Many stocks in the financial sector were plunging on Monday in the aftermath of the collapse of SVB Financial (NASDAQ: SIVB) late last week. And it wasn't just bank stocks taking a beating -- brokerage giant Charles Schwab (NYSE: SCHW) was down by nearly 20% at 10:30 a.m. ET.

The short answer is that Schwab is falling because of fears related to the collapse of SVB. Specifically, there are significant fears of depositors pulling billions of dollars out of regional banks, which could lead to the need to sell held-to-maturity assets at a steep loss.

Schwab has $7.38 trillion in client assets and is (for good reason) mostly thought of as a brokerage firm. However, it's important to realize that the company also operates an FDIC-member bank (Charles Schwab Bank) and offers a full suite of banking products, such as checking and savings accounts, home loans, and more.

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Source Fool.com