Time-resolved photoelectron spectroscopy is employed to study the dynamics of photoexcited electrons in optimally doped Bi{2}Sr{2}CaCu{2}O{8+delta} (Bi-2212). Hot electrons thermalize in less than 50 fs and dissipate their energy on two distinct time scales (110 fs and 2 ps). These are attributed to the generation and subsequent decay of nonequilibrium phonons, respectively. We conclude that 20% of the total lattice modes dominate the coupling strength and estimate the second momentum of the Eliashberg coupling function lambdaOmega{0}{2}=360+/-30 meV{2}. For the typical phonon energy of copper-oxygen bonds (Omega{0} approximately 40-70 meV), this results in an average electron-phonon coupling lambda<0.25.