OMAHA, Nebraska - Charles Schwab is buying rival TD Ameritrade for $26 billion, and moving Ameritrade's headquarters out of Omaha to Westlake, Texas.
Competitive pressure is reported to have driven brokerage companies to cut or eliminate fees for customers trading stocks online, shaking up the industry.
The takeover by Schwab would create one massive company with more than $5 Trillion dollars in client assets, a deal sure to get close scrutiny from regulators.
WOWT-TV 6 is reporting that the deal would move the corporate headquarters of TD Ameritrade from Omaha to Schwab's new headquarters in Westlake, Texas.
TD Ameritrade photo by Tony Webster, Minneapolis, Minnesota.