Story perspectives

Peter Mandelson's Firm Faces Collapse Amid Client Exodus

2/21/2026

Summary

Story summary

Global Counsel, co-founded by Peter Mandelson, will enter administration after a client exodus tied to Epstein.
The firm lost half its clients, including Barclays and GSK, after emails revealed Mandelson shared sensitive government information with Epstein.
Staff were informed of closure at an all-hands meeting.
Peter Mandelson has denied wrongdoing and has divested his shares.
Directors may launch a new advisory firm post-collapse and prioritise redundancy for about 120 employees.

History

Historical Context

The 2008 financial crisis, marked by the collapse of Lehman Brothers, significantly altered the advisory landscape, leading to ethical scrutiny in firms like Global Counsel, co-founded by Peter Mandelson. Following revelations of sensitive information sharing with Jeffrey Epstein, the firm lost half its clients, highlighting ongoing concerns about governance and transparency, which may drive stricter regulations in the consulting industry.

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Story summary

Global Counsel, co-founded by Peter Mandelson, will enter administration after a client exodus tied to Epstein.
The firm lost half its clients, including Barclays and GSK, after emails revealed Mandelson shared sensitive government information with Epstein.
Staff were informed of closure at an all-hands meeting.
Peter Mandelson has denied wrongdoing and has divested his shares.
Directors may launch a new advisory firm post-collapse and prioritise redundancy for about 120 employees.

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