There are some major acquisitions to report this morning like AT&T and Time Warner in an $85.4-billion U.S. deal that’s being faced with significant scrutiny, but a little closer to home the headline is in Toronto
Dominion are continuing to expand their reach into the US market, and they’re doing through their 42% stake in online discount brokerage TD Ameritrade.
TD Ameritrade will acquire St. Louis based Scottrade in a combined $4-billion deal, joining the two top discount online brokerage firms in the United States.
Part of this U.S. expansion is motivated by TD to grow their retail presence in the US as Scottrade operates about 400 retail locations.
Importantly though, and like much else of the financial industry, it’s about cost pressures and TD is expecting about $450-million in savings.
TD Ameritrade and Scottrade have about $774-billion and $170-billion in client assets respectively.