Charles Schwab in talks to purchase USAA wealth arm

Pedro Gonçalves
clock • 1 min read

Charles Schwab is in talks to buy USAA's brokerage and wealth-management operations for about $2bn, the Wall Street Journal reported. The two sides may reach a deal this month, the sources tell the WSJ. A deal could bring Schwab about $100bn of assets to add to the more than $3.5trn of client assets it already has. Since 2015, the number of new retail clients opening managed investment accounts at Schwab has increased by 63%, and new accounts receiving advice now average around $600,000, the Journal notes. Texas-based USAA offers banking, investing and insurance to people and their...

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