Posted on 10/24/2016 12:42:25 PM PDT by Da Bilge Troll
Discount brokerage Scottrade is being acquired by rival TD Ameritrade in a $4 billion deal.
The companies announced the deal early Monday, following several weeks of news reports about the merger. The sale is subject to regulatory approvals, and is slated to close by Sept. 30, 2017. Scottrade will convert to TD Ameritrade systems in 2018.
Combined, the two companies have $944 billion in total client assets and 10 million funded client accounts. "It gives us a lot of power to combine the two," Scottrade's founder and CEO Rodger Riney told the Post-Dispatch Monday. "It is a business that has become ever more competitive as the years have gone by ... and scale is more important than ever. The more clients you have, the less expensively you can offer services to clients."
According to an estimate by Bloomberg, Riney's net worth rises to $4 billion with the deal. Riney will join TD Ameritrade's board of directors when the sale finalizes and is poised to become TD Ameritrade's second largest individual shareholder after TD Ameritrade founder J. Joseph Ricketts, whose family owns the Chicago Cubs baseball team.
Scottrade has 3,700 employees companywide, including about 1,800 in the St. Louis region, primarily at its headquarters at 700 Maryville Centre Drive in Town and Country and offices at 13075 Manchester Road in Des Peres and 12800 Corporate Hill Drive in unincorporated St. Louis County.
(Excerpt) Read more at stltoday.com ...
Huge mergers are going on all over the place. They are close to having only one big global company.
Yeah the Ricketts family owns TD Ameria Trade...they own the Cubs but they were GOPe kinda billionaires who not too far back switched over to Trump...the governor or I think its Nebraska is also a Ricketts and a Trump supporter.
Now we just need Rollerball.
Less than 6K banks left in America.
So, does that mean they will lower prices for trades? No, not by the hair of your chinny chin chin. Scotrade = $7.00 trades Ameritrade = $9.95 trade. Hmmm.
If Hillary is elected we will have on big global government.
Probably not that far off.
What is left in St Louis?
TD Ameritrade is my broker. Glad the transaction wasn’t the other way.
It is worrying.
You *can* get lower commissions at Ameritrade (Think or Swim) based upon volume or certain referrals. Slightly.
The analytics they have in their front end are IMO utterly unmatched in the industry, profound. Especially compared to a Fred Flintstone brokerage like Scottrade. Of course, that does not matter if you infrequently buy stock sell stock. They are much easier to get advanced options permissions. Scottrade hates it even when you do covered spreads. When I was at Scottrade I got some astoundingly stenchy executions. I mean, really bad.
But in general, you are correct. TOS is pricey on comms.
You just have to parse the ‘language’ used.
It says they can offer the services LESS EXPENSIVELY. Meaning, it will cost THEM LESS to provide the service. It doesn’t mean they will charge clients less. What would the point be ? The whole point of the merger is to be able to make MORE PROFIT, not LESS. They will be keeping their FEE the same, but since it will cost less after the merger, they make more profit.
If she gets in we will have Soylent Green to.
Trump Donor and owns the Cubbies
They still have the archway.
Has been like that for decades. Most of the time it is to obfuscate the reality that they really aren't making enough money for shareholders.
Yes, I think that pretty much sums it up.
Jamilah Nasheed and Maria Chappelle-Nadal.
Mr. niteowl77
so will ameritrade charge a “holding fee” and will their Scottrade customers have a larger trade fee?
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