KeyBank
What’s KeyBank’s reputation within the commercial real estate industry? Where is pay in comparison to the market?
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They’re a top 10 lender in the GSE space for their CRE lending arm if that helps. Not in the top 5 but they’re a bank, not a brokerage so realistically this wouldn’t happen anyways
Had an interview there and got offered a position. Seems like they are smart people. Pay is subpar, however.
We do floaters with them and we (not so) jokingly refer to them as the Post Office of lending. Basically, very bureaucratic, staff is always on vacation, if you need to get something done it take a long time, very inflexible, unwilling to make special accommodations. And we are doing low leverage 25% recourse debt! After subtracting the recourse our loan is like 40% LTPP!
Assuming this is their IPG group?
I interned in there IPG group. Like mentioned… great people but terrible pay. 1st year starting was 55k regardless of if you were working in a HCOL city. Didn’t even show up for the full time interview bc that’s not worth it. I hear the pay is good for seniors but you get stiffed lower down the totem poll.
They were big time active in CRE and development lending prior to the 08-GFC, needless to say they got hit badly like a lot of banks did. Most of the people I knew who worked there pre-08 left (got laid off). I don't think they ever fully rebuilt the CRE practice the way it was, but they still have a solid name, just not sure where they rank in scale and competitiveness these days. Still, if you have KeyBank as a name on your resume, I'd say its well known and regarded, so I wouldn't hesitate starting a career there.
Other than that, best bank in Cleveland!!!!
Their satellite offices are very small, tight knit teams so if you're not interviewing for a position in Cleveland make sure you really like who you will be working with. they have a good name and reputation in the banking world but like other's have said, the pay will be lower end of market mainly because their HR is in Cleveland.
I heard that their IPG (real estate lending group) in New York City office has good leadership. They promoted this one guy who was a rotational analyst and then worked his way up to become the head of the office in less than 10 years, he’s supposed to be really sharp. He’s in charge of balance sheet lending and really good at developing client relationships for the bank and does incredible amount of business volume. I think it really depends what group you place into. My friend told me the New York City IPG team is the best in the country and that the leadership in NYC really goes all out to fight for its high performers.
I can merch
Nice comment about yourself Alan
Bump, anyone familiar with their ICG group and IPG group now? Familiar with their agency lending arm so was just curious
Assuming you’re asking because of the ICG role they just posted. ICG is Keys REIT group and is fairly small and close knit. Great group of people but has had a lot of turnover the last few years at all levels. They moved the group a few years ago from their real estate vertical to the investment bank. IPG does project level finance. Experience there will be very dependent on which office you’re in. While the comment above was absolutely Alan gassing himself up, it’s generally true. IPG outside of NYC is pretty sleepy and Alan has a reputation for taking care of his team.
Yeah, role would be in their HQ (Cleveland). Any chance you know why they had a lot of turnover? Was it due to the org restructure or was it something else, if you don't mind me asking?
It would be helpful to know which division the interest is in, because it's a massive company that's hard to evaluate in its entirety.
For example, our relationship managers for our commercial banking are wicked smart and are wonderful to work with. Our experience with the special servicing side of the house has been...kind of the opposite of that.
So for reputation, it just depends. Not sure about comp, sorry.
Interest would be their ICG group. Not too familiar with how said group is segmented so was just curious.
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