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