Zoran Mamdani faced significant criticism during Wednesday night’s mayoral debate, but Wall Street is bracing for a rough outcome on November 4, sources inform On the Money.
His opponents, Andrew Cuomo and Curtis Sliwa, have attacked him on various fronts, alleging everything from anti-Semitism to impractical ideas about public transport and housing. They even highlighted Mamdani’s odd reluctance to take a firm position on a crucial voting issue, which prompted audible frustration from viewers.
Interestingly, many top business leaders in the city skipped the debate, concerned that it might be too late to change the course of the upcoming election.
“It benefits Mr. Cuomo, but it doesn’t significantly close the 10-point gap,” one Wall Street figure remarked. “Unfortunately, unless something miraculous happens, a socialist who harbors anti-Jewish sentiments will be in charge of this city.”
“He’s just not a very likable person. Sliwa is somewhat more appealing, but he can’t win. It’s really unfortunate,” this person added, reflecting on Cuomo’s various shortcomings.
In essence, the executives from major financial firms appear to have resigned themselves to the prospect of a ‘Maoist Mamdani’ leadership. Some even suggest that his self-identified Marxist ideals won’t alter the city’s existing trajectory toward socialism.
They might be onto something. New York City, once the epicenter of global finance, has dwindled in stature. Since Bill de Blasio assumed office in 2013, rising taxes, an influx of immigrants, a relaxation in law enforcement, and escalating homelessness have become increasingly typical.
Eric Adams hasn’t managed to reverse that downward trend. Consequently, states like Florida, Texas, and even Utah have emerged as attractive alternatives for the city’s banking sector, leading to a significant migration of jobs and tax revenues.
Consider this: new stock exchanges have popped up in Dallas and Miami. JPMorgan, the largest bank in the nation, is establishing a new multibillion-dollar facility in Midtown, but it now employs more people in Texas than in New York.
Like several other significant financial firms, JPMorgan is shifting much of its operations to areas with lower taxes and higher safety standards, avoiding the consequences of recent criminal justice reforms.
This dynamic ensures there’s little concern among the public about the implications of a leftist like Mamdani managing a center of capitalism here. Interestingly, some at the banks feel it’s more about supporting him than resisting change, as evidenced by JPMorgan’s CEO Jamie Dimon offering assistance.
In short, many in the banking community believe that it doesn’t really matter who is at the helm.
“Either way, we’ll be fine,” noted one top banking executive. “Of course, we prefer someone else, but he won’t drastically harm our interests.”
Admittedly, Mamdani has expressed intentions for corporations and wealthy individuals to face higher taxes to fund initiatives like government-operated grocery stores and complimentary bus services—though critics argue that such services could merely become shelters for the homeless. Still, at 34 years old, with little background beyond a few years in politics and a brief stint as a rapper, many bankers doubt he’s capable of making significant changes.
Numerous financial leaders have backed Cuomo, who lost the Democratic primary to Mamdani but is now running as an independent. Cuomo has claimed that Republican Sliwa is just draining votes, and yet polls indicate that Mamdani might still edge out Cuomo in a close contest.
So, bankers are looking to foster a good relationship with the next mayoral contender. It seems their stakes are low, and there’s a possibility that they could influence him just as they’ve done with other progressive candidates.
The New York City Partnership, led by long-time director Kathryn Wilde, organized several networking events with Mamdani and her affluent members.
Interestingly, former Mayor Mike Bloomberg, who now heads Bloomberg LP, participated in these sessions, despite Mamdani’s critiques of the tough-on-crime policies characteristic of the Bloomberg administration.
“Just how bad is he?” asked one city business leader regarding Mamdani.
No matter what the response is to that pressing inquiry, it seems most on Wall Street are confident they’ll find out soon enough.
