Jamie Dimon Warns ‘Anti-Business’ Agenda Could Backfire, Takes Aim at Mayor-Elect Zohran Mamdani

At the America Business Forum in Miami, JPMorgan Chase CEO Jamie Dimon cautions that New York’s new hard-left policies risk driving out wealth and jobs — urging collaboration over confrontation in the pursuit of progress.

JPMorgan Chase CEO Jamie Dimon delivered a sharp warning on Thursday, issuing what many interpreted as a pointed rebuke of New York City’s mayor-elect Zohran Mamdani and his progressive, tax-heavy economic vision.

Speaking at the America Business Forum in Miami — a Saudi Arabia-backed summit bringing together global business leaders — Dimon criticized what he called “anti-business” rhetoric and policies, arguing that they could ultimately hurt the very citizens they aim to help.

“This notion of somehow being anti-business is going to help average American citizens, even the lower paid — I don’t agree with the concept,” Dimon said, without naming Mamdani directly but clearly referencing his proposals.

A Warning Against “Beating Up Business”

Mamdani, a self-described democratic socialist and former state legislator from Queens, swept to victory earlier this month on a campaign centered around free childcare, free public transportation, and higher taxes on the wealthy.

Dimon, 69, pushed back on such ideas, warning that “beating up business as a way to fix things” — whether addressing inequality, housing, or education — would weaken the city’s tax base and encourage corporate flight.

“Everyone has to compete,” Dimon noted. “It’s competitive between countries, between states, and between cities. A bunch of these states that are driving business out — it will backfire. A lot of those cities do things in the name of good, which create bad.”

Dimon pointed to Florida and Texas as examples of states that have successfully attracted major firms and financial institutions away from high-tax regions like New York.

A History of Tension and a Call for Collaboration

The JPMorgan chief has publicly clashed with Mamdani before, once referring to him as a “Marxist” during a summer conference in Dublin. Yet despite their political differences, Dimon recently extended an olive branch — offering to advise the 34-year-old mayor-elect on managing the city’s massive $115 billion budget.

According to reports, Dimon attempted to reach Mamdani by phone on Wednesday but was unable to connect. A spokesperson for JPMorgan clarified that Dimon’s remarks in Miami were consistent with his long-held view that “government, business, and community leaders must work together to lift all parts of society.”

Dimon’s Broader Economic Concerns

Dimon has long argued that overregulation and excessive bureaucracy — what he calls “blue tape” — hold back growth, innovation, and job creation in major cities.

“We’d better start fixing these things. Because in 30 years, if we don’t, we are going the way of Europe,” Dimon warned, citing the continent’s declining share of global GDP as a cautionary example.

He also urged Mamdani to seek mentorship from Detroit Mayor Mike Duggan, who has been widely credited with reviving his city after bankruptcy through pragmatic reforms and business partnerships.

As New York City braces for a new era under Mamdani’s leadership, Dimon’s remarks serve as both a warning and an invitation — a call to balance idealism with practicality, and to ensure that bold visions for equity do not come at the expense of economic vitality.