PAINE WEBBER GROUP INC
424B3, 1994-03-24
SECURITY BROKERS, DEALERS & FLOTATION COMPANIES
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<PAGE>   1
                                           Filed pursuant to Rule
                                           424(b)(3).  This Pricing
                                           Supplement relates to
                                           Registration  Statements No.
                                           33-58124 and 33-51149


              Pricing Supplement No. 022 Dated March 16, 1994
                  (To Prospectus Dated November 29, 1993 and
                Prospectus Supplement Dated November 30, 1993)

                            PAINE WEBBER GROUP INC.

                               Multiple Currency
                   Medium-Term Subordinated Notes, Series C
              Due from Nine Months to 30 Years from Date of Issue
                             (Floating Rate Notes)

<TABLE>
<S>                                    <C>
Designation:                           Medium-Term Subordinated Notes, Series C
                                       ----------------------------------------
                                       
Original Issue Date:                   March 18, 1994   
                                       ------------------
                                       
Principal Amount:                      $10,000,000       
                                       ------------------
                                       
Interest Rate Basis:                   [ ] Commercial Paper Rate
                                       [ ] Prime Rate
                                       [ ]  Federal Funds Rate
                                       [X] LIBOR
                                            [X] Telerate Screen Page 3750
                                            [ ] Reuters Screen LIBO Page
                                       [ ] Treasury Rate
                                       ------------------
                                       
Index Maturity:                        Quarterly       
                                       ------------------
                                       
Spread                                 1 Month LIBOR + 15   
                                       ------------------
                                       
Initial Interest Rate:                 3.7125%
                                       -------------------
                                       
Interest Payment Dates:                Third Wednesday,
                                       Monthly, Beginning
                                       April 1994 through
                                       February 1995
                                       ------------------
                                       
Interest Reset Dates:                  Third Wednesday,
                                       Monthly, Beginning
                                       April 1994 through
                                       February 1995
                                       ------------------

Regular Record Dates:                  15 Calendar Days
                                       Prior to Each Interest
                                       Payment Date
                                       ------------------

Interest Determination                 Third Monday,
  Dates:                               Monthly, Beginning
                                       April 1994 through
                                       February 1995
                                       ------------------
                                       
Specified Currency
  in which Denominated:                U.S. Dollars      
                                       ------------------
                                       
Stated Maturity:                       March 10, 1995  
                                       ------------------

Issue Price (As a Percentage            
  of Principal Amount):                100%              
                                       ------------------
                                       
Redemption and Early                   The Note cannot be
  Repayment Provisions:                redeemed prior to
                                       Stated Maturity   
                                       ------------------

Note(s) represented by:                [X] Global Note
                                       [ ] Certificated Note(s)
</TABLE>                                       


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