Democrats Ready JPMorgan Epstein Probe With Senate Gavel and Subpoenas

Senate Democrats are loading up for a fresh look at JPMorgan Chase's ties to Jeffrey Epstein, with plans to open an investigation once they take control of Congress early next year. Staffers on the Senate Finance Committee — expected to be chaired by Sen. Ron Wyden, D-Ore. — want to know how top brass at the country's biggest bank handled the disgraced sex offender, a source familiar with the committee's thinking told CNBC on Thursday.

The source spoke on condition of anonymity because the probe hasn't been announced yet. No formal notice, no public paper trail — just quiet groundwork ahead of a power shift.

One name sits at the center of the target list: Mary Erdoes, CEO of JPMorgan's Asset & Wealth Management business. According to the source, Democratic staffers plan to zero in on the Epstein-related calls she made. JPMorgan didn't immediately respond to CNBC's request for comment.

The timing isn't a coincidence. Democrats are openly gearing up for sweeping investigations after their wipeout victories in Tuesday's midterm elections, and Epstein is back on the marquee as a result.

Wyden, currently the committee's ranking member, has already signaled he intends to swing the subpoena power that comes with a majority — and swing it hard. An incoming gavel plus subpoena authority gives Democrats a very different set of tools than they had in the minority.

This is developing news. More details are expected to surface as the committee's plans take shape.