10 banks get OK to repay bailout money

The Treasury Department has approved 10 of the nation’s largest banks to repay $68 billion in government bailout money.

The banks have been eager to get out of the program to escape government restrictions such as caps on executive compensation.

Among the banks that last month passed government “stress tests” and confirmed that they received permission to repay the bailout funds were: JPMorgan Chase & Co., American Express Co., U.S. Bancorp, Capital One Financial Corp., Bank of New York Mellon Corp. and BB&T Corp.

The amounts the banks could repay are:

JPMorgan: $25 billion
Morgan Stanley: $10 billion
U.S. Bancorp: $6.6 billion
Capital One: $3.6 billion
American Express: $3.4 billion
BB&T: $3.1 billion
Bank of New York Mellon: $3 billion
Northern Trust: $1.6 billion

AP
6/9/9