10 large US banks to repay government $68 billion in bailout funds, industry officials say

10 large US banks to repay $68B in TARP funds

WASHINGTON — Ten large U.S. banks are planning to repay the government about $68 billion in bailout money Wednesday, a pair of industry officials say.

The Treasury Department last week gave the 10 banks permission to repay the funds, which they received under the $700 billion bailout plan, known as the Troubled Asset Relief Program. That effort to unfreeze credit markets launched as global markets seized up last October.

Wednesday is the first day the banks are eligible to repay the money.

The banks repaying TARP are some of the industry’s largest, including JPMorgan Chase & Co., American Express Co., Goldman Sachs Group Inc. and Morgan Stanley.

The two industry officials spoke on condition of anonymity because not all of the banks’ official announcements have been made.