Nov 21, 2019

Charles Schwab in talks to buy TD Ameritrade

Photo: Smith Collection/Gado/Getty Images

Charles Schwab is in talks to buy TD Ameritrade, according to multiple media reports this morning.

Why it matters: This would create a discount brokerage behemoth with over $5 trillion in assets under management.

The combined company would be just behind BlackRock ($6.9 trillion) and Vanguard ($5.6 trillion). Schwab already was in third place with $3.85 trillion but adding TD Ameritrade closes the gap quite a bit.

Market reax: TD Ameritrade stock jumped around 25% in early trading, giving it a $22.4 billion market cap, while Schwab moved mildly higher.

The big picture: Both Schwab and TD Ameritrade recently killed their online trading commissions, in an effort to blunt the rise of Robinhood, which this past summer was valued at $7.6 billion by venture capitalists.

Neither company is commenting, although both CNBC and Fox Business report that an official announcement could come as early as today.

Go deeper:

Go deeper

Axios

Updated 29 mins ago - Politics & Policy

George Floyd protests: What you need to know

Photo: David Dee Delgado/Getty Images

Clashes erupted between police and protesters in several major U.S. cities Saturday night as demonstrations over the death of George Floyd and other police-related killings of black men spread across the country.

The big picture: Floyd's death in Minneapolis police custody is the latest reminder of the disparities between black and white communities in the U.S. and comes as African Americans grapple with higher death rates from the coronavirus and higher unemployment from trying to stem its spread.

Go deeper (2 min. read)

Axios

Updated 50 mins ago - Politics & Policy

U.S. cities crack down on protesters

Demonstrators gather at Lafayette Park across from the White House to protest the death of George Floyd in Washington, D.C. Photo: Yasin Ozturk/Anadolu Agency via Getty Images

Major U.S. cities have implemented curfews and called on National Guard to mobilize as thousands of demonstrators gather across the nation to continue protesting the death of George Floyd.

The state of play: Hundreds have already been arrested as tensions continue to rise between protesters and local governments. Protesters are setting police cars on fire as freeways remain blocked and windows are shattered, per the Washington Post. Law enforcement officials are using tear gas and rubber bullets to try to disperse crowds and send protesters home.

Go deeper (1 min. read)

Rebecca Falconer

5 hours ago - Politics & Policy

Trump to invite Russia and other non-member G7 countries to summit

President Trump at Cape Canaveral, Florida, on Saturday. Photo: Saul Martinez/Getty Images

President Trump told reporters on Saturday evening he would postpone the G7 summit to September and expand the meeting to more nations that are not members of the Group of 7.

Details: Trump said he would invite Russia, South Korea, Australia and India to the summit, according to a pool report. "I don’t feel that as a G7 it properly represents what’s going on in the world. It’s a very outdated group of countries," he said.

Go deeper (<1 min. read)