UPDATE 1-Obama to discuss regulatory reform with bankers

* To discuss regulatory reforms, exec bonuses, other topics
* To get update from top bank CEOs on exactly what they see
* Geithner to meet with Financial Services Roundtable
(Adds Geithner meeting with Roundtable, details on Obama
meeting)

WASHINGTON, March 26 (Reuters) - President Barack Obama will
talk about regulatory reform, risks to the financial system and
executive bonuses when he meets top bankers on Friday, the White
House said on Thursday.

"Wall Street and Main Street, all of us, are in the same
boat together," White House spokesman Robert Gibbs told
reporters. He said Obama would receive an update from top bank
chief executives "on precisely what they're seeing" in the
troubled financial sector.

The Obama administration is ramping up efforts to reach out
to the financial community to ensure its participation in
government plans to stabilize the financial system.

Treasury Secretary Timothy Geithner is scheduled to meet
Thursday evening with the Financial Services Roundtable, which
represents the largest financial services firms.

Geithner unveiled on Monday more details on the government's
plan to cleanse banks' balance sheets of up to $1 trillion in
distressed assets, most of them tied to mortgages.

Earlier on Thursday, Treasury released its plans for
regulatory reform, calling for broad changes to curb risk-taking
on Wall Street, including a new regulator to oversee the entire
financial system.

The announcements came on the heels of an outpouring of
public outrage over $165 million in bonuses being paid at
troubled insurer American International Group (AIG.N), which has
been propped up with up to $180 billion from taxpayers.

Last week the U.S. House of Representatives passed
legislation to claw back most of the AIG bonus money, making
investors and banks wary of partnering with the government
because of fears that the rules could later change.

Goldman Sachs is prepared to pay back the U.S. government's
$10 billion Troubled Asset Relief Program (TARP) investment as
soon as allowed by regulators, a person familiar with the
situation said on Tuesday.

A growing number of financial firms that have received aid
from the $700 billion TARP have said they plan to repay the
money after lawmakers tagged on restrictions involving executive
pay and dividend policies.

A White House official said earlier this week that Obama
plans to "reiterate his belief that getting the economy back on
track will require an understanding that each of us must look
beyond our own short-term interests to the wider set of
obligations we have to each other in order for America to
succeed."
(Reporting by Matt Spetalnick and Karey Wutkowski; Editing by
Eric Walsh and Matthew Lewis)