Revelations 18:9-11 “The kings of the earth who committed fornication and lived luxuriously with her will weep and lament for her, when they see the smoke of her burning, 10 standing at a distance for fear of her torment, saying, ‘Alas, alas, that great city Babylon, that mighty city! For in one hour your judgment has come.’ 11 “And the merchants of the earth will weep and mourn over her, for no one buys their merchandise anymore

Important Takeaways:

• Charles Schwab leads US financial sector wipeout
• The Texas-based financial services corporation’s stock slumped by more than 20% during Monday trading, representing the company’s worst one-day sell-off since April 2000.
• Schwab is ranked eighth among US banks by assets, with $7.05 trillion in client funds and 33.8 million active brokerage accounts at the end of last year. Some analysts say it is unlikely that Schwab will face a run like SVB did, due to its robust liquidity.
• The selloff of Schwab’s stock was triggered by recent failures in the US banking sector, with three lenders going bust in less than a week.

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