Charles Schwab shares drop 12% even as the firm defends financial position
Publishing timestamp: 2023-03-13 20:47:06
Summary
Charles Schwab defended its portfolio and reassured investors that it has access to liquidity and a low loan-to-deposit ratio, easing fears of a banking crisis following the collapses of Silicon Valley Bank and Signature Bank. The company's shares fell on Monday but some analysts believe it won't face a run like SVB did due to its retail brokerage deposit model with ample liquidity. Schwab is the eighth-biggest US bank by assets and has $7.05 trillion in client assets and 33.8 million active brokerage accounts.
Sentiment: MIXED
Tickers: JPM, FRC, SBNY, SCHW, SIVB,
Keywords: markets, signature bank, stock markets, breaking news: investing, svb financial group, breaking news: business, breaking news: markets, business news, wall street, investment strategy, charles schwab corp,