Schwab’s quarterly earnings report this week spurred a selloff as the company reported that important metrics, including bank deposits and net interest revenue, fell short of expectations. Schwab’s earnings per share beat Wall Street’s forecast by a penny, and revenue was in line with expectations, but investors have been closely watching for signs that Schwab is replenishing the cash sweep accounts that are an important source of revenue, and the results were at best a mixed bag. CEO Walt Bettinger also indicated the company would adjust its bank strategy over the long term.
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