Charles Schwab Corp. climbed Tuesday, almost erasing the prior day's decline, after Chief Executive Officer Walt Bettinger told CNBC that he bought 50,000 shares for his own account.
The stock rose 12% to $58 at 1:59 p.m. in New York, rebounding from a 12% swoon Monday, when the firm sought to reassure investors that it has sufficient liquidity to weather the fallout from the collapse of Silicon Valley Bank.
"Our bank is very conservatively managed," Bettinger told CNBC. "If you look into the holdings of the bank, we have about 10% of client deposits outstanding in loans."
Schwab, like Silicon Valley Bank, has a large investment securities portfolio and is sitting on significant paper losses in its held-to-maturity books.
