First Union Capital Markets Corp., the investment banking subsidiary of Charlotte, N.C.-based First Union Corp., has named new directors of its corporate finance and high-yield origination groups.

Richard Keating, founder and head of the group's high-yield operations, was promoted to managing director of the corporate finance group. Mr. Keating oversees a team of investment bankers who provide capital markets products and services to corporate customers.

Jay Braden was hired to replace him as managing director of the group's high-yield origination group. Mr. Braden had been a director of the leveraged transactions group at Smith Barney Inc., New York.

Both men report to Mark Mahoney, managing director and head of investment banking.

In addition, First Union has hired Willis J. Hulings, Brian McDonagh, and Ted Wozniak for the corporate finance group.

Mr. Hulings, who is a managing director, is responsible for directing corporate finance activities throughout North Carolina. He had been senior vice president of Stamford, Conn.-based Noise Cancellation Technologies Inc.

Mr. McDonagh oversees First Union's specialized industries division, its U.S. corporate banking group, and its leveraged finance group. He had been a vice president in the global mergers and acquisitions group at Chase Manhattan Bank.

Mr. Wozniak, who is based at First Union's Tysons Corner, Va., office and oversees regional managers there, had been a managing director of the national banking division at First Chicago Capital Markets Inc.

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