Is there a shortcut in bash to delete the last segment of a path?

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http://unix.stackexchange.com – I've become pretty proficient with a number of bash shortcut keys that make my bash-ing faster: C-a/C-e, C-u, C-w, M-f/M-b, C-r etc. One common task that I haven't found a good shortcut for though is when I want to delete the last segment of a path: Say I have ls ~/projects/arcaneweb/libraries and I realize I actually meant ls ~/projects/arcaneweb/sources Is there a way to just delete libraries, saving a load of keystrokes? (HowTos)