JPMorgan Chase¡¯s decision to stop doing business with Jeffrey Epstein became easier after there was no one at the bank to advocate for him, a top executive at the largest U.S. lender has said in a deposition taken in connection with two lawsuits arising from the institution¡¯s nearly 15-year relationship with the disgraced financier.
Mary Erdoes, head of JPMorgan¡¯s asset and wealth management division, said in a March deposition reviewed by The New York Times that she decided to dismiss Epstein as a client in summer 2013 because of concerns about repeated large cash withdrawals from his many accounts with the bank.
She said an annual review of Epstein¡¯s accounts took place several months after James Staley, who had been a top private banker at JPMorgan and was the main advocate for Epstein, left the bank in January 2013.
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