A New York City partnership hosted a gathering, but it seems no one showed up.
During Tuesday’s convention and meet-and-greet with Socialist Democratic candidate Zoran Mamdani, notable figures from the city’s business sphere were absent.
Prominent CEOs, including Jamie Dimon of JP Morgan, Steve Schwarzman from Blackstone, Brian Moynihan of US Bank, Larry Fink of BlackRock, and David Solomon of Goldman Sachs, all declined the invitation.
Most cited “scheduling conflicts.”
One observer, linked to Solomon, pondered, “Is this guy revealing something we don’t already know?”
This sentiment echoed among executives from the banks that chose not to attend.
It used to be that CEOs at this caliber would relish the opportunity to engage with the city’s next mayor.
Now, there’s a sense of resignation—a prevailing belief that New York City might be beyond salvaging, and that the partnership, led by retired Cathy Wilde, lacks the influence necessary to engage with an increasingly left-leaning political landscape.
Many business leaders now seem more focused on finding an exit strategy rather than figuring out how to navigate a potential Mamdani administration.
For now, they’re hoping for Mayor Eric Adams to maintain some level of integrity despite various challenges.
Yet, Adams has a challenging road ahead, especially as he navigates what Andrew Cuomo, who lost to Mamdani in the primary, describes as an unusual independent campaign.
The GOP nominee, Curtis Sliwa, doesn’t seem to be making significant strides either.
Currently, polls indicate that a Mamdani-led city hall would align with a left-leaning City Council and state government.
This scenario raises concerns about potential repercussions for businesses, such as increased taxes and greater government control over industries like grocery stores.
And perhaps that explains why there was such a lack of participation on Tuesday: the city’s business community is feeling uncertain about its future.
Many of these large corporations employ hundreds of thousands of New Yorkers, but that number has dwindled recently.
The strict lockdowns over the past years have prompted businesses to relocate operations, not just to Florida and Texas, but also to Utah, Tennessee, and other areas with more favorable tax conditions.
In essence, Mamdani could be another factor pushing major banks to ultimately part ways with New York City.
