The first mistake acquiring companies make is underestimating the problems that unalike company cultures can inflict on a merger. Staid Bank of America’s acquisition of white-shoe Merrill Lynch and its thundering herd of highly paid brokers highlights just how important culture is in determining the success or failure of a merger. Dozens of senior Merrill bankers, like George H. Young III, have left since the merger to join competitors like Lazard Ltd. Many left because they didn’t want to give up the fast pace of Wall Street, where money is king, to work in a commercial banking culture with Southern characteristics.