OMAHA - Charles Schwab is buying Omaha-based TD Ameritrade for $26 billion, Fox Business' Maria Bartiromo reported Thursday. Other national news media outlets have been reporting that the two were discussing a deal.

The move, which Fox Business said is expected to be announced Thursday morning, will allow Charles Schwab to better compete with the likes of BlackRock. The combined firm will be run by Schwab CEO Walter Bettinger, and TD Ameritrade's chief financial officer, Steve Boyle, will lead the target company until the deal is completed, Fox Business reported.

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