Goldman Sachs (GS), JPMorgan (JPM) and Morgan Stanley (MS) applied to repay the combined $45 billion they received in October from the government’s Troubled Asset Relief Program, Bloomberg reported Monday, citing people familiar with the matter.
From Bloomberg: The three New York-based banks need approval from the Federal Reserve, their primary supervisor, to return the money…If approved, the refunds would be the biggest yet to the $700 billion TARP program..
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Banks are keen to repay the money to shake off restrictions on compensation and hiring that were imposed on TARP recipients in February.
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JPMorgan, Goldman Sachs, and Morgan Stanley were among nine banks that were persuaded in mid-October by then-Treasury Secretary Henry Paulson to accept the first $125 billion of capital injections from the TARP program.
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