CLEVELAND, May 4, 2023 /PRNewswire/ -- In an effort to continue advancing its diversity, equity and inclusion priorities, KeyCorp (NYSE: KEY) announced today that it has commissioned an external, third-party racial equity audit.
"This engagement is an important next step in our journey to advance our diversity, equity and inclusion efforts, while holding ourselves accountable for addressing areas of opportunity," said Chris Gorman, KeyCorp Chairman and Chief Executive Officer. "We remain focused on delivering impactful and sustainable DE&I programs and initiatives – inside and outside our company. This critical work will make sure we continue to deliver better outcomes while investing in our teammates and the communities we proudly serve and call home."
The audit will be conducted by Covington & Burling LLP, a nationally recognized law firm with deep experience leading civil rights and racial equity audits across various industries. KeyCorp plans to publish the results of the audit by the end of the second quarter in 2024. The audit will include input from a variety of internal and external stakeholders, including representatives from the Service Employees International Union Master Trust (SEIU) and other community groups.
Recent actions taken to support KeyCorp's commitment to racial justice and DE&I include:
In 2021, we committed to increasing representation of people of color in our senior leadership roles by 25% over the next five years and 50% over the next 10 years. In our initial 18 months, we increased representation by 36%. We remain committed to reaching our 10-year goal.
Key ranked 22nd on DiversityInc's "Top 50 Companies for Diversity." The 2023 recognition marks the fourteenth time and tenth consecutive year KeyBank was named a Top 50 Company.
In 2022, 12% of our spend was associated with diverse suppliers and partners, exceeding our annual goal of 8%.
Our employees volunteered more than 90,000 hours and participated in more than 500 events during our 31st Neighbors Make the Difference Day in 2022. Our employees also contributed more than $4.5 million to nonprofits around the world, including matching gifts from Key.
More information about DE&I at KeyCorp is available in our 2022 ESG report.
KeyCorp's roots trace back nearly 200 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation's largest bank-based financial services companies, with assets of approximately $198 billion at March 31, 2023.
Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 1,000 branches and approximately 1,300 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank Member FDIC.
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