Looking to beef up its distribution capabilities for the securities it underwrites, First Union Corp. has formed a global capital markets unit and hired a Lehman Brothers veteran to run it.

Robert Teller is joining First Union as a managing director after 12 years at Lehman, where he was executive director and head of Lehman's European dealer businesses in London. He will report to Jerry Schmitt, a First Union executive vice president and co-head of capital markets.

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