James E. “Jes” Staley was a senior executive at JPMorgan Chase who served as the head of their investment banking division and later as head of private banking. He is central to understanding why JPMorgan maintained its banking relationship with Epstein for years after Epstein’s 2008 plea deal.
The relationship: Staley and Epstein developed a close personal relationship beginning around 2000. They exchanged hundreds of emails. Staley visited Epstein’s properties, including Little Saint James island in the U.S. Virgin Islands. Their emails, described in civil litigation, were sometimes personal and warm in tone.
JPMorgan internal warnings: Staley was a primary advocate for maintaining the Epstein banking relationship inside JPMorgan, even as compliance officers flagged concerns about Epstein’s sex offender status and suspicious transactions. JPMorgan’s internal records showed that Staley championed keeping Epstein as a client, and the bank accommodated Staley’s advocacy.
After JPMorgan: Staley later became CEO of Barclays, the British bank. He resigned from Barclays in November 2021 following a UK FCA investigation into how he had characterized his relationship with Epstein to Barclays regulators.
The lawsuits: Staley was named in civil lawsuits by the USVI government and by JPMorgan’s insurer, which sought to hold him personally responsible for JPMorgan’s maintenance of the Epstein banking relationship. Staley denied wrongdoing and disputed characterizations of the relationship.
His case illustrated how powerful internal advocates within financial institutions could override compliance concerns about known sex offenders.