exerpt of Paul Reilly dated april 25, 2013 from http://seekingalpha.com/article/1373911-raymond-james-financial-management-discusses-q2-2013-results-earnings-call-transcript?source=google_news
We have now substantially completed our Morgan Keegan technology integration and have just started our Phase 2 rightsizing, which will go through the fiscal year end. I know that an awful lot of you that are trying to time some of the savings, but there is a lag. So as we just started our rightsizing, in fact, with our 160 people primarily in the technology segment, which should benefit next quarter, the numbers are just starting. We're committed to complete it, but it's going to be still a couple of quarters before we get it done. The integration costs are still high, and the benefits still not fully realized. Overall, our business is good. The retention is strong and believe that our combined platforms puts us in a great shape to compete.