Best I can think of is that people are selling anything financial heavily used by Silicon Valley tech companies, after the SVB shareholders were pretty much con

Best I can think of is that people are selling anything financial heavily used by Silicon Valley tech companies, after the SVB shareholders were pretty much confirmed to be getting nothing. Schwab is probably the most popular broker for tech RSUs, and so a ton of tech workers have Schwab accounts. Maybe people think that there is a chance tech employees will be withdrawing en masse? That still doesn’t make sense to me, since it’s primarily a brokerage in that industry and the broker relationship is totally different from a bank. They actually have your shares and they can wait a few days for the sale to clear before giving you cash. Maybe lots of people also bank with them out of convenience? Again, doesn’t make sense to me, they are large enough to require stress tests that SVB didn’t take. No rational case makes sense to me yet, so I am betting it’s the simple association as a financial service the tech industry uses.