Thread regarding USAA layoffs

USAA/Schwab Merger/Acquisition Layoffs

Another opinion, layoffs to follow though:

  • Charles Schwab will acquire USAA’s brokerage and wealth management business for a value of $1.8B.
  • The deal will add 1M+ new customer accounts with $90B of assets split across self-directed brokerage ($67B) and managed money ($23B).
  • Upon deal completion, ~$7B of cash will be immediately moved to Schwab’s balance sheet.
  • The deal will give Schwab an opportunity to realize an annualized synergy run rate of $230M.
  • The company is acquiring these assets at a relatively cheap valuation, and the deal should prove value accretive over the long term.

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