JPMorgan Chase Kept Jeffrey Epstein as a Customer Even After Warnings

The company dropped Kanye West following negative media coverage.

  • The New York Times reported in 2019 that JPMorgan Chase compliance employees combed through their rich clients ten years ago advising the bank to sever its ties with Jeffrey Epstein.
  • Internal communication indicated the employees cited concerns that his accounts presented unacceptably high legal and reputational risks.
  • Yet, Epstein, who has been charged with sex crimes and even pleaded guilty in 2008 to the solicitation of a prostitute, remained a client of the banking giant.
  • JPMorgan Chase’s business practices are in the news again, since they cut ties with rapper Kanye West.
  • While the company didn’t offer a reason for the end of its business dealings, its decision came on the heels of negative media attention and some politically incorrect statements by West.
  • According to the New York Times, some of the bank’s decision to keep Epsten as a client until 2013, well after he pleaded guilty to soliciting, was made by six former executives of the bank.
  • The six employees claimed that one of the executive’s justifications was that Epstein played a valuable role in bringing in new clients to JP Morgan’s private-banking division, which serves ultrawealthy individuals and families, which made the convicted sex offender a very sought-after customer.
  • JP Morgan Chase officially severed ties with West shortly after the debut of his headline-grabbing “white lives matter” t-shirt, which he wore to Paris fashion week.
  • West has made several race-based comments, including that he planned to go “death con [sic] 3 on JEWISH PEOPLE,” which resulted in restrictions on social media.