EXHIBIT 21.1

                         THE CHARLES SCHWAB CORPORATION

                         Subsidiaries of the Registrant


The following is a listing of the significant subsidiaries of the Registrant:

Schwab  Holdings,  Inc.  (holding  company for Charles  Schwab & Co.,  Inc.),  a
Delaware corporation

Charles Schwab & Co., Inc., a California corporation

Charles Schwab Investment Management, Inc., a Delaware corporation

U.S. Trust  Corporation  (holding company for United States Trust Company of New
York), a New York corporation

United States Trust Company of New York, a New York corporation


Other subsidiaries of the Registrant include:

The Charles Schwab Trust Company, a California corporation

Mayer & Schweitzer,  Inc.  (holding company for Schwab  Associates & Co.), a New
Jersey corporation

Schwab  Associates & Co. (99% limited partner of Schwab Capital Markets L.P.), a
Delaware corporation

Schwab Capital Markets L.P., a New Jersey limited partnership