The Wall Street Journal: Deutsche Bank managed Jeffrey Epstein’s wealth for years

Deutsche Bank AG played a key role in Jeffrey Epstein’s financial dealings in recent years, helping the accused sex-trafficker move millions of dollars in cash and securities through dozens of private-banking accounts with the German bank, according to people familiar with the matter.

Epstein, a wealthy American financier facing two counts in New York related to alleged sex trafficking of minors, used Deutsche Bank’s DB, +1.92%   private-wealth division to hold and manage assets connected to him, clients or entities he was affiliated with for a number of years, some of the people said.

Bank executives believe they severed the lender’s relationship fully with Epstein by the end of June, the people said. “Deutsche Bank is closely examining any business relationship with Jeffrey Epstein, and we are absolutely committed to cooperating with all relevant authorities,” a spokesman said.

The New York charges come more than a decade after Epstein had been under investigation for similar allegations in Florida. That investigation ended with Epstein signing a nonprosecution agreement in 2007 that immunized him from federal charges. In exchange, he pleaded guilty to two Florida state counts related to prostitution, served a 13-month sentence and registered as a sex offender.

Deutsche Bank’s relationship with Epstein appeared to pick up the pace around the time another big bank, JPMorgan Chase & Co. JPM, +1.83%  , dropped Epstein as a client, people close to both banks said. JPMorgan had a longstanding private-banking relationship with Epstein from the 1990s through about 2013, when it cut ties in part based on reputational concerns, people close to the bank said. A JPMorgan spokesman declined to comment.

An expanded version of this report appears on WSJ.com.

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