Top Men At Lehman Take Pay Cut

2001 was a difficult year for investment banks and this was reflected in the compensation received by top executives at Lehman Brothers during the year.

Chief Executive, Richard Fuld Jr, received cash and stock last year totalling $11.6m, sharply down from the $23m he was awarded in 2000. His bonus was also $4.75m lower at $4m.

It is believed that, on average, Lehman cut the cash and stock remuneration for top executives by as much as 40% in a move that was mirrored in several of it's competitors.