💼Charles Schwab had its worst day since March after reporting a nearly 50% decrease in net new assets for the year.
📈Both Charles Schwab and Citizens Financial experienced mixed quarterly results as they navigated a tumultuous year for the industry.
💰The pressure on deposits and liquidity continues for regional banks, highlighting the impact of a higher for longer rate environment.
🏦Banks are defending their deposits with higher rates as funding costs remain a challenge across the board.
📉Expectations of more rate cuts from the Federal Reserve have subsided, leading to continued pressure on funding costs.