JPMorgan Chase & Co. (NYSE: JPM) and Morgan Stanley (NYSE: MS) to Lead General Motors IPO

Morgan Stanley (NYSE: MS) and JPMorgan Chase & Co. (NYSE: JPM) will take the lead in General Motors’ initial public offering, according to media reports on Saturday.

The IPO, which was originally set for July 10th, has been delayed until at least the fourth quarter of this year, said officials from the U.S. Treasury earlier in the week.

There was strong competition among banks to manage the stock offering, which could range between $10 billion and $20 billion.

The banks participating in the sale likely won’t see a major benefit from the sale though. The Wall Street Journal reported on Friday that the banks getting the assignment may only make 1% on the deal.

After General Motors filed for bankruptcy in 2009, the U.S. Treasury took a 61% ownership share as a result of the bailout. GM’s IPO will be a critical step in helping the automaker end its support from the government.

The U.S. Treasury recently said that it would mandate the fees which will be paid to the underwriters of the IPO.