The Securities Industry and Financial Markets Association is capping member dues and preparing for layoffs to please its largest members, which have long complained about getting stuck with the highest bills among its membership, Bloomberg News reported Wednesday.

SIFMA is a financial industry association with hundreds of members, among them some of the largest banks. The group will cap annual dues for the largest members at $1.75 million at the request of those banks, according to Bloomberg.

The association also is taking other steps to reduce costs, including hiring a consulting firm to help streamline its operations and reducing staff through layoffs. Most recently, Randy Snook, executive vice president for business polices and practices, announced he was leaving to become CEO of Federal Home Loan Banks Office of Finance. He earned more than $1 million annually at SIFMA, according to tax records.

"We regularly review our operations to ensure we run as efficiently as possible and will continue to do so while maintaining full issue coverage," SIFMA spokesperson Cheryl Crispen told Bloomberg in a statement. https://bloom.bg/2POZoMp

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