PaineWebber Staffs Up In N.Y., London In Scheme For Major FX Expansion

NON-BANKS

PaineWebber Financial Products Inc. is expanding its foreign exchange operation in both New York and London. After several senior appointments last fall, the group, a wholly-owned subsidiary of investment bankers PaineWebber Inc., has made a number of new hires, according to sources at the firm.

One well-informed source says PaineWebber's decision to expand in forex stemmed partly from customer demand. "About seven months ago, PaineWebber determined it would really like to develop its foreign