Charles Schwab Corp. is in talks to buy brokerage and wealth-management operations from USAA for about $2 billion, the Wall Street Journal reported on Monday, citing people familiar with the matter.
The deal, which could bring Schwab roughly $100 billion of assets from USAA, may be reached this month, according to the report.
Schwab, which provides brokerage and financial advisory services, has $3.5 trillion of client assets. The company is expected to report its second quarter results on Tuesday.
USAA, a San Antonio, Texas-based financial institution, provides insurance, banking, investments, retirement products and advice to current and former members of the U.S. military and their families.
Schwab said it does not comment on market rumors, while USAA did not immediately respond to a Reuters request for comment.