Mandelson Sought Epstein's Counsel on Multi-Million Pound Deutsche Bank Position
Newly disclosed correspondence has revealed that Peter Mandelson, the former Labour business secretary, actively sought guidance from the convicted sex offender Jeffrey Epstein regarding a potential advisory role at Deutsche Bank. The position was reportedly valued at up to $6 million and emerged shortly after the Labour Party's defeat in the 2010 general election.
Details of the Lucrative Banking Proposal
According to emails released by the US Department of Justice, Mandelson forwarded details of an apparent offer from the German financial giant to Epstein. The proposal outlined a substantial salary of $1 million, with the potential for a performance-related bonus ranging between $3 million and $9 million. This compensation package was described as being in line with what a senior banker would typically earn within the UK market.
In a separate communication, Mandelson indicated that the bonus might actually fall within the $3 million to $5 million bracket. The role was ostensibly designed to assist Deutsche Bank's then-new head of investment banking, Anshu Jain, in enhancing the institution's relationships with governments, prominent families, and major corporations.
Epstein's Response and Their Collaborative Campaign
Epstein, reviewing the offer, characterised it as a "good first step". Mandelson's reply, which contained typographical errors, read: "That all you can say ??!! Good petey [sic], well done petey [sic]." Epstein mirrored this phrasing in his response, urging Mandelson to "raise [his] sights" and ambitiously stated, "Let's get three of these."
The exchanges suggest this was part of a broader, coordinated effort between the two men to secure lucrative financial sector positions for Mandelson following his departure from government. The emails also reference discussions about a potential role at the UK investment bank Kleinwort Benson in July 2010.
Further Evidence of a Close and Controversial Association
The released cache of emails, photographs, and bank statements—collectively known as the 'Epstein files'—provides further insight into the depth of their relationship. Other messages show Mandelson informing Epstein that he was "trying hard" to persuade the Treasury to reconsider proposed crackdowns on bankers' bonuses in the aftermath of the 2008 financial crisis.
Furthermore, bank statements included in the release indicate a payment of $75,000 was made to Mandelson from an account associated with Epstein and his accomplice, Ghislaine Maxwell.
Political Fallout and Mandelson's Resignation from Labour
In the wake of this latest email disclosure, Lord Mandelson resigned from the Labour Party. In his resignation letter, he stated his aim was to avoid "further embarrassment" for the party concerning his connections to the disgraced financier. He expressed regret over the renewed association and acknowledged that allegations of financial payments from Epstein two decades prior, which he claims to have no record or recollection of, required his personal investigation.
The released correspondence does not make it clear whether the Deutsche Bank advisory role ever formally materialised. Deutsche Bank itself has not provided any comment in response to requests regarding the matter.
