THE EMPEROR'S NEW CLOTHES.

• Author: Kinney, David
• Position: Ed Crutchfield's management of First Union Corp. - Brief Article

Mover and Shaker of the Year Ed Crutch field finds Future Bank doesn't suit Wall Street's sense of style.

It often seems as high on hype as it is on tech, this New Economy that rules our realm. Image might not be everything, but it counts -- often more than numbers do. How else can you fathom the fairy-tale fortunes of dot-coin wizards, the cyberconjurers Wall Street makes multimillionaires before their companies make their first penny?

This glamour -- the illusion that the old rules no longer apply -- is so powerful it can cast its spell on the crowned heads of capitalism, even a true visionary such as our Mover and Shaker of the Year. Early in his reign, Ed Crutchfield saw the future: Banks could not survive as mere moneymongers. They must turn themselves into treasure-troves rife with the financial services and products to satisfy every need and desire. To be better, he divined, First Union Corp. must be bigger. So, striking deal after deal, Edward the Swift wrought an empire, the nation's sixth-biggest bank holding company. But its growth cost dearly. To pay the piper, heads rolled, and mechanical minions, the most modern money might buy...