Story 235

2/2 After I submitted the Telegram story, I realised it would be irresponsible to fail to mention JPM’s connection to Epstein, which is especially amusing given that Jamie Dimon presents himself as a morally-superior leader amongst his peers in finance.

JPM provided banking services to Epstein for years after his 2008 conviction, during which time internal concerns were raised. In 2023, the bank agreed to pay $290 million to victims, along with an additional settlement with the U.S. Virgin Islands, resolving claims related to its role in facilitating his financial activity.

JPMorgan was not alone. Deutsche Bank, which later took Epstein on as a client, agreed to pay $75 million to victims and was fined separately by regulators for compliance failures. Bank of America has also faced litigation, agreeing to a $72.5 million settlement tied to allegations that it failed to act on warning signs connected to Epstein’s network. Other institutions, including Bank of New York Mellon, have been drawn into related claims.

The issue has not been confined to banks. At Apollo Global Management, co-founder Leon Black stepped down as chief executive in 2021 following disclosures that he had paid Epstein more than $150 million for tax and advisory services over a number of years. An internal review found no evidence of involvement in Epstein’s criminal activities, but concluded that the payments reflected poor judgement and created significant reputational risk for the organisation.

These cases sit alongside a broader pattern of enforcement actions across the industry. Over the past decade, large financial institutions — including JPM, Bank of America, HSBC, Barclays, and others — have paid billions of dollars in fines related to mortgage practices, anti-money laundering failures, and market conduct.

Set against that backdrop, it is perhaps not surprising that more overt forms of misogyny continue to gain traction elsewhere. The rise of the so-called “manosphere” — a loosely connected ecosystem of online communities that normalise hostility towards women — does not exist in isolation. It reflects, and is reinforced by, a broader environment in which inequitable behaviour is tolerated, minimized, or absorbed without meaningful consequence.

But, ladies, it’s especially important we “smile more” because surely that will make all the difference.