Charles Schwab clients poured in $17 billion last week as the spiraling bank crisis sent money to a 'safe port in a storm'
's stock has tumbled as depositors fled, and UBS agreed to take over Credit Suisse at the urging of Swiss authorities. said came in at the height of the SVB crisis on March 10. last week that daily inflows up to that point in March were about $2 billion. And for all of February, clients added a net $42 billion in new assets.
Shares in the lender have fallen by nearly 7% since last Monday, following trends seen in most financial stocks the past week. But Bettinger also said last week that Schwab's 12-month liquidity level was equal to nearly the entire banking operation's deposits, or about $280 billion. And more than 80% of its deposits are covered by the FDIC's $250,000 threshold.
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