Troubled asset relief programme rules preventing US lenders in receipt of federal aid from recruiting foreigners are a “complete and utter disgrace”, Jamie Dimon, chief executive of JP Morgan, has told a shareholders meeting, according to the Financial Times.

Mr Dimon said that the provisions had forced the firm to “look 40 or 50 overseas graduates in the eye” and tell them their employment offers had been rescinded.

“We should be able to go to colleges and give jobs to kids without regard to where they were born. The worst thing that can happen is that foreign governments will tell Americans they cannot have jobs over there.”

These remarks emphasise one of the reasons – another being caps on executive pay – that several banks want to repay the TARP funds.

The paper also reports that a government announcement on the first group of TARP repayers is likely to come on 8 June.