Former JPMorgan Chase investment banking chief Jes Staley appeared before a closed-door House Oversight Committee hearing on Thursday to address his extensive ties to convicted sex offender Jeffrey Epstein. House Oversight Chair James Comer, R-Ky., stated that Staley encouraged JPMorgan to retain Epstein as a client despite internal concerns and "red flags" about Epstein's activities. Staley served as Epstein's private banker for over three decades at JPMorgan and maintained a close personal relationship with him for years, with U.K. regulators citing over 1,000 emails between the two, including messages where Staley described their friendship as "profound" and referred to Epstein as "family."
Lawmakers, including Rep. Suhas Subramanyam, D-Va., suggested that Epstein's ability to continue his crimes against women was facilitated by banks and bankers like Staley. Rep. Melanie Stansbury, D-N.M., claimed that email documentation from 2010 showed Staley requesting and interacting with Epstein to procure women for sexual encounters. When asked about these encounters during the hearing, Staley reportedly stated he could not recall them. Stansbury also noted that Staley confirmed traveling to Florida in 2008 for a "friendly visit" with Epstein, but then claimed an inability to recall other specific events.
Staley, who later became CEO of Barclays, resigned from that position in November 2021 due to a U.K. regulatory investigation into his Epstein ties. While Barclays initially stated the two did not have a close relationship, an investigation by Britain's Financial Conduct Authority (FCA), based on 1,200 emails from JPMorgan, found that Staley had provided misleading information. The FCA concluded in 2023 that Staley was in contact with Epstein weeks before his appointment as Barclays CEO in 2015 and maintained indirect contact in 2016 and 2017.
JPMorgan Chase settled lawsuits related to Epstein in 2023, paying $290 million to victims and $75 million to the U.S. Virgin Islands, where Epstein had an estate, without admitting liability. The bank later reached a confidential settlement with Staley. During the congressional hearing, Staley reportedly told the panel he was "unsure" if he met a woman in a Snow White costume through Epstein, and while denying an encounter with a woman dressed as Snow White, he revealed he had a sexual relationship with one of Epstein's assistants. Democratic committee members, such as Rep. Robert Garcia, expressed skepticism about Staley's claims, citing documented evidence of a decades-long friendship and accusing him of "brazenly lying" and being "cavalier."
