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This blog post continues our expert analysis of complex investments and their regulation.
William R. Emmons, of the St. Louis Fed, delivered a presentation on October 1, 2012 entitled: "Are the Biggest Banks Too Complex?". (STLF) Although the title is rhetorical, the answer is obvious. The most telling data in the presentation were the number of subsidiaries for each of the largest banks:
- JP Morgan Chase & Co. - 3,391
- Bank of America - 2,019
- Citigroup - 1,645
- Wells Fargo - 1,366
- Goldman Sachs - 3,115
- Morgan Stanley - 2,884
Good luck to the regulators.