In what can only be described as Mesoamerican human capital management a modern day European megabank, UBS issuing a pretty specific edict to managers in its wealth management unit:
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.
It's unclear to us if UBS will be using a stone table for bloodletting and collection or merely installing a volcano, but we will stay on this story.