Thursday, January 16, 2014
Having a subsidiary or two
In July 2012 the NY Fed issued A Structural View of U.S. Bank Holding Companies. The study found that the six largest U.S. bank holding companies have 14,420 subsidiaries, only 19 of which are traditional banks. One of the reasons for the small number of banks is that the holding companies also own 16 utilities; 479 insurance companies; 2,388 real estate firms; 1,682 healthcare and social assistance companies; 104 metal warehouses and 5 mines.
Can we consider the top executives in these holding companies bankers?
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