Upper Tribunal Tax and Chancery Chamber

UT (Tax & Chancery) UT-2023-000064 - [2025] UKUT 00203 (TCC)

Fecha: 03-Abr-2025

The accuracy of the Statements in the Letter

The accuracy of the Statements in the Letter

The nature and extent of the relationship between Mr Staley and Mr Epstein

The period before Mr Epstein’s conviction in 2008

81.

From 1999 until 2001 Mr Staley was head of JPM’s Private Bank. During this time, Jeffrey Epstein was a client of the Private Bank and was introduced to Mr Staley. In 2001 Mr Staley became CEO of JP Morgan Asset and Wealth Management which he ran until 2009. He reported to Mr Jamie Dimon, the CEO of JPM. Ms Mary Erdoes, who then ran the Private Bank, reported to Mr Staley.

82.

Although Mr Staley, in common with many other influential and respected individuals who came to be associated with Mr Epstein, now regrets that he was associated with Mr Epstein because of the clear evidence that he was a serial sex offender, the association began because Mr Staley regarded Mr Epstein as a highly successful and skilful financier with unique insights into world and United States economics. Mr Staley liked Mr Epstein and respected his views on a wide range of subjects. Mr Staley regarded Mr Epstein as an individual with remarkable connections and a willingness to assist with networking and introductions. He capitalised upon the access he was able to gain to many prominent and influential individuals which led to his cultivation of a substantial network of people in politics, economics, philanthropy, popular culture and science.

83.

The Chief Executive at JPM recommended that Mr Staley should become acquainted with Mr Epstein because he was an exceptionally well-connected man who could help Mr Staley, in his capacity as a senior executive at JPM, to form business relationships with influential and other well-connected individuals with whom he might not otherwise have met or with whom it would have taken much longer to establish a relationship.

84.

Mr Staley explained why he developed and maintained a professional relationship with Jeffrey Epstein as follows:

(1)

He considered that Mr Epstein was an important client to JPM and particularly the private bank.

(2)

Given his connections, he also had access to a good deal of valuable information. He could facilitate access to potential clients, world leaders and people of influence in politics and economics.

(3)

Mr Staley turned to Mr Epstein for advice relating to business and to his own career. Mr Epstein provided such advice because he sought to assist, build and enhance his network of which Mr Staley was a part, which in turn enhanced him.

Mr Staley confirmed that Mr Epstein continued to be part of his network when he left JPM’s Private Bank to run JPM’s Investment Bank.