An automatic transmission includes four planetary gear sets, a plurality of friction and synchronizing clutches and two chain drive assemblies. Input torque is provided to four clutches which selectively provide torque to one element of a compound assembly comprising first and second planetary assemblies. The second planetary assembly includes only a sun gear and a planet carrier including elongate, stepped pinion gears which extend into the planet carrier of the adjacent first planetary assembly. The sun and ring gears of the first planetary assembly drive respective chain drive sprockets. A pair of chains transfer torque to respective driven chain sprockets. The chain driven by the first planetary assembly sun gear drives a third planetary assembly sun gear. The chain driven by the first planetary assembly ring gear drives a fourth planetary assembly sun gear. The transmission output is connected to the planet carriers of the third and fourth planetary assemblies.