Charles Schwab (NYSE:SCHW) stock is getting a boost on Friday after company CEO Walt Bettinger reassured investors about the company’s financial position.
According to Bettinger, even if a bank run were to occur with its customers, Charles Schwab would survive. The CEO even went so far as to say the company could cover 100% of deposits being taken out “without having to sell a single security.”
Bettinger went on to give details about how Charles Schwab could survive a bank run. The executive claims the company would do so through interest on its bonds, borrowing from the Federal Home Loan Bank and issuing certificates of deposit.
This is welcome news for investors in SCHW stock, considering the ongoing banking crisis. That is continuing today with renewed fears as Deutsche Bank (NYSE:DB) falls amid credit default swaps news. This is pulling down several bank stocks in Europe on Friday.
How This Affects SCHW Stock Today
While many bank stocks are struggling on Friday, SCHW is one of the few resisting the dip. This comes alongside decent trading as some 14 million shares change hands. That’s closing in on the company’s daily average trading volume of about 19.4 million shares.
SCHW stock is up slightly as of Friday morning but still down 35.2% since the start of the year.
There’s more stock market news traders will want to read about below!
We’ve got all of the hottest stock market news for traders to sink their teeth into on Friday! Among that is what has shares of Block (NYSE:SQ), FiscalNote (NYSE:NOTE) and others on the move today. You can read all that news at the following links!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.