A general view of Pfizer Manufacturing Belgium in Puurs, Belgium, Monday, Nov. 9, 2020. Pfizer said Monday that early results from its coronavirus vaccine suggest the shots may be a surprisingly robust 90% effective at preventing COVID-19. (AP Photo/Virginia Mayo)
A general view of Pfizer Manufacturing Belgium in Puurs, Belgium, Monday, Nov. 9, 2020. Pfizer said Monday that early results from its coronavirus vaccine suggest the shots may be a surprisingly robust 90% effective at preventing COVID-19. (AP Photo/Virginia Mayo)Charles Schwab, TD Ameritrade and Merrill Lynch brokerage clients reported service outages on Monday as news of coronavirus vaccine developments sent stocks soaring to all-time highs.

Charles Schwab offices in Midtown Manhattan. (Photo by Brendan Church on Unsplash)
Charles Schwab offices in Midtown Manhattan. (Photo by Brendan Church on Unsplash)After completing its nearly year-long acquisition of TD Ameritrade Holding three weeks ago, Charles Schwab said Monday that it will shed about 1,000 jobs, or 3% of the companies’ combined workforce.

Charles Schwab reported Thursday that client trading and asset growth were strong during the third quarter, even as the investment firm’s profit fell by more than 25% year over year as lower interest rates and axed commissions hurt its revenue.

Eight senior-level TD Ameritrade employees including an interim president and CEO left the company following its recent merger with Charles Schwab, as the combined firm reconfigures its leadership.

Charles Schwab completed the nearly year-long acquisition process of TD Ameritrade on Tuesday, creating a colossal financial services company that rivals its closest competitor, Fidelity Investments, with approximately $6 trillion in client assets and 28 million brokerage accounts.

TD Bank Group has struck an agreement with financial technology company Intuit that will grant North American consumers greater access to and control over their financial data among services that the two companies provide.

Mysterious technical issues flared up for several banks and fund managers Monday, with Robinhood and TD Ameritrade Holding users seeing wildly inaccurate balances and Vanguard Asset Management, Charles Schwab and E*TRADE Financial having other problems.

Toronto Dominion stowed away an additional CAD 2.2 billion ($1.7 billion) for bad loans in the most recent quarter, reflecting a pessimistic outlook for the future even as the Canadian bank exceeded earnings expectations.

Some desktop users of TD Ameritrade’s thinkorswim trading platform were unable to log in for the second straight day as the S&P 500 closed at its highest level ever on Tuesday.

Robinhood said on Monday that it reeled in $200 million in new funding, its third major investment this year, lifting the online trading platform’s valuation to $11.2 billion.

Three out of four Australian wealth managers have either reduced fees or plan to do so in order to remain competitive with a growing proliferation of lower-cost robo-advisors, showing a particularly strong shift, Global Data said.

LPL Financial reached an agreement with M&T Bank on Wednesday to bring the bank’s brokerage wing onto LPL’s platform, as heavy investments in technology continue to prove fruitful for the independent broker-dealer.

The U.S. Virgin Islands is asking six U.S. financial institutions about any accounts they handled for Jeffrey Epstein or related entities as the territory continues to seek more information about the late sex offender’s finances as part of a civil lawsuit.

The rebound of the stock market in the last quarter pushed TD Ameritrade Holding to record levels, with record daily average revenue trades and the top 15 volume days in firm history, the Nebraska-based investment firm said Tuesday.

Charles Schwab reported on Thursday that average daily trading volume more than doubled during the second quarter as equity markets began to rebound from pandemic-induced lows, though the broker’s earnings and revenue came in below estimates.

Bank of America will begin the process of bringing its 185,000 employees who have been working from home back into the office after Labor Day, Sept. 7, a spokesperson said Tuesday.

Investment giant Bank of New York Mellon and investment consulting firm Wilshire Associates launched a platform to help smaller and independent retirement advisors construct customized plans, at a time when other major banks are pulling back from the advisor platform space.

Asset management group Janus Henderson plans to reopen its U.S. direct mutual-fund business channel to new investors next month for the first time since 2009, in an apparent effort to capitalize on a retail investment boom fueled by recent coronavirus-related volatility.

TD Ameritrade Institutional launched a new product for independent registered investment advisers promising a “virtual community” to help them connect with potential merger partners and new hires, the firm said Monday.

Members Exchange is receiving an investment from Citigroup, making it the latest big financial institution to become a shareholder in the new stock exchange.