The decline in net interest income combined was among the reasons why year-over-year profits at the U.S. operations fell for the first time since 2012.
In search of new sources of revenue now that it has slashed fees on stock trades, the brokerage giant could use the influx of deposits it will get from acquiring its rival to grow its loan portfolio and add new banking services.
The bank will continue to hold cash in sweep accounts until 2031, although at a lower rate; capital requirements could lead big banks to hold off lending.
The $26 billion all-stock deal has the OK of the boards from both companies; the administration says it will move on privatization without federal backing.
Charles Schwab is buying TD Ameritrade for $26 billion, with a deal expected to be announced Thursday morning, Fox Business reports, citing unidentified people familiar with the situation.
The move follows similar offers from other major brokerages in the last two weeks, as the wealth management industry races to woo clients with the lowest-priced products possible.
U.S. earnings climbed 44% from a year earlier, aided by lower taxes, a widening net interest margin, record contributions from its stake in TD Ameritrade.
AI-powered assistants will change the customer experience for the better, but first they must achieve a more human level of service, executives said during a discussion at Finovate.
