Key facts
- JP Morgan CEO Jamie Dimon is facing scrutiny from US lawmakers.
- Documents suggest Jeffrey Epstein advised Dimon to "mildly threaten" the UK Treasury over a tax on banker bonuses.
- The tax applied an additional 50% rate to bonuses over £25,000.
- JP Morgan stated Dimon was not involved in decisions regarding Epstein's account and that the bank exited him as a client in 2013.
- Senator Elizabeth Warren has requested documents and explanations from Dimon.
JP Morgan CEO Jamie Dimon is facing increased scrutiny from US lawmakers concerning allegations that he lobbied the UK Treasury on tax matters, allegedly at the suggestion of convicted sex offender Jeffrey Epstein. The controversy stems from recently unsealed documents from the US Department of Justice.
According to the documents, disgraced peer Peter Mandelson informed Epstein that Dimon should "mildly threaten" the UK Treasury over a tax implemented on banker bonuses following the financial crisis. This levy imposed an additional 50% tax rate on bonuses exceeding £25,000. Alistair Darling, who served as Chancellor during the period the tax was introduced, recalled in his memoirs that Dimon was "very, very angry" about the proposal and had threatened to halt investment in a new London headquarters.
Dimon had previously testified under oath in 2023 that he had never met Epstein and denied any association with him as a banking client. However, the resurfaced documents have prompted US Senator Elizabeth Warren to write to Dimon, requesting a full understanding of any interactions between JP Morgan and Epstein, and demanding specific documents. JP Morgan has stated that Dimon was not involved in any decisions regarding Epstein's account and reiterated that the pair never met. The bank also noted that they exited Epstein as a client in 2013, years before his arrest.
The US Senate banking committee has turned its attention to Dimon, with Senator Warren emphasizing the critical need for public understanding of the bank's and Dimon's interactions with Epstein.