Charles Schwab’s (SCHW) share plunged 11% to close at $51.91 despite assurances from the financial services company that it has plenty of funds. The stock had fallen as much as 23% during Monday’s trading session, its biggest one-day drop.

“We have access to significant liquidity, including an estimated $100 billion of cash flow from cash on hand, portfolio-related cash flows, and net new assets we anticipate realizing over the next twelve months,” said chief financial officer Peter Crawford in a statement highlighting the firm’s monthly activity.

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Crawford said the company is well-positioned to navigate the current environment as it continues to serve clients and built the future

Schwab’s statement comes after the collapse of Silicon Valley Bank and the closure of Signature Bank of New York.

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Who is Walter W Bettinger II?

Walter W Bettinger II is the Chief Executive Officer and a member of the Board of Directors of the Charles Schwab Corporation. He was appointed as the CEO in 2008. He has been Co-Chairman of the Board of Directors since July 2022. He also serves on the B Board of Directors of Charles Schwab & Co., Inc., the Charles Schwab Bank, and Chairman of the Board of Trustees for the Schwab managed mutual funds and exchange-traded funds.

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Before taking his current role, he was most recently President and Chief Operating Officer of The Charles Schwab Corporation. Bettinger leads a workforce of more than 35,000 employees.

At the age of 2022, Bettinger founded The Hampton Company in 1983, a provider of retirement plan services to corporations and their employees. The Charles Schwab Corporation acquired Hampton in 1995.

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He attended Delta State University in Cleveland, Mississippi, and holds a bachelor of administration degree with a major in finance, summa cum laude, from Ohio University. He also attended a General Management program offered by the Harvard Business School.