With the exceptions of Goldman and Deutsche, stock options doled out during the good times are now under water at most major houses. Bankers at Citigroup and UBS, in particular, might as well forget their options ever existed.

Degrees of submersion:

1. Citigroup: –61%. Weighted average strike price at end of December 2007, $43.08; current share price $16.82.

2. UBS: –52%. Weighted average strike price at end of fiscal 2007, CHF42; current share price CHF19.98.

3. Merrill Lynch: –42%. Weighted average strike price at end of December 2007, $54; current share price $31.12.

4. Credit Suisse: –36%. Weighted average strike price at end of fiscal 2007, CHF68.1; current share price CHF43.26.

5. Lehman: –35%. Weighted average strike price at end of December 2007, $35.39; current share price $22.85.

6. JPMorgan: –18%. Weighted average grant price (based on RSUs) at end of fiscal 2007, $43.11; current share price $35.31.

In the money:

1. Goldman Sachs: +68%. Weighted average strike price at end of December 2007, $106.63; current share price $178.78.

2. Deutsche Bank: +1%. Weighted average strike price at end of fiscal 2007, €53.32; current share price €54.