First Union Corp. reported a $2.2 billion loss for the second quarter, a sharp swing from last year's profits of $873 million, because of heavy restructuring charges.

The Charlotte, N.C., banking company warned last month that the charges were coming. First Union, like Bank One Corp., is trying to slash costs, improve customer service, and get out of underperforming businesses that have siphoned off profits in the last year.

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