Charles Schwab, the biggest investment brokerage firm in the U.S. with over $3 trillion in assets under management, is reportedly in discussions to buy rival TD Ameritrade.
The deal could be announced as early as today, CNBC reported Thursday, adding that it would create a conglomerate with $5 trillion in combined assets.
If successful, the acquisition would consolidate the disruptive discount brokerage industry. In recent months, all of the major brokerages, including the two publicly-listed giants, have moved to or announced plans to offer commission-free trading.
It will be interesting to see if Charles Schwab alters its view on cryptocurrencies if the deal with crypto-friendly TD Ameritrade goes through. Charles Schwab recently said that it is not looking to offer direct trading services of cryptocurrencies any time soon.