JP Morgan top executive Mary Eldose might have dropped Jeffrey Epstein as a client if he wanted to comply with his conviction of recruiting sex with a minor in 2008, but he didn't, former JP Morgan executive Jess Staley testified in a London court.
Staley admitted in explosive testimony a day ago that he had sex with a member of Epstein's staff, but testified that Erdoes, the chief executive of JPMorgan's assets and asset management since 2009, “has fully powered to remove Epstein as a client.” According to a Bloomberg report.
Staley is trying to overturn a lifetime ban and $2.3 million fine from London's financial regulators linked to his close ties with Epstein.
On Thursday, Staley said that JPMorgan's internal team would not stop Epstein's investigation.
“Compliance and legal are necessary to do full client reviews of felons each year,” he said, adding that the bank should have conducted an Epstein review after the 2008 conviction.
He allegedly reported that private banks had to ERDOES during that period.
“From 2008, the bank should have done a full review of Epstein as a client,” Staley said. “I was getting bank law and compliance to do my job.”
JP Morgan cut ties with Epstein months after Staley, who became Barclays' CEO (who became Barclays' CEO), according to Bloomberg.
“Mary Eldos and others left him [Epstein] JpMorgan posted in a statement.
Epstein was charged with human trafficking in 2019. However, he also pleaded guilty to sought prostitution from a minor in 2008 five years before JPMorgan finally dropped him.
Despite his relationship with Epstein, Staley claims he is unaware of his “abhorrent” behavior. The UK Financial Conduct Authority accused him of strongly misleading it about the nature of their friendship.
Eldos reportedly sought help just six months after his guilty plea in 2008, as the Bernie Madoff Ponzi scheme denounced the company's clients.
She emailed Staley and asked him to call Epstein, court documents said.
