KeyCorp shares fall after Cleveland bank uncovers $90 million fraud by customer [CNBC]
KeyCorp (KEY)
Last keycorp earnings: 4/16 06:30 am
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Source: CNBC
KeyCorp shares fall after Cleveland bank uncovers $90 million fraud by customer Shares of said in an 8-K filing the fraud involves a "business customer" and was discovered "on or about" July 9. The fraud took place in the third quarter of this year, which started earlier this month, the company said. shares fell more than 2% in the premarket. The loss would shave off about $393 million from 's market cap, bringing it down to about $17.343 billion from $17.735 billion. "The Company is working with the appropriate law enforcement authorities in connection with this matter," said in the filing. The bank added it believes this was an "isolated" incident based on its "review of the circumstances of the fraudulent activity" and it will "pursue all available sources" to mitigate a potential loss. did not respond to CNBC's request for comment. shares were up 19% this year through Monday's close. The stock has outperformed the (KRE) Subscribe to CNBC on YouTube.
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KEY
Earnings
- 4/18/24 - Miss
KEY
Sec Filings
- 4/18/24 - Form 8-K
- 4/2/24 - Form 4
- 4/2/24 - Form 4
- KEY's page on the SEC website