Background: Jes Staley at JPMorgan
James ‘Jes’ Staley served at JPMorgan Chase for over two decades, becoming head of the investment bank. He developed a close professional and personal relationship with Jeffrey Epstein while managing significant aspects of Epstein’s accounts and investments.
Epstein became what banking insiders called a “named” client — someone so important to the bank that senior executives personally managed the relationship.
The Post-Conviction Contact
After Epstein’s 2008 sex offender conviction, Staley (and JPMorgan) faced a critical decision: continue the relationship with a registered sex offender, or terminate it?
JPMorgan maintained the relationship until approximately 2013, five years after the conviction. During this period:
- Epstein continued to move hundreds of millions of dollars through JPMorgan accounts
- Staley and Epstein maintained personal contact
- Staley reportedly sought to visit Epstein at his Palm Beach residence
The Emails
Civil litigation by the US Virgin Islands and the New York Attorney General produced internal JPMorgan emails that revealed:
- Staley had extensive personal email contact with Epstein
- Some emails referenced women and young women in terms consistent with the trafficking operation
- Other executives at JPMorgan were aware of Epstein’s conduct but the relationship continued
- Compliance flags were raised and then overridden due to the account’s profitability
Specific Email Content
The emails included exchanges where:
- Epstein referred to women in his household in terms that alarmed reviewers
- Staley appeared aware of Epstein’s unusual “household” arrangements
- References were made to individuals who could be identified as trafficking victims
The specific content was subject to protective orders in the litigation but sufficient information was publicly disclosed to establish the nature of what the emails showed.
The $290 Million Settlement
JPMorgan settled the USVI and NYAG litigation in 2023 for a combined approximately $290 million:
- $75 million to USVI
- $75 million in a separate settlement with NYAG
- Approximately $290 million total including related payments
JPMorgan did not admit liability but acknowledged deficiencies in its anti-trafficking monitoring.
Staley’s Exit from Banking
Jes Staley, by the time of the settlement, had already left JPMorgan (he departed around 2013) and had gone on to lead Barclays Bank as CEO from 2015–2021. He departed Barclays under separate regulatory pressure related to his characterization of his relationship with Epstein.