2007 Wall Street Comps Survey

WALL ST
Comps
2nd Annual Investment Banking Compensation Survey
2007
www.WallStreetComps.com
WallStreetComps.com 2006-2008
TABLE OF CONTENTS
Disclaimer
FAQs
Information on Participants
Represented Banks
Overview of Bonuses 2006 / 2007
Overview of 2007 Banks Results and Compensations
Regression Analysis
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 cant 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.
Banks
50%
59%
63%
75%
58%
57%
57%
60%
138
Large European
Banks
13%
11%
5%
0%
0%
29%
29%
10%
22
Boutiques
Other
Total
6%
11%
11%
6%
8%
0%
0%
10%
18
31%
19%
21%
19%
33%
14%
14%
20%
50
100%
100%
100%
100%
100%
100%
100%
100%
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
19%
30%
26%
31%
33%
43%
0%
20%
60
Industry
Coverage
56%
48%
47%
63%
50%
29%
43%
50%
114
Fin. Sponsors /
Lev. Fin.
6%
7%
5%
6%
8%
14%
14%
10%
18
Capital Market
Other Group
Total
6%
11%
16%
0%
0%
0%
0%
0%
14
13%
4%
5%
0%
8%
14%
43%
20%
22
100%
100%
100%
100%
100%
100%
100%
100%
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
$15,000
5,000,000
350,349
173,750
257,500
460,932
3,100,000
192
21
Minimum
Maximum
Average
1st Quartile
2nd Quartile (Median)
3rd Quartile
4th Quartile
Number of Responses
Number of Banks
2007
$20,000
965,000
344,683
184,775
282,500
500,000
965,000
228
23
2007 Bonus by Title and Quartile
2007
Associate 1
Associate 2
Associate 3
Vice President 1
Vice President 2
Vice President 3
1st Quartile
$177,500
272,500
250,000
395,000
560,000
622,500
785,000
2nd Quartile
$195,000
300,000
335,000
475,000
595,000
695,000
810,000
3rd Quartile
$225,000
325,000
383,750
534,694
625,000
802,500
950,000
4th Quartile
$255,000
350,000
495,000
600,000
700,000
925,000
965,000
Bonus by Year and Title

2006
Associate 0
Associate 1
Associate 2
Associate 3
Vice President 1
Vice President 2
Vice President 3
Min
$15,000
52,000
70,000
78,000
390,000
400,000
445,000
448,000
Max
$50,000
320,000
380,000
545,000
600,000
800,000
880,000
900,000
2007
Average
$43,259
215,500
245,042
335,405
499,333
601,417
653,810
721,758
Min
$20,000
125,000
170,000
70,000
230,000
535,000
550,000
600,000
Max
$56,000
255,000
350,000
495,000
600,000
700,000
925,000
965,000
Growth*
Average
$45,094
195,322
292,053
316,923
444,827
600,000
717,143
812,102
06 / 07
4.2%
(9.4%)
19.2%
(5.5%)
(10.9%)
(0.2%)
9.7%
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
Total Comps
Total Comps / Total Net Revenues
Number of Employees
Average Comps per Employee
Growth in Comps per Employee
11/30/04
11/30/05
11/30/06
11/30/07
$3,254
47.76%
$3,553
47.94%
$4,343
47.07%
$3,425
57.61%
10,961
$296,871
11,843
13,566
14,153
$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
0.58%
$1,334
28.64%
$1,380
3.45%
12-month Ending Stock Price Performance
34.67%
13.74%
37.38%
-34.61%
11/30/04
11/30/05
11/30/06
11/30/07
9,681
46.21%
11,758
46.59%
16,457
43.69%
$20,190
43.90%
Goldman Sachs
Total Comps
Number of Employees
JP Morgan Investment Banking Only

Total Comps
Number of Employees
21,736
$445,390
$3,374
23,623
26,467
30,522
$497,735 $621,793 $661,490
11.75%
24.92%
6.38%
$3,671
8.80%
$5,613
52.90%
$7,555
34.60%
9.03%
23.10%
51.05%
16.34%
12/31/04
12/31/05
4,896
38.76%
5,792
39.64%
17,501
$279,755
$3,572
6.21%
12/31/06 12/31/07
8,190
43.49%
$7,965
43.84%
19,802
23,729
25,543
$292,496 $345,147 $311,827
4.55%
18.00%
-9.65%
$4,096
14.67%
$5,537
35.18%
$6,616
19.49%
1.74%
21.69%
-9.63%
Source: Company filings, Yahoo! Finance.
OVERVIEW OF 2007 SELECTED BANKS RESULTS AND COMPENSATIONS (CONTD)
Lazard
Total Comps
Number of Employees
Lehman Brothers
Total Comps
Number of Employees
12/31/04
12/31/05
$466
42.56%
$699
53.73%
2,339
$199,230
12/31/06 12/31/07
$891
59.64%
$1,123
58.55%
2,191
2,200
2,410
$319,032 $405,000 $466,003
60.13%
26.95%
15.06%
$655
$865
32.06%
$973
12.49%
$1,241
27.54%
NA
NA
48.40%
-14.07%
11/30/04
11/30/05
11/30/06
11/30/07
$5,730
49.50%
$7,213
49.30%
$8,669
49.30%
$9,494
49.30%
19,579
$292,661
22,919
25,936
28,556
$314,717 $334,246 $332,470
7.54%
6.21%
-0.53%

$2,188
$2,894
32.27%
$3,160
9.19%
$3,903
23.51%
16.02%
50.39%
16.94%
-14.99%
11/30/04
11/30/05
11/30/06
11/30/07
9,853
41.56%
11,313
42.25%
14,387
42.49%
16,552
59.06%
Morgan Stanley
Total Comps
Number of Employees
53,284
$184,915
53,218
55,310
48,256
$212,578 $260,116 $343,004
14.96%
22.36%
31.87%

$3,341
$3,843
15.03%
$4,755
23.73%
$6,368
33.92%

Excludes Discover Financial Services starting 2007
-8.19%
10.40%
35.93%
-30.78%
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

R2 = 0.845
Standard Error = $87,992
x, y and z are defined as follows:
Associate 1
Associate 2
Associate 3
Vice President 1
Vice President 2
Vice President 3
x
1
2
3
4
5
6
7
Large U.S. Banks

Large European Banks
Boutiques
Other
y
1
2
3
4
New York
London
Other
z
1
2
3
DISTRIBUTION BY BANKS
2007 Average Bonus by Banks and Title
2007 Average Bonus

Banks
Distribution
Large U.S. Banks

Bank of America
Bear Stearns
Citigroup
Goldman Sachs
JPMorgan
Lehman Brothers
Merrill Lynch
Morgan Stanley
62%

ABN Amro
Credit Suisse
Deutsche Bank
UBS
10%
Boutiques
Evercore Partners
Houlihan Lokey Howard Zukin
Lazard
Undisclosed
8%
Others
CIBC World Markets
RBC Capital Markets
TD Securities
Undisclosed
20%
Total Population
100%
Associate*
$270,737
250,000
Vice President
$566,628
SVP
$847,671
450,000
258,750
350,000
240,000
274,980
250,000
266,250
$222,250
340,000
170,000
230,000
$268,333
840,000
576,429
500,000
667,642
827,756
887,500
$636,250
600,000
622,500
$700,000
700,000
700,000
$415,000
415,000
$600,000
242,500
337,500
225,000
600,000
$213,750
228,333
250,000
$516,667
650,000
$867,500
203,750
490,000
867,500
$256,346
$559,920
$824,558
* Does not include Associate 0.
10
DISTRIBUTION BY LOCATION
2007 Average Bonus by Location and Title
2007 Average Bonus

Banks
New York
U.S (ex - NY)
London
Europe (ex - London)
Total Population
Distribution
65%
21%
9%
5%
100%
Associate*
$272,361
251,765
197,894
206,333
$256,346
Vice President
$569,896
586,667
575,000
250,000
$559,920
SVP
$847,857
785,000
700,000
701,023
$824,558
2007 Average Bonus by Banks, Location and Title
2007 Average Bonus

Banks
Distribution
Associate*
$270,737
284,600
272,500
197,894
Vice President
$566,528
565,660
560,000
575,000
SVP
Large U.S. Banks

New York
U.S (ex - NY)
London
62%
$847,671
877,000

New York
U.S (ex - NY)
London
10%
Boutiques
New York
U.S (ex - NY)
London
8%
$268,333
276,250
252,500
$415,000
415,000
$600,000
600,000
Others
New York
U.S (ex - NY)
London
20%
$213,750
240,833
210,000
$516,667
587,500
500,000
$867,500
950,000
785,000
70,000
250,000
Total Population
100%
$256,346
$559,920
701,023
$222,250
140,000
$636,250
615,000
700,000
$700,000
700,000
274,500
$824,558
11
DISTRIBUTION BY GROUPS
2007 Average Bonus by Groups and Title
2007 Average Bonus

Banks
M&A
Industry Coverage
Fin. Sponsors / Lev. Fin.
Capital Market
Other Group
Total Population
Distribution
28%
49%
8%
6%
9%
100%
Associate*
$245,278
269,399
215,925
233,167
297,500
$256,346
Vice President
$515,714
544,811
600,000
SVP
$650,000
827,205
950,000
631,000
$559,920
867,500
$824,558
Associate*
Vice President
2007 Average Bonus by Banks, Groups and Title
Banks
Distribution
Large U.S. Banks

M&A
Industry Coverage
Capital Market
Other Group
62%

M&A
Industry Coverage
Capital Market
Other Group
10%
Boutiques
M&A
Industry Coverage
Capital Market
Other Group
8%
Others
M&A
Industry Coverage
Capital Market
Other Group
20%
Total Population
100%
SVP
$270,737
285,714
283,683
192,900
210,000
235,000
$566,628
605,000
550,881
552,500
$847,671
613,333
935,000
$222,250
170,000
215,000
$636,250
600,000
715,000
685,000
$700,000
700,000
827,205
359,000
555,000
$268,333
293,333
190,000
$415,000
415,000
$600,000
600,000
$516,667
500,000
325,000
$867,500
350,000
$213,750
199,167
218,333
295,000
215,000
$256,346
940,000
775,000
785,000
$559,920
$824,558
12
ASSOCIATE 0
2007 Bonus by Banks
Type of Bank
Large U.S. Banks
Boutiques
Other
Total Population
Distribution
50%
13%
6%
31%
100%
Min
$45,000
20,000
55,000
35,000
$20,000
Max
$56,000
40,000
55,000
55,000
$56,000
Average
$47,438
32,000
55,000
45,400
$45,094
Distribution
63%
25%
12%
Min
$20,000
35,000
45,000
Max
$53,500
55,000
56,000
Average
$43,050
47,500
50,000
$20,000
$56,000
$45,094
2007 Bonus by Location

Location
New York
U.S (ex - NY)
London
Total Population
100%
13
ASSOCIATE 1
2007 Bonus by Banks
Type of Bank
Large U.S. Banks
Boutiques
Other
Total Population
Distribution
59%
11%
11%
19%
100%
Min
$125,000
140,000
155,000
130,000
$125,000
Bank
Bank of America
CIBC World Markets
Citigroup
Deutsche Bank
Jefferies
JPMorgan
Lehman Brothers
Merrill Lynch
Morgan Stanley
UBS
Total Population
Distribution
4%
4%
4%
7%
7%
11%
15%
11%
15%
11%
100%
Average
$155,000
150,000
245,000
170,000
225,000
240,000
187,000
250,000
200,000
191,000
$195,322
Max
$255,000
210,000
225,000
245,000
$255,000
Average
$202,731
183,333
201,667
175,000
$195,322
% over Mean
-20.6%
-23.2%
25.4%
-13.0%
15.2%
22.9%
-4.3%
28.0%
2.4%
-2.2%
*Only banks with more than one data entry are shown.

Location
New York
U.S. (excluding NY)
London
Total Population
Distribution
48%
33%
11%
8%
100%
Min
$125,000
150,000
184,000
200,000
$125,000
Max
$255,000
2,450,000
195,000
210,000
$255,000
Average
$200,385
188,333
187,900
205,000
$195,322
Distribution
30%
48%
7%
11%
4%
100%
Min
$140,000
150,000
180,000
125,000
230,000
$125,000
Max
$245,000
255,000
190,000
180,000
260,000
$255,000
Average
$194,375
205,385
184,350
145,000
245,000
$195,322
2007 Bonus by Group

Group
M&A
Industry Coverage
Capital Market
Other Group
Total Population
14
ASSOCIATE 2
2007 Bonus by Banks
Type of Bank
Large U.S. Banks
Boutiques
Other
Total Population
Distribution
58%
11%
11%
20%
100%
Min
$170,000
250,000
325,000
255,000
$170,000
Bank
Bank of America
CIBC World Markets
Citigroup
Credit Suisse
Lazard
Lehman Brothers
Merrill Lynch
Morgan Stanley
Total Population
Distribution
8%
11%
11%
7%
11%
26%
15%
12%
100%
Average
$250,000
277,500
205,000
339,000
337,500
305,000
282,500
325,000
$292,053
Max
$350,000
345,000
350,000
300,000
$350,000
Average
$284,583
339,000
337,500
280,000
$292,053
% over Mean
-14.4%
-5.0%
-29.8%
16.1%
15.6%
4.4%
-3.3%
11.3%

Location
New York
U.S (ex - NY)
London
Total Population
Distribution
68%
26%
6%
100%
Min
$240,000
170,000
Max
$350,000
350,000
Average
$289,615
289,000
250,000
$170,000
345,000
$350,000
339,000
$292,053
Min
$275,000
170,000
275,000
300,000
350,000
$170,000
Max
$350,000
325,000
300,000
339,000
350,000
$350,000
Average
$306,000
268,889
285,000
321,333
350,000
$292,053
2007 Bonus by Group

Group
M&A
Industry Coverage
Capital Market
Other Group
Total Population
Distribution
26%
47%
5%
16%
6%
100%
15
ASSOCIATE 3
2007 Bonus by Banks
Type of Bank
Large U.S. Banks
Boutiques
Other
Total Population
Distribution
75%
Bank
Citigroup
Goldman Sachs
Lehman Brothers
Merrill Lynch
Morgan Stanley
Total Sub-Group
Total Population
Distribution
15%
12%
19%
15%
20%
81%
100%
6%
19%
100%
Min
$210,000
Max
$495,000
Average
$347,564
330,000
70,000
$70,000
330,000
250,000
$495,000
330,000
190,000
$316,923
Average
$380,000
350,000
344,530
330,000
340,000
$346,213
$316,923
% over Mean
19.9%
10.4%
8.7%
4.1%
7.3%
9.2%

Location
New York
U.S (ex - NY)
London
Total Population
Distribution
63%
19%
17%
1%
100%
Min
$250,000
250,000
210,000
70,000
$70,000
Max
$425,000
495,000
350,000
70,000
$495,000
Average
$343,500
380,000
300,000
70,000
$316,923
Distribution
31%
63%
6%
Min
$70,000
215,770
210,000
Max
$350,000
495,000
210,000
Average
$266,000
353,077
210,000
$70,000
$495,000
$316,923
2007 Bonus by Group

Group
M&A
Industry Coverage
Capital Market
Other Group
Total Population
100%
16
VICE PRESIDENT
2007 Bonus by Title
Title
Vice President 1
Vice President 2
Vice President 3
Total Population
Distribution
46%
27%
27%
100%
Min
$230,000
535,000
550,000
$230,000
Max
$600,000
700,000
925,000
$925,000
Average
$444,827
600,000
717,143
$559,920
Type of Bank
Large U.S. Banks
Boutiques
Other
Total Population
Distribution
58%
15%
4%
23%
100%
Min
$230,000
550,000
415,000
250,000
$230,000
Max
$925,000
700,000
415,000
765,000
$925,000
Average
$566,528
636,250
415,000
516,667
$559,920
Bank
Bear Stearns
Credit Suisse
JPMorgan
Lehman Brothers
Merrill Lynch
Morgan Stanley
UBS
Total Sub-Group
Total Population
Distribution
8%
8%
8%
23%
12%
19%
8%
85%
100%
Average
$450,000
622,500
670,000
522,778
500,000
667,642
700,000
$590,417
$559,920
2007 Bonus by Banks
% over Mean
-19.6%
11.2%
19.7%
-6.6%
-10.7%
19.2%
25.0%
5.4%
17
VICE PRESIDENT (CONTD)

Location
New York
U.S (ex - NY)
London
Europe (excluding London)
Total Population
Distribution
76%
12%
8%
4%
100%
Min
$230,000
500,000
500,000
250,000
$230,000
Max
$925,000
700,000
650,000
250,000
$925,000
Average
$569,896
586,667
575,000
250,000
$559,920
Distribution
27%
42%
12%
Min
$250,000
230,000
545,000
Max
$650,000
925,000
695,000
Average
$515,714
544,811
600,000
440,000
$230,000
840,000
$925,000
631,000
$559,920
2007 Bonus by Group

Group
M&A
Industry Coverage
Capital Market
Other Group
Total Population
19%
100%
18
SENIOR VICE PRESIDENT

2007 Bonus by Banks
Type of Bank
Large U.S. Banks
Boutiques
Other
Total Population
Distribution
60%
12%
8%
20%
100%
Min
$701,023
660,000
600,000
785,000
$600,000
Bank
Lehman Brothers
Morgan Stanley
UBS
Total Sub-Group
Total Population
Distribution*
22%
14%
14%
50%
100%
Average
$827,756
810,000
700,000
$826,575
$812,102
Max
$965,000
840,000
650,000
950,000
$965,000
Average
$847,671
700,000
620,000
867,500
$812,102
% over Mean
1.9%
-0.3%
-13.8%
1.8%

Location
New York
U.S (ex - NY)
London
Total Population
Distribution
70%
10%
10%
10%
100%
Min
$600,000
750,000
650,000
701,023
$600,000
Max
$965,000
800,000
740,000
760,000
$965,000
Average
$847,857
785,000
700,000
730,000
$812,102
Distribution
20%
50%
10%
Min
$600,000
701,023
900,000
Max
$700,000
965,000
950,000
Average
$660,000
827,205
910,000
785,000
$600,000
950,000
$965,000
850,000
$812,102
2007 Bonus by Group

Group
M&A
Industry Coverage
Capital Market
Other Group
Total Population
20%
100%
19
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WALL ST

Overview of Bonuses 2006 / 2007

Overview of 2007 Banks Results and Compensations

Senior Vice President

Large European Bank

Large U.S. Bank

Large U.S. Bank

Large European Bank

Large U.S. Bank

Large European Bank

Large European Bank

Large U.S. Bank

Houlihan Lokey Howard Zukin

Large U.S. Bank

Large U.S. Bank

Large U.S. Bank

Large U.S. Bank

RBC Capital Markets

Large European Bank

OVERVIEW OF BONUSES 2006 / 2007

2007 Bonus by Title and Quartile

Bonus by Year and Title

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

OVERVIEW OF 2007 SELECTED BANKS RESULTS AND COMPENSATIONS

Total I-banking Revenues

12-month Ending Stock Price Performance

JP Morgan Investment Banking Only

Source: Company filings, Yahoo! Finance.

OVERVIEW OF 2007 SELECTED BANKS RESULTS AND COMPENSATIONS (CONTD)

Total I-banking Revenues

12-month Ending Stock Price Performance

Total I-banking Revenues

12-month Ending Stock Price Performance

Source: Company filings, Yahoo! Finance.

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

x, y and z are defined as follows:

Large U.S. Banks

2007 Average Bonus

Large U.S. Banks

Large European Banks

* Does not include Associate 0.

2007 Average Bonus

* Does not include Associate 0.

2007 Average Bonus by Banks, Location and Title

2007 Average Bonus

Large U.S. Banks

Large European Banks

* Does not include Associate 0.

2007 Average Bonus

* Does not include Associate 0.

2007 Average Bonus by Banks, Groups and Title

Large U.S. Banks

Large European Banks

* Does not include Associate 0.

2007 Bonus by Location

2007 Bonus by Location

2007 Bonus by Group

2007 Bonus by Location

2007 Bonus by Group

2007 Bonus by Location

2007 Bonus by Group

2007 Bonus by Banks

VICE PRESIDENT (CONTD)