PaineWebber Inc. on Friday said it plans on keeping about half of Kidder Peabody's municipal bond employees, a move that would substantially increase the size of PaineWebber's municipal operations while other firms are cutting back.

In an interview with The Bond Buyer, Terry L. Atkinson, managing director of PaineWebber's municipal securities group, said the firm is making offers to a substantial numbers of employees in Kidder's public finance and sales and trading departments.

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