The parent bank said the misreporting had been caused by a lack of thorough internal controls.

In the summer, they watched the local bank close, because its parent bank was bankrupt.

Kopper said he expected the parent bank to shed 2,500-5,000 jobs in the next two or three years.

They also did not inform the parent bank and the relevant regulatory authority on the continent.

Investment Edges expand the types of companies in which their parent banks may invest.

The parent bank had assets of $385 billion on Oct. 31.

Charterhouse completed a spinoff from its parent bank and became an independent investment firm.

However criminal charges against its parent bank were dropped, one of Latin America's large financial players.

The parent bank was also indicted, but the charges were dropped as part of the plea agreement.

All five have affiliates organized as securities firms that are separate from the parent bank.