Democrats are reportedly preparing to investigate JPMorgan's banking relationship with the late financier and sex offender Jeffrey Epstein, with plans to summon executives from the financial institution to Congress early next year.
The Senate Finance Committee's Democratic members intend to examine how JPMorgan executives managed their dealings with Epstein, who was a significant client for approximately 15 years, according to CNBC.
Epstein died by suicide in jail in 2019 while awaiting trial on federal sex trafficking charges. He had previously pleaded guilty to soliciting prostitution from a minor in 2008, five years before JPMorgan severed ties with him.
Senior Democrats have reportedly been reviewing a detailed report from the Groundwork Collaborative, a left-leaning think tank. The report suggests that Democratic investigations should extend beyond commonly reported topics to include broader inquiries into major sectors.
Instead of focusing solely on specific administration projects or foreign gifts, the document advocates for questioning executives from the health care, technology, energy, and Wall Street sectors regarding the ongoing cost-of-living crisis. This approach aims to address more impactful issues affecting the public.
Senator Ron Wyden, the current ranking member of the Senate Finance Committee and poised to assume the chairmanship in January, alluded to potential oversight actions with a post on X stating, "Subpoenas." The official account for the Senate Finance Committee responded to this post with "Let’s f–king go."
The planned investigations into the Epstein case are expected to target decisions made by Mary Callahan Erdoes, the chief executive of JPMorgan's wealth management division. Erdoes testified that she was aware of accusations that Epstein paid underage girls as early as 2006 but did not terminate his client relationship until 2013.
JPMorgan has previously stated it regrets its association with Epstein while denying any wrongdoing. The bank has pointed to Jes Staley, a former JPMorgan executive who later became CEO of Barclays, as responsible for failing to report criminal activity related to Epstein. Staley has denied awareness of Epstein's crimes.
Court documents filed by the U.S. Virgin Islands in a lawsuit against JPMorgan allege that Erdoes sought Epstein's assistance in 2008, shortly after his guilty plea, to manage fallout from the Bernie Madoff Ponzi scheme. The documents state that Erdoes emailed Staley asking him to contact Epstein.
In 2023, Mimi Liu, co-lead counsel for the U.S. Virgin Islands, argued in federal court that JPMorgan acted as a "full-service bank for Jeffrey Epstein’s sex trafficking," suggesting the institution delayed reporting suspicious transactions until after his death.
JPMorgan settled the U.S. Virgin Islands lawsuit for $75 million and reached a $290 million settlement with Epstein's victims, neither of which involved an admission of wrongdoing by the bank. Staley testified in a London court in 2025 that Epstein possessed a "remarkable ability" to gather intelligence on Wall Street, reportedly knowing more about the bank's upper echelons than Staley himself did.
In August, Wyden accused executives at several financial institutions of "looking the other way" and protecting Epstein during his extensive period of sex trafficking.
The Department of Justice has been releasing documents related to the Epstein case since late 2025, including communications between Epstein and various public figures.