Deutsche Bank is avoiding the Dodd-Frank Act by altering the legal structure of Taunus, its U.S. subsidiary. The law would have required Deutsche Bank to bolster the division's capital. "We have always had and will continue to have appropriate capital levels in all our U.S. regulated entities," said Duncan King, a spokesman for the German bank. "This action, which does not diminish any of our regulatory oversight, allows us to streamline our organizational structure, strengthening an already strong institution." Barclays made similar changes to its U.S. arm.

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