Charles Schwab calls itself a ‘safe harbor in the storm’ as it took on billions in new assets last week

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Charles Schwab Corp. SCHW,
It reassured investors amid a crisis of investor confidence in the banking sector, saying it remains a “safe harbor in the storm”. The financial services and discount brokerage giant said on Friday it saw “robust” inflows from clients last week, as it added a net $16.5 billion in new assets. “Charles Schwab remains a safe harbor in a storm, aided by its conservative balance sheet, strong position and diverse base of more than 34 million account holders who invest with Charles Schwab every day,” Schwab said in a statement. inspired.” Many of Schwab’s officers and directors have put their where they believe it comes from, as they bought nearly $7 million worth of shares in the past week. Schwab Silicon Valley Bank and Signature Bank have been caught in the selloff caused by the failures of SBNY.
Due to which SIVB of was formed,

Bankruptcy Friday Meanwhile, the fell 3.4% in Friday afternoon trading, while the Financial Select Sector SPDR -traded fund XLF,
down 2.9% and the S&P 500 SPX,
0.9% left. While Schwab’s has slumped 7.7% to a 2 1/2-year low of $51.91 on March 10, it’s still down 26.7% since SVB’s troubles became public.