Bear Stearns, which posted its first quarterly loss in its history on Thursday after making bad bets on subprime mortgages, will pay employees an average of $241,998, down about 24 percent from last year and about a third of the average pay for a Goldman Sachs Group Inc employee.
Bear Stearns' top executives, including Chairman and Chief Executive Jimmy Cayne, will not take home bonuses at all, which should leave more money in the bonus pool for other employees. Last year, Bear Stearns' top four executives received cash and restricted stock then valued at over $100 million.
But Bank of America analyst Michael Hecht said Bear's smaller bonus pool could lead to attrition and hinder a strong rebound for the investment bank.
Goldman Sachs employees were the best paid among the four investment banks, taking home an average of $661,490.
A table showing relative pay at the firms is below.
Bear Stearns 2007 2006 Net revenue, full year $5.95 bln $9.23 bln Compensation and benefits expense, full year $3.43 bln $4.34 bln Number of employees, end of year 14,153 13,566 Revenue per employee, full year $420,052.29 $680,156.27 Compensation expense per employee, full year $241,998.16 $320,138.58
Morgan Stanley 2007 2006 Net revenue, full year $28.03 bln $28.84 bln Compensation and benefits expense, full year $16.55 bln $13.99 bln Number of employees, end of year 48,256 43,124 Revenue per employee, full year $580,777.52 $668,745.94 Compensation expense per employee, full year $343,003.98 $324,320.56
Goldman Sachs 2007 2006 Net revenue, full year $45.99 bln $37.67 bln Compensation and benefits expense, full year $20.19 bln $16.46 bln Number of employees, end of year 30,522 26,467 Revenue per employee, full year $1,506,683.70 $1,423,092.91 Compensation expense per employee, full year $661,490.07 $621,793.18
Lehman Brothers 2007 2006 Net revenue, full year $19.26 bln $17.58 bln Compensation and benefits expense, full year $9.49 bln $8.67 bln Number of employees, end of year 28,556 25,936 Revenue per employee, full year $674,359.15 $677,938.00 Compensation expense per employee, full year $332,469.53 $334,245.84
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source: reuters.com
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