The fallout from newly released documents linked to Jeffrey Epstein has led to further scrutiny of Peter Mandelson, the former British ambassador to the United States and his connections to high-ranking officials. Documents released over the weekend revealed emails suggesting Mandelson may have been involved in lobbying efforts on behalf of JPMorgan Chase during a period of intense debate over banker bonuses in the wake of the 2008 financial crisis.
The files indicate that in 2003 and 2004, Epstein sent $75,000 in three payments to accounts believed to be associated with Mandelson and his partner, Reinaldo Avila da Silva. Mandelson has stated he has no recollection of receiving these payments and questions their authenticity. This revelation follows earlier reports detailing a close friendship between Mandelson and Epstein dating back to at least 2002, a relationship that continued even after Epstein’s 2008 conviction for soliciting prostitution from a minor.
The newly surfaced emails center on the UK government’s decision in December 2009 to impose a one-off 50% tax on bankers’ bonuses. Alistair Darling, then Chancellor of the Exchequer, announced the tax as a response to public anger over the financial crisis and the perception that bankers were shielded from the consequences of the economic downturn. According to Darling’s own account, the tax faced significant opposition from banking executives, including Jamie Dimon, CEO of JPMorgan Chase, who reportedly threatened to reconsider investment in the UK.
Epstein, who had a long-standing relationship with JPMorgan Chase and its London office, appears to have been involved in a pressure campaign against the bonus tax. On December 12, 2009, Epstein emailed Mandelson, inquiring about the possibility of limiting the tax to the cash portion of bankers’ bonuses. Mandelson responded that he was “trying hard to amend” the policy, having spoken with Jes Staley, then CEO of JPMorgan’s investment bank, the previous night. He added that the Treasury was “digging in” but that he was “on case.”
Two days later, Epstein questioned whether Dimon had contacted Darling again, to which Mandelson replied, “yes and mildly threaten.” Later the same day, Mandelson informed Epstein that his own attempts to persuade Darling had been unsuccessful, stating, “Crazy response from Chancellor. He appears unmovable.”
Despite the pressure, Darling and the UK Treasury ultimately implemented the bonus tax without modification. JPMorgan Chase and other major banks continued to operate, but the episode has drawn renewed attention to the potential influence of Epstein and his network on government policy. Faisal Islam, economics editor at BBC News, described the possibility that the backlash against the bonus tax “may have been orchestrated partly via Epstein, with Mandelson emailing advice…is staggering.”
JPMorgan Chase declined to comment on the matter. Dimon has previously stated he did not know Epstein before his 2019 arrest. Yet, the bank is currently embroiled in a legal dispute with Staley, having sued him in 2023 for allegedly failing to disclose the extent of his relationship with Epstein. That case was later settled.
Mandelson resigned from the House of Lords and the Labour Party in February 2026 following the release of the documents, though he retains his peerage title. Donald Trump, when questioned about Mandelson’s resignation, described the situation as “too bad” and deflected further inquiries about the Epstein files.