Jes Staley, a former executive at JP Morgan Chase, sat for a closed-door, voluntary interview with the House Committee on Oversight and Government Reform on July 23. The probe follows a longtime relationship between the former JP Morgan and Barclays executive and the convicted sex offender, Jeffrey Epstein.
Staley graduated with a degree in economics from Bowdoin College in Brunswick, Maine. He began his career in JP Morgan’s Latin American division and worked for the Wall Street bank for 34 years, including at the time when he met Epstein. Staley later became the CEO of Barclays. House members believe that more information about the relationship between Epstein and Staley could assist in their continuous probe of Epstein’s sex trafficking ring.
Staley’s name appears nearly 8000 times among the millions of Epstein-related documents released by the Justice Department so far. In 2020, Staley claimed that he only had a working relationship with Epstein and largely regretted any ties to the ex-financier. A year following these statements, Staley resigned from his position as CEO of Barclays following deeper regulatory probes into the relationship by the UK’s Financial Conduct Authority and Prudential Regulation Authority.
After the investigations by the FCA and PRA showed that Staley had been deceptive about his relationship with Epstein, he faced a lifetime prohibition from senior management roles in banking, a decision he later lost on appeal.
Released transcripts of Staley’s interview with the House Committee reveal that he had communicated sensitive and confidential information with Epstein while working as an executive at JP Morgan.
Notably, he told Epstein about conversations between the Federal Reserve and JP Morgan during the 2008 financial crisis, going as far as to divulge bank inflow information and note when the bank brought in $44 billion over a two-week period. Staley testified that he saw Epstein as an advisor and “completely trusted that he would not use this information for personal gain.” He also referred to Epstein in an email as a “smart friend” and recounted Epstein having “very interesting insights into the financial markets.”
Congress highlighted how Staley acted as Epstein’s main defender against any pushback from his colleagues during his time at JP Morgan. Rep. James Comer of Kentucky’s 1st district told reporters that when there were internal discussions about Epstein, Staley was “the one person who continued to defend Epstein with that firm.”
In his interview, Staley remarked on how profitable Epstein’s business with JP Morgan was, stating his referrals generated the bank over $100 million.
JP Morgan has issued several statements over the years regarding its connection to Epstein and protecting funds he used to finance the operation of his notorious sex-trafficking ring.
The bank stated its “regret” over its relationship with Jeffrey Epstein and that it would have never continued doing business together if it was privy to Epstein using the bank “in any way to help commit heinous crimes.”
In 2023, the bank agreed to pay a $75 million settlement to the U.S. Virgin Islands, where Epstein owned an island estate and ran his criminal operations. Additionally, the bank paid a $290 million settlement in a class-action lawsuit to Epstein’s survivors. Although Staley once had a close relationship with the bank, JP Morgan blamed Staley for their connection with Epstein and sued him in 2023.
The resulting settlement remained confidential.
