State Street's Stock Plummets on Earnings Miss and Key Deposit Losses.

State Street's stock dropped over 17% as the bank reported drops in net interest income, deposits, and fee revenue during Q1 2023. Charles Schwab also reported losing $41 billion in deposits during the same period. The outflows are a sign of unease among investors as they examine how banks performed during one of the most tumultuous periods for the industry since the 2008 financial crisis. Net interest income is emerging as a key focus of this earnings season as investors fret about the future profitability of the industry.