The Banks That Banked Epstein: JPMorgan, Deutsche Bank & BofA

The Banking Question

Jeffrey Epstein maintained relationships with some of the world's largest financial institutions for decades. Despite his 2008 conviction, multiple banks continued to provide him with services. The resulting lawsuits and settlements have produced some of the largest payouts in the Epstein case.

JPMorgan Chase (1998-2013)

The Relationship

According to court filings and media reporting:

• JPMorgan maintained Epstein as a client from approximately 1998 to 2013
• The relationship continued for five years after his 2008 conviction
• Internal communications showed some bank employees raised concerns about the relationship
• The bank processed transactions that prosecutors later characterized as suspicious

Why JPMorgan Kept Epstein

Court documents revealed several factors, according to Reuters and the New York Times:

• Epstein referred wealthy clients to JPMorgan's private banking division
• Senior JPMorgan executive Jes Staley maintained a personal relationship with Epstein
• Internal compliance warnings were overridden by relationship managers
• The bank's anti-money laundering systems failed to flag suspicious patterns

The Settlements

JPMorgan ultimately paid two major settlements:

Settlement	Amount	Date
USVI Attorney General	$75 million	June 2023
Victims' class action	$290 million	June 2023
Total	$365 million

Jes Staley separately settled with JPMorgan for approximately $80 million over allegations related to his relationship with Epstein, according to Reuters.

Deutsche Bank (2013-2019)

The Relationship

According to regulatory filings and court documents:

• Deutsche Bank onboarded Epstein as a client in 2013, the same year JPMorgan dropped him
• The relationship continued until 2019, when Epstein was arrested on federal charges
• Deutsche Bank processed approximately $150 million in transactions for Epstein
• The bank's compliance department flagged concerns multiple times but the relationship continued

Regulatory Action

The New York Department of Financial Services (NYDFS) took enforcement action against Deutsche Bank, according to regulatory filings:

• The NYDFS found "significant compliance failures" in Deutsche Bank's handling of the Epstein account
• The bank paid a $150 million fine to the NYDFS in July 2020
• The regulator documented instances where suspicious transactions were not properly investigated
• The failures were described as systemic rather than isolated

The Settlement

Settlement/Fine	Amount	Date
NYDFS regulatory fine	$150 million	July 2020
USVI Attorney General	$75 million	October 2023
Total	$225 million

Bank of America (Pending)

The Lawsuit

A civil complaint was filed against Bank of America in October 2025, according to Reuters and the Wall Street Journal:

• The suit alleges BofA maintained a banking relationship with Epstein despite his conviction
• Plaintiffs argue the bank failed to file adequate Suspicious Activity Reports
• The complaint follows the pattern established by the JPMorgan and Deutsche Bank cases
• BofA has not yet settled; the litigation is ongoing

The Systemic Failure

The banking cases reveal a pattern of institutional failure:

Compliance Breakdowns

• All three banks had anti-money laundering (AML) programs that should have flagged Epstein's accounts
• Internal concerns were raised at multiple banks but overridden by business interests
• The profit motive from Epstein's substantial deposits and referrals outweighed compliance concerns

The Handoff Pattern

When JPMorgan dropped Epstein in 2013, Deutsche Bank immediately onboarded him. This pattern suggests the banking system lacked mechanisms to prevent a convicted sex offender from simply moving to another institution.

Regulatory Gaps

• The NYDFS fine against Deutsche Bank was the first major regulatory action
• Federal banking regulators did not bring parallel enforcement actions
• The cases highlighted gaps in the Suspicious Activity Report system

Financial Impact Summary

Institution	Total Cost	Period
JPMorgan Chase	$365M+	1998-2013
Deutsche Bank	$225M	2013-2019
Bank of America	Pending	Various
Total (resolved)	$590M+

What the Banking Cases Established

1. Major banks knowingly served a convicted sex offender for years after his conviction
2. Compliance systems failed despite internal warnings
3. Financial incentives overrode risk management at multiple institutions
4. Regulatory enforcement was delayed and inconsistent
5. The financial system lacked adequate safeguards against the banking of convicted offenders

Primary Sources

1. Reuters, banking settlements — reuters.com
2. New York Times, banking reporting — nytimes.com
3. USVI Attorney General — vi.gov
4. Wall Street Journal, compliance reporting — wsj.com

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Read more about Epstein's financial network or victim compensation. Explore the document library or the case timeline.