JPMorgan Stock Loses Over 100% of Its Post-Election Rally. But Why?

JPMorgan Chase shares fell 4.08% to $337.75 on Thursday after reports that Senate Democrats plan to examine the bank’s ties to Jeffrey Epstein, nearly erasing the stock’s post-election gain. The Senate Finance Committee staff intend to review how senior JPMorgan executives handled its relationship with Epstein, the convicted sex offender and former client who died in 2019, focusing on Mary Erdoes, who leads asset and wealth management. Senator Ron Wyden, an Oregon Democrat, is expected to chair the committee, which has not announced the inquiry. JPMorgan settled Epstein-related lawsuits for $365 million in 2023 without admitting wrongdoing. The bank has said it regrets any association with him but did not help him commit crimes.