Sources have told The New York Times that JPMorgan Chase and Morgan Stanley are poised to underwrite U. S. automaker General Motor's initial public offering.

GM's IPO would not take place until at least October, and that it had hired investment bank Lazard to advise the government on the sale, expected to be one of the largest share issues in recent years, the Treasury Department said this week.

The federal government owns 60.8 percent of GM, which became a private company after going through bankruptcy proceedings last summer.

It has been reported that Citigroup Inc. and Goldman Sachs also vied for the coveted underwriting position, which is likely to be more prestigious than lucrative, as the Treasury is setting the fees in an era in which exorbitant bank profits are unpopular in Washington.

The report also noted that the government is expected to sell its GM holdings over time and JPMorgan Chase and Morgan Stanley will be able to say they helped the government get some of its controversial bailout funds back. (With Inputs from Agencies)