L. Erika Penala
UBS Investment Bank, Research Division

All right. Good afternoon, everybody. So rounding off the corporate presentation today, we have KeyCorp. And we had Ken Gavrity. He is the Head of the Commercial Bank. And before he sits down with me for a fireside chat, he wanted to share a few slides. Ken, thank you for coming.

Ken Gavrity
Head of Commercial Banking

Perfect. Well, thanks for having me, Erika, pleased to be here, of course. So as Erika said, I lead Key’s Commercial Banking business, which includes our Middle Market business segment as well as our Commercial Payments platform, and as a reminder, we define the middle market segment as companies with annual revenue size from $10 million in revenue, up to as high as $1 billion in revenue. And our commercial payments organization serves a broader range of customers that goes all the way down from small business through middle market, up to our corporate and institutional clients as well.

So before I jump into the slides, I’ve been asked to read the following in the back of today’s presentation, which you can find in the Investor Relations section of key.com website. You’ll find our statements on forward-looking disclosures. These statements cover our presentation and related comments as well as the question-and-answer segment of today’s webcast.

Forward-looking statements speak only as of today, February 9, 2026. So with that, okay, I’m going to start on Slide 2, overview of the Commercial Bank. So from a size and scale perspective, you can see on the right-hand side of the page, it’s a significant portion of Key’s overall revenue and core

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EXCLUSIVE – The War Department will partner with OpenAI to integrate the chatbot into GenAI.mil, a tool for military service members. 

The move will make OpenAI’s advanced language models “readily available to all 3 million War Department personnel,” the agency said. 

“ChatGPT will be made available to enhance mission execution and readiness, delivering reliable capabilities to the joint force,” a War Department news release states. 

The agency has committed to becoming an AI-first enterprise, reflected by GenAI.mil, it said. 

GOOGLE CEO CALLS FOR NATIONAL AI REGULATION TO COMPETE WITH CHINA MORE EFFECTIVELY 

GenAI.mil’s rapid growth continues with OpenAI ChatGPT integration. (Nikolas Kokovlis/NurPhoto via Getty Images)

“The platform’s proven reliability, evidenced by its 100% uptime since launch and its robust infrastructure, has established it as the trusted AI platform across the Department,” the agency said. 

Its adoption is already “accelerating operational tempo and sharpening the decision superiority of its users,” it said. 

War Department personnel are being trained to integrate AI capabilities into their daily workflow, officials said. 

In December, the Pentagon announced the launch of GenAI.mil, which is powered by Google Gemini and has surpassed one million unique users in the two months since its deployment. 

“The future of American warfare is here, and it’s spelled AI,” War Secretary Pete Hegseth said in a video obtained by FOX Business at the time. “As technologies advance, so do our adversaries. But here at the War Department, we are not sitting idly by.”

The platform puts “the world’s most powerful frontier AI models, starting with Google Gemini, directly into the hands of every American warrior,” he added. 

CHINESE HACKERS WEAPONIZE ANTHROPIC’S AI IN FIRST AUTONOMOUS CYBERATTACK TARGETING GLOBAL ORGANIZATIONS 

The Pentagon launched a platform powered by Google Gemini called GenAI.mil, giving 3 million military personnel access to advanced AI tools. (Getty Images)

Google CEO Sundar Pichai noted that the company has partnered with government agencies for decades, but emphasized the significance of the new project.

“Through this deployment of Google Cloud’s ‘Gemini for Government’ offering, more than 3 million civilian and military personnel will be able to access the same advanced AI that businesses use every day to drive administrative efficiency and greater business productivity,” said Pichai. 

In January, the War Department announced the launch of its Artificial Intelligence Acceleration Strategy, an initiative intended to eliminate legacy bureaucratic blockers, and integrate the leading edge of frontier AI capabilities across every mission area. 

The wartime approach is based on the emphasis of three tenets: warfighting, intelligence and enterprise operations.

“Speed defines victory in the AI era, and the War Department will match the velocity of America’s AI industry,” Emil Michael, undersecretary of war for research and engineering, said previously. “We’re pulling in the best talent, the most cutting‑edge technology, and embedding the top frontier AI models into the workforce — all at a rapid wartime pace.” 

The Pentagon is launching GenAI.mil – a military-focused AI platform powered by Google Gemini. (Stefani Reynolds/Bloomberg via Getty Images)

GOOGLE CEO CALLS FOR NATIONAL AI REGULATION TO COMPETE WITH CHINA MORE EFFECTIVELY 

The Trump administration has made AI a priority as adversaries such as China continue to develop and experiment with the technology. In December, President Donald Trump announced that he would be reversing a Biden-era restriction on high-end chip exports, permitting Nvidia to export its artificial-intelligence chips to China and other countries.

The H200 chips are high-performance processors made by Nvidia that help run artificial intelligence programs, like chatbots, machine learning and data-center tasks. 

FOX Business’ Andrea Margolis and Lorraine Taylor contributed to this report.