FINRA Reports $84 Mln Fiscal Year Loss
The Financial Industry Regulatory Authority reported an $84 million loss for its 2011 fiscal year, with weak industry revenue, trading volume and low investment returns among the factors contributing.
The Wall Street industry funded regulator disclosed the figures in its annual report, released on Friday. FINRA is planning $35 million in spending cuts as a result.
The regulator has received approval from the U.S. Securities and Exchange Commission to raise a number of its fees, including trading fees for some equities, as soon as July 2 in some instances.
FINRA Chief Executive Richard Ketchum earned a total of $2.68 million in compensation during fiscal year 2011, an increase from $2.60 million in 2010, according to the report.
(Reporting By Suzanne Barlyn; Editing by Gerald E. McCormick)
Copyright 2010 by Reuters. All rights reserved.