High JPMorgan govt Mary Erdoes might have dropped Jeffrey Epstein as a consumer if she had needed to following his 2008 conviction for soliciting intercourse with a minor — however failed to take action, ex-JPMorgan govt Jes Staley testified in London courtroom.
Staley — who admitted in explosive testimony a day earlier that he had intercourse with a member of Epstein’s workers — testified that Erdoes, chief govt of JPMorgan’s asset and wealth administration division since 2009, had “full authority to remove Epstein as a client,” in keeping with a Bloomberg report.
Staley is trying to overturn a lifetime ban and $2.3 million nice from London’s monetary regulators linked to his shut relationship with Epstein.
On Thursday, Staley stated he by no means stopped JPMorgan’s inner groups from investigating Epstein.
“Compliance and legal are required to do a full client review of a felon on an annual basis,” he stated, including that the financial institution ought to have been conducting opinions of Epstein after his 2008 conviction.
He claimed the non-public financial institution reported to Erdoes throughout that interval.
“From 2008 the bank should have been doing a full review of Epstein as a client,” Staley stated. “I was letting the bank’s legal and compliance do their job.”
JPMorgan reduce ties with Epstein months after Staley — who went on to turn into chief govt of Barclays — left the financial institution in 2013, in keeping with Bloomberg.
“Mary Erdoes and others exited him [Epstein] as a client six years before he was charged with human trafficking,” JPMorgan instructed The Publish in an announcement.
Epstein was charged with human trafficking in 2019. Nonetheless, he additionally had pleaded responsible to fees of soliciting prostitution from a minor in 2008 — 5 years earlier than JPMorgan lastly dropped him.
Regardless of his relationship with Epstein, Staley has claimed he was unaware of his “abhorrent” conduct. The UK’s Monetary Conduct Authority has accused him of strongly deceptive it concerning the nature of their friendship.
Erdoes reportedly turned to Epstein for assist simply six months after his 2008 responsible plea because the Bernie Madoff Ponzi scheme slammed the agency’s purchasers, in keeping with courtroom paperwork filed by the US Virgin Islands in its 2023 go well with in opposition to JPMorgan, which has been settled.
She emailed Staley and requested him to name Epstein, the courtroom paperwork stated.
