As House Democrats double down on the release of all records linked to the Jeffrey Epstein case, US investment banking company JPMorgan Chase has been exposed to harbouring ties with convicted sex offender despite his indictment before his death in 2019. An all-new report has exposed the bank of allegedly still processing his finances after he was indicted on a single count of soliciting prostitution in 2006.
Although the charge in itself may have been deemed as a minor one at the time, it set off a series of actions that changed everything, casting Epstein’s reputation in a dark light for once and for all.
JPMorgan Chase processed over $1 billion for Epstein
According to a new investigation reported by the New York Times, JPMorgan Chase maintained the notorious sexual predator’s name on its client list until 2013. America’s leading bank is said to have processed over $1 billion in wire transfers and cash withdrawals for Epstein over a period of 15 years. The supposed “treasured customer” had more than $200 million in deposits at the firm.
Even with the late financier’s banking activity being red-flagged due to his withdrawals of tens of thousands of dollar in cash each month, senior JPMorgan leaders overlooked such objections at least four times during a five-year span. Suspicions of money laundering consequently caught hold of top bankers in the industry. Only in hindsight was it revealed that JPMorgan was reportedly used to send money to victims of Epstein’s sex-trafficking affairs.
NYT’s story titled “How JPMorgan Enabled the Crimes of Jeffrey Epstein” further accused the firm of profiting from the man’s suspicious activity, as he generated millions-worth of revenue for it. On top of that, Epstein is also said to have been instrumental in bringing together a crucial acquisition for the world’s most prestigious bank.
How JPMorgan’s Epstein linked helped its business
Epstein is believed to have introduced executives to leading personalities like Google co-founder Sergey Brin and Israel’s Prime Minister Benjamin Netanyahu.
Given the severity of the suspicions tied to Epstein, who pleaded guilty, many were concerned that JPMorgan’s reputation would take a major hit in light of its association with the late billionaire. Watchdogs spoke out against the bank’s activity as early as 2006. At the time, a “Rapid Response” review indicated that cash withdrawals ranging from $40,000 to $80,000 were being processed several times a month.
The number soared above $750,000 year-to-date, and nearly $1.75 million in cash before 2008, the same year when Epstein pleaded guilty to state charges – one count of solicitating prostitution and one count of soliciting prostitution from someone under the age of 18, as per the Associated Press.
The bank’s then-general counsel, Stephen Cutler, issued a warning against Epstein being a client of the firm in 2011, as per the excerpts from the deposition made public in 2024. Since he couldn’t offer up firm evidence stating that the financier’s accounts were being used to back his criminal activity, JPMorgan allowed him to remain a client for more than a decade. Epstein-linked banker and former JPMorgan exec Jes Staley was one such key members of the team who insisted on keeping the sex offender on the client list.
With Epstein pleading guilty in 2008, internal documents signalled that bankers didn’t want him to be associated with the brand. However, higher-ups still didn’t have any plans to let him go. JPMorgan’s wealth chief Mary Callahan Erdoes went on to approve loans for the registered sex offender even after the indictment in 2006. As highlighted by the NYT, filing suggested that internal mails caught senior leadership joking about Epstein’s links with younger women, especially since he was “known to pay cash for his massages.”
All in all, the report cites US Virgin Islands filings, and puts together how numerous accounts against Epstein’s name transferred millions of dollars to Ghislaine Maxwell and women identified as victims of his criminal operations.
The bank’s ties with Epstein stayed intact until 2013. Despite cutting him loose, some people linked to the bank continued their meetings with him for years, as per internal calendar markings and sources.
How JPMorgan Chase reacted to Epstein links
In the wake of devolving situation, America’s leading bank spoke out against its links with Epstein. Refuting any claims of playing accomplice to his criminal activity, a spokeswoman said in 2024, “We would never have continued to do business with him if we believed he was using our bank in any way to help commit heinous crimes.”
Contrary to the recent reactions against Epstein, the private bank’s then-head, Jes Staley, once reportedly told personnel that he trusted the financier with his daughters.