Staley’s Role at JPMorgan
James Edward “Jes” Staley joined JPMorgan in 1979 and rose to become head of the bank’s private banking division and, later, head of its investment banking operations. In his private banking role, he personally managed relationships with JPMorgan’s most important wealth management clients — a category that included Jeffrey Epstein, who had been a JPMorgan client since approximately 1998.
Staley became one of the senior JPMorgan executives most closely associated with the Epstein client relationship. According to documents produced in civil litigation, Staley and Epstein developed a close personal friendship that extended well beyond a standard banker-client relationship.
The Email Record
Among the most significant evidence produced in the New York Attorney General’s litigation against JPMorgan was a set of email communications between Staley and Epstein. The emails, described in court filings and partially quoted in court documents, showed:
- A warm, familiar tone inconsistent with routine business correspondence
- References to young women in ways that suggested Staley was aware of or participating in Epstein’s social activities involving them
- Ongoing communication after JPMorgan became aware of Epstein’s criminal investigation circa 2006–2008
The email content was cited by the New York AG as evidence that senior JPMorgan personnel were not merely unaware of Epstein’s activities but had reason to know about the nature of his operations.
Visits to Epstein’s Properties
Litigation evidence indicated that Staley had made visits to Epstein’s properties, including the island of Little Saint James. These visits were documented through flight records, staff communications, and other evidence gathered during civil discovery.
The visits occurred during a period when JPMorgan had been receiving internal compliance alerts about Epstein. The continuation of a close personal relationship between a senior banker and a flagged client was cited as evidence of the bank’s inadequate controls.
JPMorgan’s Management of the Relationship
According to the civil litigation record, JPMorgan compliance officers had flagged Epstein as a high-risk client multiple times between his 2006 Palm Beach investigation and the bank’s eventual decision to terminate the relationship in 2013. During this period, however, the relationship was maintained and Epstein continued to receive banking services including significant wire transfers.
The relationship’s continuation despite compliance concerns was attributed in part to Staley’s championship of the Epstein account within the bank — his senior position allowed him to push back against compliance concerns that might otherwise have led to earlier termination.
Post-JPMorgan Consequences at Barclays
Staley left JPMorgan in 2012 and became CEO of Barclays Bank in 2015. During his time at Barclays, the historical Epstein relationship — which Staley initially downplayed — became a regulatory issue when the U.K. Financial Conduct Authority (FCA) investigated whether Staley had accurately characterized his relationship with Epstein to Barclays’ board.
In November 2021, Staley resigned as CEO of Barclays “to contest” FCA findings about his characterization of the Epstein relationship. The FCA and Prudential Regulation Authority subsequently found that Staley had provided inaccurate information about the nature and extent of his relationship with Epstein, and Barclays clawed back millions of pounds in compensation.
JPMorgan Settlement
JPMorgan settled with the U.S. Virgin Islands and with a Jane Doe victim plaintiff for $290 million in June 2023. JPMorgan did not admit wrongdoing but the settlement resolved claims that the bank enabled Epstein’s trafficking by maintaining his accounts despite warning signs.