Banks to Start TARP Repayments Next Week

Some big U.S. banks plan to begin repaying government bailout funds next Wednesday, the Wall Street Journal reports, citing people familiar with the matter.

JPMorgan Chase(JPM Quote), Morgan Stanley(MS Quote) and American Express(AXP Quote) are among the firms that are expected to repay the funds they received from the Troubled Asset Relief Program, these people said, the Journal reports. The firms received $25 billion, $10 billion and $3.4 billion, respectively.

The Treasury Department earlier this week granted 10 of America's largest lenders approval to pay back $68 billion in TARP funding.

Repaying the TARP funds will free the firms from limits on executive pay, regulatory reviews, management shake-ups and political pressure to lend to businesses and consumers at low interest rates.

The firms approved to repay TARP were JPMorgan, Morgan Stanley, American Express, Goldman Sachs (GS Quote), Bank of New York Mellon(BK Quote), State Street(STT Quote), US Bancorp(USB Quote), BB&T(BBT Quote), Capital One(COF Quote) and Northern Trust(NTRS Quote).