Charles Schwab is battling to allay fears about interest rates and unrealised losses after the brokerage’s shares fell 40 per cent following the collapse of Silicon Valley Bank.
Schwab, which is the largest brokerage in the US, with $7.4tn in client assets, has seen its shares fall further and faster than its rivals, such as Interactive Brokers, in the wake of SVB’s failure.
Shares in Schwab jumped close to 12 per cent on Tuesday after billionaire fund manager Ron Baron “marginally increased” his less than 1 per cent investment in the firm and as US financial stocks surged following promises from regulators to protect depositors.
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