Charles Schwab is in talks to buy USAA's brokerage and wealth-management operations for about $2 billion, The Wall Street Journal reported.
Schwab would add approximately $100 billion of assets from USAA and a deal could be reached this month, the Journal reported, citing people familiar with the matter.
Shares of Schwab jumped 2.3% following the news. This move would allow Schwab, one of the largest brokerage firms with more than $3.5 trillion in client assets, to move further into wealth management business.
A spokesperson at Schwab declined to comment. USAA also declined to comment.
Texas-based USAA offers banking, investing and insurance to people and their families in the U.S. military. USAA earlier this month sold its asset-management business, including its mutual fund and ETF operations and its 529 college-savings plan, to Victory Capital in a $850 million deal.
Click here to read the orginal story from the Wall Street Journal.
—CNBC's Maggie Fitzgerald contributed reporting.