Schwab Seizes on Industry Turmoil With Plan to Buy TD Ameritrade

First, Charles Schwab Corp. upended the retail brokerage business by cutting commissions to zero. Now, it’s seizing on the turmoil it unleashed to acquire one of its biggest rivals, TD Ameritrade Holding Corp.

Just weeks after Schwab stunned competitors by letting customers trade stocks for free, the company is moving to tighten its grip on the industry with talks to acquire TD Ameritrade, according to a person familiar with the matter.

The deal would give Schwab, America’s original discount broker, even more sway over the industry it pioneered nearly a half-century ago -- and an edge in the ...