UBS Tells Some Managers They Can Hire One for Five Who Go
- Informal rule applies to back office jobs in wealth management
- Swiss bank is slowing hiring after challenging first quarter
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UBS Group AG is telling executives in its large wealth management business to be more selective when hiring bankers as it seeks to cut costs following a challenging first quarter, according to people familiar with the matter.
The bank has introduced an informal rule to allow hiring of one back-office employee only if five are leaving, the people said, asking not to be identified because the matter is private. For client-facing staff, the rule is less strict: Managers can hire one banker for two departing ones, the people said.