THE CHARLES SCHWAB CORPORATION


                                                                    EXHIBIT 21.1

                         Subsidiaries of the Registrant

Pursuant to Item 601 (b)(21)(ii) of Regulation S-K, certain  subsidiaries of the
Registrant  have been omitted  which,  considered  in the  aggregate as a single
subsidiary,  would not  constitute a significant  subsidiary (as defined in Rule
1-02(w) of Regulation S-X) as of December 31, 2004.


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

Charles Schwab Bank, National Association, a Nevada corporation

U.S. Trust Mortgage Service Company (holding company for Co-op Holdings),
   a Florida corporation

Co-op Holdings, a Nevada corporation

U.S. Trust Company, National Association, a Connecticut corporation