What are your thoughts on the First Union meeting this morning -- Aug. 4 -- in New York, where the bank's management met with you and other analysts to highlight the Future Bank initiative, capital markets, and capital management businesses?

RONALD MANDLE: Management didn't give a lot of incremental guidance about where the company is going compared to what they had said in the past. They made it clearer as to how the two major segments are going to contribute to earnings growth, meaning the traditional banking part will contribute relatively little and the new part, First Union Securities, will be the major contributor to growth. With their Internet strategy, I doubt that it will be that differentiated from what's out there already. So I didn't really take away anything from the meeting that would make me change my thinking about the earnings outlook or my opinion on the stock.

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