Hiring is sparse, with pressure from bank headquarters to first show results for those who joined in the past two years. Division heads are no longer chasing every deal, and instead have to be much more selective. "The heyday of just expanding and taking people wholesale is over," said Enid Yip, Asia Chief Executive at Swiss private bank Sarasin (BSAN.S). "People will have to start looking very closely at their own contribution to the P&L (profit and loss)." In Asia, estimated fee volumes slumped 43 percent in October-December, the biggest drop of any region, though the others were not far behind.