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WALL ST WALL ST CompsComps CompsComps 2 nd Annual Investment Banking Compensation Survey 2007
WALL ST
WALL
ST
CompsComps
CompsComps
2 nd Annual Investment Banking Compensation Survey
2007
www.WallStreetComps.com
WallStreetComps.com © 2006-2008

TABLE OF CONTENTS

Disclaimer

2

FAQs

3

Information on Participants

4

Represented Banks

5

Overview of Bonuses 2006 / 2007

6

Overview of 2007 Banks Results and Compensations

7

Regression Analysis

9

2007 Bonus

Distribution by Banks

10

Distribution by Location

11

Distribution by Groups

12

Distribution by Title:

Associate 0

13

Associate 1

14

Associate 2

15

Associate 3

16

Vice President

17

Senior Vice President

19

DISCLAIMER

WallStreetComps.com was created to keep investment bankers informed about the compensation trends in the industry.

Please be advised that the data gathered in this report were submitted by investment bankers on a voluntary basis and without consultation of their respective employers mentioned herein. Although the results are screened for obvious mistakes or typos, WallStreetComps.com cannot guarantee the validity of the information presented. However, due to the nature of this report and the way data were entered, we are confident the information in this report is valuable and accurate.

The information is being provided freely and none of the banks or anyone else connected with WallStreetComps.com in any way whatsoever can be responsible for inaccurate information.

This is a copyrighted report. It is distributed for free.

If you have any comments, questions or suggestions on how we can improve this survey for next year, please email us at Webmaster@WallStreetComps.com

FAQS

What is WallStreetComps.com?

WallStreetComps.com was created by a group of former investment bankers to keep peers informed about the compensation trends in the industry. The resulting compensation report is free and is a way to share information with peers.

How is data gathered?

The data gathered in this report were submitted by investment bankers on a voluntary basis. Individual submissions are anonymous and kept strictly confidential. No personal data is required and the data is used on an aggregated basis only.

How reliable are the data?

Although the results are screened for obvious mistakes or typos, WallStreetComps.com cannot guarantee the validity of the information presented. However, due to the nature of this report and the way data were entered, we are confident the information in this report is valuable and accurate.

Which currency do you use?

All amounts are in U.S. dollars. We have asked each participant to convert his/her bonus (if it were not received in USD) by using the following exchange rates:

€ 1.00 = $1.45 £ 1.00 = $2.00 These were the approximate exchange rates on December 1, 2007.

What is Associate 0?

When an MBA student is hired as an Associate following her graduation, she will generally be an Associate for 17 months (from August of graduation year until December of the following year). We define Associate 0 as the first 5 months of Associate 1, at the end of which a Stub bonus is paid.

Why can’t I see the name of my firm even though I participated in the survey?

If you were the only participant in your firm, we have decided not to disclose the name of that firm to protect your privacy.

INFORMATION ON PARTICIPANTS

We have received a total of 228 responses. The distribution of responses is as follows:

Distribution by Employer

Title

Associate 0 Associate 1 Associate 2 Associate 3 Vice President 1 Vice President 2 Vice President 3 Senior Vice President 1 Total Population

Large U.S.

Large European

Boutiques

Other

Total

Banks

Banks

50%

13%

6%

31%

100%

59%

11%

11%

19%

100%

63%

5%

11%

21%

100%

75%

0%

6%

19%

100%

58%

0%

8%

33%

100%

57%

29%

0%

14%

100%

57%

29%

0%

14%

100%

60%

10%

10%

20%

100%

138

22

18

50

228

Distribution by Group

Title

Associate 0 Associate 1 Associate 2 Associate 3 Vice President 1 Vice President 2 Vice President 3 Senior Vice President 1 Total Population

M&A

Industry

Fin. Sponsors / Lev. Fin.

Capital Market

Other Group

Total

Coverage

19%

56%

6%

6%

13%

100%

30%

48%

7%

11%

4%

100%

26%

47%

5%

16%

5%

100%

31%

63%

6%

0%

0%

100%

33%

50%

8%

0%

8%

100%

43%

29%

14%

0%

14%

100%

0%

43%

14%

0%

43%

100%

20%

50%

10%

0%

20%

100%

60

114

18

14

22

228

REPRESENTED BANKS

Bank

Category

ABN Amro

Large European Bank

Bank of America

Large U.S. Bank

Bear Stearns

Large U.S. Bank

BNP Paribas

Large European Bank

CIBC

Other

Citigroup

Large U.S. Bank

Credit Suisse

Large European Bank

Deutsche Bank

Large European Bank

Evercore Partners

Boutique

Goldman Sachs

Large U.S. Bank

Houlihan Lokey Howard Zukin

Boutique

Jefferies

Boutique

JPMorgan

Large U.S. Bank

Lazard

Boutique

Lehman Brothers

Large U.S. Bank

Merrill Lynch

Large U.S. Bank

Morgan Stanley

Large U.S. Bank

RBC Capital Markets

Other

Rothschild

Boutique

TD Securities

Other

UBS

Large European Bank

Wachovia

Other

OVERVIEW OF BONUSES 2006 / 2007

Bonus by Year

 

2006

2007

Minimum Maximum Average 1st Quartile 2nd Quartile (Median) 3rd Quartile 4th Quartile Number of Responses Number of Banks

$15,000

$20,000

5,000,000

965,000

350,349

344,683

173,750

184,775

257,500

282,500

460,932

500,000

3,100,000

965,000

192

228

21

23

2007 Bonus by Title and Quartile

2007

 

1st Quartile

2nd Quartile

3rd Quartile

4th Quartile

Associate 1 Associate 2 Associate 3 Vice President 1 Vice President 2 Vice President 3 Senior Vice President

$177,500

$195,000

$225,000

$255,000

272,500

300,000

325,000

350,000

250,000

335,000

383,750

495,000

395,000

475,000

534,694

600,000

560,000

595,000

625,000

700,000

622,500

695,000

802,500

925,000

785,000

810,000

950,000

965,000

Bonus by Year and Title

   

2006

 

2007

Growth*
Growth*

Min

Max

Average

Min

Max

Average

06 / 07
06 / 07

Associate 0 Associate 1 Associate 2 Associate 3 Vice President 1 Vice President 2 Vice President 3 Senior Vice President

$15,000

$50,000

$43,259

$20,000

$56,000

$45,094

4.2%

52,000

320,000

215,500

125,000

255,000

195,322

(9.4%)

70,000

380,000

245,042

170,000

350,000

292,053

19.2%

78,000

545,000

335,405

70,000

495,000

316,923

(5.5%)

390,000

600,000

499,333

230,000

600,000

444,827

(10.9%)

400,000

800,000

601,417

535,000

700,000

600,000

(0.2%)

445,000

880,000

653,810

550,000

925,000

717,143

9.7%

448,000

900,000

721,758

600,000

965,000

812,102

12.5%

* Year-Over-Year Growth of the Average Bonus.

OVERVIEW OF 2007 SELECTED BANKS RESULTS AND COMPENSATIONS

($ in millions, except per employees data)

Bear Stearns

11/30/04

11/30/05

11/30/06

11/30/07

Total Comps Total Comps / Total Net Revenues

$3,254

$3,553

$4,343

$3,425

47.76%

47.94%

47.07%

57.61%

Number of Employees Average Comps per Employee Growth in Comps per Employee

10,961

11,843

13,566

14,153

$296,871

$300,008

$320,175

$241,998

1.06%

6.72%

-24.42%

Total I-banking Revenues Growth in I-Banking Revenues

$1,031

$1,037

$1,334

$1,380

0.58%

28.64%

3.45%

12-month Ending Stock Price Performance

34.67%

13.74%

37.38%

-34.61%

Goldman Sachs

11/30/04

11/30/05

11/30/06

11/30/07

Total Comps Total Comps / Total Net Revenues

9,681

11,758

16,457

$20,190

46.21%

46.59%

43.69%

43.90%

Number of Employees Average Comps per Employee Growth in Comps per Employee

21,736

23,623

26,467

30,522

$445,390

$497,735

$621,793

$661,490

11.75%

24.92%

6.38%

Total I-banking Revenues Growth in I-Banking Revenues

$3,374

$3,671

$5,613

$7,555

8.80%

52.90%

34.60%

12-month Ending Stock Price Performance

9.03%

23.10%

51.05%

16.34%

JP Morgan Investment Banking Only

12/31/04

12/31/05

12/31/06

12/31/07

Total Comps Total Comps / Total Net Revenues

4,896

5,792

8,190

$7,965

38.76%

39.64%

43.49%

43.84%

Number of Employees Average Comps per Employee Growth in Comps per Employee

17,501

19,802

23,729

25,543

$279,755

$292,496

$345,147

$311,827

4.55%

18.00%

-9.65%

Total I-banking Revenues Growth in I-Banking Revenues

$3,572

$4,096

$5,537

$6,616

14.67%

35.18%

19.49%

12-month Ending Stock Price Performance

6.21%

1.74%

21.69%

-9.63%

Source: Company filings, Yahoo! Finance.

OVERVIEW OF 2007 SELECTED BANKS RESULTS AND COMPENSATIONS (CONTD)

Lazard

12/31/04

12/31/05

12/31/06

12/31/07

Total Comps Total Comps / Total Net Revenues

$466

$699

$891

$1,123

42.56%

53.73%

59.64%

58.55%

Number of Employees Average Comps per Employee Growth in Comps per Employee

2,339

2,191

2,200

2,410

$199,230

$319,032

$405,000

$466,003

60.13%

26.95%

15.06%

Total I-banking Revenues Growth in I-Banking Revenues

$655

$865

$973

$1,241

32.06%

12.49%

27.54%

12-month Ending Stock Price Performance

NA

NA

48.40%

-14.07%

Lehman Brothers

11/30/04

11/30/05

11/30/06

11/30/07

Total Comps Total Comps / Total Net Revenues

$5,730

$7,213

$8,669

$9,494

49.50%

49.30%

49.30%

49.30%

Number of Employees Average Comps per Employee Growth in Comps per Employee

19,579

22,919

25,936

28,556

$292,661

$314,717

$334,246

$332,470

7.54%

6.21%

-0.53%

Total I-banking Revenues Growth in I-Banking Revenues

$2,188

$2,894

$3,160

$3,903

32.27%

9.19%

23.51%

12-month Ending Stock Price Performance

16.02%

50.39%

16.94%

-14.99%

Morgan Stanley

11/30/04

11/30/05

11/30/06

11/30/07

Total Comps Total Comps / Total Net Revenues

9,853

11,313

14,387

16,552

41.56%

42.25%

42.49%

59.06%

Number of Employees Average Comps per Employee Growth in Comps per Employee

53,284

53,218

55,310

48,256

$184,915

$212,578

$260,116

$343,004

14.96%

22.36%

31.87%

Total I-banking Revenues Growth in I-Banking Revenues

$3,341

$3,843

$4,755

$6,368

15.03%

23.73%

33.92%

12-month Ending Stock Price Performance

-8.19%

10.40%

35.93%

-30.78%

Excludes Discover Financial Services starting 2007

Source: Company filings, Yahoo! Finance.

REGRESSION ANALYSIS

For statistics aficionados, we ran a regression analysis for the bonuses paid in 2007 based on years of experience, type of banks and location. We excluded from the regression stub bonuses (bonus paid to Associate 0). The analysis yielded the following regression:

Bonus = $107,988 + $102,005 * x - $9,587 * y - $9,578 * z

R 2 = 0.845 Standard Error = $87,992

x, y and z are defined as follows:

 

x

Associate 1 Associate 2 Associate 3 Vice President 1 Vice President 2 Vice President 3 Senior Vice President

1

2

3

4

5

6

7

 

y

Large U.S. Banks Large European Banks Boutiques Other

1

2

3

4

 

z

New York

1

London

2

Other

3

DISTRIBUTION BY BANKS

2007 Average Bonus by Banks and Title

2007 Average Bonus

Banks

Distribution

Associate*

Vice President

SVP

Large U.S. Banks

62%

$270,737

$566,628

$847,671

Bank of America Bear Stearns Citigroup Goldman Sachs JPMorgan Lehman Brothers Merrill Lynch Morgan Stanley

 

250,000

 

450,000

 

258,750

350,000

240,000

840,000

274,980

576,429

827,756

250,000

500,000

266,250

667,642

887,500

Large European Banks

10%

$222,250

$636,250

$700,000

ABN Amro

600,000

Credit Suisse

340,000

622,500

Deutsche Bank

170,000

UBS

230,000

700,000

700,000

Boutiques

8%

$268,333

$415,000

$600,000

Evercore Partners Houlihan Lokey Howard Zukin Lazard Undisclosed

 

415,000

 

242,500

337,500

225,000

600,000

Others

20%

$213,750

$516,667

$867,500

CIBC World Markets RBC Capital Markets TD Securities Undisclosed

 

228,333

650,000

250,000

203,750

490,000

867,500

Total Population

100%

$256,346

$559,920

$824,558

* Does not include Associate 0.

DISTRIBUTION BY LOCATION

2007 Average Bonus by Location and Title

2007 Average Bonus

Banks

Distribution

Associate*

Vice President

SVP

New York U.S (ex - NY) London Europe (ex - London) Total Population

65%

$272,361

$569,896

$847,857

21%

251,765

586,667

785,000

9%

197,894

575,000

700,000

5%

206,333

250,000

701,023

100%

$256,346

$559,920

$824,558

* Does not include Associate 0.

2007 Average Bonus by Banks, Location and Title

2007 Average Bonus

Banks

Distribution

Associate*

Vice President

SVP

Large U.S. Banks

62%

$270,737

$566,528

$847,671

New York U.S (ex - NY) London Europe (ex - London)

 

284,600

565,660

877,000

272,500

560,000

197,894

575,000

 

701,023

Large European Banks

10%

$222,250

$636,250

$700,000

New York U.S (ex - NY) London Europe (ex - London)

 

140,000

615,000

 

700,000

 

700,000

 

274,500

Boutiques

8%

$268,333

$415,000

$600,000

New York U.S (ex - NY) London Europe (ex - London)

 

276,250

415,000

600,000

252,500

Others

20%

$213,750

$516,667

$867,500

New York U.S (ex - NY) London Europe (ex - London)

 

240,833

587,500

950,000

210,000

500,000

785,000

70,000

250,000

Total Population

100%

$256,346

$559,920

$824,558

* Does not include Associate 0.

DISTRIBUTION BY GROUPS

2007 Average Bonus by Groups and Title

2007 Average Bonus

Banks

 

Distribution

   

Associate*

Vice President

SVP

M&A Industry Coverage Fin. Sponsors / Lev. Fin. Capital Market Other Group Total Population

28%

$245,278

$515,714

$650,000

49%

269,399

544,811

827,205

8%

215,925

600,000

950,000

6%

233,167

9%

297,500

631,000

867,500

100%

$256,346

$559,920

$824,558

*

Does not include Associate 0.

 

2007

Average Bonus by Banks, Groups and Title

 

Banks

 

Distribution

   

Associate*

Vice President

SVP

Large U.S. Banks

 

62%

$270,737

$566,628

$847,671

M&A Industry Coverage Fin. Sponsors / Lev. Fin. Capital Market Other Group

 

285,714

605,000

283,683

550,881

827,205

192,900

552,500

210,000

235,000

613,333

935,000

Large European Banks

 

10%

$222,250

$636,250

$700,000

M&A Industry Coverage Fin. Sponsors / Lev. Fin. Capital Market Other Group

 

170,000

600,000

700,000

215,000

715,000

 

685,000

 

359,000

 

555,000

Boutiques

 

8%

$268,333

$415,000

$600,000

M&A Industry Coverage Fin. Sponsors / Lev. Fin. Capital Market Other Group

 

293,333

415,000

600,000

190,000

350,000

Others

20%

$213,750

$516,667

$867,500

M&A Industry Coverage Fin. Sponsors / Lev. Fin. Capital Market Other Group

 

199,167

500,000

218,333

325,000

295,000

940,000

215,000

 

775,000

785,000

Total Population

 

100%

$256,346

$559,920

$824,558

* Does not include Associate 0.

ASSOCIATE 0

2007 Bonus by Banks

Type of Bank

Distribution

Min

Max

Average

Large U.S. Banks Large European Banks Boutiques Other Total Population

2007 Bonus by Location

50%

$45,000

$56,000

$47,438

13%

20,000

40,000

32,000

6%

55,000

55,000

55,000

31%

35,000

55,000

45,400

100%

$20,000

$56,000

$45,094

Location

Distribution

Min

Max

Average

New York U.S (ex - NY) London Europe (ex - London) Total Population

63%

$20,000

$53,500

$43,050

25%

35,000

55,000

47,500

12%

45,000

56,000

50,000

100%

$20,000

$56,000

$45,094

ASSOCIATE 1

2007 Bonus by Banks

Type of Bank

Distribution

Min

Max

Average

Large U.S. Banks Large European Banks Boutiques Other Total Population

59%

$125,000

$255,000

$202,731

11%

140,000

210,000

183,333

11%

155,000

225,000

201,667

19%

130,000

245,000

175,000

100%

$125,000

$255,000

$195,322

Bank

Distribution

Average

% over Mean

 

Bank of America CIBC World Markets Citigroup Deutsche Bank Jefferies JPMorgan Lehman Brothers Merrill Lynch Morgan Stanley UBS Total Population

4%

$155,000

-20.6%

4%

150,000

-23.2%

4%

245,000

25.4%

7%

170,000

-13.0%

7%

225,000

15.2%

11%

240,000

22.9%

15%

187,000

-4.3%

11%

250,000

28.0%

15%

200,000

2.4%

11%

191,000

-2.2%

100%

$195,322

*Only banks with more than one data entry are shown.

 

2007

Bonus by Location

Location

Distribution

Min

Max

Average

New York U.S. (excluding NY) London Europe (ex - London) Total Population

48%

$125,000

$255,000

$200,385

33%

150,000

2,450,000

188,333

11%

184,000

195,000

187,900

8%

200,000

210,000

205,000

100%

$125,000

$255,000

$195,322

2007 Bonus by Group

Group

Distribution

Min

Max

Average

M&A Industry Coverage Fin. Sponsors / Lev. Fin. Capital Market Other Group Total Population

30%

$140,000

$245,000

$194,375

48%

150,000

255,000

205,385

7%

180,000

190,000

184,350

11%

125,000

180,000

145,000

4%

230,000

260,000

245,000

100%

$125,000

$255,000

$195,322

ASSOCIATE 2

2007 Bonus by Banks

Type of Bank

Distribution

Min

Max

Average

Large U.S. Banks Large European Banks Boutiques Other Total Population

58%

$170,000

$350,000

$284,583

11%

250,000

345,000

339,000

11%

325,000

350,000

337,500

20%

255,000

300,000

280,000

100%

$170,000

$350,000

$292,053

Bank

Distribution

Average

% over Mean

 

Bank of America CIBC World Markets Citigroup Credit Suisse Lazard Lehman Brothers Merrill Lynch Morgan Stanley Total Population

8%

$250,000

-14.4%

11%

277,500

-5.0%

11%

205,000

-29.8%

7%

339,000

16.1%

11%

337,500

15.6%

26%

305,000

4.4%

15%

282,500

-3.3%

12%

325,000

11.3%

100%

$292,053

*Only banks with more than one data entry are shown.

 

2007

Bonus by Location

Location

Distribution

Min

Max

Average

New York U.S (ex - NY) London Europe (ex - London) Total Population

68%

$240,000

$350,000

$289,615

26%

170,000

350,000

289,000

6%

250,000

345,000

339,000

100%

$170,000

$350,000

$292,053

2007 Bonus by Group

Group

Distribution

Min

Max

Average

M&A Industry Coverage Fin. Sponsors / Lev. Fin. Capital Market Other Group Total Population

26%

$275,000

$350,000

$306,000

47%

170,000

325,000

268,889

5%

275,000

300,000

285,000

16%

300,000

339,000

321,333

6%

350,000

350,000

350,000

100%

$170,000

$350,000

$292,053

ASSOCIATE 3

2007 Bonus by Banks

Type of Bank

Distribution

Min

Max

Average

Large U.S. Banks Large European Banks Boutiques Other Total Population

75%

$210,000

$495,000

$347,564

6%

330,000

330,000

330,000

19%

70,000

250,000

190,000

100%

$70,000

$495,000

$316,923

Bank

Distribution

Average

% over Mean

 

Citigroup

15%

$380,000

19.9%

Goldman Sachs

12%

350,000

10.4%

Lehman Brothers

19%

344,530

8.7%

Merrill Lynch

15%

330,000

4.1%

Morgan Stanley

20%

340,000

7.3%

Total Sub-Group

81%

$346,213

9.2%

Total Population

100%

$316,923

*Only banks with more than one data entry are shown.

 

2007

Bonus by Location

Location

Distribution

Min

Max

Average

New York U.S (ex - NY) London Europe (ex - London) Total Population

63%

$250,000

$425,000

$343,500

19%

250,000

495,000

380,000

17%

210,000

350,000

300,000

1%

70,000

70,000

70,000

100%

$70,000

$495,000

$316,923

2007 Bonus by Group

Group

Distribution

Min

Max

Average

M&A Industry Coverage Fin. Sponsors / Lev. Fin. Capital Market Other Group Total Population

31%

$70,000

$350,000

$266,000

63%

215,770

495,000

353,077

6%

210,000

210,000

210,000

100%

$70,000

$495,000

$316,923

VICE PRESIDENT

2007 Bonus by Title

Title

Distribution

Min

Max

Average

Vice President 1 Vice President 2 Vice President 3 Total Population

46%

$230,000

$600,000

$444,827

27%

535,000

700,000

600,000

27%

550,000

925,000

717,143

100%

$230,000

$925,000

$559,920

2007 Bonus by Banks

Type of Bank

Distribution

Min

Max

Average

Large U.S. Banks Large European Banks Boutiques Other Total Population

58%

$230,000

$925,000

$566,528

15%

550,000

700,000

636,250

4%

415,000

415,000

415,000

23%

250,000

765,000

516,667

100%

$230,000

$925,000

$559,920

Bank

Distribution

Average

% over Mean

Bear Stearns

8%

$450,000

-19.6%

Credit Suisse

8%

622,500

11.2%

JPMorgan

8%

670,000

19.7%

Lehman Brothers

23%

522,778

-6.6%

Merrill Lynch

12%

500,000

-10.7%

Morgan Stanley

19%

667,642

19.2%

UBS

8%

700,000

25.0%

Total Sub-Group

85%

$590,417

5.4%

Total Population

100%

$559,920

*Only banks with more than one data entry are shown.

VICE PRESIDENT (CONTD)

2007 Bonus by Location

Location

Distribution

Min

Max

Average

New York U.S (ex - NY) London Europe (excluding London) Total Population

2007 Bonus by Group

76%

$230,000

$925,000

$569,896

12%

500,000

700,000

586,667

8%

500,000

650,000

575,000

4%

250,000

250,000

250,000

100%

$230,000

$925,000

$559,920

Group

Distribution

Min

Max

Average

M&A Industry Coverage Fin. Sponsors / Lev. Fin. Capital Market Other Group Total Population

27%

$250,000

$650,000

$515,714

42%

230,000

925,000

544,811

12%

545,000

695,000

600,000

19%

440,000

840,000

631,000

100%

$230,000

$925,000

$559,920

SENIOR VICE PRESIDENT

2007 Bonus by Banks

Type of Bank

Distribution

Min

Max

Average

Large U.S. Banks Large European Banks Boutiques Other Total Population

60%

$701,023

$965,000

$847,671

12%

660,000

840,000

700,000

8%

600,000

650,000

620,000

20%

785,000

950,000

867,500

100%

$600,000

$965,000

$812,102

Bank

Distribution*

Average

% over Mean

 

Lehman Brothers

22%

$827,756

1.9%

Morgan Stanley

14%

810,000

-0.3%

UBS

14%

700,000

-13.8%

Total Sub-Group

50%

$826,575

1.8%

Total Population

100%

$812,102

*Only banks with more than one data entry are shown.

 

2007

Bonus by Location

Location

Distribution

Min

Max

Average

New York U.S (ex - NY) London Europe (ex - London) Total Population

70%

$600,000

$965,000

$847,857

10%

750,000

800,000

785,000

10%

650,000

740,000

700,000

10%

701,023

760,000

730,000

100%

$600,000

$965,000

$812,102

2007 Bonus by Group

Group

Distribution

Min

Max

Average

M&A Industry Coverage Fin. Sponsors / Lev. Fin. Capital Market Other Group Total Population

20%

$600,000

$700,000

$660,000

50%

701,023

965,000

827,205

10%

900,000

950,000

910,000

20%

785,000

950,000

850,000

100%

$600,000

$965,000

$812,102

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