First Union Aims For The Top Tier

Ed Crutchfield is determined to accomplish one goal: Making First Union (FTU) into a nationwide company that blends commercial banking, investment banking, and capital management. "We wouldn't get out of commercial banking, but we'd like to be a Merrill Lynch as well," says Chairman and CEO Crutchfield, and "that's where we're headed." He says he wants to have the national franchise in banking that Wal-Mart Stores has in retailing. How to do it?

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