The abrupt collapse of Silicon Valley Bank has not only hammered the share prices of small and regional lenders. America’s largest brokerage, Charles Schwab, is feeling the squeeze too.
Shares in Schwab have shed nearly a quarter of their value, or $36bn, over the past week, making it the sixth worst performing financial stock on the S&P 500.
The discount broker makes for an unlikely target for investors looking for the next SVB. But over the years it has mushroomed into one of America’s largest banks by deposits. These deposits, which stood at almost $367bn at the end of last year, are now in the spotlight.
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