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Cover Story: Back to the Future

Traders Magazine, March 2000

Peter Chapman

A new team is ready for the major leagues on the equity-trading desk at First Union Securities in Baltimore. First Union is embarking on a transition from retail trading focused on value stocks, to institutional market making focused on mid-cap growth stocks.

On the way, the broker dealer unit of Charlotte's First Union Corp., the sixth largest bank in the U.S., hired and fired dozens of traders. The brokerage is also committing $150 million in capital and dropping market making in a third of the 465 stocks it had traded.

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