JPMorgan plans to sell $5 billion in stock in bid to exit TARP

JPMorgan Chase
JPMorgan Chase

JPMorgan Chase (JPM) announced that it will raise $5 billion in stock to meet the Federal Reserve's requirements to repay $25 billion in government bailout funds.

"This is the only item we've been asked to address in order to repay" the government's investment, Dimon said in a conference call with investors. While the company hasn't received formal approval, JPMorgan expects the Fed will clear it repay the money by the end of June, Dimon said.