Ten of the largest US banks said on Wednesday they had repaid more than $68bn of bailout funds, as they race to extract themselves from government restrictions on executive pay and other areas, reports Reuters. In most cases, banks repaying the $700bn Tarp scheme issued preferred shares that carried 5% dividends in exchange for the money. JPMorgan said it had repaid $25bn, while Goldman Sachs and Morgan Stanley repaid $10bn each; US Bancorp, American Express and State Street were among seven others to repay TARP loans.

This entry was posted by Gwen Robinson on Thursday, June 18th, 2009 at 5:01 and is filed under Capital markets. Tagged with goldman sachs, jpmorgan, morgan stanley. Edit this entry.