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Charles Schwab nears $25bn deal for rival TD Ameritrade

James Fontanella-Khan and Eric Platt in New York and Philip Stafford in London

The combination between Schwab and TD Ameritrade, which could be announced as early as Thursday, would be the most striking response so far to the forces disrupting the brokerage industry. Walter Bettinger, chief executive of Schwab, is expected to run the combined company, one of the people added.