Former Barclays CEO, Jes Staley, had a 30-year career at JPMorgan Chaseworking as an investment banker. In his role overseeing wealth management, Staley developed a relationship with a new client, Jeffrey Epstein, and over the next 14 years became a close friend. This would lead to a major conflict of interest when Epstein was arrested for child sex-trafficking in 2006 and JPMorgan had to decide whether to keep him on as one of their top-three clients, or acknowledge the hundreds of red flags in Epstein’s account activity. In January 2013, JP Morgan officially ended their client relationship with Epstein, the same month Jes Staley would resign. Staley claims there is no connection between his and Epstein’s departures.
Their six years’ of emails, unsealed in U.S. Virgin Islands v. Estate of Jeffrey Epstein in late 2025, show a very close, and often inappropriate relationship between a banker and his client.
These are their emails, all typos included.
Jeffrey Epstein begins his 13-month sentence for solicitation of prostitution of a minor
June 30, 2008
JS: I miss you. The world is a tough place. Hang in there.
JE: So am I
JS: Jamie wants me to tell him how much I should make this year, given the expected bank results and my results. To put in context, my business will be down around 15% this year. What do you think? I hope you’re managing. I miss our calls. It’s boring without you around? Do you have any books yet?
JE: Tell him a one million dollar increase to 25 million. The times are tougher and the market would pay more for you to be a trouble shooter at one of the messes. Plus options. You can point out that your options aren’t worth much, and that for two years you were underpaid. He cannot reduce your salary. It can’t be stay with me and you’ll be fine, and the future will take care of itself, and when the future is tough ou get penalized. DO Not give in. I’ll try to call later today.
JS: [Says he is in Miami three times in January and asks if he can visit.]
JE: Yes, don’t give in to a reduction…
JS: Hey boss, We just got done with Jamie’s off site. I think we did ok. The mortgage market continues to deteriorate. But with commodities coming off we are betting that the markets will start to improve…I hope you are hangin there [sic]. Just think of the island and my boat anchored in front. I do.
JS: I’m trying to do two deals at the same time: buy dimensional and sell american century. It’s going to be an interesting fall. I will miss stopping by your office for advice.
JS: Wamu is an unbelievable deal. But thus [sic] is still going out of control. I need a break.
JE: Ou’ll have plent of time. Enjoy this, its a once in a lifetime opportunity, make friends. Keep your eyes open for opportunity.
JS: I miss you. What a deal Jamie did. I’m spending a lot of time with Treasury. The Private Bank has brought in $44 billion dollars in the last two weeks. Unreal. Also do u know Sheldon Adelson? I am throughing [sic] him out of the bank on Monday. Thanks for the note.
JS: I hope you keep the island. We all may need to live there.
JS: I am dealing with the Fed on an idea to solve things. I need a smart friend to help me think through this stuff. Can I get you out for a weekend to help me (are they listening?).
[Staley forwards Epstein a term sheet that was sent to others at the Treasury/Fed]
JS: My one exposure is if Glenn slips. He has to stay correct, and show calmness.
JE: sunday will not work for me. everyone is gone except the housekeepers, you are more than welcome to use the house. you will be well looked after. The chef from paris is there.
JS: I think I will head back. If something changes, let me know. Otherwise I’ve asked Rosa to make a date free in early January for me to visit the Palm Beach office and spend some time with you.
JE: david gergen is coming to see me today.. We should talk before twelve.
JS: Sorry I missed you today. The Ford TALF deal is a big deal. Let’s talk tomorrow.
[Epstein forwards an e-mail from Andrew Farkas to Jes Staley with a presentation on an investment management entity called Asset Alliance.]
JE: [asks Staley for his thoughts on the dock]
JS: It raised more questions than answers. A diversified asset management business with only $10 billion doesn’t have much financial leverage. But, as you know, I like the business of managing money.
JE: American century?
JS: I may have resolved it today. I will call u after lunch.
JE: [Subject “Alexa,” Staley’s daughter] alexa can meet have dinner lunch a weekend with any of the following seth lloyd mit quantum computing… murray gell-man, santa-fe institute, quarks…brian greene columbia – string theory…leonard susskind…strings theory, lawrence krause…origins institute phoenix arizona…lee smolin perimeter institute, loop quantum gravity, she can see the large hadron collider in switzerland. private tour.
JE: well for all intends and purposes peter mandelson is now deputy prime minister.
JE: peter will be staying at 71 st over weekend, do you want to organize either you, or you and jamie,, quietly,, up to you.”
JS: We settled with Am Century. Details tomorrow. I kept reminding myself of this being ‘cute.’ Thanks for your counsel.
Jeffrey Epstein was released from jail on July 22, 2009
JE: Free and home.
JS: Three solid days of reviewing our $20 b real estate portfolio.
[In September 2009 there are a number of e-mails in which it appears Epstein has advanced knowledge of Staley’s move into the IB CEO role.]
JE: are you available to take a call from the chairman of sal Oppenheim.
JS: [writes to Epstein that he is on his (Staley’s) boat and that he will be] in London with Jamie, mid week.
JE: how long in London? Do you need anything there?
JS: Yep.
JE: I am told you are on track.
JE: slow, thoughtful, unemotional…the thought is that co-head of both asset and ib is ok. steves really a dead man walking. So little he can do.
JS: Meeting Blair in a few minutes.
JE: more edits? What day london? Keep an eye on steve, ithink [sic] he now knows.
[Sultan Ahmed bin Sulayem e-mails Epstein an article about Willis Knuckles, who lost his position when a picture was published of him engaged in sexual relations with two women. Epstein forwards the graphic image to Staley.]
JE: message to be delivered THREE parts. 1—I know this must be difficult for you…2. I will really need you help. you’ve done a great job…. 3. I would like this transistion to go as smooth as possible, and would welcome any suggestions. ==========Nothing more, short sweet in response to any questions – there are lots of details to be worked out… you and I need to spend some real time WHEN I GET BACK.
[Kristin Lemkau sends Staley a draft organizational announcement regarding Steve Black becoming Execut(ing) Vice Chairman and Staley stepping into the CEO role. Staley then forwards to Epstein as “FYI.”]
JE: Steve and you should agree guidelines for comp, so it protects you from him promising someone something for the next year that you will be forced to live with. He and you should agree on comp, and then he should execute… stay out of it, but oversee it. your risk is he will make you look like the bad guy, for people that you will have to win over!
[Epstein and Staley appear to exchange edits on a speech that Staley is delivering which appears to be hosted by the Bahrain Economic Development Board, Central Bank of Bahrain, and Bahraini Association of Banks.]
JE: [Gordon Brown ordered to repay £12,000 of expenses] This is why you should sit with Peter.
JE: sorry, didn’t get back to you last night…had sultan and one of putin’speople here.”
JE: feel free to call often, it is difficult for the quarterback to see the playing field. That’s why he calls up to the box.
JE: my suggestion Your first Great move, should be a new CHina initiative. first it was alternative investments now china. you should have a dedicated china entity, with its own board of advisors, should include china (politicos). they love to travel, you should be their link to treasury, or you can issue credit default swaps for their investment in us (co), and you can ask the treasury to be the third party – just an example.
JE: One big problem that in china is how to maintain good relationship (Guangxi) with the employees/ Chinese emphasize courtesy and face-saving. This has to do with China’s culture. Being courteous to government officials, and employees are essential. Chinese people are hospitable, but it is easy to insult them, like blacks who don’t want to be dissed. This craziness is accentuated in the north, which has complex rules of ‘face-saving.’ I will send someone to you this week for a coffee, that will explain some of this.
JE: “I have organized a quick tutorial for you tomorrow at any time, oxford educated, speaks fluent chinese…. The answer to ‘do you move your trading op there is’ ASK THEM…make the chinese part of the process. I want to build a relationship, I seek your advice, we are in this for the long term. I have the greatest respect for your culture, and will attempt to learn, forgive me if I make mistakes early, it is only out of a desire to learn, BLAH BLAH BLAH.
JS: [Asks if they can be in London because he is there] tonight and tomorrow night beginning the management changes I need to make.
JE: [Says that the individual is in New York and then] “I will lay the groundwork.”
[Epstein writes Staley an extensive e-mail laying out the steps necessary for JPMC to expand its business in China down to details surrounding culture, office locations, and suggestions for approaching government officials.]
JS: Any chance I can go to Santa Fe?
JS: So when all hell breaks lose, and the world is crumbling, I will come here, and be at peace. Presently, I’m in the hot tub with a glass of white wine. This is an amazing place. Truly amazing. Next time, we’re here together. I owe you much. And I deeply appreciate our friendship. I have few so profound.
JE: I think you might want to approach abu dhabi, and say as a key player in the world financial system, you will advise them for free. If and only if they decide to implement your advice i.e. sale of assets. thats how you will be compensated. just an idea.
[Staley forwards Epstein what appears to be an internal e-mail regarding discussions with senior officials in the Dubai and Abu Dhabi departments of finance. Brian Sankey suggests that Jes Staley speak with Hani Deaibes who is a current JPMC employee involved in Middle East Debt Capital Markets]
JE: The first most elegant deal that you can do is to have China buy Dubai World Ports. They want turnkey, ops where they can then use their worldwide construction (cos) for building. would be a first great deal for the new ceo of the IB.
JS: I realize the danger in sending this e-mail. But is was great to be able, today, to give you, in New York City, a long heartfelt hug. To my friend, thanks. Jes.
JE: you were with larry, and I had to put up with…” [Attached to the e-mail is an image of a young woman wearing a revealing outfit in a modeling pose]
JS: Don’t tell me a French wine.
JE: if you can have a one on one off the record with sultan, he will meet you…
JE: no to china/ports yet…sultan will meet you privately to give you guidance, on the players, the groundwork is well prepared. Remember you are going as the senior statements, you do not need to talk about the nitty gritty of deals…leave that to underlyings.
JE: [to Sultan bin Sulayem] sultan, jes is free thurs,, from 5-10pm. Where and when,, only the two of you please.
JE: sultan is laying the groundwork for you to establish a serious presence.. Jpm reputation in the region is poor. I understand it comes from not being fooled. However, I think it in your interest to rebuild. The swiss banks, are no longer sacrosanct, the wealth management, and IB, are open opportunities and I like china very much personal.
JE: having fun?
JS: Wild. Just saw the crown prince.
JE: do you think Jamie would consider upping the amount paid to the small business fund by an additional 25. If the tax bonuses was lowered?
[Staley sends an email to Epstein which includes a lengthy list of bullet points, some of which include confidential JPMC information, that appear to address questions surrounding an internal discussion on compensation with JPC (potentially for the Firm’s Risk Committee).]
[Epstein e-mails Staley with a blank e-mail that includes an attachment which appears to be a modeling photo of a young woman.]
JE: I think your presentation to the risk committee should be made by others, and attended by you. “I’ve asked them to explain to US”…not you explaining to them. it’s too early for you to be seen as lecturing slowly slowly.
TO BE CONTINUED…
Ellie is an author, editor, and owner of Red Pencil Transcripts, and works with filmmakers, podcasts, and journalists all over the world. She lives with her family just outside of New York City.