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U.S. Banks Spawn 10,000 Units

Financial firms used subsidiaries to limit taxes, avoid tighter regulation.

By Yalman Onaran, Bloomberg | Updated on July 23, 2012

The biggest U.S. banks created more than 10,000 subsidiaries in the past 22 years as they expanded, using legal structures to pay lower taxes and escape tighter regulation, according to a Federal Reserve study.

JPMorgan Chase & Co., the largest U.S. lender, has the most units at 3,391, followed by Goldman Sachs Group Inc., Morgan Stanley and Bank of America Corp. with more than 2,000 each, the study by the Federal Reserve Bank of New York shows. Citigroup Inc., the third-largest lender, has 1,645.

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