PaineWebber Cuts New York FX Desk To Skeleton Crew In 'Downsizing' Move

NON-BANKS

PaineWebber has significantly reduced its forex trading and sales ranks, laying off as many as nine staff from the New York operation, sources say. Although some sources say the move is a precursor to PaineWebber abandoning the FX market altogether, officials deny it is withdrawing from the foreign exchange business. However, by press time these officials were declining to confirm who has been cut or how many remain.

"We are downsizing to adjust staffing levels to current market conditions,"