Harvard Adds Jeffrey Epstein’s Banker to Endowment Board

Drop from peak on university's Bitcoin bet may exceed $100 million

In today’s newsletter: the Harvard endowment, new data showing a U.S. religious revival, and a correction on the definition of the word “odious.”

Harvard University, Cambridge, Massachusetts. Photo: The Editors.

How’s this for the juxtaposition of the day?

From a November 19, 2025 memorandum to Senator Wyden, the top Democrat on the Senate Finance Committee, from his senior investigator, subject, “JPMorgan Chase & Co. underreported Epstein’s suspicious transactions to the U.S. government and should be the subject of further investigation”:

Top JPMC executive Mary Erdoes was in constant contact with Jeffrey Epstein.

On October 10, 2025, JPMC wrote a letter to the Finance Committee in response to your inquiry which stated, in part, that “with the exception of Jes Staley”, JPMC’s executives “acted with integrity” with regard to the handling of Epstein’s accounts. However, unsealed records show that several JPMC executives reporting directly to CEO Jamie Dimon closely supervised the bank’s relationship with Epstein.

Unsealed emails indicate that Mary Erdoes, JPMC’s CEO of Asset & Wealth Management and a member of the bank’s operating committee, maintained regular contact with Epstein and kept close tabs on him while he was a client of the bank. Many of these communications were often highly personal in nature and reflect a close relationship between Erdoes and Epstein.

For example, in 2006, Erdoes corresponded with an ultra-high net worth client of JPMC who was seeking her “help in lining up a meeting with Epstein.” Erdoes replied to this individual that she would be “calling him tomorrow” in reference to Epstein. An unsealed email summary produced by JPMC also identified dozens of emails between 2010 and 2011 where Epstein and Erdoes were in near constant contact and discussed numerous business initiatives. Among the things Erdoes and Epstein worked on together was a multi-million dollar settlement for Epstein and a series of potentially large projects for Bill Gates.

In one email on July 10, 2011, Epstein writes to Erdoes “There are 21 million reasons I’d like to know when you return.” A few hours later, Erdoes replies that she is traveling to Europe but available, to which Epstein immediately replies “Can we speak today.”

Similarly on May 24, 2011, after Epstein had requested Erdoes attend a meeting with him, Erdoes replied apologetically that she was unavailable because she was in an operating committee meeting with JPMC CEO Jamie Dimon:

“I am so sorry but I am just seeing this, having been in an all day OC with Jamie. I hope the meeting went well. I’m anxious to hear.”

In addition to the constant access Epstein appeared to have to Erdoes, some of Epstein’s emails to Erdoes were clearly unprofessional and inappropriate. On August 2, 2011, Erdoes administrative assistant sent Erdoes a note saying that Epstein “Called from Paris. He thought you’d appreciate that he just got out of the pool at the Ritz.”

The unsealed emails reveal that Epstein contacted Erdoes so often that Jes Staley in 2011 had to tell Epstein to “stop pushing” Erdoes. In response to Staley’s directive, Epstein responds to Staley “On Mary Erdoes, I will ease off, I thought I was following plan.” Erdoes, however, still seemed keenly interested in continuing to nurture the relationship with Epstein. The email log shows that Erdoes wrote to Epstein on January 20, 2012 to wish him a happy birthday:

Erdoes: “Not sure where you are celebrating it, but I hope you have a great birthday weekend.” Epstein replies: “Thanks, Boris said you were terrific.”

Erdoes was also intimately involved in deliberations related to Epstein’s purported work on behalf of billionaire Leon Black. In, July 2012 email, Erdoes forwarded a note from JPMC’s CEO of the Private Bank John Duffy to Jes Staley, incredulously pointing out the absurdity of Epstein serving as an intermediary for Black.

In addition to the recently released emails, internal due diligence reports prepared by JPMC bankers also make clear that Erdoes was closely involved in managing the bank’s relationship with Epstein. A February 09, 2013, due diligence report on Epstein initiated by JPMC’s private banking division noted that “Epstein’s total assets over $100 million. Both Mary Erdoes and John Duffy are aware of the relationship.”

From a November 25, 2025 announcement in the official Harvard Gazette:

Harvard Management Company (HMC) announced that Paul Edgerley, M.B.A ’83, Mary Erdoes, M.B.A. ’93, and Raymond McGuire ’79, J.D./M.B.A. ’84, have been elected to join its Board of Directors…..Mary Erdoes is CEO of J.P. Morgan Asset & Wealth Management business, with more $7 trillion in client assets, and a member of the JPMorganChase Operating Committee. Erdoes began her career at J.P. Morgan more than 25 years ago and held a number of senior roles across the Asset & Wealth Management division prior to her appointment as the division’s CEO in 2009…HMC’s Board is appointed by the Harvard Corporation (also known as the President & Fellows of Harvard College) to oversee management of the University’s endowment portfolio.