'These companies have to combine to cut tech spending ... ad spending to defend their turf' from app trading, 'Mad Money' host Jim Cramer says.
host said. The incumbents didn't see Robinhood coming to change the status quo with commission-free trading, he added.
"Earlier this year ... Robinhood reached a tipping point in asset gathering that the incumbents, like Schwab and TD Ameritrade, had to," he said. "Now these companies have to combine to cut tech spending ... ad spending to defend their turf" from app trading. The possible Schwab-TD Ameritrade deal would create a brokerage worth more than $5 trillion in total assets. The Robinhood start-up, founded in 2013 and boasting 6 million users, can't be ignored after building a $7.6 billion valuation as of July.
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