First Union Corp. chairman Edward E. Crutchfield on Friday predicted the first $1 trillion-asset bank could be created in Europe within two years.

European goliaths could overpower U.S. banks if Congress tries to restrict consolidation here, he warned at a Federal Reserve Bank of Chicago banking conference. "We have to be allowed to keep going because (European banks) are going to give us very substantial competition," Mr. Crutchfield said.

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