Charles Schwab Bank Trouble Follows SVB Collapse

Bob Thompson describes his retirement as quiet and happy. He lives in Indianapolis with his Welsh terrier, Stella, covering his expenses with savings he amassed over four decades as an accountant. He entrusts those savings to an advisory and financial planning firm, which in turn runs major parts of its business through a gold-standard mainstay of American finance: Charles Schwab Corp. “I had a really good impression of Schwab,” Thompson says.

These days he has questions. Schwab has been buffeted by the crisis that’s engulfed US banks since the failure of Silicon Valley Bank. Its shares shed a third of their value in March, the worst monthly drop since 1987. Given all the headlines about the Westlake, Texas-based company’s woes, Thompson wondered if he should worry. “It was just scary, hearing that name more often,” he says.

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