First Union Corp. is putting together a trading operation for distressed, discounted, and par loans.

The Charlotte-based bank hired Thomas Finke, formerly a vice president at Bear, Stearns & Co., to manage par loan trading. Robert Haley, formerly a vice president at NationsBank Corp., will oversee discounted trading, and Julie Bouhuys, a member of First Union's leveraged finance team, will lead the distressed-loan trading business.

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