COMPANIES Bank of New York Mellon wants to be among the first round of US banks to repay Tarp money to counter concerns that clients could think the aid is a sign of weakness, and because it does not want restrictions on compensation.
Bob Kelly, chairman and chief executive, said: “I think [Tarp] . . . helped shore up the banking system, but the reality is for most players in the US, you don’t need the Tarp money anymore. It did its job, let’s repay it and get it over with.”
