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Schwab Seizes on Industry Turmoil With Plan to Buy TD Ameritrade

  • Acquisition could be announced Thursday: person familiar
  • Schwab last month eliminated fees for U.S. stock trading
Bloomberg business news
Schwab Nears Deal to Buy TD Ameritrade
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First, Charles Schwab Corp. upended the retail brokerage business by cutting commissions to zero. Now, it’s seizing on the turmoil it unleashed to acquire one of its biggest rivals, TD Ameritrade Holding Corp.

Just weeks after Schwab stunned competitors by letting customers trade stocks for free, the company is moving to tighten its grip on the industry with talks to acquire TD Ameritrade, according to a person familiar with the matter.