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2012-07-23 — huffingtonpost.com
On Wall Street, there's a benefit to developing into something big and complex.
America's seven biggest banks now have more than 14,500 subsidiaries around the world, according to a new report by the Federal Reserve Bank of New York (h/t Bloomberg). They have hatched more than 10,000 of these subsidiaries since 1991, largely in an aim to skirt regulations and taxes, according to the report.
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