The Wall Street self-regulator has been doing such a bang-up job that it has seen fit to give everyone on the top floor a compensatory pat on the back.
Wall Street’s self-regulator increased the 2014 compensation for Chairman and Chief Executive Richard Ketchum by 11% to $2.5 million, according to the Financial Industry Regulatory Authority’s annual report.
Mr. Ketchum’s salary of $1 million won’t change this year, but his incentive compensation rose to $1.5 million from $1.25 million in 2013, the report says….
Some of Mr. Ketchum’s lieutenants, who get paid considerably less, got larger raises. Salary and incentive compensation for Robert Colby, Finra’s chief legal officer, rose 26% to just over $1 million. His incentive compensation went up $200,000 to $510,000. It was Mr. Colby’s first full-year incentive compensation after joining Finra in May 2012.
Susan Axelrod, who was promoted to head of regulatory operations in April 2013, will get $925,000 in salary and incentive compensation, up 13%. Both her salary and her incentive compensation increased….
Finra’s 2013 profit fell 84% from a year earlier to $1.7 million, mainly because of a drop in gains from the regulator’s investment portfolio.
But in all seriousness, folks, Ketchum & co. have heard all of the things you’ve been saying about them. And once the applause dies down, they’re going to do something about it, by which they mean they are going to promise to think about doing something about it.
Finra CEO’s 2014 Pay Rises 11% [WSJ]
Finra, Dinged by Claims It’s Too Lenient, Ponders Change [WSJ MoneyBeat blog]