JPMorgan Chase CEO Jamie Dimon said he has reached out to mayor-elect Zohran Mamdani following the latter's victory in New York City's election, signaling a shift in how the city's business elite are approaching the new administration. Per the New York Times, Dimon revealed in a CNN interview that aired Wednesday night that while the two men haven't yet connected since the election, he's open to future conversations. Dimon also made clear he would stay open to such talks only if they prove "productive."
Dimon, who'd previously criticized Mamdani's progressive platform—especially proposals like free public buses and a rent freeze—described the mayor-elect's policies as "ideological mush" in July. However, as Mamdani's campaign gained momentum, Dimon and other business leaders reconsidered their approach, opting to open up communication rather than remain adversarial. Mamdani, for his part, hasn't softened his stance after the election, telling the Times that his movement remains committed to policies focused on working people, including higher taxes on the wealthy.
Despite threats from some executives to relocate if Mamdani won, Dimon cautioned against abandoning the city, noting that JPMorgan already has more employees in Texas than in New York, but warning that New York must remain competitive. He expressed hope that Mamdani will learn as he goes along, noting that some leaders improve with experience while others don't. Dimon said he hoped Mamdani would be "the good one."
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Dimon downplayed ideological rifts, arguing that issues like income inequality stem from poor policy rather than inherent flaws in capitalism or socialism. He noted that he supports efforts to address those problems, regardless of political label. Fortune reports on other Wall Street billionaires who are also now "changing their tune" on Mamdani, including hedge fund manager Bill Ackman and crypto investor Mike Novogratz.
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