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☆ JPMorgan Chase sues former senior banker with ties to Jeffrey Epstein
▼ + stars: | 2023-03-09 | by ( Hugh Son | ) www.cnbc.com time to read: +1 min

JPMorgan Chase sued its former investment banking chief Jes Staley over his ties to disgraced former financier Jeffrey Epstein, alleging that Staley is to blame for any legal fallout from a pair of lawsuits against the bank. The legal maneuver is the latest twist in cases that have embroiled the biggest U.S. bank by assets. Late last year, the U.S. Virgin Islands and a group of alleged Epstein victims sued the bank, accusing it of facilitating the sex offender's crimes. JPMorgan kept Epstein as a private wealth client until 2013, in part because Staley vouched for him, despite internal concerns after Epstein's 2008 conviction on sex crimes. As pressure on the bank increased, JPMorgan went from defending its former executive in recent weeks to shifting the blame for any Epstein fallout to him.

The Wall Street bank also wants Staley to repay all compensation from 2006 to 2013. Staley has acknowledged having been friendly with Epstein, but expressed regret for their relationship and denied knowing about the financier's alleged crimes. Epstein killed himself in a Manhattan jail cell in August 2019 while awaiting trial on sex trafficking charges. Staley resigned as Barclays' chief executive in November 2021 amid a dispute with British financial regulators examining his ties to Epstein. The cases are JPMorgan Chase Bank NA v Staley, U.S. District Court, Southern District of New York, No.

☆ Jamie Dimon throws Jes Staley off the battlements
▼ + stars: | 2023-03-09 | by ( Neil Unmack | ) www.reuters.com time to read: +4 min

Suing former employees – in this case using an archaic-sounding doctrine that brands Staley a “faithless servant” – isn't a great look, but the bank led by Jamie Dimon has more reasons than most to defend itself. His $400 billion firm is being pursued for unspecified damages by a woman who argues that it knew of Epstein’s sex trafficking venture, and is also being sued by the government of the U.S. Virgin Islands. If JPMorgan loses either of the lawsuits in which it is a defendant, it wants Staley to share in the damages. Current or future employees might worry they too could find themselves branded a faithless servant for failing to disclose moral missteps, or having clients who fall from grace. CONTEXT NEWSJPMorgan on March 8 filed a complaint against former executive James “Jes” Staley, for not disclosing his relations with former client and sex offender Jeffrey Epstein.

☆ Jamie Dimon throws Staley off fortress battlements
▼ + stars: | 2023-03-09 | by ( Neil Unmack | ) www.reuters.com time to read: +4 min

Suing former employees – in this case using an archaic-sounding doctrine that brands Staley a “faithless servant” – isn't a great look, but the bank led by Jamie Dimon has more reasons than most to defend itself. His $400 billion firm is being pursued for unspecified damages by a woman who argues that it knew of Epstein’s sex trafficking venture, and is also being sued by the government of the U.S. Virgin Islands. The bank has delivered a more than 400% total return to shareholders since Dimon took over in 2006, while talking up its “fortress” balance sheet. If JPMorgan loses either of the lawsuits in which it is a defendant, it wants Staley to share in the damages. Current or future employees might worry they too could find themselves branded a faithless servant for failing to disclose moral missteps, or having clients who fall from grace.

☆ Morning Bid: Job runes, China offer sliver of rate hope
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: +5 min

That certainly ups the ante for Friday's monthly employment report and next week's consumer price index releases. But the rate at which people were leaving jobs voluntarily was falling and layoffs were up. Another pause for thought came from China's February inflation numbers that show annual consumer price rises slowed to just 1%, the lowest rate in a year. More broadly on Thursday, interest rates markets retained their dramatic re-pricing and relatively resilient stock markets tilted negative again. The implied end-2023 rate is now above 5.50% - more than a full percentage point above where it was assumed on February 1.

☆ JPMorgan ordered to hand over more Jamie Dimon records in Epstein lawsuit
▼ + stars: | 2023-03-09 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailJPMorgan ordered to hand over more Jamie Dimon records in Epstein lawsuitCNBC’s Eamon Javers joins CNBC's Brian Sullivan and 'Last Call' to discuss the latest developments in former JPMorgan executive Jes Staley’s relationship with Jeffrey Epstein.

☆ Credit Suisse delays annual report after SEC phone call
▼ + stars: | 2023-03-09 | by ( Hugh Son | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCredit Suisse delays annual report after SEC phone callHugh Son, CNBC.com banking reporter, joins 'Closing Bell' to discuss Credit Suisse delaying its annual report, the SEC's concerns around Credit Suisse, and JPMorgan turning on Jes Staley over his relationship with Jeffrey Epstein.

U.S. District Judge Jed Rakoff in Manhattan said the bank must turn over requested documents from 2015 to 2019, a period after JPMorgan had dropped Epstein as a client. The U.S. Virgin Islands has called Dimon "a likely source of relevant and unique information" about why JPMorgan kept Epstein on, and discussions on Epstein's referrals of prominent and wealthy potential clients. Lawyers for the U.S. Virgin Islands did not immediately respond to requests for comment. JPMorgan wants Staley to reimburse it for damages it might incur in the other lawsuits, and return eight years of compensation. The case is Government of the U.S. Virgin Islands v JPMorgan Chase Bank NA, U.S. District Court, Southern District of New York, No.

☆ JPMorgan Sues Former Executive Jes Staley Over Jeffrey Epstein Ties
▼ + stars: | 2023-03-08 | by ( David Benoit | Khadeeja Safdar | ) www.wsj.com time to read: 1 min

Jes Staley has maintained he was friendly with Jeffrey Epstein but never knew about his alleged crimes. JPMorgan Chase & Co. sued former executive Jes Staley over his ties to Jeffrey Epstein , revealing that Mr. Staley has been accused of sexual assault. The bank is facing lawsuits from the U.S. Virgin Islands and from an unnamed woman alleging it aided Epstein’s yearslong sex trafficking by allowing him to remain a client and helping him send money to victims.

☆ JPMorgan Chase sues former executive Jes Staley over Jeffrey Epstein relationship
▼ + stars: | 2023-03-08 | by ( David Goldman | ) edition.cnn.com time to read: +1 min

New York CNN —JPMorgan Chase sued former executive James Edward “Jes” Staley, who was largely responsible for JPMorgan’s 15-year financial relationship with disgraced financier Jeffrey Epstein. By suing Staley, JPMorgan brings its former executive and former Barclays CEO into the court case as a defendant. The US Virgin Islands’ suit did not name Staley as a defendant and he has not been charged criminally with any activities related to Epstein. If successful, JPMorgan’s maneuver could make Staley financially responsible if JPMorgan loses its case. Those email exchanges allegedly continued long after Epstein was convicted, the US Virgin Islands government wrote in its complaint.

☆ JPMorgan sues former exec over ties to Jeffrey Epstein
▼ + stars: | 2023-03-08 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailJPMorgan sues former exec over ties to Jeffrey EpsteinCNBC's Eamon Javers reports that JPMorgan has sued former executive Jes Staley over his alleged ties to Jeffrey Epstein.

[1/3] Jamie Dimon, Chairman of the Board and Chief Executive Officer of JPMorgan Chase & Co., gestures as he speaks during an interview with Reuters in Miami, Florida, U.S., February 8, 2023. Lawyers for the U.S. Virgin Islands did not immediately respond to requests for comment. The U.S. Virgin Islands is seeking damages from JPMorgan for missing red flags about Epstein's misconduct on Little St. James, a private island he owned there. Dimon and Staley, who later served as Barclays Plc's (BARC.L) chief executive, are not defendants in either lawsuit. The case is Government of the U.S. Virgin Islands v JPMorgan Chase Bank NA, U.S. District Court, Southern District of New York, No.

In a Thursday filing in Manhattan federal court, the U.S. Virgin Islands said JPMorgan's wrongful conduct continued at least until August 2019, when Epstein killed himself. The U.S. Virgin Islands called Dimon "a likely source of relevant and unique information" about decisions to retain Epstein as a client, and discussions on Epstein's referrals of prominent and wealthy potential clients. According to the filing, the business referral relationship continued after Epstein stopped being a client. The U.S. Virgin Islands is suing JPMorgan for unspecified damages, saying the bank should have known about its "high-risk" former client's misconduct on a private island he owned there. The case is Government of the U.S. Virgin Islands v JPMorgan Chase Bank NA, U.S. District Court, Southern District of New York, No.

☆ JPMorgan says it is not liable for top banker's ties to Jeffrey Epstein
▼ + stars: | 2023-02-23 | by ( Jonathan Stempel | ) www.reuters.com time to read: +2 min

Lawyers for the U.S. Virgin Islands did not immediately respond to requests for comment. Epstein killed himself in a Manhattan jail cell in August 2019 while awaiting trial on sex trafficking charges. After leaving JPMorgan, Staley became chief executive of Barclays Plc (BARC.L) but resigned in November 2021 amid a dispute with British financial regulators examining his ties to Epstein. Epstein's victims are also suing JPMorgan and Deutsche Bank AG (DBKGn.DE), where Epstein was a client from 2013 to 2018. The case is Government of the U.S. Virgin Islands v JPMorgan Chase Bank NA, U.S. District Court, Southern District of New York, No.

☆ Lawsuit alleges Jeffrey Epstein sent JPMorgan Chase exec photos of young women
▼ + stars: | 2023-02-17 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +5 min

New York CNN —Former Barclays CEO Jes Staley allegedly exchanged sexually suggestive emails with disgraced financier Jeffrey Epstein, some of which included photos of young women, according to newly unsealed passages of a federal lawsuit. He isn’t a defendant in the lawsuit and has not been charged criminally with any activities related to Epstein. The lawsuit alleges JPMorgan Chase “had a more than close-up view of Epstein’s sex-trafficking” and “ignored obvious red flags relating to Epstein’s accounts.”Both JPMorgan Chase and Barclays declined to comment on the newly unsealed passages. I have few so profound.”One month later, Staley allegedly sent another email to Epstein: “I realize the danger in sending this email. JPMorgan Chase did not flag any of the emails between Epstein and Staley in connection with risk reviews, according to the lawsuit: “Moreover, JP Morgan Chase allowed Staley to remain a decision-maker on Epstein’s accounts.

☆ Emails Reveal Deep Ties Between Jeffrey Epstein, Former Barclays CEO Jes Staley
▼ + stars: | 2023-02-16 | by ( David Benoit | ) www.wsj.com time to read: 1 min

Jes Staley has maintained he was friendly with Jeffrey Epstein but never knew about his alleged crimes. Former Barclays PLC chief Jes Staley exchanged more than a thousand emails with convicted sex offender Jeffrey Epstein , some of which included photos of young women in seductive poses, according to court documents released this week. The emails, revealed by the U.S. Virgin Islands government in a lawsuit against JPMorgan Chase & Co., where Mr. Staley was once a top executive, shed new light on the relationship between the banker and the late financier who was charged with sex trafficking before his apparent suicide in 2019.

☆ Jeffrey Epstein emailed multiple pictures of women to a JPMorgan Chase executive who was supposed to be regulating his bank accounts, lawsuit says
▼ + stars: | 2023-02-16 | by ( Matthew Loh | ) www.businessinsider.com time to read: +3 min

Jeffrey Epstein would email photos of young women to his banker at JPMorgan Chase, a lawsuit says. The convicted sex offender and his banker, longtime JPMorgan Chase executive Jes Staley, would write to each other about how they had "fun," the lawsuit said. Other newly unredacted details show that 20 of Epstein's sex trafficking victims were paid through his 55 JPMorgan Chase accounts, Insider's Lloyd Lee and Jacob Shamsian reported. Despite Staley's apparent close friendship with Epstein, JPMorgan Chase allowed Staley to manage the multimillionaire's funds, the lawsuit alleged. Staley's lawyer and JPMorgan Chase did not immediately respond to Insider's requests for comments sent outside regular business hours.

Say hi to Snow White," Staley emailed Epstein in July 2010, according to filings on Wednesday with the U.S. District Court in Manhattan. "Beauty and the Beast," Staley allegedly responded, to which Epstein replied: "Well one side is available," according to the filing. According to the lawsuit, Staley exchanged around 1,200 emails with Epstein from his JPMorgan email account between 2008 and 2012. Staley allegedly wrote to Epstein on Nov 1, 2009, describing his relationship with Epstein as "profound". One month later, Staley allegedly wrote to Epstein to say how great it had been to give him "a long, heartfelt hug", after which Epstein allegedly sent Staley two pictures of young women.

☆ Barclays docks execs' pay by 1 million pounds over regulatory failures
▼ + stars: | 2023-02-15 | by ( ) www.reuters.com time to read: +1 min

LONDON, Feb 15 (Reuters) - Barclays (BARC.L) has docked the pay of some top executives by a combined 1 million pounds ($1.2 million) in 2022, following regulatory misteps and a costly overissuance of billions of dollars worth of investment products in the United States. The British bank said in its annual report that it had cut the 2022 bonus for Chief Executive C.S. Venkatakrishnan by 403,000 pounds, while Finance Chief Anna Cross saw her compensation docked by 166,000 pounds. Some long term awards had also been clawed back from former executives, including those earned by ex-finance chief Tushar Morzaria, the bank said. Venkatakrishnan's total pay package for the year was 5.2 million pounds, which the bank said could rise to a maximum 9.7 million pounds if long-term awards were paid out in full.

The banks said there were no allegations they knew about or actively did anything to further Epstein's sex trafficking, and had no legal duty to protect the women from his abuses. The plaintiffs have said numerous cash payments from the banks were used to pay Epstein's victims. Epstein killed himself at age 66 in a Manhattan jail cell in August 2019 while awaiting trial on sex trafficking charges. The cases are Jane Doe 1 v Deutsche Bank AG et al, U.S. District Court, Southern District of New York, No. 22-10018, and Jane Doe 1 v JPMorgan Chase & Co in the same court, No.

☆ JP Morgan 'pulled the levers' of Jeffrey Epstein's sex-trafficking operation, US Virgin Islands says in new lawsuit
▼ + stars: | 2022-12-29 | by ( Jacob Shamsian | ) www.businessinsider.com time to read: +5 min

A new lawsuit alleges JP Morgan facilitated Jeffrey Epstein's sex-trafficking scheme. Earlier this year, the US Virgin islands settled a separate lawsuit, first brought in 2020, with Epstein's estate and its executors. "JP Morgan ignored numerous red flags and failed to comply with federal banking regulations until years later after JP Morgan was no longer benefiting from Epstein's business," the lawsuit says. In addition to the US Virgin Islands, an anonymous "Jane Doe" filed lawsuits against JP Morgan and Deutsche Bank in November, alleging the financial institutions benefitted from Epstein's sex-trafficking operation. That same company, Hyperion Air, is identified by the US Virgin Islands Attorney General as one of Epstein's accounts with JP Morgan.

LONDON, Dec 8 (Reuters) - Barclays (BARC.L) has promoted 85 people to managing director in its investment bank, it said on Thursday, with by far the majority of the coveted titles this year being taken by men. Nor did it give a breakdown of which part of the investment bank those promoted worked in, as it had in previous years. Meanwhile, Barclays Bank PLC, which houses the lender's investment bank, had a mean average pay gap of 43% in favour of men in 2021, the bank's pay gap report states. Barclays' investment bank has been a source of contention in recent years, after previous CEO Jes Staley fended off an activist investor who wanted the unit shrunk. Recent performances have tended to vindicate the investment bank, as in the third quarter this year, when a fixed income trading boom helped it beat market estimates.

☆ Barclays CEO Venkat to undergo cancer treatment, prognosis 'excellent'
▼ + stars: | 2022-11-28 | by ( Lawrence White | ) www.reuters.com time to read: +2 min

LONDON, Nov 28 (Reuters) - Barclays PLC (BARC.L) said on Monday that Chief Executive C.S. Venkatakrishnan would undergo treatment for non-Hodgkin lymphoma, a type of cancer, adding that the condition is treatable and that he would keep working when possible. The CEO, known inside the British bank as Venkat, said in a regulatory filing that doctors have said his prognosis is "excellent", with the treatment in New York expected to last 12 to 16 weeks. Barclays has not appointed an interim chief executive, with Venkat and the lender's executive committee expected to continue running the company, said a spokesperson for the bank. A former JPMorgan banker, Venkatakrishnan has endured a difficult first year in charge of Barclays since taking over from Jes Staley last November.

☆ Barclays CEO C.S. Venkatakrishnan says he has cancer but will continue to run the bank
▼ + stars: | 2022-11-28 | by ( Julia Horowitz | ) edition.cnn.com time to read: +1 min

London CNN Business —The CEO of Barclays said Monday that he has been diagnosed with cancer. Venkatakrishnan, who is known as Venkat at the bank, said in a note to colleagues that he will begin undergoing treatment for Non-Hodgkin lymphoma at Memorial Sloan Kettering Cancer Center in New York. Venkatakrishnan has held the top job at Barclays (BCS) for one year, taking over after the resignation of predecessor Jes Staley. Before joining Barclays in 2016, Venkatakrishnan worked in asset management and as an investment banker at JPMorgan Chase (JPM). He’s not the first CEO of a major bank to be treated for cancer while juggling a demanding role.

☆ Jeffrey Epstein's accusers are suing Deutsche Bank and JPMorgan, accusing them of ignoring 'blatant red flags' that enabled 'commercial sex trafficking'
▼ + stars: | 2022-11-24 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +4 min

Accusers of Jeffrey Epstein are suing Deutsche Bank and JPMorgan, filings show. Epstein would send money to young women and withdraw large sums to pay victims, per the lawsuits. A spokesperson for Deutsche Bank told Insider in a statement: "We believe this claim lacks merit and will present our arguments in court." Another unnamed accuser suing Deutsche says she was sexually abused by Epstein and trafficked to his friends from about 2003 until about 2018, during which time she was paid in cash. The suit says Deutsche ignored several "red flags" included multiple payments to young women and substantial cash withdrawals.

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