Monday's Headlines: Selective Hiring Yes, But Layoffs Still a Worry on The Street

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Wall Street may plan on hiring, but it's going to be selective hiring for roles that can help build business. For everyone else, the fall may be a bit uneasy as the economy, market volatility, new regulations and changes in pay trigger job cuts. So far cuts have been modest, but observers say they could gain momentum unless business picks up soon. [WSJ]

Executive pay fell for top bankers here in the U.S. and in Europe. The FT says their average compensation fell 60 percent in 2009. Some of the hardest hit were Lloyd Blankfein at Goldman Sachs, John Varley at Barclays and Jamie Dimon at JPMorgan Chase. [FT]

Coke's lost its cache. An analysis of Wall Street drug-test data says cocaine showed up in 7 percent of positive tests in 2009, down from 16 percent in 2007. However, signs of marijuana use rose to 80 percent from 64 percent. [WSJ]

UBS wants its clients back. The Swiss bank launched a new advertising campaign over the weekend designed to regain the trust of customers who left after the sub-prime crisis and a long tax fight with the U.S. Though the bank's profitable again, Chief Executive Oswald J. Grübel says there's still "a lot of catching up to do." [Dealbook]

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