Anthony Terracciano said Monday he would retire as president of First Union Corp. on Dec. 31, ending a 34-year banking career that included top executive posts at four large bank companies.

Mr. Terracciano, 58, joined Charlotte, N.C.-based First Union in 1996 with the merger of Newark, N.J.-based First Fidelity Bancorp., where he had been chairman, chief executive officer, and president.

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