TD Ameritrade founder Joe Ricketts saw an opportunity in 1975 when the Securities and Exchange Commission eliminated the practice of fixed brokerage commissions. Ricketts’ firm, First Omaha Securities Inc., began offering discounted commissions and helped usher in a new era of investing, coupled with technology that evolved from touch-tone phones to the Internet.
Check out a timeline of notable events that have occurred in TD Ameritrade’s past.
The move, which Fox Business said is expected to be announced Thursday, will allow Charles Schwab to better compete with the likes of BlackRock. The combined firm will be run by Schwab CEO Walter Bettinger, and TD Ameritrade's chief financial officer, Steve Boyle, will lead the target company until the deal is completed, Fox Business reported.
Tim Hockey, TD Ameritrade's current CEO announced in July that he would leave by the end of February.
Last month, TD Ameritrade announced it was eliminating commissions for online trading of U.S. stocks, exchange-traded funds and options. Hockey has acknowledged that the decision would prompt speculation about mergers.
TD Ameritrade estimated that it will lose about 15% of its revenue — roughly $220 million to $240 million — per quarter in the process.
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