No they weren't, as someone has posted: larger firms like Goldman and JPMorgan have done self-clearing under strict separation of operations. It was the second largest or third largest for the number of firms it cleared for, but most of those correspondents were tiny, so their volume paled in comparison to the others. They are still probably one of the largest via correspondents.
That's actually probably one of the reasons that led to their poor fiscal condition: they went on a M&A warpath and kept buying up indie clearing houses to expand their correspondent base.
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