U.S. discount broker Charles Schwab Corp. is in talks to buy rival TD Ameritrade...
Both brokerages are used widely by mom-and-pop investors.The discount brokerage business model is facing increasing pressure, as financial technology disruptors like Robinhood pushed legacy firms to cut commissions to zero, and the increased use of technology has required huge spending on platforms. The solution to managing costs is getting bigger and acquiring more clients, which is exactly what Schwab could achieve by acquiring its smaller rival.
Schwab was among the first to cut its fees to zero in early October, forcing TD Ameritrade and others to follow with similar moves. Analysts said it is unlikely the combined firm would raise fees after a merger.TD Ameritrade clients could gain access to Schwab’s wealth management, asset management, banking and custody services through the deal, according to analysts.
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