Mon, 02 Feb 2026

Mon, 02 Feb 2026 Faisal Islam: Mandelson, Darling and the conversation I can't forget

The Epstein files appear to give extraordinary context to a call between the former chancellor and JP Morgan's boss.
Former UK Chancellor Alistair Darling revealed that he had a tense phone call with Jamie Dimon, CEO of JP Morgan, over plans to tax bankers' bonuses in 2009. The call was sparked by a suggestion from Peter Mandelson, then Business Secretary, who advised Dimon to "mildly threaten" Darling. Documents released by the Epstein files show that Mandelson emailed Jeffrey Epstein for advice on how to handle the situation. According to the emails, Mandelson suggested that Dimon's bank could stop buying UK government debt if the tax was implemented. The phone call with Darling is described as a threat to pull plans for JP Morgan's new headquarters in the UK unless the tax was dropped. Despite this pressure, the UK government refused to back down and the bonus tax remained in place. The Epstein files reveal that Mandelson had been in contact with Epstein about the issue, and had even asked him if Dimon should call Darling one last time to threaten him.
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