Senator Elizabeth Warren has written to JP Morgan Chase CEO Jamie Dimon, pressing him on the bank's contacts with convicted sex offender Jeffrey Epstein and questioning whether Dimon sought Epstein's advice while lobbying against a proposed UK tax on banker bonuses.
Warren Demands Transparency
In a letter published by the US Senate Banking, Housing, and Urban Affairs Committee, Warren, the top Democrat on the committee, wrote: "It is critical that Congress and the American public fully understand the extent of any interactions the bank and you had with Epstein."
The letter, first reported by the Financial Times, follows the release of a cache of documents by the US Department of Justice earlier this year, which has intensified scrutiny on Dimon, one of Wall Street's most influential figures.
Dimon's Previous Denials
Dimon, who has served as chairman and CEO of the largest US bank for two decades, testified in court in 2023 that he had never met Epstein and had not heard of him until his arrest in 2019. However, newly surfaced emails from 2009 appear to show Epstein discussing with former Labour minister Peter Mandelson whether Dimon should lobby then-Chancellor Alistair Darling to abandon a proposed tax on banker bonuses.
Mandelson reportedly advised Dimon to "mildly threaten" Darling, and Dimon is said to have subsequently spoken to Darling, warning that JP Morgan was a major UK employer and purchaser of government bonds, and threatening to cancel investment in a new London headquarters.
Bank's Response
A JP Morgan spokesperson stated: "Any association with the man was a mistake and we regret it, but we would not have continued doing business with him had we believed he was engaged in ongoing crimes. We exited him as a client in 2013 – years before his federal sex trafficking arrest and years after the government had damning information they kept from us."
The bank also reiterated that Dimon never met Epstein and "was not involved in any decisions about his account," adding that any suggestion Dimon spoke with or took counsel from Epstein is false.
Staley Allegations
Former JP Morgan executive and ex-Barclays CEO Jes Staley has alleged he communicated with Dimon about the bank's relationship with Epstein. However, a JP Morgan spokesperson denied this, saying: "No such conversation ever occurred. Further, a UK tribunal has already called Staley's testimony evasive and unreliable."
The bank has sued Staley, claiming he concealed Epstein's crimes to retain him as a client. The parties later reached a confidential settlement.
