Charles Schwab in talks to purchase USAA wealth arm

Pedro Gonçalves
Charles Schwab in talks to purchase USAA wealth arm

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...

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