Ally Financial Selects Four Banks to Lead IPO

Ally Financial, the auto and mortgage lender majority-owned by the U.S. government, has selected Citigroup (C), Goldman Sachs (GS), JPMorgan Chase (JPM) and Morgan Stanley (MS) to lead a planned initial public offering, according to sources familiar with the situation. Ally, formerly known as GMAC, said previously it planned an IPO this year, and sources have said it could top $5 billion. – Reuters