Documents from the U.S. Department of Justice indicate that Deutsche Bank AG continued providing services to Jeffrey Epstein after notifying the disgraced financier in late 2018 that it would terminate their relationship. The German bank only closed all of his accounts after his arrest in July 2019.
The records show that services extended to Epstein following the termination notice included rapidly arranging €50,000 ($59,300) in "large denomination notes" on April 9, 2019, prior to his European travels. This transaction occurred after bank employees identified that Epstein's identification document on file had expired in 2015, triggering a search for updated verification.
A Reuters review of U.S. documents revealed Epstein maintained at least nine accounts with Germany's largest bank as of May 3, 2019, holding combined balances totaling $1,776,680.
The Department of Justice recently released hundreds of documents related to Epstein and Deutsche Bank under pressure from victims and congressional representatives. While these documents may not represent a complete record, they provide insight into how the institution continued facilitating Epstein's financial activities, prolonging the dissolution of a banking relationship that began in 2013.
"We acknowledge our error in onboarding Epstein in 2013 and weaknesses in our processes," Deutsche Bank stated, echoing previous 2020 comments. "We have repeatedly expressed our deep regret regarding this relationship."
The Frankfurt-based bank declined to address detailed questions about transactions showing the relationship persisted for months beyond the termination notice. In a statement, the institution noted it "notified Epstein in December 2018 of its intention to close his accounts and worked to ensure his assets were transferred out in subsequent months."
The depth of Deutsche Bank's involvement with Epstein became evident in 2020 when the bank agreed to pay $150 million to regulators as part of a settlement for providing five years of banking services to the convicted sex offender. A jointly signed agreement with New York regulators stated the bank decided to end the relationship and notified Epstein via letter dated December 21, 2018, that it would "no longer service his accounts."
The actual correspondence appearing in Justice Department files gave Epstein until February 28 to wind down accounts, permitting limited services until that date. However, released documents indicate the bank continued providing services well beyond the deadline while closing multiple accounts.
These services included assisting with a €10,000 deposit refund from a Mercedes-Benz dealer in Paris and processing at least two monetary instruments each exceeding €6,000.
Records show Deutsche Bank formally closed accounts and severed ties nearly seven months later, on July 6, 2019, following news of Epstein's arrest. Hours after the arrest made headlines, Fabrizio Campelli, then-head of wealth management and current board member of Deutsche Bank's investment division, emailed a subordinate with Epstein's arrest news asking: "Can you confirm he's not our client now?" Campelli declined comment through a bank spokesperson.
Subsequent email exchanges revealed numerous Epstein accounts remained in Deutsche Bank's systems with zero balances. Two accounts held minimal amounts under $35, including a so-called butterfly trust account that regulators suggested could have been used to conceal illicit activities.
Following Epstein's arrest, bank employees received an internal email listing 28 accounts under the heading: "URGENT!!! Need to close accounts ASAP – prioritize today."
Deutsche Bank previously stated it immediately contacted law enforcement after Epstein's arrest seeking to cooperate. The 2020 settlement included sharp criticism from New York's Department of Financial Services regarding the bank's insufficient monitoring of Epstein's payments, including checks to models, despite media reports about him regularly transporting young women from Eastern Europe to the U.S. on private aircraft. Regulators declined to comment on the report.
The bank also reached a $75 million settlement with Epstein's victims. Epstein had previously pleaded guilty in 2008 to procuring a minor for prostitution and served less than 13 months in prison.
Deutsche Bank accepted Epstein as a client in 2013 after JPMorgan decided to close his long-standing accounts. On January 3, 2019, Epstein's office inquired about daily cash withdrawal limits using his Deutsche Bank debit card, receiving a response of $12,000 per day.
On the February 28 deadline, Stewart Oldfield, the relationship manager handling Epstein's accounts, requested a list of accounts closed that day, noting: "Compliance is asking, so physically closing zero-balance accounts is important." Oldfield, no longer employed by Deutsche Bank, didn't respond to requests for comment sent via LinkedIn and three email addresses.
In a March 18, 2019 letter on Deutsche Bank stationery, Oldfield wrote to another bank receiving Epstein's funds: "We have not identified any issues regarding the operation or use" of Epstein's accounts.
Deutsche Bank continued operating an Epstein account under the name Southern Trust Company, with one statement showing over $30 million moving through it in March 2019, apparently transferring Epstein's funds to new accounts. Another statement revealed over $100,000 in transfers to aviation companies from a Deutsche Bank account in April 2019.
The bank also arranged FedEx delivery of an additional €7,500 cash to Epstein's New York assistant alongside the rapid €50,000 arrangement. Both requests appeared in an April 9 email. When a colleague questioned the large cash transaction, Oldfield explained: "This is a fairly typical withdrawal for them. Jeffrey has an apartment in Paris and prefers carrying cash when traveling there."