He said Schwab clients brought in almost $42 billion in net new assets in February.
SVB Execs Sold $84 Million in Stock Over the Past 2 Years, Stoking Outrage Over Insider Trading Plans
The fear is that these firms, like Silicon Valley Bank, would need to sell their bond holdings early at large losses in order to cover deposit withdrawals. But Bettinger stressed his firm doesn't buy long-duration assets and has a low loan-to-deposit ratio. "What I've heard from the advisors that I spoke with yesterday is great confidence in our firm. ... They know how conservative we are. They know we don't take risks," Bettinger said."That's why we don't go out a long way in terms of duration, and that's why we maintain access to liquidity in the way that we do."
"Our bank is very conservatively managed. If you look into the holdings of the bank, we have about 10% of client deposits outstanding in loans," Bettinger said. The demise of Silicon Valley Bank, as well as crypto-focused Signature Bank, prompted extraordinary rescue action from regulators and caused a financial shock that rocked markets, especially shares of regional banks. In addition to backstopping the deposits at SVB and Signature Bank, federal regulators also announced an additional funding facility for troubled banks.
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