Charles Schwab (NYSE: SCHW) is in talks to acquire TD Ameritrade (NASDAQ: AMTD) and a deal could be announced as soon as today, CNBC reported.

A subsequent report from Fox Business Network suggested the price being paid by Charles Schwab is $26 billion.

The news follows disruption in the sector whereby many of the major online brokers cut commision to zero to better-complete with venture capital-funded RobinHood.