Rather than owning each other outright, major financial institutions operate under parent financial holding companies or structured corporate umbrellas. For instance, multi-bank holding companies like Wintrust Financial or BOK Financial connect dozens of distinct community bank charters under a unified corporate framework. Furthermore, major investment brokerages and specialized trust divisions operate as wholly owned subsidiaries of larger banking conglomerates, such as Merrill Lynch operating under Bank of America, ensuring centralized regulatory compliance and shared technological infrastructure.