Undergrad Internships

Internships are filled for 2008

Undergrad internships (paid and unpaid)

2008: 628 (to date)

2007: 658

2006: 582

100% of internships are paid, 0% are unpaid.

2007 interns came from the following classes...

1% Freshman

8% Sophomores

91% Juniors

0% Seniors

...and from the following majors:

NA% Business

NA% Computer Science

NA% Economics

NA% Engineering

NA% Liberal Arts

NA% Math

NA% Science

NA% Undeclared

NA%

There is an official summer internship program

Average summer program: NA weeks

Minimum: 8 weeks

Maximum: 10 weeks

Average hourly wage: NA

Average total intern compensation: NA

84% of eligible 2007 interns received full-time job offers

78% of interns with offers accepted

Applicants & New Hires

Recruited on 60 undergrad campuses in 2007-08.
Made job offers on 48 undergrad campuses.

Applicants for entry-level jobs

2008: NA (to date)

2007: NA

2006: NA

Entry-level hiring

Entry-level hiring is complete for 2008.*

New hires in:

2008: 556 (to date)

2007: 534

2006: 438

Entry-level hires who were undergrad interns

2008: 67*% (to date)

2007: 57%

2006: 46%

Most important characteristics for new hires:

3 Analytical Skills

1 Leadership Skills

2 Team player

Entry-level hiring for 2008 is complete only for campus hiring.

The company's goal is to hire the bulk of its full time employees from the summer intern class.

2007 entry-level hires came from the following majors:

41% Business

11% Computer Science

23% Economics

4% Engineering

8% Liberal Arts

2% Math

2% Science

9% Undeclared

% Other

...and are:

NA% African American

NA% Hispanic American

NA% Asian American

NA% Other

42*% Total minorities

36% Female

Notes: In hiring new classes, Lehman looks for people with diverse backgrounds.

Salary & Benefits

Entry-level hires since Jan. 1, 2008 (to date)

Average base salary:
$55,000 to $59,999

0% earn less than $35,000

0% earn $35,000 to $39,999

0% earn $40,000 to $44,999

15% earn $45,000 to $49,999

0% earn $50,000 to $54,999

6% earn $55,000 to $59,999

75% earn $60,000 to $64,999

4% earn $65,000 to $69,999

0% earn $70,000 to $74,999

0% earn $75,000 and above

Bonuses, Overtime & Perks

99% received signing bonuses

Average signing bonus: $10,000

100*% received performance bonuses in their first year on job

Average performance bonus, 2007: $41,000

NA% of 2007 entry-level hires eligible for overtime

NA% of 2007 entry-level hires not eligible for overtime

Reimburse employees for education expenses? Yes

Do employees become eligible immediately? Yes

Maximum annual education reimbursement: NA*

Full grad school sponsorship for jr. level employees? Yes

Partial grad school sponsorship for jr. level employees? Yes

Time Off

Total paid vacation days

Vacation days during first year: 10

Vacation days after one year: 15

Vacation days after three years: 15

Vacation days after five years: 20

Vacation days after 10 years: 20

Total paid holidays: 9

No paid time off for religious observances and/or floating holidays: *

Floating holidays/religious observance days off per year: unlimited

Paid sick/personal days allowed in first year: unlimited

Flextime is an option for entry-level employees

Health Benefits

Do entry-level hires have access to health plan? Yes

Employees pay part of the cost? Yes

Does health plan provide dental coverage? Yes

Extra charge for dental coverage? Yes

Does health plan provide vision coverage? Yes

Extra charge for vision coverage? Yes

Are same sex partners permitted as dependents? Yes

Pension and Profit-sharing

Do entry-level hires have access to 401(k)? Entry-level hires are given access to a 401(K) savings plan

Max. company match as a percentage of salary: NA%

Min. employee set-aside as a percentage of salary to receive max. co. match: NA%

401(k) Details: Company match varies by compensation level; employees making $50K-$200K get 100% match on first $4,000 in contributions.

Are entry-level hires eligible for company funded pension? Yes

Are entry-level hires eligible for profit-sharing program? No

Other Benefits

Does company match employee charitable gifts? Yes

Does company pay relocation expenses? Yes

Max. annual relocation expenses? $10,000

Employee Discounts on the following:

Car rentals

Gym memberships

Cell phone service

Insurance

Cultural events

Publications

Notes: All employees on a year-end bonus cycle have the opportunity to participate in the firm's equity award program. This program is designed to provide Lehman Brothers' employees with a direct ownership interest in the firm over time.

There is no maximum for the annual educational reimbursement.

Employees use vacation/personal days for floating holidays/ religious observances. At their discretion, managers can approve additional paid days for religious observances.

Work Environment

Average entry-level work week: NA hours

Does average vary by business unit, department? Yes

Entry-level hire work locations...

50% in open work stations

50% in cubicles

0% in shared offices

0% in private offices

0% have no company-supplied work space

Typical dress code

Business Casual

Casual Friday

Business

Organization sponsors employee volunteer opportunities*

Does organization have fitness facilities on site? Some locations

Notes: In 2007, more than 82 percent of our foundation grants were awarded to organizations recommended by employees, and more than 8,000 employees volunteered in a community activity.

Training Programs

The organization has a formal orientation program for new hires

Program length: 35 days

Orientation includes the following:

Computer training

Guest speakers

Diversity exercises

Team building activities

Facilities tour

Benefits overview

Senior Management welcome, Selling Presentation, Compliance Training, Technical Skills, Business and Product Overview

NA average spent on training, per new hire, in 2007

How do new employees enter the program?

If not hired directly into program, when are most new hires first considered eligible?

After completion of program, what percentage of employees receive a raise?

How much is the typical raise:

There is not a formal leadership program for entry-level hires that lasts a year or more.

Program Name:

How do new employees enter the program?

If not hired directly into the program, when are most new hires first considered eligible?

Is program rotational?

If so, how many locations or business units does the employee spend time at?

Minimum rotations:

Maximum rotations:

Length of program, in weeks:

Minimum: weeks

Maximum: weeks

After completion, what percentage of employees receive a raise?:

How much is the typical raise:

Does company have formal mentorship program? Yes

100% of entry-level hires participate

NA days of additional training expected

Getting Ahead

Three-year retention rate: 48%

Five-year retention rate: NA%

How are raises determined?

Performance

When are most entry-level hires eligible for their first raise?

One-year anniversary

How are promotions determined?

Performance

When are entry-level hires eligible for first promotion?

One-year anniversary

Evaluations

Frequency of evaluations

Twice a year

Most important characteristics for entry-level hires:

3 Analytical Skills

1 Leadership Ability

2 Teamwork

Min. tenure in years required for job change: 1

Transfer rules: Good performance

Long-Term Prospects

Does position of vice president exist at this organization? Yes

If not, is there a comparable title?

No. of employees who hold VP or similar title: 5,414

No. of employees with VP or similar title with 20 years plus seniority: 343

Age of youngest employee with VP or similar title: 26

Seniority of youngest employee with VP or similar title in years: 5