I'm the poster that mentioned Legal talking with outside counsel and gave more details with the two waves. Don't have much more information to provide, besides the TDA merger is immanent, and should happen in a few weeks. Regulatory approval is what we are waiting on, with anticipation of 1st week of September.
The original time line for the first wave looks to be end of September as mentioned previously. This wave is first round reduction of duplication of redundant functions, along with planned combination of teams. Existing Schwab requisitions will look to be filled from the pool of TDA talent.
Word is about a 5% cut on the Schwab side during this first wave. The second wave is anticipated to be larger, but I have no numbers for the Schwab side. The thinking is it will affect TDA more, but definitely Schwabbies need to brace for impact as well. That's all I have for now.