Charles Schwab to Reportedly Purchase TD Ameritrade

Charles Schwab to Reportedly Purchase TD Ameritrade

On Nov. 21, numerous sites reported that Charles Schwab is in talks to buy TD Ameritrade. The deal would reportedly be worth $26 billion. It would also occur merely one month after both companies announced their plans to eliminate commissions for online trading.

TD Ameritrade CEO Tim Hockey initially hinted at the possible selling of the company in an interview with CNN last month. During the interview, Hockey said TD Ameritrade would “always take a look at something that makes strategic sense.”

The merging of these two financial service companies would reportedly create more than $5 billion in combined assets. According to the CEO of Apex Clearing, Bill Capuzzi, the merger was “inevitable.” Bill Capuzzi, to CNN As of Thursday afternoon, shares of both Charles Schwab and TD Ameritrade were up 8 percent and 20 percent, respectively.

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