JPMorgan Chase ( JPM) has no plans to purchase new corporate jets or renovate a new hangar until the financial titan has repaid the billions it received in government funding.

ABC News reported that the New York-based company planned to spend $138 million on two luxury jets and the renovation of a new hangar.

The company already has four jets, but plans to spend $120 million on two more and $18 million for a new hangar outside of New York City and close to the company's midtown headquarters. The new hangar will be complete with its own "vegetable roof garden," according to ABC News.

JPMorgan Chase received $25 billion in the first round of capital injections through the Troubled Asset Relief Program, or TARP, this past fall.

The company is regarded as one of the better-performing banks amid the economic crisis, snapping up troubled competitors like Bear Stearns and Washington Mutual.

JPMorgan Chase's CEO Jamie Dimon has repeatedly said that the company did not need the capital that it received through TARP. But as the financial crisis lingers, the company is looking to preserve capital. Last month the company cut its dividend by 86% as a "precautionary step," it said.

A JPMorgan spokesman said the company would not spend money on the aircraft and or move forward with the renovation plans until its TARP funds were repaid in full.

Citigroup ( C) in January declined to take possession of a jet it had ordered before taking $45 billion in TARP investments and some $300 billion in government guarantees on shaky assets. And other banks like Wells Fargo ( WFC) and Goldman Sachs ( GS) have cancelled or scaled back corporate junkets for clients and employees, amid a firestorm of public scrutiny over spending by recipients of government bailout funds.

JPMorgan shares surged 16.8% to $27.04 on Monday on news that the government plans to use $100 billion from the TARP program to help purchase toxic assets that are hampering banks' balance sheets.
Copyright 2009 Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.

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