Mamdani’s tax plans may hurt New York, JPMorgan’s Dimon says

JPMorgan Chase & Co. Chief Executive Jamie Dimon criticized plans by New York’s left-leaning mayor Zohran Mamdani to slap more taxes on the rich, arguing the move risks doing further damage to the city’s status as a business hub.

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Dimon’s comments followed a recent meeting with Mamdani, who has criticized Wall Street bankers and other executives and is now pushing for tax hikes to plug the city’s budget shortfall. That has led to pushback from realtors and executives, and Dimon added his voice to the chorus on Thursday.

“People think that somehow being anti-business is going to help the city – it’s not,” he said in a Bloomberg TV interview. He added that the depth of talent in New York was already being eroded, in part because of a push by Texas to attract companies.

Dimon’s comments touch on one of the key questions facing the firebrand mayor, who was elected on a populist platform but is now being forced to navigate the reality of governing a city that is powered by its financial and business community.

Mamdani held a string of conversations with prominent business leaders in the city in recent weeks, including Goldman Sachs Group Inc.’s David Solomon and Blackstone Inc.’s Jonathan Gray. But those meetings followed earlier rhetorical attacks.

In a video Mamdani released last month celebrating a new pied-à-terre tax, he singled out Citadel chief Ken Griffin’s $238 million penthouse at 220 Central Park South as a prime example of a property that would be subject to the charge. Griffin called the pointed message “creepy and weird” and the firm floated the possibility of pulling back on a new development in midtown Manhattan.

“I think he realized he made a mistake in naming Ken, and vilifying a name and a person,” said Dimon. “It’s probably why he’s seeing a bunch of us now. He’d like to maybe have a better relationship with the business community.”

Dimon said high taxes, crime and anti-business policies are pushing some companies and workers out of New York. He pointed to JPMorgan’s own New York workforce dropping over time, while its Texas headcount has grown dramatically, as evidence that people “vote with their feet” when cities become less attractive.

The veteran banker said he wasn’t necessarily an opponent of Mamdani, and he understood the importance of some parts of the mayor’s platform — including improving affordable housing and childcare. He added that ultimately the mayor should be judged more on what he does than what he says.

“Hopefully he’ll learn,” said Dimon. “I want him to do a good job. I’m not against him.”