Admitted in Congress: Bank executive shared confidential information with Epstein

Jes Staley, a former senior executive at JPMorgan and CEO of Barclays, admitted to US lawmakers that he repeatedly shared confidential and market-sensitive information from the bank with Jeffrey Epstein, including information regarding JPMorgan's conduct during the 2008 global financial crisis. This is according to a transcript of his testimony released by the US House Oversight Committee, as reported by Reuters.

The testimony was given behind closed doors in July as part of a Congressional investigation into the ties of Epstein, the convicted sex offender who died in prison in 2019, with high-profile figures in business and politics. The transcript was published on Wednesday and reveals new details about the close relationship between Staley and Epstein.

During his testimony, Staley admitted that he passed to Epstein information about communication between JPMorgan and the US Federal Reserve during the 2008 financial crisis, details of pending transactions, and information about his personal compensation.

Among other things, he told Epstein that JPMorgan's private banking division had recorded an inflow of $44 billion in funds within two weeks. Staley admitted that he also shared other confidential bank information with Epstein.

Warned Epstein: The bank flagged you

Another unusual detail that emerged in the testimony concerns how JPMorgan treated Epstein himself. Staley confirmed that he told him the bank was concerned about the large cash withdrawals he was making, and even notified him that JPMorgan had classified him as a "high-risk client."

Lawmakers also presented Staley with correspondence in which he discussed his salary, his relationships with clients, and the developments that later led to his move to Barclays with Epstein.

Staley defended his conduct, claiming he believed he had the authority to share information when he thought it was appropriate. Over the years, he described his relationship with Epstein as a close professional connection and continued to claim that he did not know about his criminal activity.

More than three decades at JPMorgan

Staley worked at JPMorgan for more than 30 years and held a series of senior roles. Among other things, he headed the private banking and asset management division, within which Epstein was a client of the bank. Later, Staley moved to the UK and in 2015 was appointed CEO of Barclays. He stepped down from the role in 2021 following an investigation by British regulators regarding how he described his ties to Epstein.

According to the published transcript, the relationship between the two went beyond the exchange of information. Staley signed documents related to Epstein's trust in 2014 and 2015, and at one point was even designated to serve as a trustee of his estate. He later refused to accept the role.

The new revelation comes as part of a broad investigation being conducted by the House of Representatives regarding the ties Epstein maintained with businessmen, politicians, and high-profile public figures. Staley appeared before the Committee on Oversight and Accountability in July as part of the investigation, which also includes Epstein's ties to his partner Ghislaine Maxwell.

JPMorgan declined to comment on the publication. Staley's lawyers did not immediately respond to a Reuters request for comment.