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Wall Street executives and billionaire investors have struck a conciliatory tone following Zohran Mamdani’s election as New York City’s mayor on November 4, with several high-profile financiers offering to cooperate with the democratic socialist who campaigned on challenging economic inequality.
Bill Ackman, who previously called Mamdani’s rise ‘hot commie summer,’ wrote on X that he’s ready to help the city, while former BlackRock co-founder Ralph Schlosstein said he’s ‘not going anywhere’ despite ideological differences. Mamdani will take office in January 2026.
The New York Mayor made his name by challenging the city’s powerful elite — and now they have no choice but to deal with him.
Ralph Schlosstein, former Evercore CEO and BlackRock co-founder, said he’s ready to cooperate:
“I am certainly not a socialist, having spent 45 years in finance,” Schlosstein said. “But I care deeply about this city, and I’m not going anywhere, whoever the mayor is.”
He’s joining other business veterans in forming a new advisory council to help guide city policy. Early names include Kevin Ryan and Andrew Milgram, who previously collaborated with Mamdani to resolve the taxi medallion debt crisis — forgiving nearly $400 million in crushing loans.
“This wasn’t a fly-by photo op,” Milgram explained. “He brought everyone together to find real solutions.”
Some financiers are cautiously optimistic, while others remain skeptical. Mark Kronfeld, a former BlackRock executive, said fears of economic collapse are exaggerated.
“Is it a dystopian, post-apocalyptic environment because Mamdani has won? No,” he said.
Kronfeld even compared the New York Mayor to Donald Trump — not in ideology but in strategy. “He turned attacks into fuel. The more elites panicked, the stronger his campaign became.”
Behind closed doors, some high earners quietly supported Mamdani. One Bank of America executive admitted he voted for the New York Mayor, despite earning eight figures: “People are tired of performative progressivism. He feels authentic.”
Even the city’s largest banks are softening their tone. JPMorgan CEO Jamie Dimon, who once branded Mamdani “more Marxist than socialist,” now says he’s open to dialogue.
Citigroup’s Jane Fraser echoed that sentiment, stating her firm hopes to “work with the New York Mayor to make the city an even better place for our people and clients.”
Still, tensions remain. Kathy Wylde, president of the Partnership for New York City, urged Mamdani to reassure Jewish communities amid rising antisemitic incidents. His handling of Israel-related issues could define his early term.
The New York Mayor’s populist tone even caught the attention of the crypto sector. Billionaire Mike Novogratz described the election as a “wake-up call for America’s wealth gap.”
“We’ve got a tale of two cities in the Dickensian sense,” Novogratz said. “If he can address affordability creatively, it could be historic.”
But not all share the optimism. David Tawil, a crypto hedge fund manager, dismissed the new mayor’s plans as “utopian economics.” Having left Manhattan for the Jersey Shore, Tawil quipped, “Cry me a river over affordability — no one said you need to stay in New York.”
Despite his fiery campaign rhetoric, even critics acknowledge that New York Mayor Zohran Mamdani will be judged on delivery, not ideology.
Lloyd Blankfein, former Goldman Sachs CEO, warned:
“Mayors are executives. Garbage has to get picked up; snow has to be moved; crime has to stay under control.”
Ed Skyler, Citigroup’s former deputy mayor, agreed:
“Public safety and quality of life will define his success. If those go wrong, even the best intentions won’t matter.”
For now, the New York Mayor stands as a symbol of generational and economic change — the first city leader in decades to openly challenge Wall Street’s dominance. Whether he transforms New York or collides with its entrenched power, one thing is clear: the city’s financial elite have met their match.
