Charles Schwab Corp.’s $26 billion acquisition of TD Ameritrade Holding Corp. has received approval from the Antitrust Division of the Department of Justice, the company announced Thursday.
The DOJ’s completion of its investigation is an “important milestone” toward the proposed deal, Charles Schwab President and CEO Walt Bettinger said in a statement. However, the firm still has additional red tape to cut through including further regulatory sign-offs and approvals.
In an important first step, stockholders voted to approve the deal Thursday afternoon.
“We’re gratified by the DOJ’s decision and appreciate its diligent and thorough review,” Bettinger said in the statement.
As a result, the transaction is expected to close in the second half of the year. The complete integration of both firms could take between 18 to 36 months to complete after the close, according to the release.
Charles Schwab announced the mega-deal, which would create a Goliath brokerage firm with roughly $5 trillion in combined assets, in late November 2019. The tie-up drew the scrutiny of antitrust regulators almost immediately.
The close of the final deal would mean smaller discount brokerages, like Fidelity Investments and ETrade Financial Corp., which was purchased by Morgan Stanley in February, will have to contend with a more formidable competitor.
This story has been updated to reflect the vote by stockholders to approve the acquisition Thursday afternoon.
Insiders say the Wall Street giant is looking to let clients count certain crypto holdings as collateral or, in some cases, assets in their overall net worth.
The two wealth tech firms are bolstering their leadership as they take differing paths towards growth and improved advisor services.
“We think this happened because of Anderson’s age and that he was possibly leaving,” said the advisor’s attorney.
The newly appointed leader will be responsible for overseeing fiduciary governance, regulatory compliance, and risk management at Cetera's trust services company.
Certain foreign banking agreements could force borrowers to absorb Section 899's potential impact, putting some lending relationships at risk.
How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave
From direct lending to asset-based finance to commercial real estate debt.
