JPMorgan and Epstein
JPMorgan Chase provided banking services to Jeffrey Epstein from approximately 1998 to 2013, when they finally exited the relationship. During this period, Epstein’s accounts generated millions of dollars in revenue for the bank.
Internal Warnings
Court filings in subsequent litigation included internal JPMorgan communications showing that compliance officers and other bank staff raised concerns about Epstein’s accounts and the questionable nature of cash withdrawals and transfers.
Jes Staley’s Role
Jes Staley, who headed JPMorgan private banking, was central to maintaining and expanding the Epstein relationship over years. Staley received significant bonuses tied to revenues from relationships he managed, including Epstein’s.
The Decision Not to Exit
After Epstein’s 2008 conviction, JPMorgan faced a decision about whether to continue the relationship. Compliance staff flagged concerns; relationship managers argued for continuation. The bank ultimately kept Epstein for five more years.
Later Litigation
The USVI and lawsuits by victims resulted in litigation against JPMorgan. JPMorgan settled with the USVI for million in 2023. The bank also entered a settlement with Epstein victims for approximately million.