On Thursday, bank stocks got hammered, and so did shares of brokerage firm Charles Schwab, which dropped 13%. On Friday the pain continued, with Schwab suffering another 6% decline by midday. Wait, what?
No doubt many investors are scratching their heads as to why Schwab would fall in line with bank stocks. The firm is synonymous with investing, not checking and savings.
Source: https://www.barrons.com/articles/charles-schwab-stock-price-bank-selloff-4bb1ae5f?siteid=yhoof2&yptr=yahoo