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Charles Schwab completes its $22B purchase of TD Ameritrade

Posted at 1:44 PM, Oct 06, 2020
and last updated 2020-10-06 14:44:26-04

OMAHA, Neb. (AP) — Charles Schwab has completed its roughly $22 billion acquisition of rival broker TD Ameritrade.

The companies said the deal was completed Tuesday although it will take another 18 to 36 months to integrate the two firms.

The deal was announced last November — not long after both brokers eliminated commissions on most stock trades.

In January, the combined company will move its headquarters to Schwab’s new campus in Westlake, Texas, but it will keep substantial operations in Schwab’s current base of San Francisco.

It is unclear how many TD Ameritrade jobs will be eliminated as part of the merger.

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