US regulators insisted that JPMorgan Chase and American Express raise equity this week before repaying bail-out funds, in spite of strong objections from executives who claimed the banks did not need the money, people close to the situation said.
In fraught talks last week, Wall Street chiefs disagreed with the authorities over whether the Federal Reserve had made it clear that an equity offering was a condition for inclusion in the first wave of repayers of the troubled asset relief programme.
People close to the situation said the Fed had taken a tough line on JPMorgan and Amex because they were the only institutions that had passed the recent “stress tests” but had not yet raised equity.
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