Banks announce repayment of $68 billion in TARP funds

As expected, the Treasury Department said today that 10 of the nation's largest banks would be allowed to begin repaying funds borrowed under the Troubled Asset Relief Program. A total of $68 billion of taxpayer money will be repaid, relieving the banks of what some saw as onerous restrictions that gave government officials power over many corporate decisions, including executive pay and foreign hiring practices.

According to CNBC, the banks began announcing the amount of TARP funds they intend to pay back ahead of the Treasury's formal announcement. JP Morgan Chase (JPM) says it will repay $25 billion, Goldman Sachs (GS) $10 billion, Morgan Stanley (MS) $10 billion, U.S. Bancorp (USB) $6.6 billion, Capital One (COF) $3.55 billion, American Express (AXP) $3.39 billion, BB&T Corp. (BBT) $3.134 billion, Bank of New York Mellon (BK) $3 billion, State Street Corp. (STT) $2 billion and Northern Trust (NTRS) $1.576 billion.