Charles Schwab To Buy TD Ameritrade In $26B Deal

Schwab announced a $26 billion all-stock deal to acquire TD Ameritrade, creating a financial giant managing 24 million accounts and over $5 trillion in assets. Schwab's CEO emphasized the merger's strategic benefits, aiming to blend challenger spirit with institutional resources. However, analysts warn of potential antitrust scrutiny from federal regulators.

What does Schwab's president and CEO mean by 'the soul of a challenger'?

What potential challenges could the deal face from federal regulators?