So what are we learning now about the involvement of major banks, such as Deutsche Bank, and particularly, JP Morgan which acquired Chase bank after the 2008 financial crash.
Jes Slaley worked closely with Epstein since 1998, and was still a close friend after the first conviction of J Epstein in 2008.
In the shadowy world of global finance, JP Morgan’s deep ties to Jeffrey Epstein have resurfaced with disturbing force. Newly unsealed documents, revealed in a New York Times investigation on 8 September 2025, exposed how the banking giant ignored red flags surrounding the convicted sex offender’s activities.
The report detailed a web of suspicious transactions worth over £717 million ($1.1 billion), some processed even after Epstein’s 2008 guilty plea for soliciting a minor. Executives like Jes Staley defended the disgraced financier despite internal warnings, prioritising profits from his estimated £130 million ($200 million) deposits. The scandal now casts a harsh spotlight on the bank’s role in enabling potential sex trafficking.
As victims seek justice, the revelations raise urgent questions about accountability in financial institutions entangled in Epstein’s crimes.
How JP Morgan Ignored Warnings After Epstein’s 2008 Conviction
JP Morgan maintained its relationship with Jeffrey Epstein for years after his conviction on 30 June 2008, processing thousands of transactions that raised alarms internally. Emails from senior executives, including then-general counsel Stephen Cutler, flagged concerns in October 2011: ‘This is not an honourable person in any way. He should not be a client.’ Still the bank continued to handle Epstein’s accounts until 2013.
During this period, Epstein held 134 accounts, generating millions in fees for the bank while wiring funds to Russian and Eastern European entities linked to young women. Compliance officers flagged Epstein’s frequent cash withdrawals as potential red flags for money laundering or worse. Yet decisions were often delayed, marked as ‘pending Dimon review‘, referring to CEO Jamie Dimon, who later claimed ignorance until 2019.
It was only after Epstein’s arrest on 6 July 2019 that JP Morgan retroactively reported 4,700 suspicious transactions to regulators, underscoring a failure in oversight that enabled the sex trafficking network. Victims’ advocates argue this reflects a broader banking scandal where profit trumped ethics.
Key Executives Defended Epstein Despite Sex Trafficking Red Flags
Jes Staley, then head of JP Morgan’s private bank, emerged as Epstein’s staunchest ally. He visited Epstein’s properties like Zorro Ranch during house arrest and emailed in 2009, ‘I owe you much‘. Staley also introduced Epstein to high-profile clients like Google co-founder Sergey Brin, who later deposited over £2.6 billion ($4 billion), boosting the bank’s revenue.
Even as reports of Epstein’s abuses surfaced, Staley continued to advocate for maintaining the ties, reportedly saying he would ‘trust Epstein with his daughters‘. Jamie Dimon testified he had no recollection of Epstein as a client until 2019, despite emails suggesting his involvement in account decisions.
This executive defence has drawn sharp criticism. Law professor Bridgette Carr warned that ‘I am deeply worried here that the ultimate message to other financial institutions is that they can keep serving traffickers’. Notably, no executives lost their jobs over the scandal.
Massive Settlements and Revelations in Epstein Banking Ties
In June 2023, JP Morgan agreed to a settlement of £189 million ($290 million) with nearly 200 victims, admitting no wrongdoing but regretting the association. This was followed by a £49 million ($75 million) payout to the US Virgin Islands in September 2023.
The bank’s statement read, ‘In hindsight we regret it, but we did not help him commit his heinous crimes. We would never have continued to do business with him if we believed he was engaged in an ongoing sex trafficking operation.’ These payouts total over £238 million ($365 million), yet no regulatory actions ensued.
The New York Times exposé, drawing from 13,000 pages of records, detailed how Epstein brokered JP Morgan’s £846 million ($1.3 billion) acquisition of Highbridge Capital, earning £9.8 million ($15 million) in fees.
On 8 September 2025, X user @davidenrich posted: ‘How JPMorgan Enabled the Crimes of Jeffrey Epstein,’ linking to the article and sparking discussions on banking ethics.
In the arid hills outside of Stanley, New Mexico, about 30 miles southeast of Santa Fe, sits one of the most mysterious and unsearched pieces of real estate in the United States: Zorro Ranch. Spanning over 10,000 acres, complete with a 26,000-square-foot mansion, guest homes, stables, a private airstrip, a firehouse, and a rail line, this fortress of stone and secrecy was once owned by Jeffrey Epstein — the disgraced financier and convicted sex offender at the center of the most notorious trafficking scandal in modern American history.
Epstein acquired Zorro Ranch in 1993, reportedly from the family of former New Mexico Governor Bruce King, for roughly $12 million. But what’s perhaps more telling than the sale is how Epstein expanded it. Nestled within the private holdings were an additional 1,243 acres of state trust land, leased to Epstein’s shell company Cypress Inc. for agricultural use. Except… no agriculture ever happened there. No livestock. No crops. Just seclusion.
The leases remained active until 2016, and despite Epstein’s 2008 felony conviction, no one in the state questioned his continued use of public land. In fact, in 2010, Epstein was briefly added to New Mexico’s sex offender registry — only to be removed two days later. Why? Because his victim in Florida was 17, and New Mexico law only required registration for offenses involving victims under 16. A loophole, or a lifeline?
Meanwhile, the ranch itself evolved into more than just a luxury estate. It became, according to survivor accounts, a key node in Epstein’s trafficking network.
From 2013 to 2018, Deutsche Bank opened more than 40 accounts for the financier—after JPMorgan Chase had severed its ties with Epstein, New York Department of Financial Services investigators found and the two civil complaints claim. For the next five years, the bank processed millions in allegedly suspicious transactions tied to Epstein’s web of trusts, including payments to women described as “tuition fees” and large cash withdrawals structured to avoid reporting requirements. When New York regulators finally investigated, they called the bank’s conduct “inexcusably” deficient. In 2023, Deutsche Bank agreed to pay $75 million to Epstein’s victims in a class action settlement. The bank was also fined $150 million by the New York Department of Financial Services for its involvement with Epstein.
Jes Slaley emails are presented by Ellie Leonard on Panicked, Substack yesterday. Here is a 2008 extract:
9/29/2008
JS: I hope you keep the island. We all may need to live there.
10/10/2008
JS: I am dealing with the Fed on an idea to solve things. I need a smart friend to help me think through this stuff. Can I get you out for a weekend to help me (are they listening?).
10/10/2008
[Staley forwards Epstein a term sheet that was sent to others at the Treasury/Fed]
11/9/2008
JS: My one exposure is if Glenn slips. He has to stay correct, and show calmness.
12/30/2008
JE: sunday will not work for me. everyone is gone except the housekeepers, you are more than welcome to use the house. you will be well looked after. The chef from paris is there.
JS: I think I will head back. If something changes, let me know. Otherwise I’ve asked Rosa to make a date free in early January for me to visit the Palm Beach office and spend some time with you.
Retired, living in the Scottish Borders after living most of my life in cities in England. I can now indulge my interest in all aspects of living close to nature in a wild landscape. I live on what was once the Iapetus Ocean which took millions of years to travel from the Southern Hemisphere to here in the Northern Hemisphere. That set me thinking and questioning and seeking answers.
In 1998 I co-wrote Millennium Countdown (US)/ A Business Guide to the Year 2000 (UK) see https://www.abebooks.co.uk/products/isbn/9780749427917
borderslynn 