Monday's Headlines: More Talk of Zero Bonuses. Merry Christmas.

The reality of "zero bonuses" is setting in for many as top banks cut pay, says one recruiter. [NY Times]

European bankers could see bonuses drop between 20 and 30 percent this year. [FT]

Goldman Sachs will strengthen its wealth management business by adding 200 jobs over the next few years. [On Wall Street]

Hedge fund FrontPoint Partners will lay off 28 non-investment employees. [Pensions and Investments]

Business schools are becoming relevant again, as hiring from top schools like Harvard pick up. [Fortune.com]