CHARLOTTE (AP) — First Union Corp. is closing its Money Store home equity loan business and selling up to 90 branches, part of a $2.8 billion restructuring to bolster its bottom line and stock price.
The nation's sixth-largest bank also said it will sell its mortgage servicing unit to Wells Fargo and put its credit card business on the auction block while focusing on its profitable core businesses.
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First Union said it expects second-quarter earnings of 72 cents to 74 cents per share before restructuring charges of $3 to $3.10 per share.