NEW YORK (CBSNEWS.COM) – Charles Schwab is buying rival TD Ameritrade for $26 billion, a blockbuster deal accelerated by a intense competition in the online brokerage industry. The acquisition pairs the two biggest players in the industry.
Competitive pressure has already forced both Schwab and TD Ameritrade, as well as rival brokerages, to make it free for customers to trade U.S. stocks online. Yet analysts say the tie-up would create a company so big, however, that it may draw sharp scrutiny from antitrust regulators.
The Dallas Regional Chamber, released the following statement on the Charles Schwab headquarters relocation:
The Dallas Regional Chamber is excited that the Charles Schwab Corporation announced it will relocate headquarters from San Francisco to its new campus in Westlake, Texas, as part of its plan to acquire TD Ameritrade, based in Omaha, Nebraska.
Charles Schwab is the third Fortune 500 firm to announce a move to DFW from the Bay Area in the past 15 months. McKesson and Core-Mark announced moves to the region in fall 2018.
“Our team at the DRC has been in contact with Charles Schwab for a few years and has encouraged the company to grow here. We’ve visited Schwab’s headquarters in San Francisco while on California corporate recruitment missions, and provided strategic support to Schwab in 2016 as the company considered a major campus at Circle T Ranch in Westlake,” said Dale Petroskey, President and CEO of the Dallas Regional Chamber. “We’re confident that Schwab’s positive experience here since the 2016 campus announcement contributed greatly to its decision to choose DFW for its headquarters.”