Charles Schwab’s cash sorting problems could persist until 2024: BofA analysts

Customers moving money from swipe accounts to higher yielding offerings, a practice known as money sorting, has been a major headache this year for Charles Schwab. This is one of the main reasons the stock is down around 35% in 2023. It now looks like the company’s woes may linger well into 2024.

That’s according to stock analysts at Bank of America, who issued a note of caution on Tuesday. Charles Schwab (ticker: SCHW) sweeps uninvested client cash into bank accounts that pay as little as 0.45%. But as interest rates have skyrocketed…

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