KeyBank, one of the largest regional banks in the U.S., has announced that it has named Angela Mago as its next chief human resources officer, effective January 1, 2024. Mago, who currently serves as the head of commercial banking and co-president of KeyCorp, will succeed Brian Fishel, who is retiring after 35 years with the bank.
Mago’s career and achievements at KeyBank
Mago joined KeyBank in 1987 as a management associate and has held various leadership roles in the commercial banking division, including national sales manager, head of business banking, and head of real estate capital. She was appointed as the head of commercial banking in 2014 and became the co-president of KeyCorp in 2019.
Mago has been instrumental in driving the growth and profitability of KeyBank’s commercial banking business, which serves middle-market and corporate clients across the U.S. Under her leadership, the commercial banking division has expanded its market presence, product offerings, and client base, while maintaining a strong credit quality and risk management culture.
Mago has also been recognized for her contributions to the bank and the industry. She was named one of the Most Powerful Women in Banking by American Banker in 2020 and 2021, and one of the Top 25 Women to Watch by the same publication in 2016 and 2017. She was also honored as a Woman of Note by Crain’s Cleveland Business in 2015 and as a Woman of Influence by the Cleveland YWCA in 2014.
Fishel’s legacy and retirement plans
Fishel, who has been the chief human resources officer of KeyBank since 2011, will retire on December 31, 2023. He has been responsible for overseeing the bank’s talent management, employee engagement, diversity and inclusion, compensation and benefits, and organizational development strategies.
Fishel has played a key role in shaping KeyBank’s culture and values, as well as supporting its business objectives and transformation initiatives. He has led the bank’s efforts to attract, develop, and retain a diverse and talented workforce, and to foster a high-performance and inclusive environment. He has also championed the bank’s social responsibility and community involvement programs, such as the KeyBank Foundation, the Neighbors Make the Difference Day, and the KeyBank Business Boost and Build Program.
Fishel said that he is proud of his accomplishments at KeyBank and grateful for the opportunities and experiences he has had. He added that he is looking forward to spending more time with his family and pursuing his personal interests.
KeyBank’s CEO and chairman’s comments
Chris Gorman, the chairman and CEO of KeyCorp, praised both Mago and Fishel for their leadership and contributions to the bank. He said that Mago is an exceptional leader who has demonstrated a deep understanding of the bank’s business, clients, and employees. He said that he is confident that Mago will bring her strategic vision, operational excellence, and passion for people to her new role as the chief human resources officer.
Gorman also thanked Fishel for his dedication and service to the bank and its stakeholders. He said that Fishel has been a trusted partner and advisor who has helped shape the bank’s culture and values. He said that Fishel has made a lasting impact on the bank and its employees, and wished him all the best for his retirement.
KeyBank’s profile and outlook
KeyBank is the primary subsidiary of KeyCorp, a bank holding company headquartered in Cleveland, Ohio. KeyBank operates more than 1,000 branches and 1,400 ATMs across 15 states, and offers a range of banking products and services to individuals, small businesses, and corporations. KeyBank had $181.5 billion in assets and $142.5 billion in deposits as of September 30, 2023.
KeyBank has been pursuing a strategy of organic growth, digital innovation, and strategic acquisitions to enhance its competitive position and customer experience. In 2020, KeyBank acquired Laurel Road, a digital lending platform for healthcare professionals, and AQN Strategies, a data analytics and consulting firm. In 2021, KeyBank acquired AQN’s sister company, Novantas, a provider of data-driven solutions for the banking industry.
KeyBank has also been investing in its technology infrastructure, cybersecurity, and data capabilities, as well as expanding its digital offerings, such as KeyBank Business Online, KeyBank Mortgage, and KeyBank Rewards. KeyBank has also been focusing on improving its efficiency, profitability, and capital management, while maintaining a strong balance sheet and liquidity position.
KeyBank has reported solid financial results for the first three quarters of 2023, despite the challenges posed by the COVID-19 pandemic and the low interest rate environment. KeyBank posted a net income of $1.8 billion, or $1.86 per diluted share, for the nine months ended September 30, 2023, compared to $1.2 billion, or $1.23 per diluted share, for the same period in 2022. KeyBank’s revenue increased by 9% year-over-year to $5.4 billion, driven by higher net interest income and noninterest income. KeyBank’s return on average assets improved to 1.33%, and its return on average tangible common equity improved to 18.64%.
KeyBank expects to continue its positive momentum and performance in the fourth quarter of 2023 and beyond, as it leverages its diversified business model, strong client relationships, and talented workforce. KeyBank also expects to benefit from the ongoing economic recovery, the vaccine rollout, and the fiscal stimulus measures. KeyBank remains committed to delivering value to its shareholders, customers, employees, and communities.
