenomenal what Key—and communities like Rochester—have been able to do,” said Gorman, citing the region’s legacy in industries like photography and xerography. 

He believes Rochester has several assets that make it well-positioned for growth, including a healthy consumer base and a growing number of entrepreneurial businesses and startups. Gorman noted that the bank’s retail business in Rochester is performing well and pointed to strong activity on the commercial side as well. 

Gorman said KeyBank’s own outlook is positive. In a recent survey of 850 corporate customers, more than half said they believe the current economic climate is favorable for business growth.  

“The consumer in Rochester is particularly healthy,” he said. 

The bank also continues to expand its capabilities, including plans announced earlier this year to grow its front-line banker ranks—investment bankers, middle market relationship managers, payments advisors and wealth managers—by 10 percent in 2025.  

That expansion will include the Rochester market, particularly in the areas of payments and wealth management, Gorman confirmed. 

He emphasized that the company is on solid financial footing, posting double-digit year-over-year increases in sales and profit for the second quarter.  

The financial institution also raised more than $2 billion through a deal with the Bank of Nova Scotia, which purchased KeyCorp common stock in late 2024. 

While that transaction won’t directly affect Rochester, Gorman said some benefits could eventually emerge. 

“When you think about the trade between Rochester and Canada, perhaps at some point we may be able to unlock that,” he said. “Although it’s not really the focus now.” 

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