JPMorgan Chase and American Express both plan to sell ordinary shares as a way to satisfy conditions for repaying the money they received under the US government's troubled asset relief programme.
JPMorgan, which received $25bn in Tarp funds, said on Monday it hoped to sell $5bn in equity in an offer that could be priced as early as today. Amex said it also planned to sell $500m of common stock to help repay $3.4bn of bail-out funds.
The capital-raising plans came after the Federal Reserve said banks wishing to repay Tarp funds must demonstrate they had access to public equity markets as well as the ability to issue debt without government guarantees.
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