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The Malvern, Pa. fund giant eased fears it might be forced to reduce its bank holdings, which would jeopardize the accuracy of its index fund tracking, but not before signing away much of its power to influence U.S. banks -- and accepting massive ongoing regulatory scrutiny.
Michael Verdeschi says wryly Schwab's balance sheet is a 'popular topic,' but company will stay the course despite the costs of carrying expensive liquidity loans.
The Westlake, Texas, brokerage's stock plunged 33% last Spring, but has clawed back as unrealized losses fall $4 billion on possibility of Fed rate cut in 2024.
An estimated 16,000 RIAs with $3.3 trillion assets custodied at Schwab Advisor Services should be insulated from any calamity at bank subsidary.
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