
                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: FRIDAY, January 21, 1994                   TAG: 9401210108
SECTION: BUSINESS                    PAGE: A-9   EDITION: METRO 
SOURCE: MAG POFF
DATELINE:                                 LENGTH: Short

FIRST UNION REORGANIZES CAPITAL MARKETS SERVICES

First Union Corp. said Thursday that it is reorganizing its capital markets services as part of a strategy to compete head-on with major brokerage, money center and investment banking firms.

The Capital Markets Group is named to reflect First Union's new focus on bringing sources of worldwide capital to corporate and commercial customers.

Dan Mathis and Jerry Schmitt will be managing directors of the new unit, based in Charlotte, N.C.

They are leading a group of 700 professionals who are working with First Union bankers throughout its eight-state region to offer corporate customers an array of capital markets products and services.

First Union estimated that more than 100,000 companies in its region are potential customers for these services.

The unit means the bank is competing directly with Wall Street securities firms and major money center banks.

"Our emphasis on the capital markets will keep Wall Street firms from stepping in when our customers need advanced financial instruments," said President John R. Georgius. "We are going head-to-head with Wall Street, and we have the experience and expertise in place to win."

by CNB