Edward Crutchfield, chairman and chief executive officer of First Union Corp., and some 250 senior executive employees will forgo cash bonuses for 1999 as a result of unexpectedly low earnings and a sharp decline in the company's stock price.

Mr. Crutchfield got a $2.28 million bonus for 1998. That was double his salary of $1.14 million. For this year, Mr. Crutchfield will not get a cash bonus, but sources close to the company said it is unclear whether he and the others will receive stock options that would effectively replace the bonus if the $235 billion-asset banking company performs well.

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