JPMorgan Chase CEO Jamie Dimon spoke about his recent private meeting with New York City Mayor Zahran Mamdani, saying he warned the socialist about the dangers of mismanagement and ideology-driven policymaking.Speaking to Fox Business host Maria Bartiromo on Friday, Dimon described the closed-door meeting as “interesting” but made clear that he did not hold back during the conversation.“He was very polite. He was very serious. We had a very good conversation, but I said everything I wanted to say,” Damon said.The banker said he used the discussion to talk about key issues affecting New Yorkers, including affordable housing and child care.
However, he said poorly designed policies can create bigger problems rather than solve them.“I have to talk about affordable housing and child care. Most people want that. If you do it poorly, it’s a disaster… Do it right. There are studies that can tell you how to do it right. Ask people who know what they’re doing and implement the right policies,” he said.Dimon also criticized politicians who focus primarily on taxes and spending rather than systems reform and administration.
“Good politics is free,” he added. “I feel like I’m telling politicians: Don’t try to raise taxes or spend more money, sit down and fix policy.”The JPMorgan chief also pointed to Mamdani’s lack of executive experience while discussing the challenges of running America’s largest city.“I mean, he’s running the city now with 300,000 employees,” Dimon said ahead of the Reagan National Economic Forum in California.“I have seen mayors fail miserably because they cannot manage themselves from a paper bag, or because ideology blinds them to a practical, realistic, realistic policy. And so we will see.”He added that he would be willing to help if the administration pursued practical solutions.“And you know, if I can help them do good things, I’ll be happy to do it.”The meeting took place on May 18, when Mamdani met separately with both Dimon and Goldman Sachs CEO David Solomon.
The talks came amid growing concern from business leaders over economic policies proposed by Mamdani, including imposing a tax on second homes worth more than $1 million. The mayor recently faced criticism after filming a promotional video for the proposed tax outside a penthouse owned by hedge fund billionaire Ken Griffin.Griffin later called the move “scary” and announced plans to expand Citadel’s operations in Florida rather than New York. He also suggested the company could reconsider a planned $6 billion development on Park Avenue.Asked about the controversy, Damon suggested that Mamdani might regret the video.“I think he might regret it,” Damon said.“But you have to ask him that,” he added.
