PaineWebber Shifts European FX Desk Back To London From Paris After Staff Loss

NON-BANKS

PaineWebber (PW) is repatriating its foreign exchange trading business in Europe to London from Paris following the bulk of its Paris staff's departure to Smith Barney in May (FX Week, May 16), according to officials. Director Halim Saad in Paris says that despite the staff losses, the U.S.-based investment bank is determined to maintain a presence in all major markets. "We continue to provide a global service to our clients in FX, interest-rate, fixed-income and structured products," says S

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