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The Democratic senator Elizabeth Warren is calling for an investigation into bankers including Jes Staley over their alleged support for the convicted sex offender Jeffrey Epstein, in a move that could leave the former Barclays boss banned from working in the US financial sector.
In a letter privately filed with regulators, and seen by the Guardian, Warren called for investigations into “all current and former US banking executives who may have facilitated Jeffrey Epstein’s illicit conduct”.
That includes Staley, who Warren said is alleged to have helped protect the late financier’s access to the banking system during his stint working at JP Morgan in the early 2000s. Warren noted that Staley – who is already banned from the UK banking sector – had been described in media reports as Epstein’s “chief defender”.
Warren, the lead Democrat on the US Senate committee on banking, housing and urban affairs, said she was concerned to hear that Staley pushed back when colleagues flagged Epstein’s suspicious transactions, referring to a matter that was put to him in court proceedings earlier this year. Staley denied the allegations at the time, saying “I don’t think that’s fair” and that the decision to exit a client such as Epstein was not his to make.
Warren also referred to court evidence suggesting Staley tipped Epstein off about JP Morgan’s worries in a way that allowed the sex trafficker to alter his behaviour and avoid scrutiny. Staley told the court that he “was not part of managing the account” but did not deny that he told Epstein there were concerns about cash withdrawals.
During his 15-year relationship with JP Morgan, Epstein opened at least 134 accounts, processed over $1bn in transactions, and brought in several lucrative clients, Warren’s letter said.
And while JP Morgan had so far paid $290m (£217m) in settlements to Epstein’s victims, “Staley has so far avoided accountability in the United States,” the senator said.
Warren has now called on the Federal Reserve Board, the Office of the Comptroller of the Currency (OCC), and the Federal Deposit Insurance Corporation (FDIC) to publicly announce the launch of an investigation into former and current banking executives who may have aided Epstein, by 7 November.
She also asked for private confirmation that an investigation had been opened specifically into Staley’s conduct by 14 November. Wrongdoing could ultimately result in a fine and a potential ban from working in the US banking sector.
“It is critical to send a message to the public and current bank employees that this type of egregious misconduct has no place in the American banking system,” Warren’s letter said.
It would be another bruising development for Staley, who in June lost a legal attempt to overturn his lifetime ban from the UK financial sector imposed by UK’s Financial Conduct Authority (FCA) in 2023, after he was found to have misled the watchdog over his relationship with the sex offender.
The FCA’s original investigation, triggered by a cache of more than 1,200 emails between Staley and Epstein, concluded that the pair were “indeed close” and had a relationship that “went beyond one that was professional in nature”.
Warren also called for investigations into other top executives that may have supported the late financier’s crimes. “Staley is not the only bank executive with concerning ties to Epstein. For example, according to Staley’s sworn deposition, he discussed Epstein with CEO Jamie Dimon on at least two occasions,” the letter stated.
Dimon has previously denied Staley’s claim and stated that he does not recall knowing anything about Epstein until years after the firm effectively severed ties with the sex offender. JP Morgan declined to comment.
“The Fed, OCC and FDIC should investigate any other current or former banking executives who engaged in similar conduct to determine whether their conduct satisfies the legal standards for a ban on working in the banking industry and civil monetary penalties,” Warren said.
“Any banking executives who facilitated the crimes of one of the world’s most notorious sex criminals should be held to account,” Warren’s letter added.
Donald Trump has come under fire for his own social ties to the sex offender, who was a longtime friend until they fell out in 2004. The president made releasing the Epstein investigative files part of his campaign platform, but has failed to do so. He has referred to the furore over the files as a Democratic “hoax”.
The news of Warren’s letter came as two new lawsuits were filed by an anonymous plaintiff against Bank of America and the Bank of New York Mellon (BNY), alleging that banks illicitly enabled Epstein’s sex trafficking. BNY has said the claims “are meritless and we will vigorously defend against it”. Bank of America echoed those comments, saying: “We will vigorously defend ourselves in this matter.”
The Guardian contacted Staley’s legal representative for comment.
In June, after the loss of his legal challenge against the FCA, Staley said he was “disappointed” by the outcome but was “never dishonest”.
