This will give Charles Schwab 24 million customer accounts with more than $5 trillion in client assets once the deal is complete, the release stated.
TD Ameritrade currently has a $123 million complex in Southlake, sprawling 78 acres, according to the news release. But Charles Schwab’s new campus in Westlake—with Phase 2 still under construction—will serve as “the hub of a network of Schwab branches and operations centers that span the entire U.S.”
The new Westlake campus spans about 71 acres with about one million square feet of office space, Westlake director of communications and community affairs Ginger Awtry said in an email. Two office buildings, an amenity building and a parking garage are now open. About 2,300-2,500 employees will be moved in by the end of January.
The remainder of the campus will be completed at a later date.
"We have long respected TD Ameritrade," Charles Schwab CEO Walt Bettinger said in the announcement. "With this transaction, we will capitalize on the unique opportunity to build a firm with the soul of a challenger and the resources of a large financial services institution."
The deal is not expected to close until the second half of 2020, and it may take even longer to integrate the firms fully, according to the announcement. Until the transaction is closed, the two firms will operate separately with business as usual.
Both companies have shared the news on their official websites. Staff layoffs will be necessary, according prepared statements.
“Decisions on staffing will be made as part of the integration planning process, which has not started yet,” according to a TD Ameritrade FAQ.
The majority of positions to be eliminated will be based on the overlapping of roles, according to Charles Schwab.