The pain gauge: redundancies, remuneration, restricted (or not) stock

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Which banks and bankers are suffering the most? No prizes for guessing...

ACUTE PAIN

1. Merrill Lynch

Share price: down 44% since January 2007.

Bonus per head*: $181.3k, down 25% on 2006.

Net profit for the first nine months of 2007: $1.9bn, down 61%.

Redundancies: none announced so far, but exit of chief exec Stan O'Neal is imminent.

2. Bear Stearns

Share price: down 38% since January 2007.

Bonus per head*: $407.6k, down 20% on 2006.

Net profit for the first nine months of 2007: $1.1bn, down 27%.

Redundancies: 300 firm-wide, including equity trading, 550 at US mortgage origination units, and Warren J. Spector, co-president.

VERY BAD PAIN

3. UBS

Share price: down 17% since January 2007.

Bonus per head*: -

Net profit for the first nine months of 2007: CHF64m (US$55.1m) at the investment bank, down 98.6% on 2006.

Redundancies: 1,500 in the investment bank before Christmas; Huw Jenkins, head of UBS investment bank, has already gone.

4. Bank of America

Share price: down 8% since January 2007.

Bonus per head*: -

Net profit for the first nine months of 2007: $3.3bn at the investment bank, down 39% on 2006.

Redundancies: 3,000 jobs to go in the global corporate and investment bank; Chris Hentemann, head of global structured products, and R. Eugene Taylor, head of investment banking, have already gone.

MODERATE PAIN

5. Lehman Brothers

Share price: down 18% since January 2007.

Bonus per head*: $254.7k, down 2% on 2006.

Net profit for the first nine months of 2007: $3.3bn at the investment bank, up 10% on 2006.

Redundancies: 1,200 from US mortgage unit.

6. Morgan Stanley

Share price: down 19% since January 2007.

Bonus per head*: $280k, down 8% on 2006.

Net profit for the first nine months of 2007: $6.8bn at the investment bank, up 28% on 2006.

Redundancies: 300 in institutional securities, 40 to 60 expected in London.

7. JPMorgan

Share price: down 2% since January 2007.

Bonus per head*: -

Net profit for the first nine months of 2007: $3bn, up 13% on 2006.

Redundancies: 10% of fixed income division, with pain expected to be worst in CDOs.

AND... NO PAIN AT ALL (OR SO IT WOULD HAVE US BELIEVE)

8. Goldman Sachs

Share price: up 21.5% since January 2007.

Bonus per head*: $565.7k, up 4% on last year.

Net profit for the first nine months of 2007: $8.4bn, up 31% on 2006.

Redundancies: none announced.

*based on compensation expenditure during the first three months of the year

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