Large pay packages may be back already at Wall Street firms this year, according to a report Thursday.

Goldman Sachs

(GS) - Get Report

is on track to pay its employees $20 billion this year, which adds up to $700,000 per head,

The Wall Street Journal

says, citing analyst estimates. That would be even bigger than 2007's total of $661,000.

Pay at

Morgan Stanley

(MS) - Get Report

may also come close to 2007 levels, according to a report from Credit Suisse analyst Howard Chen, cited by the

Journal

.

Many on Wall Street, including Goldman spokesman

Lucas van Praag

have cautioned it is way too early to make such lofty projections about year-end compensation.