The stock market rally attempt slashed big gains in whipsaw fashion. Bank stocks tumbled as Moody's warned of risks of wider "turmoil." Read More...
The Wall Street Journal
Charles Schwab Says It Could Ride Out a Deposit Flight
Charles Schwab , one of a host of financial firms that have taken a drubbing since the collapse of several regional banks this month, is pushing back against fears that it could face some of the same problems as paper losses on its bondholdings mount. In an interview with The Wall Street Journal, Schwab’s chief executive said the brokerage giant could continue to operate even if it lost most of its deposits over the next year. “There would be a sufficient amount of liquidity right there to cover if 100% of our bank’s deposits ran off,” said Walt Bettinger, Schwab’s co-chairman and CEO, referring to the company’s banking unit.
