Democratic senator Elizabeth Warren has called for a sweeping investigation into bankers who may have helped facilitate Jeffrey Epstein’s illicit activities, specifically naming Jes Staley, the former Barclays CEO and longtime JP Morgan executive. The move could lead to Staley being barred from the US financial industry, mirroring his existing lifetime ban in the UK.
In a private letter to US financial regulators seen Elizabeth Warren urged the Federal Reserve, the Office of the Comptroller of the Currency (OCC), and the Federal Deposit Insurance Corporation (FDIC) to launch a formal inquiry into “all current and former US banking executives who may have facilitated Jeffrey Epstein’s illicit conduct.”
Elizabeth Warren cited allegations that Staley, while at JP Morgan in the early 2000s, helped shield Epstein’s access to the banking system, describing him as Epstein’s “chief defender.” She noted that Staley allegedly resisted efforts by colleagues to investigate Epstein’s suspicious transactions and even warned Epstein about the bank’s internal concerns, giving him time to alter his behaviour and avoid scrutiny.
Elizabeth Warren
According to Warren’s letter, Epstein held at least 134 accounts, processed over $1 billion in transactions, and brought in multiple high-value clients during his 15-year relationship with JP Morgan. Although the bank has paid $290 million in settlements to Epstein’s victims, Staley has “so far avoided accountability in the United States,” Elizabeth Warren wrote.
The senator has requested public confirmation of a broader investigation by 7 November, and private confirmation that Staley’s conduct is under review by 14 November. If wrongdoing is found, he could face fines and a US industry ban.
“It is critical to send a message to the public and current bank employees that this type of egregious misconduct has no place in the American banking system,” Elizabeth Warren said.
The development marks another setback for Staley, who in June lost his appeal against the UK Financial Conduct Authority’s (FCA) decision to permanently ban him from the UK banking sector. The FCA found that Staley misled regulators about his relationship with Epstein after reviewing more than 1,200 emails that showed a personal connection “beyond professional bounds.”
Jeffrey Epstein
Elizabeth Warren letter also calls for scrutiny of other senior executives linked to Epstein. She pointed to JP Morgan CEO Jamie Dimon, citing Staley’s sworn testimony that he had discussed Epstein with Dimon on at least two occasions. Dimon has denied the claim, saying he had no knowledge of Epstein until years after the bank ended its ties with the disgraced financier.
In her letter, Elizabeth Warren urged regulators to consider civil penalties and employment bans for any banking executives found to have aided Epstein.
“Any banking executives who facilitated the crimes of one of the world’s most notorious sex criminals should be held to account,” she wrote. (source)
The renewed scrutiny comes as two new lawsuits were filed against Bank of America and BNY Mellon, accusing them of enabling Epstein’s sex trafficking operations. Both banks denied the allegations, calling them “meritless.”
Meanwhile, Donald Trump, who once counted Epstein as a friend before their falling out in 2004, has faced criticism for failing to release Epstein-related investigative files despite making it part of his campaign promises dismissing the controversy as a Democratic “hoax.”
Staley’s representatives declined to comment. After losing his legal battle against the FCA earlier this year, Staley said he was “disappointed” by the decision but insisted, “I was never dishonest.”
