Schwab launches secondary offering as TD exits 10.1% stake; $1.5B repurchase planned

SCHWAB CHARLES CORP

TD Group US Holdings LLC offers 184.7M shares (10.1% economic stake) in public secondary offering.
Schwab agrees to repurchase $1.5B of nonvoting common stock from TD at public offering price less discount.
Pro forma Tier 1 Leverage Ratio estimated at 9.5% (from 9.9%); Adjusted Tier 1 Leverage at 6.5% (from 6.8%).
January preliminary metrics: core net new assets ~$30B (+75% YoY); 430k new accounts; 7.3M daily trades.
Client sweep cash ~$400B; bank supplemental funding reduced ~$4B to ~$46B outstanding.

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