<PAGE>   1
                                Filed pursuant to Rule 424(b)(3).
                                This pricing supplement relates to
                                Registration Statement Nos. 33-52695
                                and 333-17913.


                Pricing Supplement No. 1 Dated January 8, 1997
                  (To Prospectus Dated December 23, 1996 and
                Prospectus Supplement Dated December 23, 1996)


                            PAINE WEBBER GROUP INC.

                               Multiple Currency
              ---------------------------------------------------
                        Medium-Term Senior Notes, Series C
              ---------------------------------------------------
              Due from Nine Months to 30 Years from Date of Issue
                             (FIXED RATE NOTES)


<TABLE>
<S>                                     <C>
Designation:                        Medium Term Senior Notes, Series C

Original Issue Date:                January 13, 1997

Principal Amount:                   $25,000,000

Interest Rate Basis:                8.060%

Specified Currency in which         U.S. Dollars
Denominated:                           


Stated Maturity:                    January 17, 2017

Issue Price (As a Percentage        100%
of Principal Provision):               

Regular Record Dates:               February 15 and August 15

Redemption and Early                The Note cannot be redeemed prior to Stated
Repayment Provision:                Maturity

Note(s) Represented By:             [x] Global Note
                                    [ ] Certificated note(s)

</TABLE>


 



© 2022 IncJournal is not affiliated with or endorsed by the U.S. Securities and Exchange Commission