Is the synergy target just a polite way of saying 'everyone out'?

It is exactly what it sounds like. When leadership talks about synergies in a merger of this scale, they are almost always talking about cutting headcount to justify the premium paid for the acquisition. You aren't imagining things; the ambiguity is a deliberate management tactic to keep people working as hard as possible until the final day. If your role isn't essential to the post-integration infrastructure, I would strongly suggest updating your resume and networking outside the firm immediately. It is better to leave on your own terms than to wait for a folder to land on your desk.

Honestly, the mood is pretty much the same across the board. Everyone is burned out by the corporate speak, and the constant 'synergy' talk is just a thinly veiled threat to keep the remaining staff compliant while they gut the departments. At this point, I’ve stopped caring about the long-term integration strategy and just focus on keeping my own data organized. Take advantage of the remaining time to document your accomplishments and secure your contacts. The culture has shifted from building a legacy to just surviving the quarterly cuts, so don’t take the lack of transparency personally—it is just the way things go now.