Business
Jamie Dimon calls Zohran Mamdani’s movement ‘Marxist on paper,’ but he’s offering his help: ‘Get involved and grow up’
Jamie Dimon, CEO of JPMorgan Chase, long considered Wall Street’s most Democrat-friendly executive, has broken with the party this year, calling them “idiots” with “little brains” in July. He added some fierce criticism of New York City’s leading mayoral candidate, the Democratic Socialist assemblyman Zohran Mamdani, from Queens, calling him “more a Marxist than a socialist.” Then, something interesting happened, as Bloomberg reported on a Mamdani charm offensive that included direct engagement with Dimon. The New York Times‘ Dealbook reported recently that this effort has only deepened since, with Mamdani talking to many “key power brokers” behind the scenes. When Dimon sat down with Fortune at the Most Powerful Women summit earlier this week, he said he will be around to help.
“If he becomes mayor, so be it,” Dimon told Fortune editor-in-chief Alyson Shontell. Without directly alluding to any private conversations between the two, Dimon wondered aloud, “what does he really think? You know, he was part of that socialist democratic thing, which literally is more Marxist than socialist — and I read it — but I don’t know what he believes in that.” Dimon added that Mamdani is “talking to a lot of people, he’s convinced a lot of people [that] he’s going to change [and] he wants to learn.” Dimon shrugged, saying he doesn’t know if that will truly be the case. “You know, some people are what they are, they’re not going to change.”
Dimon, whose bank just unveiled a gleaming new bet on New York City in the form of a new, multibillion-dollar headquarters that dominate a stretch of midtown Manhattan, said he’s seen lots of mayors come and go. “A lot of these folks have never run something, and all of a sudden they’re running a huge bureaucracy” where people expect results on crime, sanitation, even potholes. “Those things are not Democrat or Republican,” and most mayors realize they’ve got to deliver those results. In Mamdani’s case, he added, “I would hope for the best of this case, and New York will survive,” adding in a shot at another liberal mayor who Dimon previously claimed never called him once in eight years: “You know, we survived [Mayor] Bill de Blasio.”
‘Capitalism has a lot to fix’
Still, Dimon said, even though he believes New York is resilient, “it is odd to have the bastion of American capitalism with a socialist” looking likely to be elected, but he used the moment to reflect on what that says about the capitalism system itself. “Capitalism has a lot to fix,” he said, adding that he doesn’t think everything about it is working. He touched on the idea of free markets, and implicitly the efficient markets hypothesis: “We’ve never had free markets, like totally free, you need properly regulated systems and disclosures.” Adding that many regulators are doing good work, that doesn’t mean some regulations weren’t overdone. To Dimon’s point, Mamdani’s appeal has proven so far to be broad among New Yorkers, but his base of so-called Democratic Socialists is youthful and millennial-influenced, comprising many members of a generation who have a markedly less favorable view on capitalism than their forebears.
Despite ideological differences, Dimon vowed to offer his support to Mamdani—or any mayor—facing the challenge of governing New York. “If he becomes mayor, I will call him and offer my help,” Dimon said. While bound by regulatory constraints that limit direct political involvement due to JPMorgan’s business dealings with the city, he remained adamant about his role as a civic partner. “We will help them. You know, I am a patriot. I help governors, mayors, presidents. We help people around the world,” Dimon stated, signaling that the greater mission is to serve residents regardless of political leadership.
The giant sucking sound
The JPMorgan CEO also talked briefly about the national political scene, arguing that not even “the most liberal Democrat room” would say the government is well run and efficient. “How many of you think if you gave Washington another $1 trillion, that you would be better off, that poor people would be better off?”
Pressed on the question of President Trump’s tariffs policy, Dimon demurred, saying he had to be very careful about the details and discussing the various legal precedents. He added that he thought the government made a good deal when it controversially took a stake in MP Materials, which JPMorgan advised on as a bank. “They signed a long-term contract, which these companies need to survive,” and it’s a “reasonable thing to do” for the government to see its investment payoff, on national security grounds. He declined to comment on a similar deal where the government invested directly in Intel, with critics arguing the government has never entered private enterprise in such a scale. Then he took another shot at the politically loaded subject of DEI (diversity, equity and inclusion) and the party he said has “big hearts and little brains,” the Democrats: “And remember, whatever you think of it, if Democrats do it, it terrifies me. They’ll be dictating to us every social value system they believe, and that’ll be that … we’ll look like Europe in 10 years.”
Dimon summed up his worldview by saying he looks at it “a little bit like realpolitik,” referencing the German phrase meaning “the politics of reality” that dates back to the 19th century, emphasizing a pragmatic approach to politics and diplomacy that prioritizes practical considerations over ideological ones. “Get involved and grow up,” Dimon said. “That’s the goal we got.”
Recent polling indicates Zohran Mamdani has maintained a strong lead in the New York City mayoral race, solidifying his position as the mayoral favorite despite challenges from rivals Andrew Cuomo and Curtis Sliwa. In the first general election mayoral debate, which took place days after Dimon’s interview, Mamdani’s performance helped reassure supporters and keep his momentum, although opponents are still aggressively questioning his proposals and readiness for office.
