Please ensure Javascript is enabled for purposes of website accessibility
February 2, 2023

FINRA Lost a Bucketload of Money in 2011

According to FINRA's latest annual report, the agency reported an $84 million loss for the 2011 fiscal year, blaming low trading volume and poor industry revenue, among other factors.

In the interest of keeping FINRA afloat, the SEC has allowed them to raise some fees as soon as July 2 to get the jump on bringing in the cash. FINRA has also planned $35 million in spending cuts.

It's worth pointing out FINRA Chairman and CEO Richard Ketchum pulled in a total of $2.68 million in comp during FY 2011, up from $2.60 million in 2010. Earlier this year, Ketchum blamed the "broader economic downturn" which "has led to a decrease in FINRA's revenues and resulted in a significant loss for fiscal year 2011" but swore $60 million in overall FINRA belt-tightening by the end of 2013.

Yeah, uh, good luck with that?

 

Latest Accounting Jobs--Apply Now:

Have something to add to this story? Give us a shout by email, Twitter, or text/call the tipline at 202-505-8885. As always, all tips are anonymous.

Comments are closed.

Related articles

SobelCo logo from CliftonLarsonAllen

CliftonLarsonAllen Just Gained 200 People

Image via CliftonLarsonAllen CLA has merged with New Jersey’s SobelCo (a firm we’ve heard only good things about) and produced the obligatory press release about the union. Shout out to Allan Koltin, the prenuptial counselor of accounting firm marriages, who helped with the deal. News release: Today, CLA (CliftonLarsonAllen LLP), the eighth largest accounting firm […]

UK money

The Most-Fined Big 4 Firm in the UK is Raising Audit Fees, Knows Clients Will Complain About It

Bloomberg reported today that KPMG UK CEO Jon Holt told them the firm plans to raise audit fees, news that comes on the same day we find out KPMG UK revenue increased 12% to £2.72 billion ($3.3 billion) for their fiscal year ending in September. Much of that did not come from audit however, deal […]