Deutsche called the stocks "rate sensitive" in its downgrade of the asset managers.

"Most importantly, we are becoming more cautious on several interest-rate sensitive stocks and downgrading 3 stocks from Buy to Hold: BNY Mellon, Northern Trust, and Charles Schwab. With the market more persistently factoring in the likelihood of a Fed easing cycle starting this summer, we now believe, at a minimum, valuations will remain depressed, or at worst, net interest margins and revenue will be significantly pressured so as to eliminate any material EPS growth for 2020. We retain our Buy ratings on our 2 remaining rate sensitive stocks, TD Ameritrade and E*Trade, given better interest rate sensitivity profiles, leverage to customer trading, and at least a modest possibility of a merger scenario between the two over the medium to long-term, as discussed in news reports over time."