EXCLUSIVE: KeyBank closes its securities lending programme for private bank clients

KeyBank, a subsidiary of KeyCorp and Cleveland-based bank, will close its private banking securities lending programme.  

The announcement applies only to Key Private Bank’s securities lending business and all other trading relationships with KeyBank National Association (KBNA) and KeyBanc Capital Markets (KBCM) will remain open.

In a letter addressed to borrowers and friends, the firm announced it will not initiate any new securities lending activity going forward. 

The letter, which was signed by Dennis Walsh, head of securities lending and senior vice president, reads: “We currently do not have a date for our final day, but you will be receiving recalls on the open loans we have with you tomorrow morning.

“All of us have spent the majority, if not all, of our careers here at KeyBank. Securities lending has encompassed most of those years.

“Dennis [Walsh] has decided to take an early retirement and spend time travelling with his wife and golfing. Sherri will return to her personal businesses and enjoy her kids as they grow up. 

“Cindy and Donna [Jacobs] are still trying to decide where this new path will take them but are planning to enjoy some well-deserved time off first.”