(Bloomberg) -- Charles Schwab Corp. started hedging interest rate-related risk this year, according to a regulatory filing on Monday.

Most Read from Bloomberg

• Powell’s Bet Against Recession Looks Good — Minus the Credit Crunch and a DC Standoff

• Goldman to Pay $215 Million to End Case on Underpaying Women

• Texas Mass Shooting’s Bloody Images Add to Fervor in Gun Debate

• Why Airfares, Hotels and Cars Are Getting So Expensive for Americans

• Mitch McConnell Warns He Has No ‘Secret Plan’ to Solve US Debt Impasse

The company began hedging using derivatives, valued at $3.9 billion by the end of March, the filing said.

After the Federal Reserve embarked on its most aggressive interest rate tightening cycle in decades last year, Westlake, Texas-based Schwab has been caught in the ensuing tumult.

The conflict that engulfed US regional banks in March also affected Schwab, which runs both brokerage and bank businesses. The firm confronted swelling paper losses on securities it owns and watched deposits drain as customers moved cash into accounts that earn higher interest. Schwab’s executives have said those withdrawals will abate.

Shares of Schwab plummeted almost 39% since March.

Read more: At Charles Schwab, Being a Big Bank Has Become a Big Problem

Most Read from Bloomberg Businessweek

• Why Launch Rockets When You Can Just Fling Them Into Space?

• Even $500 Million a Year From Google Isn’t Enough to Save Firefox

• Biden Administration Tamps Down Talk of US-China Decoupling

• Airbus Bets on a Stretched A220 Jet to Beat Boeing’s 737

• Data Science Is the Hot New Master’s at B-Schools

©2023 Bloomberg L.P.