(Bloomberg) — Charles Schwab Corp said clients added a net $16.5 billion to their funds over the past five trading days amid a turbulent week for US banks.
Read the most from Bloomberg
Those “strong inflows” reflect Schwab's financial position and diverse base of more than 34 million customers, the Westlake, Texas-based company said in a statement Friday.
Schwab – which runs brokerage, banking and asset-management businesses – is among the financial firms whose shares were hammered by US bank failures. The stock has fallen more than 15% since March 9.
“Charles Schwab remains a safe harbor in the storm,” the company said in the statement. “We are confident in our approach and our ability to help clients through all types of economic environments.”
Signs of customers seeking security abound.
This week, Schwab prime money funds had the largest redemptions in six months as clients turned to government and Treasury funds. A spokesperson for the company said on Thursday that customers rotated their holdings between the two types of funds.
Read more: Schwab clients shift from prime funds to government portfolio
With the help of stitched brush.
Read the most from Bloomberg Businessweek
©2023 Bloomberg L.P.
