1st Union Shifts Fla. Unit Chief to Capital Markets

First Union Corp. has named G. Kennedy "Ken" Thompson executive vice president and co-managing director of its expanding capital markets group.

Mr. Thompson, 45, will co-manage the group with Louis A. "Jerry" Schmitt. Mr. Thompson, a 20-year First Union veteran, has been president of its Florida bank since 1992. He replaces Daniel W. Mathis, 53, who plans to retire at yearend.

Both co-heads report to Anthony Terracciano, First Union's president.

Mr. Thompson will oversee investment and corporate banking, specialized industries, and loan syndications, while Mr. Schmitt will continue to manage securitizations, bond underwriting, and trading.

"Our total revenue and earnings plans are aggressive," said Mr. Thompson. "These areas of high growth, and need to be if we're going to meet the targets we set for ourselves."