Yahoo Finance Epstein said to have used Deutsche to move money through 'dozens' of accounts
For years, Jeffrey Epstein used Deutsche Bank (DB) for a significant amount of his financial dealings, according to a report from the Wall Street Journal.
The publication suggested the bank helped the embattled financier move millions in cash and assets through “dozens” of private accounts. Sources told the WSJ that bank executives ended Deutsche’s relationship completely with Epstein just last month.
Now awaiting trial for alleged sex trafficking, Epstein had already served 13 months in a Florida facility on prostitution-related charges when his relationship began in earnest with Deutsche — Germany’s largest bank — according to the report.
“Deutsche Bank is closely examining any business relationship with Jeffrey Epstein, and we are absolutely committed to cooperating with all relevant authorities,” a bank spokesperson told Yahoo Finance in a statement.
On Monday, The New York Times reported that the wealthy financier worked primarily with J.P. Morgan Chase (JPM), while maintaining a personal and professional relationship with money manager Jes Staley — who is now the CEO of Barclays (BCS).
When J.P. Morgan cut ties with Epstein around 2013, the bank did so in part because of concerns about Epstein’s reputation, The Journal reported. He was then embraced by Deutsche Bank, whose dealings have also been at the center of other politically-charged controversies.
After the Miami Herald’s 2018 investigation into Epstein hit newsstands, Deutsche Bank reportedly began to sever its relationship with Epstein.
As prosecutors built their case against the disgraced Wall Streeter, Deutsche Bank flagged suspicious transactions in which Epstein was moving significant cash out of the United States.
The embattled bank has weathered a money laundering probe and come under scrutiny under scrutiny for its cozy relationship with President Donald Trump.
Calder McHugh is an Associate Editor at Yahoo Finance. Follow him on Twitter: @Calder_McHugh.
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