The Wall Street salary scrunch is on. Among the first to be squeezed appears to be Richard Fuld, chief executive of the failed Lehman Brothers, who will be let go without the customary multimillion C.E.O. bonus or severance.

That’s what Lehman’s chief bankruptcy lawyer, Harvey Miller, told Bloomberg News during a break today at a federal bankruptcy court hearing in Manhattan.

“He is being terminated,” Miller said. "He will receive no severance or bonuses."

It’s quite a financial slide for Fuld, 62, who last year was paid $34.4 million. He has been Lehman’s C.E.O. since 1993, making him the longest-serving chief executive of a major investment bank.

Despite the company’s collapse in September, he has continued as chief executive as Lehman’s assets are being divided as a result of the bankruptcy.

Fuld will stay on to help with the bankruptcy through the end of the year, Miller said. A Lehman spokesman, Jonathan Doorley, added that Fuld would not have “any claim to severance or other bonus payment at the end of his employment.”

It’s not as though Fuld is suffering, however. Lehman has paid him nearly $500 million since 2000. He testified at a congressional hearing last month that it was closer to $250 million because it included a large chunk of Lehman stock which is worthless now.

Still, not a bad paycheck. Plus, he's staying on as chairman of Lehman’s board, which pays its non-management members about $350,000 a year in cash and stock.

Even so, Fuld is likely to be embroiled in one of the three federal criminal investigations by U.S. attorneys who are looking into any illegal activities that Lehman may have engaged in prior to its fall.