Charles Schwab stock just notched its worst month since 1987 as fears of banking contagion flared

• Shares of Charles Schwab tumbled 33% in March.
• This resulted in more than $47 billion of the company's market value being wiped out.
• The stock's weak performance comes as Schwab navigates broader banking turmoil and a high-interest-rate environment.

Charles Schwab's stock just had its worst month in nearly 35 years on mounting concerns around banking contagion and high interest rates continue to weigh on investor sentiment.

Shares of the brokerage giant fell 33% between in March, its weakest performance since the month of the 1987 stock-market crash. That wiped out more than $47 billion of the company's market value.