Jamie Dimon took a thinly veiled swipe at “anti-business” Mayor-elect Zohran Mamdani — warning that the left-wing pol’s tax-and-spend agenda could “backfire” and drive big taxpayers and major companies out of the city.
The JPMorgan Chase CEO didn’t mention Mamdani by name in his Thursday remarks at a conference in Miami, but made several pointed references to the hard-left ideas espoused during his campaign. Those include free childcare and free buses — and pledges to soak the rich to foot the bill.
“This notion of somehow being anti-business is going to help average American citizens, even the lower paid,” he told an audience at the American Business Forum, a Saudi Arabia-backed summit in Miami. “I don’t agree with the concept.”
The 69-year-old Wall Street titan likewise warned that “beating up business as a way to fix things” — whether it’s crime, education or the cost of living — could shrink the city’s tax base as financiers and corporations relocate to lower-tax states. The bank itself has just opened a swanky new Park Avenue HQ.
“Everyone has to compete,” Dimon said, citing how Florida and Texas were tempting Wall Street firms to move out of the Big Apple. “It’s competitive between countries, between states, and between cities. A bunch of these states that are driving business out — it will backfire.
“A lot of those cities do things in the name of good, which create bad,” he added. “All of these bad policies, in my view, usually hurt the lower-paid people more.”
A JPMorgan spokesman said the bank’s CEO had “simply reiterated his long-held belief that government, business, community leaders and others need to collaborate on executing sensible policy that lifts up all parts of society.”
The Queens native previously called Mamdani a “Marxist” this past summer, but recently offered to advise the 34-year-old mayor-elect on the challenges that come with the role of managing the city’s $115 billion budget.
Dimon reportedly tried to reach Mamdani by phone on Wednesday but was unable to connect.
He added said Democrat-led cities such as New York should reduce what he has called “blue tape” — excessive regulations that stifle growth and hurt workers and consumers alike.
“We’d better start fixing these things. Because in 30 years, if we don’t, we are going the way of Europe,” he said, pointing to the continent’s ever-shrinking share of global GDP.
On Wednesday, Dimon told CNN that Mamdani should consult with outgoing Detroit Mayor Mike Duggan, who has been credited with reviving his city after bankruptcy. Dimon cited Duggan’s execution and practical governance, noting that enthusiasm alone does not guarantee success.
Big Apple power broker Kathryn Wylde, the CEO of Partnership of New York, told The Post that the assemblyman “has demonstrated that he is a good listener and he is willing to accept that there are other ways to achieve his goals besides actions that hurt the economy.”
“What he has said to our members, he is going to pursue his goal of reducing costs, whether it’s rent, groceries, or childcare, and he won’t compromise on them,” she added. “But Mamdani is wide open on how to get there, to the extent that he is willing to accept advice from the business community.”
Dimon, who earned $39 million last year according to filings, has become increasingly vocal on political issues ranging from U.S. support for Ukraine to global competition with China.
The Post’s Charlie Gasparino reported in June that Dimon has not yet fully closed the door on a possible run for the White House. Sources close to the JPMorgan CEO have always downplayed his chances of winning a Democratic primary, but never ruled out a tilt at America’s top job.
He has hinted at retirement within the next few years. Potential successors include Marianne Lake, CEO of consumer and community banking; Troy Rohrbaugh, co-head of commercial and investment banking; and Mary Erdoes, CEO of asset and wealth management.
In 2021, the JPMorgan board granted Dimon a special award of 1.5 million stock options that vest in 2026, giving him an incentive to stay on through that year.
