New York City Mayor Zohran Mamdani's newly established Business Advisory Council has drawn sharp criticism from figures in the financial industry, who have labeled the initiative "phony" and a "waste of time." The council is intended to gather advice and feedback from key industries for the mayor's administration. Bloomberg reported that invitations have been extended to prominent bankers, including former UBS Americas CEO Robert Wolf.
One Wall Street executive described the council as "a pretend effort to fool reasonable people into thinking [Mamdani] is willing to be reasonable towards business." Another CEO reportedly dismissed it as "probably a waste of time," with a Wall Street lawyer calling Wolf, a significant Democratic Party donor, "kind of a douche."
Mamdani has faced opposition from some business leaders, such as JPMorgan CEO Jamie Dimon, over his fiscal policies, which critics argue could discourage companies from operating in New York City. This new council comes after Mamdani recently dissolved the advisory board of the Mayor’s Fund to Advance New York City, a nonprofit that uses private donations for city initiatives.
A lawyer familiar with the matter suggested that the new council "only exists to get checks from appointees for the mayor’s pet projects," adding skepticism because "Mam is appointing many folks who can’t write checks, so I don’t get it."
Wolf, however, dismissed the criticism as "uninformed gossip." He stated, "If Mamdani or anyone else asks for my advice on how to make New York city thrive, I would raise my hand if they were Democrat or Republican."
The Business Advisory Council is designed to provide the mayor with direct input from the finance, technology, and real estate sectors. City Hall confirmed it is "in the process of reaching out to business executives to form a Business Advisory Council" with the stated purpose to "engage with business leaders for their insights and input as we build an economic development strategy that improves life for all New Yorkers."
Other individuals reportedly approached for the council include ex-Lazard global investment banking chief Antonio Weiss and Bank of America’s New York City president Jose Tavarez. A friend of Wolf's indicated that his potential involvement stems from a genuine concern for New York City's prosperity.
Mamdani has previously drawn criticism from figures like Citadel founder Ken Griffin. The mayor's office also overhauled the city’s Economic Development Corporation, directing it to prioritize economic justice and housing affordability, aiming to reduce the wealth gap and enhance financial opportunities for low-income residents.