Senator Elizabeth Warren has formally asked JPMorgan Chase CEO Jamie Dimon to explain whether he or the bank lobbied the United Kingdom government against a proposed tax on bankers' bonuses after receiving advice from Jeffrey Epstein, according to a letter made public by the Senate Banking Committee on Monday.
The Senate inquiry follows the release earlier this year of documents from the U.S. Department of Justice that renewed attention on interactions between high-profile policymakers, business leaders and the late convicted sex offender.
Warren, who is the top Democrat on the Senate Banking Committee, wrote that Congress and the public deserve a complete accounting of any interactions involving JPMorgan, Dimon and Epstein. The letter seeks clarity on whether any lobbying activities were undertaken based on advice attributed to Epstein.
The request is linked to a Financial Times report that cited Justice Department emails. Those emails, the report said, show that in 2009 then-UK Business Secretary Lord Peter Mandelson told Epstein that Dimon should "mildly threaten" then-Chancellor Alistair Darling over a proposed tax on bankers' bonuses.
Records show Epstein was a JPMorgan client from 1998 until the bank ended the relationship in 2013, several years after Epstein had pleaded guilty to prostitution-related charges. In 2023, JPMorgan agreed to pay approximately $290 million to resolve a class-action suit brought by Epstein's victims.
JPMorgan responded to the reporting with a statement to Reuters saying that Dimon never met or exchanged emails with Epstein and had no role in decisions related to Epstein's banking relationship. The bank added that this position is consistent with Dimon's testimony in a 2023 deposition.
Context and implications
The letter from Senator Warren signals a demand for factual clarity from a leading figure at one of the largest U.S. banks. The exchange of formal questions from a senior senator to a bank CEO centers on whether communications documented in Justice Department emails involved actions or advice that shaped corporate or lobbying behavior.
At issue is whether a 2009 communication attributed to a UK official - as reported - connects Dimon to a suggested strategy of applying pressure on UK fiscal policymakers regarding a bankers' bonus tax. The documents and subsequent public scrutiny have prompted the Senate request for a fuller account.
Next steps
The public record, as cited in the letter and the reporting, provides the basis for Warren's inquiry. The Senate Banking Committee's release of the letter sets a formal pathway for responses; any further developments would depend on the information JPMorgan and its CEO provide to the committee.