KeyCorp, Ohio’s second-largest lender, hired Joe Calabrese as national head of investments as the firm expands its wealth-management offerings.
Calabrese, 55, previously chief executive officer of Geller Family Office Services, will be responsible for creating investment strategies for affluent clients, the Cleveland-based company said in a statement. He starts Monday in New York and will report to Terry Jenkins, president of Key Private Bank.
“He’s a rare professional that understands that family office space and how to serve the wealthiest of families, but also can apply what he does across all of our clients," Jenkins said Thursday in a telephone interview. “It’s an indication of the focus that Key Bank is putting on this business.”
U.S. regional banks have looked to wealth-management operations and the steady stream of fees they provide as persistent low interest rates have hampered profits. KeyCorp will continue to hire in Denver, Seattle and Cleveland as it builds out its business, Jenkins said. Key Private Bank has about 300 wealth advisers in 13 states.