In this note we prove that if
N ⊂ M ⊂ P is an inclusion of II1 factors with finite Jones index such that N ⊂ P
has finite depth, then N ⊂ M and M ⊂ P have finite depth. We show this result
by studying the iterated basic constructions for M ⊂ P and N ⊂ P. In
particular our proof gives detailed information about the graphs for N ⊂ M
resp. M ⊂ P. Furthermore, we give an abstract characterization of intermediate
subfactors in terms of Jones projections in N′∩ P1, where N ⊂ P ⊂P1 is the
basic construction for N ⊂ P and give examples showing that if N ⊂ M
and M ⊂ P have finite depth, then N ⊂ P does not necessarily have finite
depth.