The FT reports this morningCitigroup (C) may be in a rush to repay $20 billion of TARP loans, citing anonymous “insiders” and “people close to the situation.” Citi’s anxious at being left behind with Wells Fargo (WFC) as the only other bank with government imposed pay restrictions after Bank of America (BAC) last week announced it was repaying $45 billion of TARP.
Pay restrictions are hampering Citi’s ability to hire, the FT notes.� Still, it’s bettter than being taken over by Hugo Chavez.
The payback may help President Obama to use TARP money for other things:as the Journal reports this morning, the White House is projecting TARP will need $200 million less than expected over the next few years, and may direct some of the money to a jobs program for the nation.
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