Some record-breaking deals are likely this year, including a $15 billion-plus buyout of Auna, a leading Spanish telecommunications group.

Mr. Oberhill, known as Jack, had previously worked five years in the telecommunications group, which accounted for 17 percent of the company's revenues last year.

France Telecom, the world's fourth-largest telecommunications group, recorded a 1994 profit of $1.8 billion on revenue of $26.9 billion.

"What we are trying to do," Mr. Heredia said, "is to move away from just a cellular operation to become a full telecommunications group."

United Telecom has been one of the more volatile stocks in the telecommunications group, peaking in late 1989 and early 1990 above $40.

The most notable selloff has been a 10 percent share of the telecommunications group.

The telecommunications group had been reporting to me.

David Braunschvig has joined Bear Stearns as a senior managing director in the technology, media and telecommunications group within investment banking.

Strive Masiyiwa is the founder and chairman, of global telecommunications group, Econet Wireless.

Jeff Williams, head of Morgan Stanley's telecommunications group, is probably his most formidable foe, he said.