JPMorgan Chase CEO Jamie Dimon has urged New York City Mayor-elect Zohran Mamdani to seek guidance from outgoing Detroit Mayor Mike Duggan, emphasizing the value of learning from Detroit’s economic revival. In a CNN interview, Dimon highlighted the potential for cross-city collaboration to address urban challenges, underscoring his willingness to assist Mamdani despite past criticisms.
Dimon made these remarks during a live discussion with Duggan, noting that he left a message for Mamdani and is open to productive engagement. He described himself as patriotic and committed to helping any leader improve their city, reflecting a bridge between corporate and political spheres. This outreach comes after Dimon expressed skepticism about Mamdani’s policies, yet he affirmed that execution and adaptability are key to mayoral success.
Mamdani, a democratic socialist, welcomed the dialogue in a press conference, stating that universal agreement on all issues is unnecessary for constructive conversations. His response signals a potential shift toward pragmatic governance, balancing progressive ideals with practical solutions. The mayor-elect’s stance aligns with Dimon’s view that effective leadership involves learning from others’ experiences, particularly in urban management.
Detroit’s recovery serves as a central example, with JPMorgan investing over $2 billion in initiatives like low-income housing and job training under Duggan’s leadership. Duggan recounted how embracing Dimon’s support, once seen as politically risky, gained community trust and drove economic growth. This partnership model demonstrates how public-private collaborations can revitalize cities facing decline, offering lessons for New York.
The interview also touched on national economic issues, with Duggan criticizing former President Donald Trump’s tariffs on Canada for harming Michigan’s auto industry due to intertwined supply chains. Dimon acknowledged tariffs as a factor in economic policy but not decisive, while noting Trump officials have improved trade assessments. This discussion occurred amid Supreme Court hearings on Trump’s emergency powers for tariffs, highlighting broader political tensions.
Dimon provided insights on the U.S. economy, observing some job market weakening but overall stability, with a soft landing likely. He praised artificial intelligence’s potential to boost productivity, citing Nvidia’s success, but cautioned about job displacement and the need for regulation. His comments reflect a balanced view of economic trends, emphasizing innovation while addressing societal impacts.
Ultimately, Dimon’s advice to Mamdani underscores the importance of experiential learning and collaborative governance in tackling urban issues. As New York navigates its own challenges, adopting strategies from Detroit’s playbook could foster resilience and inclusive growth. The dialogue sets a precedent for future partnerships between business leaders and public officials aimed at sustainable development.