Sorted by class year and review ranking.* Investment banking division only, sadly. Source is a LEH bankruptcy document, sent to MDs in December 2007 to prepare for comp communication. Dealbreaker’s army of analysts inputted and scrubbed the data. Enjoy these numbers, you will not look upon their like again.
Average pay and benefits across Lehman’s 28,600 employees in 2007 was $331,958. Average pay for the top 50 people at the bank was a shade under $14mm, meaning that you could have paid the 677 worker bees at the investment bank twice over with the amount spent on the top 50 at Lehman over all.
(Update.) Oh let’s just start with a chart. Number of bankers (IBD only remember) for each class year, and median pay for that year:
Now the specifics. Associates – 330 associates (other than class of ’07, who got a uniform stub bonus paid in stock) averaged $311K each, with a max of $600k and a minimum of $110K for the worst-reviewed. Data below (other than totals on the right, $ in thousands, counts are # of employees at that rank / class year / review category):
Of course some of that pay turned out to be worthless. How much? This much.
Related: Lehman elite stood to get $700 million [LAT]
Related: New Bankruptcy Documents Reveal Outsize Pay at Lehman Before Collapse [NYT]
* Lehman apparently had five categories in its reviews, from 1 to 3, which sounds weird, but then Goldman has five quartiles, so whatever. Class years are associate class; there’s a small stub class called “9998″ for people who didn’t fit the lockstep.