Schwab says it raked in $53 billion in client assets in March as it looks to soothe investors rattled by banking turmoil
. Schwab has banking as well as well as brokerage operations.
Charles Schwab at the end of 2022 had $27.9 billion in unrealized losses across its held-to-maturity and available-for-sale bond portfolios,The Schwab executives said since late March,"experts and non-experts alike" have shared their opinions about the state of the industry and on Schwab."Given that focus and the risk of confusion, we thought some additional perspective from us would be helpful," they said.
The company said deposit flows at Schwab Bank have"remained fairly consistent" during the recent upheaval in the banking sector, adding that in March, average daily outflows were below February. "While the first quarter was a challenging time, for sure, reflecting negative investor sentiment, ongoing interest rate hikes, and regional banking turmoil, Schwab's client-centric growth model remains firmly intact and is performing well," the founder and the CEO jointly said.
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