Charles Schwab is in talks to buy TD Ameritrade
A deal could be announced as early as Thursday
A deal between Schwab and TD Ameritrade would create a behemoth with $5 trillion in combined assets.
Shares of TD Ameritrade soared more than 27% in premarket trading on the report. Schwab's shares surget 14%.
A deal between Schwab and TD Ameritrade would consolidate an industry going through massive disruption. In recent months, all of the major brokerages have announced plans to go to zero commissions.
Schwab was the first of the major players to make the move, eliminating commissions in early October. Schwab's competitors, including Fidelity and TD Ameritrade, were quick to follow.
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