CHARLOTTE, N.C. — After a period of restructuring that has included thousands of layoffs and the sale and closure of several business lines, First Union Corp. is looking to its capital management business as the revenue-generating jewel in its restructured organization.

Donald A. McMullen Jr., the First Union vice chairman who heads up the Capital Management Group — which includes asset management and brokerage units — said it could eventually contribute a hefty 40% of the Charlotte, N.C., banking company’s revenues.

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