UBS is to adopt a rolling budgeting process for its wealth management and is dropping the process of setting yearly budgets, according to a ...

UBS is to adopt a rolling budgeting process for its wealth management and is dropping the process of setting yearly budgets, according to a report in the Swiss business magazine Bilanz. The Zurich-based bank said it will look at revenues, costs and indicators such as net new money on a monthly basis. UBS said the new budgeting measure, in place since January, is designed to grow revenue. It will measure employees against outside competitors, as well as one another. A UBS spokesman said in a separate interview with Dow Jones: "The idea is to get people talking to each other. It will mean some employees coach others, and we think it will translate into constructive competition.” The new budgeting process will apply to the bank’s wealth management units in Europe and the US.