Charles Schwab's Top Investor Dumps Entire Stake Amid Banking Crisis

GQG Partners, one of Charles Schwab's main investors, sold off its entire stake in the brokerage due to fear of losses over its bond portfolio and the movements of deposits that could hinder the brokerage giant's growth in the future. Schwab's stock has tanked 38% so far this year, after a tumble that began in early March in the wake of the collapse of Silicon Valley Bank and two other U.S. lenders. Schwab customers reacted to the banking turmoil by moving deposits into higher yielding products such as the firms' money-market funds, which would cause the broker to lose deposit revenue.