CIBC may be not be acquiring Ameritrade after all, according to a report in the Financial Times.

Joseph Moglia, Ameritrade’s newly appointed chief executive, told FT that the company is not for sale. “It would not make any sense to bring me over if the aim was to sell the business,” said Moglia, who joined the firm in March from Merrill Lynch.

Last month, reports indicated that CIBC was in talks to buy Ameritrade to expand its U.S. footprint and compete with rival TD Bank head-on in the discount brokerage business. In the United States. For its part, Ameritrade has suffered from flagging client trading volume recently. It lost US$54 million in the second quarter.

FT reports that Ameritrade will announce an internal reorganization in the next few weeks, which will see the creation of private client, day trading and institutional divisions. The firm is also seeking alliances to provide additional domestic distribution.

Ameritrade also intends to expand internationally through a number of partnerships to tap the institutional market. It is looking at Canada, along with Japan, Hong Kong and China. In the U.S., Ameritrade’s institutional division offers discount brokerage trading to independent brokers and planners. It has not yet brought this service north.