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(Photos: Bloomberg/Shutterstock; art by Chris Nicholls)

Charles Schwab announced it is buying rival TD Ameritrade for $26 billion in an all-stock transaction. It made the announcement early Monday, four days after reports that the two discount brokerage firms were in merger talks. 

In addition, TD Ameritrade has suspended its CEO search and named CFO Stephen Boyle as interim president and CEO, replacing Tim Hockey. Several months ago, Hockey said he planned to leave the firm; he will act as an advisor to Boyle through Feb. 28, 2020.

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