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?
