trending Market Intelligence /marketintelligence/en/news-insights/trending/YyrvBsBI1bPKWcv3k7CBIw2 content esgSubNav
In This List

KeyCorp to surpass projected savings from First Niagara purchase

Podcast

Street Talk Episode 87

Blog

A New Dawn for European Bank M&A Top 5 Trends

Blog

Insight Weekly: US banks' loan growth; record share buybacks; utility M&A outlook

Blog

Banking Essentials Newsletter 2021: December Edition


KeyCorp to surpass projected savings from First Niagara purchase

KeyCorp Chairman and CEO Beth Mooney said Dec. 5 that the company's acquisition of First Niagara Financial Group Inc. went "extremely well" and that cost savings from the deal will end up higher than initially projected.

Mooney said at a Goldman Sachs conference in New York that the company expects to report $450 million in savings from the deal in early 2018, up from the $400 million the company had committed to when announcing the purchase. The deal was completed in July 2016.

"I would tell you — and I'm a tough grader — that the integration of First Niagara exceeded expectations," she said.

The company, she said, now has its sights set on achieving its promised $300 million in revenue growth due to the acquisition, adding that she has a "high degree of confidence" that will happen in the coming years.

She also predicted that KeyCorp would see higher growth in loans heading into 2018 due to global economic expansion, low unemployment in the U.S. and strong consumer confidence. It would also help, she added, if Congress passes a tax reform package.

"The stars, the moon and the sun are all aligning for what looks like a very constructive 2018," she said.