logo
JPMorgan Said It Suspected Staley Involved in Epstein Crimes

JPMorgan Said It Suspected Staley Involved in Epstein Crimes

Bloomberg07-03-2025
By and Jonathan Browning
Updated on
Save
JPMorgan Chase & Co. told British regulators it believed Jes Staley might have been involved in Jeffrey Epstein's crimes, shortly before the watchdog opened a formal investigation into the former Barclays Plc boss in 2019, a court heard Friday.
The Wall Street bank told the Financial Conduct Authority that it had information that 'indicated involvement of Mr. Staley in criminal activity related to Mr. Epstein's trafficking convictions,' according to Mark Steward, head of enforcement at the FCA. Staley spent more than 30 years at JPMorgan, running its private bank for several years.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

BP makes its biggest oil and natural gas discovery in 25 years in Brazil as it refocuses on fossil fuels
BP makes its biggest oil and natural gas discovery in 25 years in Brazil as it refocuses on fossil fuels

CNN

time18 minutes ago

  • CNN

BP makes its biggest oil and natural gas discovery in 25 years in Brazil as it refocuses on fossil fuels

Source: Reuters BP has made its largest oil and natural gas discovery in 25 years off the coast of Brazil, it said Monday, in a potential big boost for the British company following its strategic shift away from renewable energy to refocus on fossil fuels. BP (BP) is seeking to bolster oil and gas in its portfolio to regain investor confidence and revive underperforming shares. It said it planned to create a major new output hub at the Bumerangue discovery in Brazil, which a BP spokesperson said was probably the company's biggest since Shah Deniz in 1999, a gas and condensate field in the Azeri part of the Caspian Sea. Shah Deniz, with around 1 trillion cubic meters of gas and 2 billion barrels of condensate initially in place, produced 28 billion standard cubic meters of gas last year, according to BP. It gave no reserve estimate for the Brazilian block. 'Brazil is an important country for BP, and our ambition is to explore the potential of establishing a material and advantaged production hub in the country,' said Gordon Birrell, BP's production and operations chief. BP shares gained 1.3% by 7:07 a.m. ET, outperforming a broader index of European energy companies, which was up 0.1%. 'Although we cannot extrapolate as it is too early, and each well and each reservoir is different, we believe the data… provides support that the potential scale for this 100% BP discovery could be a game-changer,' Bernstein analyst Irene Himona said in a note. BP, which forecast its oil and gas production at 2.3 million to 2.5 million barrels of oil equivalent per day by 2030, said this was its 10th discovery this year, following findings in Trinidad, Egypt, Brazil and others. Production in 2024 was 2.4 million barrels of oil equivalent. BP expects production to be lower in 2025. BP had secured the Bumerangue block in the Santos basin amid pre-salt rocks in deep water off the coast of Brazil in December 2022 with what it said were 'very good commercial terms.' Early results indicate elevated levels of carbon dioxide in the Brazilian block, BP said, adding that further analysis would give more insight into its potential amid a bigger drilling program in Brazil. BP is set to report its second-quarter results Tuesday. See Full Web Article

Trump claims banks discriminate against conservatives through debanking. Here's what that means.
Trump claims banks discriminate against conservatives through debanking. Here's what that means.

CBS News

time31 minutes ago

  • CBS News

Trump claims banks discriminate against conservatives through debanking. Here's what that means.

President Trump on Tuesday claimed that major banks are discriminating against conservatives — including him — through the act of debanking, or when financial institutions refuse to work with some individuals or businesses or abruptly close clients' accounts. Mr. Trump made the comment in an interview with CNBC on Tuesday, after he was asked about a report by the Wall Street Journal that said he would soon sign an executive order aimed at stamping out debanking. Mr. Trump claimed that JPMorgan Chase gave him 20 days to close his account, although he didn't specify when this occurred or what reason he was given by the bank for doing so. He also claimed that Bank of America refused his business after he left JPMorgan. The issue of debanking has become a sticking point for some conservatives who claim that they've been unfairly targeted by financial institutions. Debanking can occur for a number of reasons, such as if a financial institution detects potentially fraudulent activity or the account owner is overdrawn, but some conservatives claim they have been rejected due to their political views. "They discriminated against many conservatives," the president told CNBC. Bank of America CEO Brian Moynihan rejected such allegations of bias against conservatives, in a recent interview on CBS News' "Face the Nation with Margaret Brennan" that took place ahead of Mr. Trump's comments on CNBC. Moynihan pointed to the nation's second-largest bank's massive customer base as evidence of its diverse clientele. He also emphasized the impact of federal regulations, in addition to concerns over legal and financial risk, on banking decisions. "We have 70 million consumers, and we're the biggest small business lender. That's not — the issue they're focused on is the regulators impact on this industry. And you heard Senator Scott talk about this this week. This reputation, this after the fact, look, that you banked x, and now after the fact, you're gonna say x didn't turn out to be what you thought," the CEO told Margaret Brennan. "So we look at it. We look at it based on risk. People may feel those decisions are made for some other reason, but we always make it on what's best for our company, what's best for our client." At a Senate hearing in February over the issue, Sen. Tim Scott, a Republican from South Carolina, said debanking harms individuals as well as the economy, and violates the principles of fair market access. Debanking has also been highlighted by some crypto investors, such the CEO of crypto platform Anchorage Digital, who testified in the Senate hearing that his bank had closed his company's account on short notice because they weren't comfortable with crypto transactions. The White House declined to comment on the EO. JPMorgan Chase said in a statement that it doesn't close accounts for political reasons, adding that it agrees with Mr. Trump that "regulatory change is desperately needed." It added, "We're pleased to see the White House is addressing this issue, for which we've been advocating for many years, and look forward to working with them to get this right." Earlier this year, Bank of America said, "Political beliefs are not a factor in account closure decisions." Referring to the reported EO, the bank said in a statement that it welcomes "regulatory clarity" from the Trump administration. Reached for comment on Mr. Trump's recent comments, Bank of America pointed to its earlier statement. Debanking isn't just happening at banks, said Nicholas Anthony, a policy analyst at the libertarian-leaning Cato Institute. "This can be something that happens to you at a credit union, at a cryptocurrency exchange or anywhere else really," Anthony said. "It's just having that sudden abrupt closure of your financial account where you've been, and essentially kicked out of the system or cut off from the system." Banks are not required by law to give account owners a reason for why their account is being closed. Under the Bank Secrecy Act, banks are obligated to track their customers' activity and file a so-called suspicious activity report (or SAR) if they notice anything unusual. Banks aren't allowed to disclose to customers if there's a SAR, which can leave some people in the dark if their account is shut for this reason. "It's a terrible feeling to suddenly have this relationship cut off, and you really don't know why," Anthony said. "In a lot of cases, it's by federal law that banks can't tell you what happened, and you're kind of left to just spiral there." More than 8,000 consumers filed complaints with the Consumer Financial Protection Bureau during the last three years related to their financial institutions' "improperly closing checking, savings or other deposit accounts," according to a February analysis from the U.S. Senate Committee on Banking, Housing and Urban Affairs. By comparison, consumers made about 1.3 million complaints about credit reporting in 2023 alone, according to CFPB data. Banks can close accounts if they suspect fraudulent or suspicious behavior, or if a customer violates their terms. In the complaints cited by the Senate banking committee analysis, some consumers said they had faced overdraft fees due to overdrawn funds before their banks shuttered their accounts, for example. But there's no data that tracks whether people or institutions are debanked due to their political views, although there are anecdotal accounts, experts said. "There is no actual data or proof that conservatives are being debanked for their beliefs," Jeremy Siegel, senior associate at research firm Pleiades Strategy, told CBS MoneyWatch. "In fact, Florida set up a hotline for this very reason, and got zero complaints. A Virginia Credit League Lobbyist said this in his testimony against a similar bill in Virginia." Banks set risk tolerances and conduct their business within those perimeters, added Shayna Olesiuk, director of banking policy at Better Markets, a financial advocacy group. "They must always understand and manage any risk that they are accepting in their business activities and decisions; this could include things like financial risk or unlawful or discriminatory activity," she added. There have been allegations from some conservatives that their political views led to account closures. The attorney general for Kansas, Kris W. Kobach, sent a letter to Bank of America last year, alleging discrimination by the bank of religious groups he states had their accounts closed without explanation. Banking policies appear "to be systematically punishing religious and political views with which it disagrees," the Kobach claimed in the letter. But some of these organizations had red flags that could have led to the debanking, such running a debt collection business outside of the U.S., Cato's Anthony added. "There are anecdotal cases of conservative account holders that have had their accounts closed, but at the same time, we see that with others as well," he added. "There's been a longstanding history of people who are Muslim having their accounts denied, people with Russian last names or Middle Eastern last names for that matter, having their accounts denied." "It seems to be a widespread issue in the sense that it affects all different sorts of people," Anthony said.

Trump says big banks have turned him away, revives discrimination allegations
Trump says big banks have turned him away, revives discrimination allegations

Yahoo

timean hour ago

  • Yahoo

Trump says big banks have turned him away, revives discrimination allegations

President Trump said banks have turned him away and revived allegations of discrimination against his supporters by large banks while previewing a new executive order to punish those companies. The president was asked in an interview with CNBC on Tuesday about The Wall Street Journal's reporting on a new executive order, which would direct bank regulators to investigate financial institutions for violations of the Equal Credit Opportunity Act, antitrust laws or consumer financial protection laws. Trump insisted that banks do discriminate, giving the example of him being turned away from working with JPMorgan Chase after banking with the company for about 40 years. 'I could see if they want to … do something bad, because you don't have any money and you're defaulted. Take those people out,' Trump said. 'I'll give you me as an example. I had hundreds of millions. I had many, many accounts loaded up with cash, loaded up with cash, and they told me, 'I'm sorry sir, we can't have you. You have 20 days to get out.'' He also said he would call Bank of America CEO Brian Moynihan 'routinely' and that he was 'kissing my a‑‑ when I was president' but then turned him away after his first term. Trump said he went to smaller banks to deposit his money. 'When I called him after I was president to deposit a billion dollars plus, and a lot of other things, more importantly to open accounts … he said, 'We can't do it,'' Trump said, referring to Moynihan. 'I ended up going to small banks all over the place. I mean, I was putting $10 million here, $10 million there … the craziest thing. And it's lucky I even had them. They were doing me a favor and that's because the banks discriminated against me very badly, and I was very good to the banks,' the president added. 'Had the greatest economy in the history of our country when I was president. And by the way, our economy now will blow that away, as you see it happening.' 'We welcome the Trump administration's efforts to provide regulatory clarity to banks. We've provided detailed proposals and will continue to work with the administration and Congress to improve the regulatory framework,' a Bank of America spokesperson said, opting not to response to the president's comments to CNBC specifically. JPMorgan Chase said politics are not considered when accounts are closed, adding that they hope to work with the administration on the upcoming order. 'We don't close accounts for political reasons, and we agree with President Trump that regulatory change is desperately needed. We're pleased to see the White House is addressing this issue, for which we've been advocating for many years, and look forward to working with them to get this right,' a spokesperson said. The president on Tuesday argued, without evidence, that big banks discriminate against his supporters, renewing allegations long advanced by Republicans who have criticized a series of actions by major financial firms. During a speech at the World Economic Forum in Davos, Switzerland, in January, Trump also accused large banks of discriminating against conservatives. JPMorgan Chase and Bank of America pushed back on his comments at the time. In his CNBC interview, Trump further claimed without evidence that former President Biden's administration told banking regulators to 'destroy Trump.' 'They discriminate against many conservatives … I think the word might be Trump supporters more than conservatives,' Trump said. The Wall Street Journal reviewed a draft of the new executive order, which could be signed as soon as this week. The outlet reported that banks that are found in violation of anti-discrimination laws would be subject to fines or disciplinary measures and while it doesn't name any specific banks, it appears to refer to Bank of America as an example of an alleged discriminatory bank. Updated: 2 p.m. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. Solve the daily Crossword

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store