JPMorgan Chase CEO Jamie Dimon has extended an olive branch to New York City Mayor-elect Zohran Mamdani, stating he is willing to collaborate if asked, despite previously criticizing Mamdani’s policies. This development follows Mamdani’s stunning election victory and signals a potential thaw in relations between Wall Street and the city’s new progressive leadership.
Zohran Mamdani, a self-described democratic socialist, was elected mayor of New York City on November 4, 2025, after a campaign centered on affordability and progressive reforms. His proposals, such as free bus service, city-owned grocery stores, and rent freezes, have drawn sharp criticism from business leaders who fear they could harm the economy and drive away wealthy taxpayers. Mamdani’s victory represents a significant shift in the city’s political landscape, with his agenda aiming to address inequality and make New York more livable for working-class residents.
Jamie Dimon, CEO of JPMorgan Chase, had been vocal in his opposition to Mamdani’s agenda, calling some of his ideas unworkable and warning they could destroy jobs. However, in a live interview with CNN on November 5, Dimon revealed that he left a message for Mamdani and expressed a willingness to meet, stating, ‘If I find it productive, I’ll continue to do it.’ He described himself as ‘patriotic’ and committed to helping any mayor or governor, emphasizing a pragmatic approach to engagement despite ideological differences.
Dimon advised Mamdani to seek guidance from Detroit Mayor Mike Duggan, who oversaw the city’s recovery from bankruptcy with support from businesses like JPMorgan. He highlighted the importance of learning from others’ experiences, saying, ‘I hope he calls up…this mayor because that’s the way you learn.’ During the interview, Duggan shared how partnering with corporate leaders helped revitalize Detroit through initiatives like low-income housing and job training, suggesting that similar collaboration could benefit New York.
Despite his criticisms, Dimon acknowledged that some political leaders grow into their roles and succeed, while others fail in execution. He expressed hope that Mamdani would be among the successful ones, noting that effective governance requires fixing issues like crime, hospitals, and ambulance response times. Dimon’s conditional support reflects a wait-and-see attitude, with his continued involvement hinging on whether Mamdani’s actions prove productive and aligned with economic stability.
Mamdani responded positively to the outreach, telling reporters that he looks forward to meeting with Dimon and other financial leaders. He argued that dialogue should not require universal agreement on every issue, indicating a pragmatic approach to governance. This openness to engagement has been echoed by other Wall Street figures, such as billionaire Bill Ackman, who offered conditional support, though concerns persist about the potential economic impact of Mamdani’s policies.
The interaction underscores broader tensions between progressive politics and corporate interests in New York City. Treasury Secretary Scott Bessent has warned that Mamdani’s economic proposals risk driving the city into financial crisis and stated that federal bailouts would not be forthcoming. As Mamdani prepares to take office, the collaboration between his administration and business leaders like Dimon could shape the city’s economic future, with outcomes depending on their ability to find common ground and implement balanced policies.