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

Charles Schwab Corp. SCHW,
-3.11%
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 liquidity 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 money 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.
-22.87%,
Due to which SIVB of SVB Financial Group was formed,

Bankruptcy Friday Meanwhile, the stock fell 3.4% in Friday afternoon trading, while the Financial Select Sector SPDR exchange-traded fund XLF,
-3.20%
down 2.9% and the S&P 500 SPX,
-1.19%
0.9% left. While Schwab’s stock 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.