![]() Last year, Mago was awarded a cash bonus of $1.1 million, representing 75% of her short-term incentive target for the year, according to the bank's most recent proxy statement. Key declined to say if Mago's compensation package, which was valued at $3.6 million for 2022, will be adjusted for her new role. The company ranked fourth on Affordable Housing Finance's top lenders of 2022. Under Mago's leadership, Key's affordable housing lending program experienced significant growth. As head of commercial banking, Mago's team had more than 1,100 employees. The company had an average of 17,660 full-time equivalent employees in 2022, according to its most recent proxy statement. ![]() Meanwhile, Key's real estate capital business, which used to be under the direction of Mago, is now housed within Key's institutional bank, which continues to be managed by Randy Paine III, the spokesperson said.Īs the new chief human resources officer, Mago will oversee employee recruitment, retention and development, Key said in its regulatory filing last week. Ken Gavrity, who was Key's head of product and innovation for enterprise payments, succeeds Mago as head of commercial banking, and he also retains his former duties, according to the company spokesperson. Mago's previous duties as head of commercial banking will be split between two Key executives. In addition to paying more for deposits, the $188 billion-asset company is dealing with the ramifications of holding lower-yielding securities, which it purchased when interest rates were lower. Net interest income in the commercial bank totaled $430 million during the third quarter, down 11.2% year over year, the company said last month. The bank reported net interest income of $923 million in the third quarter, its lowest total since the first quarter of 2017 and down 23% from the same period last year. Key has been struggling with declining net interest income amid high interest rates. "We recently announced some structural and leadership changes aimed at increasing operational efficiency and making it easier for our clients to do business with Key," the company added. In a statement, Key said that it is "always evaluating" its business strategy and reviewing its organizational structure to make sure it is "best aligned to meet … clients' needs." Mago, who was ranked fourth this year on American Banker's Most Powerful Women to Watch list, will keep reporting to CEO Chris Gorman, and she will remain on the executive management team. An IDES agent will provide you with a “Request for Replacement Check and Check Tracer” form, and instructions to request the replacement check.Following Fishel's departure, Key's executive management team has shrunk from 13 members to 12. This can vary depending on your mail. If you need a replacement check, please call IDES at 80. Please allow enough time for the check to arrive in the mail to you after you certify for benefits. What should I do if I don’t receive my check in the mail or I need a replacement check? It is strongly recommended that you select direct deposit as your payment method instead of paper check. Paper checks will be sent to the address included in your account. If I don’t select my payment method, what will happen?īy default, you will receive your benefits via paper check, mailed to you via the USPS. Translated Guide: Spanish, Polish, Arabic, Hindi, Tagalog, Standardized Chinese View the Direct Deposit Guide for step-by-step instructions. Please allow up to 24 hours after you enroll for your account information to update. How do I select direct deposit as my payment method?Īfter establishing an ILogin account, you can set up direct deposit through your IDES account. Any benefits that were put on the debit card prior to Decemwill still be available to you through the normal process of using the debit card, until the debit card expires. Your check will be mailed to you via USPS. Starting December 27, 2021, your benefits will be sent to you via a paper check and will not be put on the KeyBank debit card. I currently receive benefits through a KeyBank debit card. If you currently receive benefits through direct deposit, your benefit payment process will not change. I currently receive benefits through direct deposit.
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