First Union Forms Capital Markets Group To Grab Bigger Share Of U.S. Client Base

BANKS

First Union Corp. of North Carolina is implementing a restructuring plan, including changes in FX, to compete for the customers of major brokerage, investment banking firms and money centre banks, officials say. First Union expanded its organisation by more than 40 per cent in 1993, to $70 billion in assets.

The restructuring merges First Union National Bank's corporate banking and funds management divisions. Funds management includes all market making, trading and sales functions, while corp