Senate Democrats are preparing to investigate JPMorgan Chase’s long-standing banking relationship with Jeffrey Epstein, the late convicted sex offender. Democratic staffers on the Senate Finance Committee are planning the probe. Senator Ron Wyden is expected to chair the committee.
The inquiry follows Democrats’ takeover of both chambers of Congress in the midterm elections. It is expected to examine how senior executives at the nation’s largest bank handled the relationship with Epstein, with particular scrutiny on Mary Erdoes, CEO of JPMorgan’s Asset & Wealth Management division.
The investigation reopens a damaging chapter for the bank. JPMorgan has previously paid hundreds of millions of dollars to settle lawsuits related to its facilitation of Epstein’s sex-trafficking operation.