The removal of JPMorgan Chase & Co., from the list of underwriters for its planned initial public offering of Ally Financial Inc. was due to lack of commitment by JPMorgan, Ally Financial said., Ally Financial is a Detroit-based auto lender whose majority ownership is with the U.S. taxpayers.
In the list of underwriters in an amended filing today by Ally were Goldman Sachs Group Inc., Barclays Plc, Citigroup Inc., Deutsche Bank and Morgan Stanley. The filing last year included JPMorgan among the five other banks.
"The lineup of global coordinators is a reflection of the investment the various banks have made in the Ally relationship over the last year," Gina Proia, a spokeswoman for Ally, said in an e-mail to Bloomberg yesterday.
Representatives of JPMorgan declined to comment.
The U.S. government is looking to exit its 74% stake in Ally after selling its holdings in AIG and Citigroup as Ally Chief Executive Officer, Michael Carpenter, seek ways to repay the bailout the government gave for more thanUS$17 billion.
Join the Conversation