It's hard enough combining two banking cultures. Bank of America looks to be having a stab at melding three after buying Merrill Lynch and installing a Goldman Sachs star into a top job. The banking giant may well succeed — but wind up with the worst of each.

B of A has unveiled a leadership re-jig of its corporate finance and advisory businesses, a month after Goldman trading whiz Tom Montag added those areas to his markets mandate. The brief stewardship of B of A veteran Brian Moynihan failed to persuade many Merrill staff their new owner was committed to investment banking, particularly outside the US.

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