Bank runs always have a psychological component, just to varying degrees. This reeks of fear, because the underlying logic (that Schwab might have the same liquidity issues as svb) is simply not the case as of yesterday. The Fed is giving loans on collateral valued at face value, not market value.

Any bank with svb like symptoms is now immune from failure. The only thing that should bring a bank down now is outright fraud or horrific asset allocation, meaning specifically assets the feds refuse to lend against.

So if Schwab was buying Indonesian subprime MBS, sure, there's a problem. But they almost certainly were just doing what every other bank does, which means they qualify for the Fed lending facility