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Jim Cramer: It's Basically Black Monday for the Brokerage Houses

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Earlier today Charles Schwab (SCHW) announced that they will be eliminating commissions on US stock trades. Shares immediately sunk and also pulled rival firms, such as TD Ameritrade  (AMTD)  and E*Trade Financial Corp. (ETFC) deeply into the red.

Jim Cramer called it Black Monday for the brokerage houses and although he doesn't have enough info on the announcement yet he suspects it is due to RobinHood, a commission free stock trading app that is popular with millennials.

Watch the above to see what else Jim had to say about Charles Schwab.

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