Questions mount for JPMorgan over wealth chief’s links to Epstein
Questions are mounting for JPMorgan as to whether its asset and wealth management boss, Mary Erdoes, should remain an employee at the bank given her links to convicted sex offender Jeffrey Epstein.
The latest batch of documents released by the US Department of Justice show that Erdoes had deep ties to the disgraced financier, with the files showing a raft of emails she exchanged with Epstein long after he was first convicted in a Florida courtroom for procuring a minor for prostitution.
Erdoes, who was paid $31mn last year, has admitted to being aware of accusations against Epstein as early as 2006, seven years before JPMorgan cut ties with him, according to a filing released in 2023.
Father Séamus Finn, director of faith consistent investing for the Oblate International Pastoral Investment Trust, who has been a shareholder in JPMorgan for more than 30 years, told The Banker: “Epstein was given privileged access and service by Mary Erdoes.
“How accountable was she for her decision-making? Was she demoted, did she take a salary cut, were there further red flags indicating a need for more supervision?” he said, adding that he is “concerned” she continues to be employed by the bank.
A senior executive at a socially responsible investment firm, who asked to remain anonymous, said: “If Erdoes was not as senior or as powerful as she currently is at JPMorgan, I don’t think she would still be working there. They would have most likely let her go.”
Erdoes was the second-highest-paid executive at the bank in 2025 behind only Jamie Dimon, the CEO. On top of the $31mn she earned last year, she was paid $28.5mn in 2024, $27mn in 2023 and $25.5mn in 2022.
Elsewhere, senior banking executives linked to Epstein are coming under intense pressure over keeping hold of their jobs, with a top lawyer at Goldman Sachs announcing her resignation in February.
Kathy Ruemmler, a senior lawyer at the Wall Street bank and former White House counsel to Barack Obama, said she will quit Goldman in June after the latest documents released by the DoJ revealed the depth of her relationship to Epstein.
Ruemmler, who referred to Epstein in the files as “Uncle Jeffrey”said: “I made the determination that the media attention on me, relating to my prior work as a defence attorney, was becoming a distraction.”
Deutsche Bank’s chief executive Christian Sewing also said last week that the lender had terminated the contracts of some staff as a result of the company’s ties to Epstein.
“Where appropriate, we have taken personnel measures; this includes ending our employment relationships with certain individuals,” Sewing told the German lender’s shareholders at their annual general meeting in Frankfurt on Thursday, according to a report by Bloomberg.
In August 2011, the DoJ files show Epstein emailed Staley and Erdoes about “the French bank rumor problem” referencing market talk that Société Générale was in serious financial difficulties and had held an emergency meeting with France’s then president Nicolas Sarkozy.
Erdoes replied: “We are trying to stem rumors ourselves.”
Erdoes also sent emails of a more personal nature from her JPMorgan email address on multiple occasions, for example, wishing Epstein a “great birthda= [sic] weekend” in January 2012.
In 2019, an email from Epstein’s assistant asked Erdoes to handle Ruemmler’s private banking, describing the Goldman employee as a “powerful woman”.
“Jeffrey wanted me to reach out to you [about] his very good friend and former White House counsel to [President] Barack Obama [sic]Kathy Ruemmler. She would like to open an account with JPM. Jeffrey requests she deal with you personally. Might this be possible?” the email said.
“. . . we will definitley [sic] get her in the right hands,” Erdoes replied.
JPMorgan told The Banker: “We regret any association we had with the man [Epstein]but did not help him commit his heinous crimes.
“The firm filed multiple several Suspicious Activity Reports beginning in 2002 but heard nothing back from the government.
“Mary Erdoes made the decision to close his accounts in 2013, six years before his arrest. Mary has always held herself and her colleagues to the highest standards of integrity and trust, is consistently recognised as one of the top executives in financial services, and continues to be a critically important leader of our firm.”
In 2008, Epstein was convicted in a Florida courtroom of procuring a minor for prostitution, and was registered as a sex offender. He was later arrested in 2019 on federal charges of sex trafficking minors but died in prison while awaiting trial.
DOCUMENTED REFERENCES
Exploring Documented Records
Public interest in the Epstein case continues not only because of court proceedings and testimonies, but also due to the growing body of documented records that help researchers and readers understand the broader context. Beyond legal files and media reports, some independent projects have organized publicly available data connected to Epstein’s activities.
One example is a structured archive of documented Amazon order records, where purchases are cataloged with dates and product details. While individual items do not prove wrongdoing on their own, examining documented information alongside established facts helps paint a clearer picture of the environment and circumstances surrounding the case.
For readers looking to review primary-source style data rather than interpretations, exploring compiled records can provide additional context to the broader discussion.
