


One day in October 2011, Jeffrey Epstein walked into the cavernous lobby of 270 Park Avenue in Midtown Manhattan. The skyscraper was home to JPMorgan Chase, arguably the world’s most prestigious bank. The sex offender — who barely a year earlier was under house arrest after serving 13 months in a Florida jail — was ushered onto an elevator and whisked to a top floor where Jamie Dimon, the bank’s chief executive, and the rest of the senior leadership had their offices.
Epstein had long been a treasured customer at JPMorgan. His accounts were brimming with more than $200 million. He generated millions of dollars in revenue for the bank, landing him atop an internal list of major money makers. He helped JPMorgan orchestrate an important acquisition. He introduced executives to men who would become lucrative clients, like the Google co-founder Sergey Brin, and to global leaders, like Prime Minister Benjamin Netanyahu of Israel. He helped executives troubleshoot crises and strategize about global opportunities.
But a growing group of employees worried that JPMorgan’s association with a man who had pleaded guilty to a sex crime — and was under federal investigation for human trafficking — could harm the bank’s reputation. Just as troubling, anti-money-laundering specialists within the bank noticed Epstein’s pattern of withdrawing tens of thousands of dollars in cash virtually every month. These were red flags for illicit activity.
That was why Epstein was at the bank’s headquarters. JPMorgan’s top executive in charge of ensuring compliance with laws and regulations had already pushed to fire him as a client. Now Stephen Cutler, a former federal securities regulator and the bank’s general counsel, had added his voice to the chorus.
Epstein’s chief defender at the bank was Jes Staley, a top contender to one day succeed Dimon as chief executive. Staley persuaded Cutler to sit down with Epstein and “hear him out.” It was a high-stakes meeting for Epstein; his close ties to JPMorgan had been invaluable in his quest for money, influence and legitimacy. The bank lent him money. Staley dished confidential information to him. At Epstein’s behest, JPMorgan set up accounts — into which he routinely transferred huge sums — for young women who turned out to be victims of his sex-trafficking operations. It wired his funds overseas. It even paid him millions of dollars.
