JP Morgan’s CEO, Jamie Dimon, along with other prominent figures from Wall Street, had intended to skip the much-anticipated meeting on Tuesday with New York City mayoral candidate Zoran Mamdani, who leans left.
The 33-year-old socialist activist triumphed over Andrew Cuomo in the Democratic primary on June 24 and was set to be part of meetings organized by the New York partnership on Tuesday and Wednesday.
However, Dimon eased tensions surrounding the gathering, as he made comments about Mamdani’s background and connections in Israel, which seemed to resonate with some business leaders.
Dimon, who described Mamdani as a “Marxist” during a recent event in Ireland, cited unspecified scheduling conflicts that prevented him from attending the meeting.
A JP Morgan representative stated, “He had other commitments and was unable to attend.” Additionally, sources indicated that many other high-profile Wall Street executives were also opting out.
“Everyone is just in listening mode,” a spokesperson from a major bank humorously noted.
Goldman Sachs CEO David Solomon, Bank of America’s Brian Moynihan, and City CEO Jane Fraser apparently also did not plan to be present, according to sources. Insiders pointed out that quarterly earnings were being released during that time, and Bank of America, based in Charlotte, may feel insulated from the implications of a potential Mamdani administration.
Democratic candidates have ambitious plans to combat rising food prices, including proposals for rent freezes and increased taxes to support initiatives such as free childcare and public transportation, as well as creating government-run grocery stores.
Dimon expressed skepticism about these plans, describing them as a “same ideological mash that doesn’t mean anything in the real world” during a meeting in Dublin.
The seasoned CEO also took the opportunity to criticize Democrats, reportedly stating, “I’m a Democrat, but they’re idiots. They have big hearts and little brains.” He emphasized that many proposed policies seem disconnected from reality.
Dimon has expressed concerns about banking regulations for years and faced scrutiny from the Biden administration over its anti-business stance. In April, he wrote in a shareholder letter about the challenges posed by excessive regulations.
Earlier this year, JP Morgan and other Wall Street firms removed diversity and inclusion language from their websites shortly after President Trump took office.
