New Files Show Epstein Was ‘Too Useful’ for Banks to Drop — Trump Was ‘Too Politically Dangerous’ to Keep
Newly released deposition testimony related to Jeffrey Epstein offers a detailed look at how major financial institutions assess risk, value, and accountability—and why those standards are not always applied consistently.
The testimony does not introduce new allegations against Epstein. Instead, it explains why he remained a viable banking client for years after his 2008 conviction and why his relationships with major financial institutions endured despite generating little conventional revenue.
That same institutional logic, critics argue, later appeared in JPMorgan Chase’s decision to sever ties with Trump Media & Technology Group. The contrast between the two cases highlights how selectively banking standards can be enforced.
In the deposition, Paul Morris—a private banker who managed Epstein’s accounts at JPMorgan Chase and later at Deutsche Bank—described Epstein’s financial profile in precise terms. Epstein engaged in minimal trading activity, generated limited fees, and did not use the investment products banks typically rely on for steady revenue. By traditional measures, he was a low-value client.
Yet the banking relationship continued.
According to Morris’s testimony, Epstein was retained not for financial performance but for strategic usefulness. Morris acknowledged that Epstein facilitated introductions to ultra-wealthy individuals the bank viewed as high-priority prospects. Among them was Leon Black, identified as a key target due to his substantial net worth and influence in the investment world. Epstein also introduced the bank to real estate investor Andrew Farkas and discussed a potential connection involving biotech investor Boris Nikolic, who had ties to Bill Gates.
These introductions were initiated by Epstein, documented internally, and treated as valuable business development opportunities.
The testimony suggests Epstein was not managed as a traditional client. Instead, he functioned as a relationship broker in a system where access to power and wealth can outweigh account-level profitability. While banks publicly emphasize compliance and risk controls, the deposition illustrates how those controls can loosen when a client provides access that cannot easily be replicated.
Morris’s selective recollections reinforce that point. He could not recall how he learned of Epstein’s work with Leon Black or why certain introductions occurred. Yet he described in detail how banks define “priority prospects” and how such relationships affect internal metrics, bonuses, and advancement. What was remembered—and what was not—reflected the incentives driving the relationship.
That framework becomes clearer when compared with JPMorgan’s treatment of Trump Media & Technology Group. According to public statements by CEO Devin Nunes, Special Counsel Jack Smith secretly subpoenaed JPMorgan for Trump Media’s banking records, even though the company did not exist during the period under investigation. Trump Media was never notified, but JPMorgan complied immediately.
Banks typically seek to challenge or narrow subpoenas that lack a clear legal basis. In this case, no such effort was made. The timing further raised concerns: as Trump Media prepared to go public and raise substantial capital, JPMorgan abruptly closed its accounts. The move occurred while the Department of Justice inquiry was ongoing and at a moment when stable banking access was critical.
No new risk factors were cited, and no regulatory action had been taken against the company. JPMorgan acted unilaterally, and its public assertion that political considerations played no role has been questioned by critics.
Placed alongside the Epstein record, the contrast is stark. Epstein had a criminal conviction, minimal financial activity, and numerous compliance red flags, yet banks retained him because he offered access to influential individuals. Trump Media had no criminal exposure, no regulatory findings, and no financial irregularities, yet lost banking services during a politically sensitive federal investigation involving President Trump.
Risk alone does not explain the difference. Incentives do.
The Epstein disclosures illuminate how major banks navigate these decisions: clients who provide proximity to wealth and influence may be deemed worth the compliance risk, while clients associated with political consequences may be treated as expendable regardless of financial standing.
Taken together, the filings point to a system in which access—not ethics—often determines who remains bankable and who is cut off.
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