First Union's Top Retail Exec to Step Down

First Union Corp. said Thursday that Jack M. Antonini is leaving his job as head of consumer banking to launch a company that will focus on ventures tied to First Union's Internet strategy. A company spokeswoman dismissed published speculation that Mr. Antonini, 46, who joined First Union from First USA Inc. in 1997, was fired. "Jack volunteered for this project. He helped create the opportunity," she said, adding that Mr. Antonini is still working out of First Union's offices. An internal company memo said his responsibilities will be split between chief e-commerce officer, David Carroll - who will oversee consumer credit cards, mortgage and home equity lending, auto finance, and Money Store - and vice chairman Ben Jenkins, who will manage deposit services, commercial credit cards, and direct installment lending. - Ross Snel