Jamie Dimon, JP Morgan's chief executive, is facing intense scrutiny from US lawmakers over allegations he lobbied the UK government to water down a contentious tax on banker bonuses, following advice from convicted sex offender Jeffrey Epstein. The renewed focus comes after the release of additional documents from the US Department of Justice, which have shed new light on Epstein's relationships with senior figures within the bank.
According to the newly surfaced messages, disgraced peer Peter Mandelson wrote to Epstein suggesting that Dimon should 'mildly threaten' the UK Treasury over the tax levy. The levy, introduced in 2009, imposed a 50% additional tax rate on bonuses exceeding £25,000. Former Chancellor Alistair Darling recounted a 'very, very angry' phone call with Dimon during which the banking chief reportedly threatened to cease investment in a new London headquarters due to the proposed tax. Despite this pressure, Darling proceeded with the tax, which ultimately collected over £2bn from the banking industry.
The US Senate banking committee has formally engaged with Dimon, requesting explanations and documents related to the messages. A senior Democrat wrote to the executive, stating that 'it is critical for the public to fully understand the extent of any interactions the bank and you had with Epstein.' JP Morgan was among several clients of Epstein's advisory firm, Global Counsel, established after he left government in 2010.
A spokesperson for JP Morgan acknowledged 'any association with the man was a mistake' and that the bank would not have continued business with Epstein if it believed he was engaged in ongoing crimes. The account was exited in 2013, years before Epstein's federal sex-trafficking arrest. The spokesperson reiterated that Dimon was not involved in decisions regarding Epstein's account and maintained that the two had never met.