Beth Mooney on oil and gas exposure
From KeyCorp CEO: Unlocking Profits | Mad Money | CNBC · · CNBC
“First quarter was when the banks really took a long look at their oil and gas books and including their natural gas books and we built our provision to 8% against our oil and gas loans in the first quarter. We feel we're well positioned and as you know prices are rebounding in the second quarter and many of our customers have had access to lots of different parts of capital between equity offerings, sub debt, and are really weathering this pretty well. So we feel good about our exposure in that industry and think it's coming back.”
On , Beth Mooney, Former Chairman & Chief Executive Officer at KeyCorp, spoke about oil and gas exposure during KeyCorp CEO: Unlocking Profits | Mad Money | CNBC on CNBC.
About Beth Mooney
Beth Mooney, former Chairman and CEO of KeyCorp, was recognized with the Cleveland Foundation Women of Note Legacy Award in July 2017. In a tribute video for the award, Mooney described her early career, noting that after graduating from college in the mid-1970s she was frequently asked how fast she could type, which led to her first job as a bank secretary. She said that from that position she believed she could do more and made a series of moves between departments, eventually deciding in her late 30s that she wanted to become a CEO. Mooney stated that achieving that goal looked easier than it was and that she experienced a "dog caught the car" moment upon becoming CEO, accompanied by humility about the work required. In an October 2009 speech and Q&A as Vice Chair of KeyCorp, Mooney discussed the financial crisis and the Troubled Asset Relief Program (TARP). She said TARP "did what it was intended to do" in stabilizing the banking system and objected to the term "bailout," arguing that most TARP funds would be repaid with interest. Mooney described the Federal Reserve as "the unsung hero" for creating liquidity in frozen markets. She noted that bankers were "painted with a broad brush" and said the industry needed to rebuild trust by serving clients and communities. Mooney also called for re-regulation that would capture non-bank financial players, advocated for a systemic regulator, and stated that 25 percent of mortgage brokers in Ohio in 2006 had felony records. She expressed hope that healthcare reform would "get it mostly right" and that Cleveland institutions would have a voice in Washington.