JP Morgan denies report it plans to buy new planes
PHILADELPHIA (Reuters) - Investment bank JPMorgan Chase & Co (JPM.N) said on Monday it had no plans to purchase new corporate jets or build an airport hangar until it has repaid the funds it got through the U.S. governments Troubled Asset Relief Program (TARP).
ABC News had reported that JPMorgan, the recipient of $25 billion in TARP funds, planned to spend $138 million to buy two new luxury planes and build a corporate hangar.
JPMorgan spokesman Joseph Evangelisti, however, said the company would not buy any aircraft or spend money on a hangar until 100 percent of the TARP funds were repaid.
(Reporting by Jessica Hall; editing by Gunna Dickson)